February 9, 2026
S&P 500 futures -0.2% early Monday after Friday’s sharp rally and a mixed week in which cyclicals and defensives outperformed while big tech and software lagged. The equal-weight S&P (RSP) hit a record high and outperformed SPX by ~220 bp, underscoring continued rotation beneath the surface.
Global markets: Asia was higher, led by Japan (+~4%) following a decisive LDP election win (South Korea KOSPI +4%+). Europe is modestly higher (~+0.2%).
Rates/FX/Commodities: Treasuries weaker with long-end yields +2–3 bp amid reports China urged banks to curb Treasury exposure (not geopolitics-related). DXY -0.3%. Gold +1% back above $5K, silver +4.6%. Bitcoin -1.4%. WTI -0.6%.
What’s in focus:
- Election-driven rally in Japan with yen/JGBs relatively calm.
- Ongoing sector/factor rotation in the U.S.; positioning in tech cleaner, CTA equity longs still stretched.
- Press scrutiny on outsized hyperscaler capex, ROI and cash-flow implications; debate on AI/productivity and Fed policy.
- Geopolitics quieter; additional U.S.–Iran talks slated this week.
Calendar & Policy
- Today: No U.S. data; Fed speakers Waller, Miran, Bostic.
- Tuesday: Retail sales, import/export prices; Fed Hammack, Logan.
- Wednesday: January employment report (consensus +69K); Fed Schmid, Bowman, Hammack.
- Thursday: Initial claims, existing home sales; Fed Logan, Miran.
- Friday: January CPI (core +0.3% m/m, +2.5% y/y).
- Supply: $125B Treasury auctions (3y/10y/30y).
- Earnings: ~78 S&P 500 companies report this week.
Company / News Highlights
- Meta Platforms (META): Under EU regulatory scrutiny over blocking AI assistants on WhatsApp.
- Eli Lilly (LLY): Announced drug-development deal with Innovent Biologics.
- Kroger (KR): Reportedly set to appoint former Walmart (WMT) exec Greg Foran as CEO.
- Block (XYZ): Reportedly considering up to 10% workforce cuts.
- Hims & Hers Health (HIMS): Under pressure after saying it will stop selling a knockoff of Novo Nordisk (NVO)’s new Wegovy pill.
- Tegna (TGNA) / Nexstar Media Group (NXST): Higher after Trump voiced support for their proposed merger.
U.S. equities staged a powerful rebound Friday Dow +2.47% | S&P 500 +1.97% | Nasdaq +2.18% | Russell 2000 +3.60%), more than reversing Thursday’s selloff and finishing near session highs. While the S&P 500 ended the week roughly flat and the Nasdaq remained lower, the Dow and equal-weight S&P (RSP) both closed at fresh all-time highs, reinforcing the theme of broadening leadership beneath index-level volatility.
Risk sentiment improved as software showed signs of bottoming after seven consecutive down sessions, aided by growing commentary around oversold conditions and pushback against the most bearish AI-competition narratives. At the same time, hyperscaler capex remained a key support for the broader AI complex, helping semiconductors and infrastructure names recover sharply. Markets also leaned into a steeper expected rate-cut path, with futures now pricing roughly 54 bp of easing by year-end, the most since early December.
The University of Michigan consumer sentiment report added support: while expectations softened, the 1-year inflation outlook fell to 3.5%, the lowest since January 2025. Fed commentary from Jefferson and Daly reinforced the case for a patient hold, emphasizing labor-market stabilization and gradual disinflation.
Treasuries were modestly weaker with curve flattening after Thursday’s bull steepening. The dollar slipped 0.2%. Commodities were mixed but supportive of risk: gold +1.8%, silver +0.2%, WTI crude +0.4%. Bitcoin futures jumped over 10%, rebounding toward $70K after briefly trading near $60K earlier in the week. Geopolitical tensions remained elevated ahead of renewed U.S.–Iran talks, though did not derail the risk rebound.
Sector Highlights
Leadership decisively rotated back toward growth-sensitive and higher-beta exposures. Technology (+4.1%) and Industrials (+2.8%) led as semiconductors, AI infrastructure, and cyclicals rebounded sharply. Most other sectors posted solid gains, while Communication Services and Consumer Discretionary lagged modestly due to stock-specific earnings reactions. The session reinforced that breadth remains healthy, even as headline volatility persists and leadership continues to broaden beyond mega-cap tech.
Information Technology
- Amazon (AMZN): AWS growth accelerated to +24% y/y and backlog rose ~40% y/y, but shares lagged after management guided to ~$200B in capex, overshadowing operating income upside.
- Microchip Technology (MCHP): Guided above expectations; commentary aligned with a cyclical recovery backdrop and improving bookings.
- Fortinet (FTNT): Strong beat driven by Product revenue; guided 2026 billings and revenue above Street and announced a $1B buyback.
- Bill Holdings (BILL): One of the day’s biggest winners after a broad beat and raised guidance; highlighted early momentum in agentic finance initiatives.
- Impinj (PI): Sold off sharply on weak Q1 guidance and was downgraded amid near-term demand concerns.
- Atlassian (TEAM): Beat and raised guidance, but shares remained pressured by ongoing AI-disruption concerns across software.
Communication Services
- Warner Music Group (WMG): Beat on OIBDA and revenue; management said AI partnerships should begin contributing revenue this year, with a more material impact in FY27.
- Reddit (RDDT): Despite strong fundamentals and a new $1B buyback, shares fell after a sharp multi-day run.
Consumer Discretionary
- Roblox (RBLX): Shares surged after bookings beat and FY26 bookings guidance came in well above expectations.
- Under Armour (UAA): Big rally after a surprise profit beat and higher FY guidance despite ongoing regional sales declines.
- Peloton (PTON): Continued to slide after cutting FY revenue outlook and announcing CFO departure.
- D.R. Horton (DHI): Pressured late on reports the DOJ may explore a potential antitrust probe into the homebuilding industry.
Consumer Staples
- Post Holdings (POST): Beat on margins and raised FY EBITDA guidance; announced a new $500M share repurchase.
- Coty (COTY): Shares dropped after withdrawing FY guidance amid leadership transition and intensifying promotional pressures.
Health Care
- Novo Nordisk (NVO): Jumped after FDA commentary signaling action against illegal compounded copycat drugs.
- Molina Healthcare (MOH): One of the worst performers after a major earnings miss tied to Medicaid contract changes and a planned exit from MAPD.
- Illumina (ILMN): Beat Q4 results but guided cautiously on Q1 and flagged continued China pressure.
Financials
- Carlyle Group (CG): Beat modestly; management highlighted low software exposure as a differentiator.
- Allstate (ALL): Extended gains on strong earnings momentum, improved combined ratio, and enhanced capital return.
Energy
- Bloom Energy (BE): Rallied sharply after better guidance and reaffirmed long-term data-center demand narrative.
- Energy equities broadly advanced alongside crude stabilization and easing rate concerns.
Industrials
- XPO (XPO): Beat earnings with improved LTL execution and cost discipline.
- Werner Enterprises (WERN): Lagged on weaker margins and continued freight softness.
Materials
- Precious and industrial metals equities rallied as gold and copper stabilized, reinforcing the view that recent weakness was largely positioning-driven rather than fundamental.
Eco Data Releases | Monday February 9th, 2026
No high-level data releases today
S&P 500 Constituent Earnings Announcements | Monday February 9th, 2026
Data sourced from FactSet Research Systems Inc.
