Equities pulled back a little at the end of the last week of 2021 but left the S&P 500 trading at a new all-time for the year. The move caps off another year of outsized gains for the index, gains that were driven in large part by stimulus spending and inflation. With stimulus spending a thing of the past and inflation still a concern there is a risk earnings growth will come to a standstill in 2022.

The biggest news this week will come from the economic front and includes the FOMC minutes as well as the monthly NFP reading. The minutes will be important for clues to the FOMC?s plans on rate hikes while the NFP data will tell us how many new jobs were created in December. Also on tap this week are readings on ISM, PMI, construction spending, and factory orders so there will be plenty for the market to chew on.