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Ahead of Wall Street

Thursday, January 22nd, 2026

Markets rose again in Thursday’s session, kicking off the early market with more positive Jobless Claims and Q3 GDP revision. The Dow gained +306 points, +0.63%, while the S&P 500 +37 points +0.55%. The Nasdaq led the way today, +211 points, +0.91%, and the small-cap Russell 2000 grew +17, +0.64%.

Market participants shrugged off the delayed November Personal Consumption Expenditures (PCE) report this morning, which noted Personal Spending increased +0.3%, 10 basis points (bps) lower than expected, following a drop of 30 bps to +0.1% in the previous print. Personal Spending remained slightly elevated, +0.5%, in-line with the October result. The PCE Index month over month was +0.2% on both headline and core.

Year over year PCE moved back up to +2.8% after dipping 10 bps the prior month, and the same results met core (ex-food and energy expenditures) PCE from a year ago. Ultimately, these figures remain in the sweet spot, though it would behoove us to pay attention to the Income/Spending gap, which has widened over the past two prints.
 

Earnings Results After the Close


Chipmaking major Intel INTC beat estimates on both top and bottom lines this afternoon — earnings of 15 cents per share nearly doubled the 8 cents anticipated, on $13.67 billion in revenues which were ahead of the Zacks consensus $13.37 billion — but shares are selling off -6.5% on the news. Revenue guidance for the current quarter was pulled down a bit on the low end, as Intel continues to see supply constraints in their future.

Data Center grew +9% year over year to $4.7 billion, augmented a bit by a -7% drop in Cloud computing. Intel stock had been growing gangbusters as of the start of the year, +47%, so we look at most of this late-trading activity as being a relatively normal level of profit-booking.

Capital One COF broke its five-quarter positive earnings surprise streak, missing Q4 estimates to $3.86 per share, from $4.12 in the Zacks consensus. Revenues of $15.58 billion, on the other hand, amounted to a healthy beat over the $15.37 billion expected. The company also announced it has purchased AI-based FinTech Brex for $5.15 billion in cash and stock. Shares of COF are -3.5% at this hour.

Transportation major CSX CSX sees its share price increase in late trading on its Q4 miss on both top and bottom lines. Earnings of 39 cents per share missed consensus (and the prior-year tally) by 3 cents, while $3.51 billion in revenues came up a tad short of the Zacks consensus $3.55 billion. The rail company cited subdued industrial demand for the weakness in the quarter. 

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Stocks On The Move

Company Symbol Price $Change %Change
Coeur Mining, Inc. CDE 25.77 2.86 12.48
AIM ImmunoTech Inc. AIM 1.26 0.09 7.69
Clearfield, Inc. CLFD 32.35 1.50 4.86
Albemarle Corporation ALB 188.32 8.26 4.59
Itau Unibanco Holding S.A. ITUB 8.21 0.35 4.45

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Earnings and Economic News

Key Earnings Reports For Jan 22, 2026

Economic Event Reported
(+) Treasury bills (3 mth) - Jan 22, 2026 4:15 PM Eastern Time
(+) Federal Funds Rate - Jan 22, 2026 4:15 PM Eastern Time
(+) Treasury notes (10 yr) - Jan 22, 2026 4:15 PM Eastern Time
(+) Exports - Jan 22, 2026 --
(+) GNP - Jan 22, 2026 --
(+) Personal Income - Jan 22, 2026 --
(+) Personal Spending - Jan 22, 2026 --
(+) Disposable Personal Income/ DPI - Jan 22, 2026 --
(+) Core PCE Inflation - Jan 22, 2026 --
(+) PCE Inflation - Jan 22, 2026 --
(+) Construction Spending - Jan 22, 2026 --
(+) GDP Third Estimate - Jan 22, 2026 --
(+) Corporate Profits (Rev) - Jan 22, 2026 --
(+) Chain Deflator- Third Estimate - Jan 22, 2026 --
(+) Personal Savings rate - Jan 22, 2026 --
(+) Initial Claims - Jan 22, 2026 --
(+) Imports - Jan 22, 2026 --
(+) Current Production Cash Flow (Rev) - Jan 22, 2026 --
(+) Crude Inventories - Jan 22, 2026 --
(+) Disposable Personal Income - Jan 22, 2026 --