Equities ended a sour January on an up note with the S&P 500 rising more than 1.75% at the highs of the session. The move was led by a resurgence in tech sentiment led by Apple. Apple's better-than-expected earnings report and comments on the supply chain have given the market a second wind despite the rising threat of inflation. The odds of a rate hike in March are at 100% with a rising chance of two hikes by April. Assuming this week's NFP data is at least consistent with recent trends, the market needs to brace for a 50 basis point hike in March and maybe another one in April.

This week will be all about earings despite the NFP on Friday. This is the busiest week of the Q4 reporting season to date and promises to bring reports from more than 20% of the index and more than enough to cause no small amount of volatility. If the reports continue to come in as they have, the market should brace for another spike in volatility if not a downturn in market prices. While Q4 earnings are better than expected the outlook for Q1 2022 is dimming.