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Wall Street on Friday searched for direction, with losses in materials and utilities stocks offset by gains in some chipmakers and the industrial sector. Chipmakers extended their gains from the previous session, in which they were buoyed by strong results from Taiwan Semiconductor Manufacturing (TSM) and bargain hunting.
The holiday-shortened week is set to begin relatively quietly, with U.S. markets shut on January 19 for Martin Luther King, Jr. Day. The economic calendar for Tuesday and Wednesday is muted, with most key data releases scheduled for the latter part of the week. The Q/Q GDP data is due on Thursday, along with initial jobless claims and the PCE price index for November. On Friday, S&P Global PMI data for January and Michigan consumer sentiment data are scheduled to be released.
The week ending January 23 will see major S&P 500 companies, including Netflix (NFLX), 3M (MMM), J&J (JNJ), Kinder Morgan (KMI), Intel (INTC), Visa A (V), GE Aerospace (GE) and P&G (PG), releasing their quarterly financial results.
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Earnings spotlight: Tuesday: Netflix, 3M, United Airlines Holdings (UAL). See the full earnings calendar.
Earnings spotlight: Wednesday: J&J, Kinder Morgan, Halliburton (HAL). See the full earnings calendar.
Earnings spotlight: Thursday: Intel, Visa A, GE Aerospace, P&G. See the full earnings calendar.
Volatility watch: Firefly Aerospace (FLY) and AXT (AXTI) are set up for a volatile week of trading based on options volume. The most overbought stocks per their 14-day relative strength index include High Roller Technologies (ROLR), Zion Oil (
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