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Friday's U.S. Jobs Report in Focus: Global Week Ahead
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What is going on in this Global Week Ahead?
Financial markets are heading towards the end of an unforgettable January, not least thanks to the U.S. dollar — set for its worst start to the year since 2018, and the coming week brings a set of catalysts that could shake things up further.
Mega-cap earnings will set the tone for stocks, while
U.S. jobs data could bring new headwinds or tailwinds for the dollar, and
Geopolitics might keep gold looking shiny
Plus, former Federal Reserve Governor Kevin Warsh has been confirmed as the next head of the central bank.
Next are Reuters’ five world market themes, re-ordered for equity traders—
(1) Shocking Volatility in Precious Metal Prices Raises “Blow-Off Top” Concerns
The breathtaking rally that has lifted gold (and silver, platinum and palladium for that matter) to record highs might be showing a few cracks.
Expectations that Warsh could be more hawkish saw gold scuttle away from its near-$5,600 record high, but it's still on track for a 20% rally in January — its strongest month since 1980.
And there seems no shortage of triggers to provide more support for everyone's favourite safe haven: a fracturing world order, a potential attack on Iran, a falling dollar, worries about Fed independence and renewed trade turmoil.
World Gold Council data showed gold demand hit an all-time high last year, as jitters over instability and trade sparked a surge in investment. But sky-high prices have already hit jewelry demand and are set to dampen central bank buying, according to the organization.
(2) On Friday, Feb. 6th, the January 2026 U.S. Federal Jobs Report Is Out
Investors will look for evidence of a strengthening U.S. jobs market in the monthly employment report on February 6th, as they assess the prospects for further rate cuts.
The Fed cited signs of stabilization in employment when it held interest rates steady on Wednesday, after easing monetary policy in late 2025 in response to a weakening labor market.
Nonfarm payrolls for January are expected to have risen +70K, a Reuters poll showed, after rising by +50K in December.
Meanwhile, another heavy crop of earnings reports is about to land. Among them are two of the "Magnificent Seven" mega-cap companies: Google parent Alphabet (GOOGL - Free Report) and Amazon (AMZN - Free Report) , which just confirmed 16,000 corporate job cuts.
(3) U.S. Dollar Value at Four Year Lows. Where Does It Go from Here?
The U.S. dollar is languishing near four-year lows, its renewed weakness grabbing the attention of central bankers, investors, and even the White House.
A day after Donald Trump emboldened greenback bears, saying the dollar's value was "great" when asked if the currency had declined too much, Treasury Secretary Scott Bessent said the U.S. has a strong dollar policy and was not intervening to strengthen the yen.
The scale and speed of further falls could challenge banks if investors move at once to protect their U.S. assets from a dollar slide. It could also force central banks from the euro area to Asia to act to prevent a sharp rise in their domestic currencies that could choke off growth.
It's the U.S.'s currency, but be in no doubt: it's everyone else's problem.
(4) Japan Bond Market Another Source of Global Concern
Japan's unsteady bond market faces two key tests of demand ahead of a lower house vote where the prime minister and her opponents are campaigning on increased stimulus.
Japanese government bond yields have surged, sending shockwaves through global debt markets, after Prime Minister Sanae Takaichi announced a snap election and pledged a two-year reprieve on sales taxes on food.
Tuesday sees an auction of benchmark 10-year JGBs, while new 30-year securities will be sold on Thursday. The 10-year yield hit a 27-year high of 2.38% and 30-year yields reached a record 3.88% on January 20 on speculation the election will usher in more debt-funded measures that will further impair Japan's fiscal health.
Yields have stabilized since, while the yen has rallied on threats of official intervention.
(5) On Thursday, the European Central Bank (ECB) Meets
The ECB meets on Thursday and investors will be on the lookout for any indication of how a stronger euro might impact rates.
It could have been a very different meeting had Trump slapped tariffs on European countries in a push to buy Greenland, but his quick backtrack has avoided that scenario.
The dollar has been under fire since the start of the year, pushing the euro up 3% in the last two weeks alone to above $1.20, its highest since 2021.
Policymakers in Frankfurt aren't happy. They expect euro zone inflation to come in below the ECB's 2% target this year and next and are already worried further euro appreciation could pull inflation even lower.
For now, the ECB is expected to stay on hold and traders believe another rate cut is only slightly more likely by the summer.
Zacks #1 Rank (STRONG BUY) Stocks
Three major “AI” chip stocks lead our large-cap #1 list this week.
(1) ASML Holdings(ASML): This is a $1,423 a share stock, with a market cap of $559.6 billion. It is found in the Zacks Semiconductor Equipment – Wafer Fabrication industry. There is a Zacks Value score of F, a Zacks Growth score of F, and a Zacks Momentum score of A.
(2) Micron (MU - Free Report) : This is a $415 a share stock, with a market cap of $467B. It is found in the Zacks Computer-Integrated Systems industry. There is a Zacks Value score of D, a Zacks Growth score of A, and a Zacks Momentum score of C.
(3) Lam Research (LRCX - Free Report) : This is a $233 a share stock, with a market cap of $293.2B. It is found in the Zacks Electronics-Semiconductor industry. There is a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of B.
Key Global Macro
The key report is Friday’s January U.S. nonfarm payroll report.
On Monday, the ISM Manufacturing PMI for January is out, jumping +4.7 points month over month to 52.6. The prior reading for December was 47.9, and the consensus had been 48.3. Importantly, being above the 50-level indicates growth, which is a welcome sign for this metric.
On Tuesday, the Reserve Bank of Australia (RBA) issues a monetary policy statement, and a policy rate decision. A hike to 3.85% from 3.6% is the consensus.
On Wednesday, the core HICP Eurozone consumer inflation reading comes out. No change from +2.3% y/y is expected.
Consensus for U.S. ADP private payrolls in January is looking for +40K.
On Thursday, the U.K.’s Bank of England (BoE) should keeps its policy rate at 3.75%, following the U.S. FOMC’s lead.
The European Central Bank (ECB) should keeps its policy rate at 2.75%.
On Friday, U.S. nonfarm Federal payroll additions are expected to reach +70K in January, up from +50K in December.
Conclusion
On Jan. 30th, 2026, Zacks Research Director Sheraz Main supplied Zacks data on the Q4 earnings season.
His Q4 Earnings Season Scorecard…
Through Friday, January 30th, we have seen Q4 results from 167 S&P 500 members or 33.4% of the index’s total membership.
Total earnings for these companies are up +13.1% from the same period last year on +7.6% higher revenues, with 77.8% beating EPS estimates and 64.7% beating revenue estimates.
We have more than 450 companies on deck to report results this week, including 127 index members.
The week’s lineup includes, besides the aforementioned Amazon and Alphabet reports, a representative cross-section of bellwether operators, including Disney, Palantir, Pfizer, Eli Lilly, AMD, Chipotle, Uber, Qualcomm, Ralph Lauren, and others.
Earnings and revenue growth rates remain strong and accelerating. But the EPS and revenue beats percentages are on the weak side.
The Earnings Big Picture for Q1-26
Estimates for the current period (Q1-26) have come under some pressure in recent days.
The above downtrend notwithstanding, estimates have actually modestly increased, for 10 of the 16 Zacks sectors since the start of January, including:
Tech
Basic Materials
Autos
Industrials
Transportation, and others
On the negative side, estimates have come down for 6 of the 16 Zacks sectors, including:
Energy
Medical
Consumer Discretionary, and others
Enjoy trading and investing, across this Global Week Ahead.
John Blank, PhD. Zacks Chief Equity Strategist and Economist
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Friday's U.S. Jobs Report in Focus: Global Week Ahead
What is going on in this Global Week Ahead?
Financial markets are heading towards the end of an unforgettable January, not least thanks to the U.S. dollar — set for its worst start to the year since 2018, and the coming week brings a set of catalysts that could shake things up further.
Plus, former Federal Reserve Governor Kevin Warsh has been confirmed as the next head of the central bank.
Next are Reuters’ five world market themes, re-ordered for equity traders—
(1) Shocking Volatility in Precious Metal Prices Raises “Blow-Off Top” Concerns
The breathtaking rally that has lifted gold (and silver, platinum and palladium for that matter) to record highs might be showing a few cracks.
Expectations that Warsh could be more hawkish saw gold scuttle away from its near-$5,600 record high, but it's still on track for a 20% rally in January — its strongest month since 1980.
And there seems no shortage of triggers to provide more support for everyone's favourite safe haven: a fracturing world order, a potential attack on Iran, a falling dollar, worries about Fed independence and renewed trade turmoil.
World Gold Council data showed gold demand hit an all-time high last year, as jitters over instability and trade sparked a surge in investment. But sky-high prices have already hit jewelry demand and are set to dampen central bank buying, according to the organization.
(2) On Friday, Feb. 6th, the January 2026 U.S. Federal Jobs Report Is Out
Investors will look for evidence of a strengthening U.S. jobs market in the monthly employment report on February 6th, as they assess the prospects for further rate cuts.
The Fed cited signs of stabilization in employment when it held interest rates steady on Wednesday, after easing monetary policy in late 2025 in response to a weakening labor market.
Nonfarm payrolls for January are expected to have risen +70K, a Reuters poll showed, after rising by +50K in December.
Meanwhile, another heavy crop of earnings reports is about to land. Among them are two of the "Magnificent Seven" mega-cap companies: Google parent Alphabet (GOOGL - Free Report) and Amazon (AMZN - Free Report) , which just confirmed 16,000 corporate job cuts.
(3) U.S. Dollar Value at Four Year Lows. Where Does It Go from Here?
The U.S. dollar is languishing near four-year lows, its renewed weakness grabbing the attention of central bankers, investors, and even the White House.
A day after Donald Trump emboldened greenback bears, saying the dollar's value was "great" when asked if the currency had declined too much, Treasury Secretary Scott Bessent said the U.S. has a strong dollar policy and was not intervening to strengthen the yen.
The scale and speed of further falls could challenge banks if investors move at once to protect their U.S. assets from a dollar slide. It could also force central banks from the euro area to Asia to act to prevent a sharp rise in their domestic currencies that could choke off growth.
It's the U.S.'s currency, but be in no doubt: it's everyone else's problem.
(4) Japan Bond Market Another Source of Global Concern
Japan's unsteady bond market faces two key tests of demand ahead of a lower house vote where the prime minister and her opponents are campaigning on increased stimulus.
Japanese government bond yields have surged, sending shockwaves through global debt markets, after Prime Minister Sanae Takaichi announced a snap election and pledged a two-year reprieve on sales taxes on food.
Tuesday sees an auction of benchmark 10-year JGBs, while new 30-year securities will be sold on Thursday. The 10-year yield hit a 27-year high of 2.38% and 30-year yields reached a record 3.88% on January 20 on speculation the election will usher in more debt-funded measures that will further impair Japan's fiscal health.
Yields have stabilized since, while the yen has rallied on threats of official intervention.
(5) On Thursday, the European Central Bank (ECB) Meets
The ECB meets on Thursday and investors will be on the lookout for any indication of how a stronger euro might impact rates.
It could have been a very different meeting had Trump slapped tariffs on European countries in a push to buy Greenland, but his quick backtrack has avoided that scenario.
The dollar has been under fire since the start of the year, pushing the euro up 3% in the last two weeks alone to above $1.20, its highest since 2021.
Policymakers in Frankfurt aren't happy. They expect euro zone inflation to come in below the ECB's 2% target this year and next and are already worried further euro appreciation could pull inflation even lower.
For now, the ECB is expected to stay on hold and traders believe another rate cut is only slightly more likely by the summer.
Zacks #1 Rank (STRONG BUY) Stocks
Three major “AI” chip stocks lead our large-cap #1 list this week.
(1) ASML Holdings (ASML): This is a $1,423 a share stock, with a market cap of $559.6 billion. It is found in the Zacks Semiconductor Equipment – Wafer Fabrication industry. There is a Zacks Value score of F, a Zacks Growth score of F, and a Zacks Momentum score of A.
(2) Micron (MU - Free Report) : This is a $415 a share stock, with a market cap of $467B. It is found in the Zacks Computer-Integrated Systems industry. There is a Zacks Value score of D, a Zacks Growth score of A, and a Zacks Momentum score of C.
(3) Lam Research (LRCX - Free Report) : This is a $233 a share stock, with a market cap of $293.2B. It is found in the Zacks Electronics-Semiconductor industry. There is a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of B.
Key Global Macro
The key report is Friday’s January U.S. nonfarm payroll report.
On Monday, the ISM Manufacturing PMI for January is out, jumping +4.7 points month over month to 52.6. The prior reading for December was 47.9, and the consensus had been 48.3. Importantly, being above the 50-level indicates growth, which is a welcome sign for this metric.
On Tuesday, the Reserve Bank of Australia (RBA) issues a monetary policy statement, and a policy rate decision. A hike to 3.85% from 3.6% is the consensus.
On Wednesday, the core HICP Eurozone consumer inflation reading comes out. No change from +2.3% y/y is expected.
Consensus for U.S. ADP private payrolls in January is looking for +40K.
On Thursday, the U.K.’s Bank of England (BoE) should keeps its policy rate at 3.75%, following the U.S. FOMC’s lead.
The European Central Bank (ECB) should keeps its policy rate at 2.75%.
On Friday, U.S. nonfarm Federal payroll additions are expected to reach +70K in January, up from +50K in December.
Conclusion
On Jan. 30th, 2026, Zacks Research Director Sheraz Main supplied Zacks data on the Q4 earnings season.
His Q4 Earnings Season Scorecard…
Through Friday, January 30th, we have seen Q4 results from 167 S&P 500 members or 33.4% of the index’s total membership.
Total earnings for these companies are up +13.1% from the same period last year on +7.6% higher revenues, with 77.8% beating EPS estimates and 64.7% beating revenue estimates.
We have more than 450 companies on deck to report results this week, including 127 index members.
The week’s lineup includes, besides the aforementioned Amazon and Alphabet reports, a representative cross-section of bellwether operators, including Disney, Palantir, Pfizer, Eli Lilly, AMD, Chipotle, Uber, Qualcomm, Ralph Lauren, and others.
Earnings and revenue growth rates remain strong and accelerating. But the EPS and revenue beats percentages are on the weak side.
The Earnings Big Picture for Q1-26
Estimates for the current period (Q1-26) have come under some pressure in recent days.
The above downtrend notwithstanding, estimates have actually modestly increased, for 10 of the 16 Zacks sectors since the start of January, including:
On the negative side, estimates have come down for 6 of the 16 Zacks sectors, including:
Enjoy trading and investing, across this Global Week Ahead.
John Blank, PhD.
Zacks Chief Equity Strategist and Economist