It’s a busy week for the markets and the U.S. economy, with fresh CPI data this morning offering more insight into inflation as well as the kickoff to Q4 earnings season. Here’s what’s happening…

• Q4 earnings season kicks off with the usual financial powerhouses this week, starting this morning with reports from JP Morgan Chase, The Bank of New York Mellon Corp., and Delta Airlines, followed Wednesday by Bank of America, Wells Fargo, and Citigroup. Thursday numbers are due from TSM (Taiwan Semiconductor), Morgan Stanley, Goldman Sachs, BlackRock, Infosys, J.B. Hunt Transport, and First Horizon, followed Friday by PNC Financial, State Street, and Regions Financial. *

• The latest inflation numbers dropped this morning, and December showed another step in the right direction. Core CPI (Consumer Price Index) — which leaves out food and energy — rose just 0.2% for the month and 2.6% over the past year, matching November and marking the slowest annual pace since early 2021. Headline inflation landed at 0.3% month‑over‑month and 2.7% year‑over‑year, right in line with expectations. Prices are still running above the Fed’s 2% target, but the broader trend continues to drift lower, and policymakers seem more concerned about keeping the labor market steady than about any renewed inflation flareups. **

• Alphabet, Google’s parent company, briefly joined the $4 trillion club this week, with shares hitting a record high as investors continue to reward the company’s AI momentum. The stock jumped to $334 in Monday trading, pushing its market cap just over the $4T mark, capping off a run that saw shares climb more than 65% last year. Only four tech giants have ever crossed that valuation threshold. Nvidia is the lone member still above it, while Apple and Microsoft now sit slightly below. Alphabet’s latest surge comes on the heels of its new Gemini 3 AI model, which has been earning strong reviews for speed, reasoning, and creativity after outperforming rivals across a wide range of benchmark tests. ***