Equities endured more volatility last week, which ended with the S&P 500 index slightly in the green and the Nasdaq Composite barely in the red. It had been relatively smooth sailing through Wednesday, when the Federal Open Market Committee announced it would hold interest rates steady, as expected. Then, Thursday saw Microsoft fall 10% and shed $357 billion in market value after a poorly received earnings report. Friday brought an epic meltdown in metals, with the silver falling 31%, the largest single-day decline in 46 years. The proximate cause was the nomination of hawkish Kevin Warsh as the next Fed Chair. But ultimately, silver, like Icarus, flew too close to the sun, having climbed 50% this year through Thursday, and was ripe for a fall.

This week's economic highlight is the Bureau of Labor Statistics' jobs report set to be released on Friday, assuming there is no government shutdown. The White House and Democrats have agreed to a deal to avert a partial shutdown, but the House of Representatives won't be able to vote on any funding bill until Monday. Current funding for the government ran out at midnight on Friday.

Earnings season has gotten off to a solid start, with about 165 S&P 500 index companies having already released results. Roughly three-quarters have beaten earnings-per-shares estimates while nearly two-thirds have surpassed sales expectations.

This week is the busiest, with more than 115 more companies set to report. Palantir Technologies and Walt Disney kick off the week on Monday, followed by Advanced Micro Devices and Merck on Tuesday. Alphabet and Eli Lilly announce quarterly results on Wednesday, while Amazon.com and Bristol Myers Squibb do the same on Thursday.

Monday 1/26

DaVita, Idexx Laboratories, NXP Semiconductors, Palantir Technologies, Revvity, Simon Property Group, Teradyne, Tyson Foods, and Walt Disney report quarterly results.

The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for January. Consensus estimate is for a 48.5 reading, slightly higher than the December figure.

Tuesday 1/27

Advanced Micro Devices, Amgen, Archer-Daniels-Midland, Ball Corp., Broadridge Financial Solutions, Chipotle Mexican Grill, Clorox, Corteva, Emerson Electric, Gartner, Hubbell, Illinois Tool Works, Jack Henry & Associates, Jacobs Solutions, Marathon Petroleum, Match Group, Merck, Mondelez International, PayPal Holdings, PepsiCo, Pfizer, Prudential Financial, Super Micro Computer, Skyworks Solutions, Take-Two Interactive Software, TransDigm Group, and W.W. Grainger release earnings.

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Economists forecast 7.25 million job openings on the last business day of December, about 100,000 more than in November.

Wednesday 1/28

Abbvie, Aflac, Allstate, Alphabet, AvalonBay Communities, Arm Holdings, Boston Scientific, Bunge Global, Cencora, CME Group, Cognizant Technology Solutions, Crown Castle, Eli Lilly, Equifax, Essex Property Trust, Fortive, Fox, Globe Life, GE HealthCare Technologies, GSK, Johnson Controls International, Merck, Metlife, Novartis, Novo Nordisk, Old Dominion Freight Line, O'Reilly Automotive, Phillips 66, PTC, Qualcomm, Stanley Black & Decker, Steris, T. Rowe Price Group, Uber Technologies, UBS Group, and Yum! Brands report quarterly results.

The Institute for Supply Management releases its Services Purchasing Managers' Index for January. The consensus call is for a 53.5 reading, slightly less than in December.

Thursday 1/29

Amazon.com, Ares Management, Bristol Myers Squibb, Camden Property Trust, Cardinal Health, Carrier Global, Cigna, ConocoPhillips, Cummins, Digital Realty Trust, Equity Residential, Fortinet, Gen Digital, Huntington Ingalls Industries, Hershey, Intercontinental Exchange, Iqvia Holdings, KKR, Linde, Mettler-Toledo International, Microchip Technology, Molina Healthcare, Monolithic Power Systems, News Corp, Ralph Lauren, Regency Centers, Rockwell Automation, Shell, Snap-On, Tapestry, Verisign, and Xcel Energy announce earnings.

Friday 1/30

Biogen, Cboe Global Markets, Centene, and Philip Morris International release quarterly results.

The Bureau of Labor Statistics releases the jobs report for January. Economists forecast a 70,000 increase in nonfarm payrolls, after a 50,000 gain in December. The unemployment rate is expected to remain unchanged at 4.4%. Fed Chair Jerome Powell said this past week that the labor market "may be stabilizing after a period of gradual softening."

The University of Michigan releases its Consumer Sentiment survey for February. Consensus estimate is for a 55 reading, lower than January's 56.4 figure. Consumer expectation for the year-ahead inflation was 4% in the January release.