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Market Recap
WEEK OF JAN. 12 THROUGH JAN. 16, 2026
The S&P 500 index edged down 0.4% last week as several big banks began the quarterly earnings season with weaker-than-expected revenue. The S&P 500 ended Friday's session at 6,940.01. Despite the slight weekly drop, the market benchmark is up 1.4% this month.
JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) were among the banks that disappointed investors this week. JPMorgan and Wells Fargo both surpassed expectations for Q4 adjusted earnings per share but revenue missed Street views amid declines in investment banking. Citigroup, meanwhile, missed expectations on both the top and bottom lines.
JPMorgan Chief Executive Jamie Dimon issued a warning that "markets seem to under appreciate the potential hazards - including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices."
The financial sector had the largest percentage drop of the week, falling 2.3%, followed by a 2% decline in consumer discretionary and a 1.5% slip in communication services. Health care and technology also edged lower.
In the financial sector, Wells Fargo (WFC) was among the top decliners with a 7.9% loss amid its weaker-than-expected Q4 revenue. Wells Fargo's Q4 corporate and investment banking revenue edged up to $4.62 billion from $4.61 billion in the prior-year quarter, but was weighed down by a 7% decline in investment banking.
Cruise operators were among the hardest-hit stocks in consumer discretionary, with Royal Caribbean Group (RCL) shares falling 11% and Norwegian Cruise Line Holdings (NCLH) and Carnival (CCL) slipping 10% each.
On the upside, real estate jumped 4.1%, followed by a 3.7% climb in consumer staples and a 3% increase in industrials. Energy, utilities and materials also edged higher.
Top gainers in real estate included shares of Crown Castle (CCI), which climbed 8.6% as the company ended its infrastructure agreement with DISH Wireless after default on payments to the company. Crown Castle exercised its right to shares of terminate the agreement and recover over $3.5 billion in payments owed.
The US stock market will be closed today (Monday, January 19th) for the Martin Luther King Jr. holiday.
Earnings reports expected this week include Netflix (NFLX), 3M (MMM), US Bancorp (USB), Johnson & Johnson (JNJ), Charles Schwab (SCHW), Procter & Gamble (PG), GE Aerospace (GS), Abbott Laboratories (ABT) and Intel (INTC).
Economic data will include December pending home sales, the first revision to Q3 gross domestic product and a delayed report on November personal consumption expenditures.
