Markets prepare for a consequential Friday on January 30, 2026, as a constellation of data points arrives that market participants expect could affect short-term price action. The Producer Price Index (PPI) is the primary focus, offering a producer-level view of inflation that often precedes movements in consumer price measures. Alongside PPI, traders will track regional manufacturing data, drilling activity from Baker Hughes and a slate of speculative positioning reports from the Commodity Futures Trading Commission (CFTC). Federal Reserve Governor Michelle Bowman is scheduled to speak twice in the afternoon, providing another potential source of market direction.
Major economic releases
- 8:30 AM ET - Producer Price Index (PPI) (MoM) (Jan): Expected at 0.2%, previous 0.2%. This measure records monthly price changes at the producer level and is watched as a leading indicator for consumer inflation trends.
- 8:30 AM ET - Core PPI (MoM) (Jan): Expected at 0.3%, previous 0.0%. Core PPI excludes food and energy components, removing some volatility to highlight underlying producer price pressures.
Additional scheduled releases and data points
- 9:45 AM ET - Chicago PMI (Jan): Expected at 43.5, previous 43.5. The index provides a regional snapshot of manufacturing activity in the Chicago area.
- 1:00 PM ET - Baker Hughes U.S. Rig Count: Previous 411. The U.S. rig count provides insight into drilling activity and is a key indicator for the oil services sector.
- 1:00 PM ET - U.S. Baker Hughes Total Rig Count: Previous 544. The total rig figure offers a broader look at domestic drilling activity.
- 3:00 PM ET - FOMC Member Bowman Speaks: Comments may shed light on the Federal Reserve’s outlook and near-term monetary policy considerations.
- 3:30 PM ET - CFTC S&P 500 speculative positions: Previous -81.8K. This release reveals speculative traders’ net positioning in S&P 500 futures.
- 3:30 PM ET - CFTC Gold speculative positions: Previous 244.8K. Provides a read on speculative positioning in gold futures.
- 3:30 PM ET - CFTC Crude Oil speculative positions: Previous 78.8K. Shows speculative sentiment in crude oil futures.
- 3:30 PM ET - CFTC Nasdaq 100 speculative positions: Previous 21.1K. Reveals speculative positioning in Nasdaq 100 futures.
- 5:00 PM ET - FOMC Member Bowman Speaks: A second speaking engagement that may add further context to her earlier remarks.
Other PPI and positioning metrics
- 8:30 AM ET - PPI (YoY) (Jan): Expected at 2.7%, previous 3.0%.
- 8:30 AM ET - Core PPI (YoY) (Jan): Expected at 2.9%, previous 3.0%.
- 8:30 AM ET - PPI ex. Food/Energy/Trade (MoM) (Jan): Previous 0.2%.
- 8:30 AM ET - PPI ex. Food/Energy/Trade (YoY) (Jan): Previous 3.5%.
CFTC speculative positioning schedule (3:30 PM ET)
- Aluminium speculative net positions: Previous -3.4K.
- Copper speculative positions: Previous 52.6K.
- Silver speculative positions: Previous 25.2K.
- Natural Gas speculative positions: Previous -193.5K.
- Wheat speculative positions: Previous -93.7K.
- Corn speculative positions: Previous -51.7K.
- Soybeans speculative positions: Previous 58.1K.
Taken together, the schedule presents a concentrated flow of inflation readings, regional manufacturing data, drilling activity metrics and a comprehensive set of speculative positioning releases across equities, metals, energy and agricultural futures. The PPI figures, released at 8:30 AM ET, are the focal point for the morning session, while the afternoon contains several data points and Fed commentary that could reframe trader expectations.
Market context and considerations
Traders will likely weigh month-over-month and year-over-year PPI readings, along with core measures that exclude food and energy, to assess producer-level inflation trends. The Baker Hughes rig counts at 1:00 PM ET will be watched for indications about drilling activity and implications for oil services firms. The CFTC’s suite of speculative position reports at 3:30 PM ET provides a snapshot of how speculative traders are positioned across several major markets, including the S&P 500, Nasdaq 100, gold, crude oil, base metals and key agricultural commodities.
Federal Reserve Governor Michelle Bowman’s two speaking slots, at 3:00 PM ET and again at 5:00 PM ET, add a policy-refreshing element to the day. Market participants frequently look to Fed officials’ remarks for nuance on outlooks for inflation and policy, and Bowman’s comments bookending the afternoon session represent a potential driver of volatility.
Because the day features multiple releases that touch on inflation, manufacturing, drilling and speculative positioning, market moves could come from several directions depending on the sequencing and surprise content of the reports.