What isn’t in sync are rates today? Yields.

US stocks are up today, with the Nasdaq leading the way in the major indexes with a gain of 1.48%. The riskier stocks as measured by Cathy Woods ARK Innovation fund do even better with a gain of 2.85%.

Typically, lower yields help that flow, but if you look at US yields today, they’re up nicely. The 2-year yield is up 7.3 basis points at 4.191%. The 10-year yield is at 3.49% up nearly 10 basis points on the day.

The move higher in the 10-year comes after the decline yesterday tested the 200-day MA at 3.331%. If the Fed goes to 5.0-5.25% as the final rate, that was a pretty big spread. So I’m not surprised to see the yield move higher today.

Stocks moving higher? Is that extraordinary?

Technically, I wrote earlier how the Nasdaq returned above the 100-day MA near 11001. So technically, there is some technical hope with the index at 11018.90 and trading near the highs at the moment. Staying above the 100-day MA is a tilt to the upside.

Basically, if the Fed tightens to a recession to raise unemployment and eliminate any risk of inflation returning, what will that do to incomes?

The earnings calendar heats up over the next few weeks. Today Netflix has done pretty well and that helps the bias, but will others do as well?

Below is a list of the major releases. There’s something for everyone, and the stock will pay attention not just to the raw numbers for the quarter, but to the expectations going forward.

There are certainly many analysts who say that stocks will not price in an earnings recession. Goldman’s Mike Wilson continues to see the October lows as the minimum downside target.

Today, the Fed idle period begins ahead of the February 1 rate decision. On that day, Meta will report earnings. The next day the following companies report.

• an apple
• Amazon
• Visa
• MasterCard
• Merck and Company
• Bristol-Myers Squibb

The day before the Fed, Alphabet leads the releases.

Circle those days on your calendar. They should help give a clearer picture for yields and stocks.

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Earnings calendar for next week and beyond:

Tuesday, January 24th

• Microsoft
• J&J
• Verizon
• Raytheon
• Lockheed Martin
• General Electric
• 3M
• Travellers

Wednesday, January 25th

• Tesla
• AT&T
• IBM
• Boeing
• Serve Now
• General Dynamics
• Hess

Thursday, January 26th

• McDonald’s
• Comcast
• Intel
• Intuitive Surgical
• Freeport McMoran
• Dow
• Southwest Airlines
• American Steel

Tuesday, January 31st

• Alphabet
• Exxon Mobil
• Pfizer
• caterpillar
• AMD
• Stryker
• General Motors

Wednesday, February 1st

• Meta-Platforms
• Alibaba
• PayPal properties
• Boston Scientific

Thursday, February 2nd

• an apple
• Amazon
• Visa
• MasterCard
• Merck and Company
• Bristol-Myers Squibb
• ConocoPhillips
• Honeywell
• Amgen
• Qualcomm
• Starbucks
• Ford Motor
• Motorola