Next week in the U.S., focus shifts to Trump’s inauguration and a packed earnings season, featuring Netflix, Charles Schwab, P&G, J&J, Abbott, and others. Key data includes S&P Global PMIs and existing home sales.

Trump is expected to sign dozens of executive orders in the first few days of his presidency to curb immigration, continue border fence construction, eliminate regulations on mining, crypto, and oil drilling, open up offshore drilling, strip protections from federal workers so they can be more easily fired, eliminate DEI initiatives in the federal government, increase tariffs on foreign goods from China, Mexico, Canada, and Europe through a new external revenues service, lift bans on the creation of new LNG terminals and nuclear plants, withdraw from climate change agreements, lower federal spending, place sanctions on Iran and its oil, restrict entry to the U.S. from muslim countries, force federal workers back to the officer, and begin mass deportations of millions of illegal immigrants.

Trump has also given reference to the need to force China to purchase $100B in agricultural goods from the U.S. as part of trade agreements made during his previous term which went unenforced by the Biden administration. Similarly, Trump has suggested mandating increased purchases of U.S. oil and gas by Europe in exchange for favored trading status.

The actions will have profound impacts on a barrage of industries, as we've been detailing in our Level 2 trades weekly.

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