The Week Ahead: Markets Watch Disney, Alphabet, and Amazon as Payrolls Loom

Market Overview

U.S. equities ended the week mixed as investors digested the Federal Reserve’s decision to hold rates steady and news that Kevin Warsh was nominated to succeed Jerome Powell as the next Fed chair.

The S&P 500 rose 0.3% to 6,939.02, the Dow Jones Industrial Average slipped 0.4% to 48,892, and the Nasdaq Composite declined 0.2% to 23,462. Year to date, the S&P 500 is up 1.4%, led by technology gains.

The Fed’s pause signaled a more patient stance after three consecutive rate cuts in late 2025. Policymakers described economic activity as expanding at a solid pace, with inflation easing but still above target. Markets now expect one or two additional rate cuts later this year if progress on inflation continues.

The upcoming week marks the peak of the fourth-quarter earnings season. Results from major companies including Walt Disney, Alphabet, Amazon.com, and several semiconductor and consumer giants will test whether robust earnings growth can sustain equity momentum. Strong reports last week from the Magnificent 7 boosted expectations that profit strength may broaden across sectors.

Economic attention turns to Friday’s January employment data, the most significant release since the Fed’s policy meeting. Investors will watch for confirmation that job gains remain steady and wage growth contained, key conditions for continued disinflation.

Economic Releases & Notable Earnings

Monday, Feb 2
Before the Open:
• Walt Disney (DIS), est. $1.58
Economic Releases:
• 14:45 GMT – Final Manufacturing PMI, forecast 51.9 (prior 51.9)
• 15:00 GMT – ISM Manufacturing PMI, forecast 48.5 (prior 47.9)
• 15:00 GMT – ISM Manufacturing Prices, forecast 59.3 (prior 58.5)
• 17:30 GMT – FOMC Member Bostic Speaks
After the Close:
• Palantir Technologies (PLTR), est. $0.23
• NXP Semiconductors (NXPI), est. $3.31
• Simon Property Group (SPG), est. $3.48

Tuesday, Feb 3
Before the Open:
• PepsiCo (PEP), est. $2.24
• Pfizer (PFE), est. $0.58
• Merck (MRK), est. $2.01
Economic Releases:
• 15:00 GMT – JOLTS Job Openings, forecast 7.21M (prior 7.15M)
• 21:30 GMT – API Weekly Statistical Bulletin
After the Close:
• Advanced Micro Devices (AMD), est. $1.32
• Electronic Arts (EA), est. $4.72
• Qualcomm (QCOM), est. $3.39

Wednesday, Feb 4
Before the Open:
• Eli Lilly (LLY), est. $6.95
• Uber (UBER), est. $0.79
Economic Releases:
• 13:15 GMT – ADP Employment Change, forecast 48K (prior 41K)
• 14:45 GMT – Final Services PMI, forecast 52.5 (prior 52.5)
• 15:00 GMT – ISM Services PMI, forecast 53.6 (prior 54.4)
• 15:30 GMT – Crude Oil Inventories, prior -2.3M
After the Close:
• Alphabet (GOOGL), est. $2.64
• Snap (SNAP), est. -$0.03

Thursday, Feb 5
Before the Open:
• Bristol Myers (BMY), est. $1.25
• ConocoPhillips (COP), est. $1.10
Economic Releases:
• 13:30 GMT – Jobless Claims, forecast 213K (prior 209K)
• 15:30 GMT – Natural Gas Storage, prior -242B
After the Close:
• Amazon.com (AMZN), est. $1.95

Friday, Feb 6
Before the Open:
• Cboe Global Markets (CBOE), est. $2.94
• Philip Morris (PM), est. $1.70
Economic Releases:
• 13:30 GMT – Nonfarm Payrolls, forecast +67K (prior +50K)
• 13:30 GMT – Unemployment Rate, forecast 4.4% (prior 4.4%)
• 13:30 GMT – Avg Hourly Earnings m/m, forecast +0.3% (prior +0.3%)
• 15:00 GMT – Univ. of Michigan Sentiment, forecast 55.4 (prior 56.4)

Central Bank Activity

Feb 2 – Raphael Bostic (Atlanta Fed) – 17:30 GMT
Feb 3 – Thomas Barkin (Richmond Fed) – 13:00 GMT; Michelle Bowman (Fed Governor) – 14:40 GMT
Feb 4 – Lisa Cook (Fed Governor) – 23:30 GMT
Feb 5 – Raphael Bostic (Atlanta Fed) – 15:50 GMT
Feb 6 – Philip Jefferson (Vice Chair) – 17:00 GMT

Fed commentary this week will be closely watched for confirmation of a slower pace of easing after January’s hold. Markets will also assess early remarks on how Kevin Warsh’s pending nomination could influence policy direction.

Technical Outlook

Weekly Dow Jones Industrial Average Index

Dow Jones: 48,892.48 (-0.42%), support at 48,620, 48,230 then 47,850 (52-week SMA), resistance at 49,250.

Weekly Nasdaq Composite Index (IXIC)

Nasdaq: 23,461.82 (-0.17%), support at 23,150, 22,770, 22,480 then 22,160 (52-week SMA), resistance at 23,830.

Weekly S&P 500 Index (SPX)

S&P 500: 6,939.03 (+0.34%), support at 6,870, 6,810, 6,740 then 6,610 (52-week SMA), resistance at 7,010.

All three major indices remain above their rising 52-week SMAs, confirming an intact uptrend.

Outlook

Markets enter February with focus split between earnings and labor data. Disney, Alphabet, and Amazon headline a heavy reporting week that will influence sector leadership and broader risk sentiment. Tech results in particular will help determine whether profit growth continues to justify current valuations.

Friday’s Non-Farm Payrolls report will be critical for confirming the Fed’s patient stance. A modest job gain near expectations and steady wage growth would reinforce the case for gradual policy easing later in the year.

If earnings broadly beat expectations and labor data remain stable, equities could extend gains, supported by resilient fundamentals and the prospect of slower but continued rate cuts.

More Information in our Economic Calendar.