Markets enter February following a volatile final trading day of January that saw investors grappling with hotter-than-expected inflation data alongside news of a new Federal Reserve chair nominee. Adding to the turbulence, precious metals experienced dramatic selloffs with silver plunging more than 27% after a torrid rally and gold stocks coming under heavy selling pressure. The chaotic Friday close sets a challenging tone for the week ahead, which features a comprehensive employment data buildup culminating in Friday's January jobs report at 8:30am that will provide crucial insights into labor market health. The earnings calendar delivers another wave of technology heavyweights with Alphabet (GOOGL) and Amazon (AMZN) reporting Wednesday and Thursday respectively, while pharmaceutical giants Eli Lilly (LLY) and Novo Nordisk (NVO) Wednesday will test GLP-1 weight loss drug momentum. Monday's ISM Manufacturing data kicks off an intensive economic data schedule providing perspectives on business activity and pricing pressures across manufacturing and services sectors. The combination of Fed leadership uncertainty, inflation concerns, critical employment data, and mega-cap earnings creates an extraordinarily complex backdrop for early February positioning.
Here are 5 things to watch this week in the Market.
