January 22nd Pre-Market

NATO framework, PCE at 10:00, Bulls just caught a break.

Author

J.L. Bernstein
January 22, 2026

Good morning.

Market is sitting green as the Greenland situation cooled down.

Jobless claims hit right where the market wanted no surprises, no problems. Feels like investors just got handed two reasons to keep buying today so far.

PCE inflation #’s out at 10:00 market time.

Let's dig in...

P.S. The afternoon report will always stay but I’m experimenting with a shorter premarket overview this week. This will come out at 9a.m.

Today's Big Picture

Trump Strikes Greenland "Framework" With NATO

Trump and NATO's Mark Rutte cut a preliminary Arctic security deal at Davos yesterday. U.S. missiles in Greenland, mining rights to box out China, bigger NATO presence up north. Nothing's final — Denmark and Greenland say sovereignty is off limits. Trump backed off his Europe tariff threats and dropped the military force talk.

Jobless Claims Still Running Hot (For Workers)

Initial claims: 200k. Wall Street expected 209-212k. Continuing claims dropped 26k. People aren't getting fired, and when they do, they're finding work fast. The labor market won't quit.

Call To Flood The Market With Oil 

The U.S. Energy Secretary wants to double global oil production now. He's pointing fingers at Europe's green rules for slowing things down. Could start a fight with climate-focused countries.

Stock Spotlight

scheduled to announce its results for the fourth-quarter 2025 after the market closes on Thursday, January 22. INTC stock has risen over 148% in 2025

CEO talked about Physical AI at Davos. Says AI's moving from software into robots and real-world systems.

followed the chip rally higher. AI hardware buzz keeps driving these names.

General Electric $GEC ( ▲ 0.49% ) 

fell despite beating estimates. Market's focused elsewhere.

SoftBank Group $SFTBY ( ▲ 7.2% ) 

popped in Asian markets. Loaded up on chip stocks and it's working.

Bond Market

The 10 year yield fell as trade fears eased. Bond prices went up. See if it holds.

US10Y: (4.259)

US20Y: (4.822)

US30Y: (4.862)

Policy Watch

Fed 

PCE inflation data comes out at 10:00am this morning. That's what they actually care about for measuring costs.

Government 

Trump's Greenland military threat is off the table. NATO deal is wrapped.

Fiscal & Trade 

Tax plans for eight European countries are on hold. Dodges a bigger mess with the global economy.

International 

EU getting pushback on sustainability reporting rules. Energy companies say the red tape is killing gas shipments.

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What to Watch

U.S., U.K. and German flash manufacturing and services PMI Friday morning, shows how industrial and retail sectors are doing

Gaza "Board of Peace" details: Trump signed a reconstruction deal in Davos, see who ponies up cash

Bank of Japan rate call Friday

Intel reports Thursday after close

Davos ends Friday with final speeches from finance chiefs


Thanks for reading 🙂

- John

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