US President Donald Trump delivers his inaugural address after being sworn in as the the 47th president of the United States in the Rotunda of the US Capitol on January 20, 2025 in Washington, DC.
Chip Somodevilla | Afp | Getty Images
My top 10 things to watch Tuesday, Jan. 21
1. Wall Street was looking at a higher open Tuesday after the Dow, the S&P 500, and the Nasdaq each turned in their best weeks of 2025. The S&P 500, after a post-Donald Trump presidential victory surge to a record close on Nov. 24, is down more than 2.2% since Election Day.
2. Among the four things we’re watching in the week ahead, Club name Abbott Laboratories reports earnings on Wednesday morning. It’s the only Club name out with quarterly results this week as earnings season starts to heat up. I interviewed Abbott CEO Robert Ford and a number of other industry leaders last week at the JPMorgan Healthcare Conference. I wrote about 10 things I learned at the conference in my Sunday column.
3. Tuesday is Trump’s first full day of his second term. He signed a number of executive orders after being sworn into office Monday. The orders included declaring a national emergency at the U.S.-Mexico border. He said he’s thinking about 25% tariffs on imports from Mexico and Canada.
4. Trump also signed orders declaring a national energy emergency and withdrawing from the Paris climate agreement. “We will drill, baby, drill,” he said during his inaugural address. Promises of more supply drove U.S. oil prices down roughly 2.5% on Tuesday.
5. Will Elon Musk be in the West Wing? Will he need that to make DOGE work? Trump signed an order to create his promised Department of Government Efficiency advisory group. The president named Musk and Vivek Ramaswamy as co-chairs, though the latter may soon leave to run for governor of Ohio.
6. Shares of Musk’s Tesla were up early Tuesday, extending Friday’s rally. The stock has benefited since Trump’s election, though it has cooled off a bit since mid-December. Piper Sandler hiked its Tesla price target to $500 per share from $315, citing the company’s potential in “real world” artificial intelligence.
7. Trump signed an order delaying the enforcement of the TikTok ban by at least 75 days. The law, which was upheld Friday by the Supreme Court, had called for ByteDance to sell TikTok by Jan. 19 or go dark in America. Club name Meta Platforms would benefit from a TikTok ban.
8. Everyone knows Apple will miss its upcoming quarterly badly, and now Jefferies downgraded the stock to a sell and cut its price target to $200.75 per share. JPMorgan kept its buy-equivalent rating but trimmed its price target to $260. Club name Apple is set to report earnings after the closing bell on Jan. 30.
9. Citi cut its Advanced Micro Devices price target to $175 per share from $200 but kept its buy rating. The analysts said lower quarterly numbers are coming but think the chipmaker will still be OK. In semiconductors, we own Nvidia and Broadcom.
10. Union workers at Costco voted to authorize a strike but will keep talking ahead of the Jan. 31 expiration of their labor contract. If a work stoppage were to happen, I think Costco would be able to handle it. Costco Teamsters represent 18,000 workers.
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