Owens Corning is a leading global manufacturer of composite and building materials. The company's products range from glass fiber used to reinforce composite materials for the transportation, electronics, marine, infrastructure, wind-energy and other high-performance markets, to insulation and roofing for residential, commercial and industrial applications. Based in Toledo, OH, the company has about 25,000 employees. The shares are a component of the S&P 400 Mid-Cap index.

Stocks are up at midday. The major indices are all higher by about 1%. Wall Street is showing relief that President Trump has given a tariff reprieve to certain electronics. Meanwhile, more big banks are warning that tariffs will hurt profit earnings growth. Citigroup and Morgan Stanley lowered their forecasts for the year. The yield on the 10-year Treasury note is 4.41%. Oil is at $62 per barrel. Bitcoin is near $85,000.

Owens Corning is a leading global manufacturer of composite and building materials. The company's products range from glass fiber used to reinforce composite materials for the transportation, electronics, marine, infrastructure, wind-energy and other high-performance markets, to insulation and roofing for residential, commercial and industrial applications. Based in Toledo, OH, the company has about 25,000 employees. The shares are a component of the S&P 400 Mid-Cap index.

Weekly Tee Up: Earnings in Full Gear This will be a busy week for corporate earnings. As well, the United States has a new president and new fiscal policies should start rolling out. Last week, the Dow Jones Industrial Average gained 3.7%, the S&P 500 rose 2.9%, and the Nasdaq popped 2.5%. So far, in 2025, all three indices are up about 2%. The earnings calendar is packed. On Tuesday, Netflix, United Airlines, 3M, and Capital One Financial report; on Wednesday, Johnson & Johnson, Procter & Gamble, Abbott Labs, Halliburton, Alcoa, General Dynamics, Travelers, and GE Vernova; on Thursday, American Airlines and Intuitive Surgical; and on Friday, American Express, Verizon, Archer-Daniels Midland, Xerox, and Whirlpool. Only 42 of the S&P 500 companies have reported, bur earnings so far show 11% growth from the prior-year quarter. That compares to a 9% growth rate in 3Q. Financials is the sector with the most companies having reported so far -- and the growth rate in these early weeks of the earnings season is a whopping 26% (as reported by Refinitiv). We have raised our 2025 and 2026 forecasts for S&P 500 EPS growth. Based on our expectations for continued economic growth, we now forecast 12% EPS growth in 2025, up from our prior forecast of 7%-9%. For 2026, we now forecast 11% growth, up from 7%-9%. On the economic calendar, it's a quiet week. On Wednesday, data on Leading Economic Indicators will be reported. On Friday, Existing Home Sales hit the tape. The Economic Call of the Week from Argus Economist Chris Graja is Existing Home Sales. For December, Chris forecasts 4 million homes at a seasonally-adjusted annual rate, matching November, and has offered the following commentary. 'An upside surprise could be important for big-ticket spending and Consumer Discretionary stocks such as Home Depot, Lowe's, Best Buy, and Williams-Sonoma. Housing turnover is one of the best leading indicators for Consumer Discretionary stocks. Sellers typically make improvements to get their houses ready for sale and new buyers often paint and buy new furniture, fixtures and appliances, even if they don't spring for new bathrooms, flooring, and kitchen cabinets. Last week Harvard University's Leading Indicator of Remodeling Activity projected modest growth for 2025, rising to about 1.2% in 3Q and 4Q.' Last week, consumer inflation data grabbed the headlines. The headline CPI number came in as expected at 2.9% for December, compared to 2.7% for November. However, Core CPI was 3.2% in December, down from 3.3% in November. Over the past few years, inflation has been decelerating from a peak level of 9.1% in the summer of 2022. Now, at these lower levels, even small progress is celebrated. Mortgage rates popped over 7% last week, climbing another 11 basis points (bps) with the average 30-year fixed-rate mortgage now at 7.04%, according to FreddieMac. Gas prices dropped a penny to an average of $3.04 per gallon for regular gas. The Atlanta Fed GDPNow indicator is forecasting for 4Q and calls for expansion of 3.0%. The Cleveland Fed Inflation Nowcast is forecasting for January and is at 2.82%. Looking ahead, the Federal Reserve meets next week, with a rate decision on Wednesday, January 29. Odds are at 0% for a rate cut at that meeting, that according to the CME FedWatch rate tool. The next rate decision is on March 19, with odds at 29% for a rate cut. Argus forecasts three 25-bps rate cuts in 2025, all in the back half of the year.