The Q4 earnings season got off to a positive start with JPMorgan and Delta Air Lines leading the way and delivering favorable quarterly results on Tuesday.

China’s December bucked expectations for a front-loading-related slowdown with both exports and imports beating forecasts for the year. The trade surplus surged to new record highs—to a level roughly equivalent to a top 20 economy's GDP in 2025

Looking over the longer term, grocery prices rose 2.4% y/y through December 2025. In contrast, they rose only 1.7% y/y through December 2024. So much for bringing down grocery prices.

Elliott Wave update signals the Nasdaq 100 is forming an ending diagonal, suggesting exhaustion as it approaches a major primary wave top.