New York, January 18, 2026, 13:17 EST — Market closed
U.S. stocks finished Friday nearly unchanged. The Dow slipped 0.17%, the S&P 500 eased 0.06%, and the Nasdaq Composite dipped 0.06% to 23,515.39. All three major indexes posted losses for the week, though chipmakers bucked the trend—the Philadelphia SE Semiconductor Index climbed 1.2%. Markets will be closed Monday for the Martin Luther King Jr. holiday. “Most investors will take that as a win,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Reuters
Traders are watching whether Friday’s monthly options expiration will break the market’s tight range. Options give holders the right to buy or sell shares at a set price by a specific date. The S&P 500 has stayed near 7,000, while its 10-day realized volatility dropped to 8.1% on Thursday—about half the 52-week average, according to a Reuters analysis of LSEG data. Investors are also monitoring the Supreme Court’s tariff docket and the January Fed meeting. “Allow the S&P 500 to start moving around a bit more,” said SpotGamma founder Brent Kochuba. YieldMax ETFs strategist Mike Khouw added that options can “weigh more heavily on the price action” in stocks like Nvidia and Tesla. Reuters
Earnings season is set to take center stage after markets largely ignored policy chatter. “It is literally an imperative that earnings actually carry the news cycle,” said Art Hogan, chief market strategist at B Riley Wealth. Netflix and Intel are among the companies reporting results next week. Meanwhile, the U.S. Supreme Court will hear arguments on President Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook, keeping scrutiny on central bank independence. Reuters
Rates continue to weigh on growth and tech stocks. Treasury yields climbed after Trump hinted he might keep economic adviser Kevin Hassett in place, dampening bets that Hassett would replace Fed Chair Jerome Powell. The 10-year yield rose 6.7 basis points to 4.227%. Meanwhile, markets now price in just a 20% chance of a rate cut in March, down sharply from around 50% a month ago, Reuters reported.
Netflix is set to report earnings Tuesday, with focus on its $82.7 billion bid for Warner Bros’ streaming and studio assets. The company is competing against Paramount Skydance for control of Warner Bros Discovery. “The earnings will be overshadowed,” said Paolo Pescatore, analyst at PP Foresight. Shares have dropped about 6% year-to-date after four straight monthly losses, despite expectations for a holiday-quarter boost from the final season of “Stranger Things” and Christmas Day NFL games. LSEG data projects revenue of $11.97 billion. Reuters
Intel will release its fourth-quarter and full-year 2025 earnings on Thursday, Jan. 22, after markets close, the company announced. A conference call is set for 2 p.m. PT. Investors will be watching closely for any clues on demand trends in PCs and data centers.
The Federal Reserve’s next policy meeting is scheduled for Jan. 27-28, with a press conference set for Jan. 28, according to the central bank’s calendar. Changes to the rate outlook could swiftly impact high-valuation tech stocks, as discount rates play a crucial role in their valuations.
The setup works both ways. Should yields continue to rise, or if talks around deals and guidance fall short, investors might further trim large growth bets that already seem overcrowded. Options-driven flows could intensify moves on either side, especially in popular single stocks.
The next key date for the market is Tuesday, Jan. 20, when the Supreme Court is set to release new rulings, though it hasn’t specified which cases. That same day, Netflix will report earnings after the close.
