Coverage: February 4-10, 2026
U.S. stocks spent much of the week stabilizing after last week’s tech/AI-driven hit. The rebound was real, but it also looked selective — technology shares did most of the heavy lifting, and “market breadth” didn’t exactly throw a parade. Analysts framed the move as bargain-hunting in technology following an AI-sparked selloff, with investors largely waiting for the next macro catalyst rather than changing their view of the cycle.
The federal funding lapse completely rearranged the macro calendar. The BLS moved the January Employment Situation report to Wednesday, Feb. 11 (8:30 a.m. ET) and January CPI to Friday, Feb. 13 (8:30 a.m. ET).
When major releases get compressed, markets often have less “digest time,” which can concentrate rate and equity moves into a smaller number of sessions — even if the underlying data trend hasn’t changed.
Japan became a global macro focal point after Prime Minister Sanae Takaichi secured a landslide win for the country’s conservative party. Japanese equities jumped to record levels, while bonds weakened and the yen was volatile — classic “policy expectations vs. bond vigilantes” behavior.
Markets immediately priced the win as supportive for risk assets, while also flagging that funding costs and bond market tolerance will likely constrain how far fiscal ambitions can run.
Last week’s selloff didn’t come out of nowhere. Investor unease has been building around how quickly Big Tech is ramping AI infrastructure spending — and whether near-term cash flow and ROI will keep pace with the buildout. Amazon’s capex outlook became a focal point and helped catalyze the broader tech wobble that markets spent this week trying to digest. Investor concern that the scale of AI spending could pressure margins before productivity gains arrive — an old story in new hardware.
One of the cleanest “follow-the-money” signals this week came from corporate credit: Alphabet tapped debt markets at scale, explicitly tied to funding its AI buildout and broader investment cycle.
Analysts linked the deal to forecasts for unusually heavy corporate bond issuance this year. AI capex is now large enough to show up as a macro force in supply calendars.
BP became the first oil major to suspend buybacks, redirecting cash toward debt reduction alongside sizable impairments tied to parts of its low-carbon portfolio. The share reaction was immediate and negative—investors treated the shift as a signal that shareholder returns may be less “automatic” than they’ve become accustomed to in the sector.
This is a company-specific story, but it matters more broadly because buybacks have been a material component of energy equity total return in recent years. When one of the majors hits the brakes, the market asks who might be next.
Seattle beat New England 29–13 in Super Bowl LX, with Kenneth Walker III beating out Kicker Jason Meyers for Superbowl MVP. If you like strong defense, conservative play calling, and field goals, this Super Bowl was everything you could’ve wished for.
Super Bowl advertising prices reportedly set new highs ($8-10m per commercial) — an expensive reminder that, in a fragmented media world, there are still a few moments that can command national attention at scale. The category mix also felt like a quick snapshot of where corporate growth budgets are clustering: AI, GLP-1/weight-loss, and related health/telehealth messaging showed up prominently, with crypto’s Coinbase giving us a Backstreet Boy’s lo-fi karaoke performance for the ages.