Economic data : On the economic front, there is U.S. employment cost index ; Eurozone consumer price index, U.S. manufacturing ISM, U.S. Job Openings and Labor Turnover Survey, and the Federal Reserve decision ; Bank of England and European Central Bank decisions on rate hikes , and the U.S. jobs report for January . Earnings : More than 20% of the S & P 500 will report this week; by next Friday, 50% of the S & P will have reported.
The S & P 500 has broken a long-term downtrend of lower lows and lower highs : "Our analysis indicates the S & P 500 reversed its 2022 downward trend last week," Ari Wald at Oppenheimer said in a note to clients over the weekend. Both growth and value stocks are doing well in January. The S & P Value and Growth ETFs are both up about 6% for the month. High-beta names, which tend to trade higher than the market does when the market is rising are also outperforming.
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