Market Insider

Apple, Amazon and the Fed all compete for attention in the week ahead

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Tech's moment of truth

Markets will be busy with economic reports and earnings, but Washington could continue to overshadow even the monthly jobs report and the Fed in the week ahead.

Earnings from Apple, Amazon.com, Facebook and major drug companies Merck and Pfizer are among the dozens of companies reporting earnings. The Fed meets Tuesday and Wednesday and while no action is expected, the statement is expected to sound a little more hawkish as it looks forward to rate hikes.

The January employment report Friday is the highlight of a heavy data calendar, which also includes personal income and spending Monday, the employment cost index Tuesday and car sales and ISM manufacturing data Wednesday.

President Donald Trump wrapped his first week in office with a flurry of executive orders, tackling everything the Affordable Care Act to energy infrastructure to immigration. He met with U.K. Prime Minister Theresa May in his first official meeting with a head of state.

Trump did rattle Mexico over the $60 billion annual trade deficit the U.S. has with Mexico, and as the administration engaged in talks with Mexican officials, the president got into an exchange with the president of Mexico over who would pay for a wall along the southern U.S. border. After an awkward diplomatic moment, the two presidents talked and then issued a conciliatory joint statement about how they will continue to talk.

Markets took all of it in stride, and stocks ended the week with gains. The Dow, over 20,000 for the first time, ended the week at 20,093, up 1.3 percent for the week, while the , above 2,300 briefly, ended the week at 2,294, up 1 percent.