Markets Closed for MLK Day; Netflix Headlines Earnings Week
US exchanges shut Monday for holiday. Trading resumes Tuesday with packed calendar including Netflix, Johnson & Johnson, and Intel earnings.
US stock markets are closed Monday for Martin Luther King Jr. Day.
The NYSE and Nasdaq will reopen Tuesday at 9:30 a.m. Eastern, resuming what's shaping up to be one of the busiest earnings weeks of Q4 reporting season. Traders returning from the long weekend will face a packed calendar—and plenty of overnight developments to process.
Friday's close left the indexes near unchanged for the week. The S&P 500 settled at 6,867, down about 0.1% from the prior week. The Dow finished at 49,363, and the Nasdaq closed at 23,515.
What Happened Overnight
Futures pointed lower early Monday after President Trump announced tariffs on eight European countries over Greenland. Dow futures fell 0.6%, S&P 500 futures dropped 0.7%, and Nasdaq 100 futures shed 1%.
European stocks tumbled at the open, with the Stoxx 600 down 1.3%. German automakers led declines as investors priced in potential retaliation from the EU. The tariff announcement introduces a new variable into an already complex trading environment.
Gold extended its rally, topping $4,660 per ounce for a fresh record. Haven demand has been persistent since the Powell investigation news earlier this month.
Tuesday's Main Event: Netflix
Netflix reports Q4 earnings Tuesday after the close—the first major test for streaming stocks in 2026.
Wall Street expects earnings of $4.20 per share on revenue of $11.97 billion. Both would represent solid year-over-year growth: 28% for EPS and 17% for revenue. We covered the setup in detail Friday.
The key focus points remain subscriber momentum, ad-tier scaling, and guidance for 2026. Options markets are pricing roughly a 7.3% post-earnings move—slightly above Netflix's recent average.
The Warner Bros. Discovery acquisition talks add intrigue. Any commentary from management on M&A strategy could move the stock as much as the actual results.
More Earnings on Deck
Netflix isn't the only name reporting this week.
Tuesday: Netflix (NFLX), 3M (MMM), United Airlines (UAL), Interactive Brokers (IBKR)
Wednesday: Johnson & Johnson (JNJ), Procter & Gamble (PG), Abbott Labs (ABT), Halliburton (HAL)
Thursday: Intel (INTC), Texas Instruments (TXN), Union Pacific (UNP), Travelers (TRV)
Friday: American Express (AXP), Verizon (VZ), NextEra Energy (NEE)
Johnson & Johnson reports Wednesday and remains in focus after the tariff exemption news from the administration's TrumpRx initiative. Intel Thursday will be closely watched following its 18A chip announcement at CES and the US-Taiwan trade deal implications for domestic manufacturing.
Economic Data
The economic calendar is lighter than the earnings slate.
Leading indicators hit Thursday. Housing starts and permits dropped Friday, and the leading index will help gauge whether the softening trend in forward-looking data is accelerating or stabilizing.
No Fed speakers are scheduled this week ahead of the January 28-29 FOMC meeting. The blackout period begins Saturday, giving policymakers their last chance to shape expectations before going quiet.
Markets currently assign near-zero probability to a January rate cut. The focus has shifted to whether the Fed signals any change in its stance given recent data and the ongoing political uncertainty around the chair position.
Technical Picture
The S&P 500 sits about 1.1% below its all-time high of 6,944 reached on January 16.
Support levels to watch: 6,800 (round number with recent consolidation), 6,750 (50-day moving average), and 6,600 (December lows). Resistance sits at the prior high, with 7,000 as the next psychological barrier if bulls take control.
Volume has been average during the recent pullback—not the kind of distribution that signals institutional selling. The pattern looks more like consolidation after a strong start to the year than the beginning of something worse.
That said, the Greenland tariffs add a risk factor that wasn't in Friday's close. Tuesday's open will reveal how seriously investors take the latest trade escalation.
Bottom Line
The MLK Day pause gives traders time to assess the overnight developments. When markets reopen Tuesday, they'll face a combination of earnings catalysts and geopolitical uncertainty that should make for an active session.
Netflix after the bell Tuesday will set the tone for the earnings season's next phase.