Data:
- Fed Governor Christopher Waller speaks.

The Advisor's Take: Fed Governor Waller is a highly influential voice on the committee, and markets listen closely to his read on inflation. Investors will be watching Waller's tone. If he hints at a "hawkish" stance—suggesting rates need to stay higher for longer to fight inflation—we could see a pullback in interest-rate-sensitive areas like small-cap stocks ($IWM ( ▼ 1.56% )) and a bump in the US Dollar ($UUP ( 0.0% )).

Data:
- President Trump’s State of the Union Address (9:00 p.m. ET).

The Advisor's Take: President Trump’s State of the Union address will outline the administration's economic priorities, trade policies, and fiscal plans for the year. Markets crave certainty. Investors will parse the State of the Union for policy clues regarding tariffs, taxes, or deregulation. Talk of heavy fiscal spending could historically cause long-term bond yields ($TLT ( ▲ 0.37% )) to spike.

Data:
- Nvidia (NVDA) Earnings

The Advisor's Take: All eyes are on Nvidia. As the undisputed poster child for the artificial intelligence boom, its earnings report is essentially a macroeconomic event. Wall Street expects massive numbers—projecting around $65 billion in quarterly revenue—with a specific focus on the demand for their new generation of "Blackwell" chips. Nvidia's results will set the tone for the entire tech sector. A massive beat and confident future guidance could ignite the broader semiconductor space ($SMH ( ▼ 0.52% )) and lift the tech-heavy Nasdaq ($QQQ ( ▼ 1.22% )). Conversely, if revenue guidance merely meets expectations rather than crushing them, expect swift volatility as the broader "AI trade" prices in a reality check.

Data:
- Initial & Continuing Jobless Claims

The Advisor's Take: Weekly jobless claims provide our most real-time look at the employment picture. Initial Claims track new layoffs, while Continuing Claims show how hard it is for the unemployed to find new work. A healthy economy needs a healthy labor market to sustain spending. A sudden, sustained jump in claims historically suggests the economy is finally cooling under the weight of current interest rates. If we see a spike, it may lead to a bid for defensive sectors like utilities ($XLU ( ▲ 0.76% )) or consumer staples ($XLP ( ▲ 1.23% )) as investors prepare for a potential slowdown.

Data:
- Producer Price Index (PPI)
- Construction Spending.

The Advisor's Take: While last week focused on consumer inflation, Friday gives us the Producer Price Index (PPI)—the inflation businesses face on raw materials and wholesale goods before passing those costs down to consumers. We also check Construction Spending to see if builders are actively expanding infrastructure and real estate despite financing costs. PPI is often a leading indicator for consumer inflation. If producer prices come in hot, it may suggest retail prices will eventually follow suit. This would likely push Treasury yields higher and place downward pressure on high-multiple growth stocks ($VUG ( ▼ 1.24% )).

All stocks are screened for sharia-compliance on Zoya. We also exclude companies in the following three databases: WhoProfits.org, The Official BDS Targets, The American Friends Service Committee Database

The Business Model MercadoLibre generates revenue by operating an integrated digital ecosystem across Latin America that combines an e-commerce marketplace with its MercadoPago fintech platform, earning fees from merchant transactions, consumer credit, advertising, and logistics services.

The Bull Case Bulls argue that the company's pricing power is strengthening as competitors like Shopee raise their take rates, which supports the potential for long-term margin expansion across the broader e-commerce sector. Furthermore, growth has been driven by strong gross merchandise volume acceleration in key markets like Brazil, alongside strategic warehouse automation initiatives that promise to improve operational efficiency.

The Bear Case Risks include operating in a highly competitive e-commerce and fintech landscape where ongoing investments in logistics and shipping subsidies could compress near-term profitability. Additionally, bearish analysts note that the company's rapidly expanding consumer credit book elevates its exposure to borrower stress, which, combined with trimmed fair value estimates, leaves a narrow margin for error if growth expectations are not met.

*Please read the disclaimer at the end of this email before forming any opinions on the stock.

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