Wall Street returns to full strength this week after the holiday lull, and the calendar is loaded with potential market-movers. From tonight's highly anticipated CES keynote to Friday's critical jobs report, investors have plenty of catalysts to process. Here's your guide to the five events that matter most.

1. Nvidia's CES Keynote (Tonight, 4pm ET)

The week begins with what may be the technology industry's most-watched presentation of the year. Nvidia CEO Jensen Huang takes the stage at CES 2026 in Las Vegas at 4pm Eastern for a 90-minute keynote that will set the tone for AI investing in the year ahead.

What to watch:

  • Product announcements for consumer graphics cards (RTX 50 series)
  • Data center roadmap updates, particularly next-generation AI accelerators
  • Any commentary on demand trends, customer concentration, or competitive positioning
  • Details on the Cosmos platform and autonomous systems development

Market impact: Nvidia's $4.6 trillion market cap means even modest surprises can move billions of dollars. The semiconductor sector broadly tends to trade in sympathy with Nvidia announcements.

2. AMD's CES Keynote (Monday, January 6)

AMD CEO Lisa Su follows Huang with her own CES presentation on Monday, where she's expected to unveil the company's answer to Nvidia's AI dominance.

What to watch:

  • MI400 series AI accelerators designed to compete with Nvidia's H200
  • Consumer CPU and GPU updates (Ryzen and Radeon product lines)
  • Data center momentum and customer wins
  • Any announcements about manufacturing partnerships or supply expansion

Market impact: AMD gained 77% in 2025 as investors bet on its AI potential. Su's ability to demonstrate competitive products could determine whether that momentum continues.

3. December Jobs Report (Friday, January 9, 8:30am ET)

The Bureau of Labor Statistics releases the employment situation report for December, providing the final piece of the 2025 labor market puzzle. This is arguably the most important economic data point of the week.

What to watch:

  • Headline payrolls: Consensus expects approximately 60,000 new jobs, which would confirm 2025 as the weakest hiring year since the financial crisis
  • Unemployment rate: Expected to hold near 4.6%; any move toward 4.7% would raise recession concerns
  • Wage growth: Average hourly earnings are forecast to rise 3.5% year-over-year
  • Labor force participation: Any decline would suggest workers are leaving the job market

Market impact: A weaker-than-expected report could boost rate cut expectations and lift risk assets. A stronger report could reinforce the "higher for longer" interest rate narrative.

4. Fed Governor Speeches (Throughout the Week)

Several Federal Reserve officials are scheduled to speak this week, providing insight into how policymakers are thinking about the January 28 FOMC meeting.

Key speakers:

  • Governor Christopher Waller (Tuesday): Known as a swing vote on the FOMC, Waller's views on inflation and rate policy carry significant weight
  • Philadelphia Fed President Anna Paulson (Wednesday): A new voting member in 2026, Paulson recently indicated she sees "modest" rate cuts later in the year
  • Dallas Fed President Lorie Logan (Thursday): Also a new 2026 voter, Logan's perspective on balance sheet policy and rates will be closely watched

Market impact: Fed speakers can move rate expectations significantly. Markets currently price in approximately one rate cut in the first half of 2026; hawkish or dovish comments could shift that pricing.

5. ISM Services PMI (Monday, January 6, 10am ET)

The Institute for Supply Management releases its services sector purchasing managers' index, providing a real-time read on the largest portion of the U.S. economy.

What to watch:

  • Headline index: Above 50 indicates expansion; November came in at 52.1
  • Prices paid component: Any acceleration could signal inflation pressures
  • Employment sub-index: Provides a preview of labor market conditions ahead of Friday's jobs report
  • New orders: Forward-looking indicator of future activity

Market impact: Services comprise roughly 70% of GDP. A sharp decline could reignite recession fears; strength supports the soft-landing narrative.

Other Events Worth Monitoring

Beyond the top five, several additional developments merit attention:

  • Treasury auctions: The government will auction 3-year, 10-year, and 30-year bonds this week. Demand will signal investor appetite for U.S. debt at current yield levels.
  • CES announcements: Beyond the Nvidia and AMD keynotes, companies across the technology sector will unveil products that could move individual stocks.
  • Earnings pre-announcements: Some companies may provide guidance updates ahead of the formal Q4 earnings season, which begins next week with major bank reports.
  • Oil prices: Following this weekend's OPEC+ monitoring committee meeting, crude markets may react to any production policy signals.

How Markets Are Positioned

As the week begins, markets sit in an uncertain state:

  • Equities: The S&P 500 is roughly flat for 2026 after a lackluster first two trading days. The failed Santa Claus rally has some strategists cautious.
  • Bonds: Treasury yields remain elevated, with the 10-year near 4.5%. The bond market is pricing in a "higher for longer" rate environment.
  • Dollar: The U.S. dollar has strengthened recently on rate differential expectations, which could pressure multinational earnings.
  • Volatility: The VIX sits near 15, suggesting complacency. Any of this week's events could trigger a volatility spike.

The Bottom Line

This week offers the first meaningful test for markets in 2026. The combination of major technology announcements, critical economic data, and Fed commentary creates multiple potential catalysts for significant moves in either direction. For investors, the priority should be preparation: understand what you own, know your risk tolerance, and have a plan for how you'll respond to surprises—positive or negative.