Week Ahead: Will US30 hit 50,000 milestone?

• US30 ↑ almost 3% year-to-date
•  Trading less than 2% away from 50,000 milestone
• Big bank earnings + US CPI = fresh volatility
• JPMorgan & Goldman Sachs = nearly 16% of US30 weight
• Technical levels: 50,000, 48,800 & 48400

Even as the clock ticks down to the key NFP report and Supreme Court ruling on Trump’s tariffs this afternoon, investors are bracing for more volatility in the week ahead.

All eyes will be on Wall Street bank earnings to US inflation data, speeches by Fed officials and geopolitical developments:

Monday, Jan 12

• USD: Fed Barkin, Fed Williams and Fed Bostic speeches
• AUD: Australia Westpac Consumer Confidence Change (Jan)

Tuesday, Jan 13

• GBP: UK BRC Retail Sales Monitor (Dec)
• US30: US Inflation Rate (Dec); ADP Employment Change Weekly; Fed Musalem & Barkin Speeches, JPMorgan Chase earnings
• WTI: US API Crude Oil Stock Change (w/e Jan 9)

Wednesday, Jan 14

• CNY: China Balance of Trade (Dec)
• USD: US PPI (Oct & Nov); Retail Sales (Nov); Existing Home Sales (Dec); Fed Paulson & Williams Speeches, Beige book
• US500: Bank of America, Wells Fargo, Citigroup earnings.
• WTI: US EIA Crude Oil Stocks Change (w/e Jan 9)

Thursday, Jan 15

• GBP: UK GDP (Nov); Industrial and Manufacturing Production (Nov)
• EUR: Eurozone Industrial Production (Nov)
• USD: US Initial Jobless Claims (w/e Jan 10)
• US30: Goldman Sachs earnings
• TWN: TSMC earnings

Friday, Jan 16

• GER40: Germany CPI
• USD: US Industrial Production
• NZD: New Zealand food prices, BusinessNZ manufacturing PMI

Our focus is on FXTM’s US30 which tracks the benchmark Dow Jones Industrial Average index.

This index ended last year gaining 13% and has kicked off 2026 on a positive note – recently hitting an all-time high above 49,600.

Given how prices are trading near records, the question is whether bulls can keep up the momentum – especially with the 50,000 milestone in sight.

Here are 3 themes to keep a close eye on:

1) US bank earnings

Fourth-quarter earnings season unofficially kicks off on Tuesday 13th January, led by the largest US banks.

JPMorgan Chase, the country’s biggest lender, leads the pack, followed by Citigroup, Bank of America and Goldman Sachs among others.

US banks are expected to report solid earnings thanks to investment banking activity and elevated trading activity across commodities, fixed income and equity markets.

It is worth noting that financials make up almost 29% of the US30’s weight with JPMorgan and Goldman Sachs accounting for nearly 16%!

So, the upcoming earnings from US banks could spell fresh volatility.

• Markets are forecasting a 3.3% move, either Up or Down, for JPMorgan Chase stocks post-earnings

• Markets are forecasting a 4.0% move, either Up or Down, for Goldman Sachs stocks post-earnings.

2) US December CPI – Tuesday 13th January

The incoming US Consumer Price Index (CPI) may impact bets around Fed cuts in the first few months of 2026.

Markets are forecasting:

• CPI year-on-year (December 2025 vs. December 2024) unchanged at 2.7%.
• Core CPI year-on-year to rise 2.7% from 2.6%.
• CPI month-on-month – 0.3%
• Core CPI month-on-month – 0.3%

Signs of rising inflation pressures may reduce bets around the Fed cutting interest rates.

US30 is forecast to move 0.9% up or 0.8% down in a 6-hour window after the US CPI report.

Note: The US retail sales reports, PPI, Biege book and speeches by Fed officials may impact the US30.

3) Technical forces

The US30 remains bullish on the daily charts with prices trading above the 50, 100 and 200-day SMA.

• A solid breakout above 49,500 could inspire a move toward the psychological 50,000 milestone and higher.

• Should prices slip below 48,800, this could trigger a selloff toward 48,400.