Good morning!

Stocks ended lower on Friday, nudging the S&P 500 into a weekly decline, following comments regarding "reciprocal" tariffs from President Donald Trump. Here's what's happening this week...

• The Magnificent 7 tech stocks have all disclosed Q4 earnings, but there are still almost 800 companies reporting this week. This morning, numbers are due from Coca Cola, S&P Global, Shopify, BP, Marriott International, and DoorDash, followed Wednesday by Cisco Systems, CME Group, Williams Companies, CVS, The Trade Desk, Robinhood, and Dominion Energy. Thursday earnings are up for Applied Materials, Unilever, Sony Group, Palo Alto Network, Deere & Company, British American Tobacco, Moody's, Airbnb, Brookfield Corporation, and Duke Energy, followed Friday by Enbridge, Honda Motor, TELUS, and Moderna. *

• Steel stocks experienced a significant surge Monday after President Donald Trump announced plans to impose 25% tariffs on steel and aluminum imports, marking another move in the administration’s trade war. Trump stated that these tariffs would apply to all countries exporting these metals to the U.S. These new tariffs come after previously announced 10% levies on China, which responded with retaliatory tariffs on some U.S. products, and 25% levies on Canada and Mexico, which have been postponed. The proposed tariffs on steel and aluminum aim to make it more challenging for foreign companies to sell cheaper steel in the U.S. market, thereby supporting domestic producers. Consequently, U.S. steel manufacturers might increase their prices. **

• The CPI (Consumer Price Index) for January is out Wednesday, and analysts expect Core CPI (excluding food and energy prices) to clock in at 0.37%, significantly above the December figure. Headline CPI inflation is expected to come in at 0.35% month-on-month. The rise is attributed to the effect of wildfires and seasonality issues that tend to add an upward bias to inflation. However, the annual core CPI figure is expected to come in line with the December reading of 3.2%. *** 

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Martin Lombrano

Primary Advisors

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