{"id":211033,"date":"2026-01-26T10:30:13","date_gmt":"2026-01-26T15:30:13","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/uncategorized\/weekly-market-recap-week-of-january-26-2026\/"},"modified":"2026-01-27T11:59:58","modified_gmt":"2026-01-27T11:59:58","slug":"weekly-market-recap-week-of-january-26-2026","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-week-of-january-26-2026\/","title":{"rendered":"Weekly Market Recap: Week of January 26, 2026"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-week-in-review\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consumer sentiment rose to 56.4<\/li>\n\n\n\n<li>Manufacturing PMI ticked up to 51.9<\/li>\n\n\n\n<li>Services PMI was unchanged at 52.5<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-week-ahead\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FOMC meeting<\/li>\n\n\n\n<li>4Q GDP<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h2>\n\n\n\n<p>After three blockbuster years for the S&amp;P 500, investors are questioning whether there\u2019s any more room to run. The good news is that earnings growth, not multiple expansion, is increasingly fueling the bull market. The share of S&amp;P 500 returns driven by earnings growth rose from just 27% in 2023 to 84% in 2025. Consensus is calling for an even stronger 2026, with EPS growth estimates sitting around 15%. But here too, investors are skeptical. This is over 3x consensus for nominal GDP growth, manufacturing activity is weak and consumer sentiment is at rock bottom.<\/p>\n\n\n\n<p>But the areas of the market driving earnings growth aren\u2019t tethered to the traditional economy. As this week\u2019s chart shows, the technology sectors are expected to contribute 60% of the EPS growth in 2026. While the AI buildout is boosting economic growth, it\u2019s through capital, not labor. The typical data center project creates less than 100 jobs per billion dollars invested versus over a thousand for traditional manufacturing plants of a similar price. The other area driving EPS growth is the financials sector, and this too is a capital story. Corporate IPO &amp; M&amp;A activity and stock market performance are boosting investment banking and asset management fees, respectively.<\/p>\n\n\n\n<p>So, while earnings growth and the market are very much on track for another strong year, their results aren\u2019t likely to support the labor market or the median consumer. The middle 60% of Americans still make up the majority of consumption, which is still the majority of the economy. Investors need to be mindful of this increasingly fragile expansion. Exposure to U.S. innovators is critical but hedge economic and political uncertainty by diversifying abroad.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"441\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Screenshot-2026-01-26-103111-1100x441.png\" alt=\"S&amp;P 500 sector contribution to 2026 EPS Growth\" class=\"wp-image-211034 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/01\/Screenshot-2026-01-26-103111-1100x441.png 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/01\/Screenshot-2026-01-26-103111-700x280.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/01\/Screenshot-2026-01-26-103111-300x120.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/01\/Screenshot-2026-01-26-103111-768x308.png 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/01\/Screenshot-2026-01-26-103111.png 1266w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/441;\" \/><\/figure>\n\n\n\n<p><strong>Past performance is not indicative of future results. <\/strong><\/p>\n\n\n\n<p>Chart of the Week: Source: FactSet, Standard &amp; Poor&#8217;s, J.P. Morgan<br>Asset Management.<br>Thought of the week: Source: Bloomberg, FactSet, Standard &amp; Poor&#8217;s,<br>J.P. Morgan Asset Management.<\/p>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted January 26, 2026 \u2013&nbsp;<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p>Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p>The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p>The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p>This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p>Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p>Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p>Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p>This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p>Copyright 2026 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., January 2026.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of January 26, 2026 or as of most recently available.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week&#8217;s chart highlights that S&amp;P 500 gains are now driven by earnings growth, with tech expected to fuel 60% of EPS growth in 2026.<\/p>\n","protected":false},"author":186,"featured_media":211034,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[146,147,8,12,148,7],"tags":[],"contributors-categories":[429],"class_list":{"0":"post-211033","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"contributors-categories-j-p-morgan-asset-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Weekly Market Recap: Week of January 26, 2026<\/title>\n<meta name=\"description\" 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