Honestly, if you're looking at your portfolio today, January 14, 2026, and feeling a little twitchy, you aren't alone. The vibe on Wall Street right now is basically a giant game of "wait and see." After a pretty rough Tuesday where the Dow Jones Industrial Average coughed up nearly 400 points, futures are leaning red again this morning. It’s not a full-blown panic, but it’s definitely not the celebration we saw earlier in the week when the S&P 500 was hitting record highs.
So, what the stock market do today to keep everyone so on edge? It’s a mix of things—big bank earnings are rolling in, the Supreme Court is about to drop a massive ruling on tariffs, and we’re all trying to digest some inflation data that was, well, just okay.
The Big Banking Rollercoaster
You've probably noticed that the "big boys" are starting to report their holiday-quarter results. JPMorgan Chase (JPM) sort of set a gloomy tone yesterday. Jamie Dimon, the guy who usually sounds like he’s got it all figured out, warned that things might get sticky. The bank’s profit took a hit because of some costs related to that Apple credit card deal they took over from Goldman Sachs. But the real kicker? Dimon is worried about President Trump’s idea to cap credit card interest rates at 10%.
That single comment sent a shiver through the financial sector. Visa and Mastercard got hammered, dropping 4.5% and 3.8% respectively. Today, the focus shifts. We’re waiting on numbers from Bank of America, Wells Fargo, and Citigroup. If they echo the same "tightening our belts" sentiment, don't expect the financials to lead any rallies today.
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The Supreme Court and the "Tariff Shadow"
This is the weird part of 2026 trading. We aren't just looking at charts; we’re looking at court dockets. Today is a big day because the Supreme Court is scheduled to release opinions that could decide if President Trump actually has the legal authority to impose the massive tariffs he’s been talking about.
Investors hate uncertainty. Right now, there’s a 25% tariff threat hanging over any country doing business with Iran. That’s already pushed oil prices up—WTI crude is sitting around $61 a barrel. If the Court gives the green light on these broad tariff powers, expect a lot of volatility in retail and tech stocks that rely on global supply chains.
Inflation: The News That Wasn't Really News
We got the Consumer Price Index (CPI) report, and it was... fine? Headline inflation hit 2.7% for December, which was exactly what economists expected. Core inflation (the stuff that ignores your grocery bill and gas) came in at 2.6%.
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- The Good: Inflation isn't skyrocketing.
- The Bad: It's not falling fast enough to make the Fed "pivot" into a series of massive rate cuts.
- The Reality: The market is now betting on maybe two rate cuts for all of 2026. That's a lot less than people were hoping for a few months ago.
Tech is Doing its Own Thing
While the Dow is struggling, the tech-heavy Nasdaq is holding its breath. We’re seeing a massive split in the sector. On one hand, you have the "picks and shovels" of the AI world. Intel (INTC) and AMD are actually having a decent week. KeyBanc analysts basically said Intel is "sold out" of server CPUs for 2026. When you’ve sold your entire inventory for the year, people tend to buy your stock. Intel shares jumped over 7% yesterday and are staying active today.
On the flip side, software is hurting. Salesforce took a 7% dive after people weren't thrilled with an update to their Slack AI bot. It feels like the market is getting really picky about AI—if you aren't making the physical chips, you’d better have a really good way to make money off the software, or investors are moving on.
The Weird Stuff: Gold and Silver
While stocks are shaky, precious metals are going absolutely nuts. Gold futures hit a record high of nearly $4,650 an ounce this morning. Silver is crossing $90. This is what's called the "debasement trade." Basically, people are worried about the U.S. dollar and the massive government spending (thanks to the new Department of Government Efficiency, or DOGE, initiatives), so they’re hiding their cash in shiny metals.
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What Most People Get Wrong About This Market
A lot of folks think that because the S&P 500 is near all-time highs, everything is great. But honestly, if you look under the hood, this is a "stock picker's market." The broad indices are being propped up by a few mega-caps.
Small-cap stocks are actually struggling because interest rates are still high. The 10-year Treasury yield is hovering around 4.17%. That makes it expensive for smaller companies to borrow money. If you’re just buying a total market ETF right now, you might be surprised at how sluggish your gains feel compared to the "AI winners."
What to Actually Do Now
If you’re trying to navigate what the stock market do today, here are a few things that aren't just generic advice:
- Watch the 10:00 AM ET hour. This is often when Supreme Court news or major midday volatility kicks in. If you're planning a trade, wait for the morning "shakeout" to settle.
- Check your exposure to "Tariff-Sensitive" stocks. If the Court rules in favor of the administration today, companies like Walmart, Target, and big auto manufacturers might see a sudden dip.
- Don't chase the gold rally. It’s at an all-time high. Buying at the peak is rarely a winning strategy unless you’re hedging for a total global meltdown.
- Keep an eye on the Producer Price Index (PPI). We get more wholesale inflation data tomorrow morning. If those numbers come in hot, today’s "meh" sentiment could turn into a real sell-off by Friday.
The market is transitionary right now. We've moved past the "inflation is over" honeymoon phase and into the "how do we actually grow in this new political and economic reality" phase. It's messy, it's loud, and it's definitely not boring.
Make sure you're looking at your individual holdings rather than just the Dow's point total. In 2026, the "average" stock isn't always doing what the index says it is. Stay cautious, keep your stop-losses tight, and maybe keep an eye on those bank earnings calls for clues on where the consumer is actually spending their money.