Equities slipped last week after surging out of the gates to start the new year. The S&P 500 index ended the week down 0.4%, while the Nasdaq Composite slid 0.7%. The S&P 500 Financials Sector fell 2.3%, despite generally good earnings reports, as President Donald Trump threatened to cap interest rates on credit cards at 10%, less than half the current average.

This holiday-shortened trading week kicks off with the World Economic Forum's annual meeting in Davos, where at least 60 heads of state are expected including President Trump.

Roughly 30 S&P 500 companies are set to report results this week. Netflix and United Airlines Holdings will announce earnings on Tuesday, followed by Charles Schwab and Johnson & Johnson on Wednesday. GE Aerospace, Intel, and Procter & Gamble will release results on Thursday.

The highlight of this week's economic data will be the Bureau of Economic Analysis' personal consumption expenditures price index, to be released on Thursday. The BEA will also release its final estimate of GDP growth for the third quarter the same day. On Friday S&P Global will release both its Manufacturing and Services Purchasing Managers' Indexes.

Monday 1/19

Equity and fixed-income markets are closed in observance of Martin Luther King Jr. Day.

The World Economic Forum's 56th annual meeting kicks off in Davos, Switzerland. The theme this year is "A Spirit of Dialogue." President Donald Trump is expected to lead the largest ever U.S. contingent to Davos. The confab runs through Friday.

Tuesday 1/20

3M, D.R. Horton, Fastenal, Fifth Third Bancorp, Interactive Brokers Group, KeyCorp, Netflix, United Airlines Holdings, and U.S. Bancorp release earnings.

Wednesday 1/21

Charles Schwab, Citizens Financial Group, Halliburton, Johnson & Johnson, Kinder Morgan, Prologis, TE Connectivity, Teledyne Technologies, Travelers, and Truist Financial report quarterly results.

The National Association of Realtors releases its Pending Home Sales Index for December. The index jumped 3.3% month over month in November, which was the strongest month for sales since Feb. 2023, accounting for seasonal factors, according to NAR chief economist Lawrence Yun.

Thursday 1/22

Abbott Laboratories, Alcoa, Capital One Financial, CSX, Freeport-McMoRan, GE Aerospace, Huntington Bancshares, Intel, Intuitive Surgical, McCormick, Northern Trust, and Procter & Gamble hold conference calls to discuss earnings.

The Bureau of Economic Analysis releases the personal consumption expenditures price index for October and November. Consensus estimate for November is for a 2.8% year-over-year increase in the PCE price index. The November core PCE, which excludes volatile food and energy prices, is also expected to rise 2.8%.

The BEA releases its final estimate of third-quarter gross-domestic-product growth. Expectations are for a seasonally adjusted annual growth rate of 4.3%, unchanged from the BEA's initial estimate released in late December.

Friday 1/23

Booz Allen Hamilton Holding, Comerica, First Citizens BancShares, and SLB release quarterly results.

S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for January. Economists forecast a 51.8 reading for the Manufacturing PMI and a 52.9 for the Services PMI. This compares with readings of 51.8 and 52.5, respectively, in December.