State of the Market Reports

Midday Update February 11, 2026 • 12:03 PM

Commodities climb as megacap tech slips; small caps trail and bonds soften into midday

Energy, industrials and defensives lean higher while crypto buckles and gold surges. Yields remain elevated on the long end, keeping pressure on growth-heavy pockets.

Energy, industrials, and defensives lead as mega-cap tech and small caps edge lower.
Long-end yields stay elevated, keeping a lid on multiple expansion as Treasurys trade slightly softer.
Gold, silver, oil, and the broad commodity basket rally, reinforcing a hard-asset bid.

Market Open February 11, 2026 • 9:28 AM

Stocks Lean Higher Into the Bell as Energy and Utilities Firm Up; Bonds Hold Their Bid, Oil Climbs

The tape nudges risk back on after a volatile stretch. Tech steadies, defensives split, and crude’s bid returns while gold cools at the margins. Yields are steady with expectations anchored near 2.3% on the long-term horizon.

Stocks point to a firmer open as SPY, QQQ, DIA, and IWM trade above prior closes in early hours.
Sector tone is rotational: Energy, Industrials, and Utilities bid; Health Care, Staples, and Financials lag.
Bonds hold gains with TLT and IEF higher premarket, matching a steady long end around 4.2%–4.9%.

Market Close February 10, 2026 • 4:02 PM

Close: Big Tech stays heavy, bonds catch a bid, and the market’s message is risk control

Stocks ended split by style and duration, with a defensive tone underneath, as Treasurys rallied and precious metals stayed volatile. The tape looked less like greed and more like triage.

Major index split at the close, with SPY and QQQ lower while DIA finished higher, reinforcing a rotation away from tech leadership.
Treasurys rallied, with TLT up strongly and IEF higher, aligning with headlines about the bond market flashing growth caution.
Utilities led sharply, with XLU jumping versus the prior close, a classic defensive tell.

Midday Update February 10, 2026 • 12:08 PM

Midday: Bonds bid, utilities pop, tech stalls as growth jitters seep back

Treasury rally and soft retail-sales chatter tug leadership toward defensives; commodities ease, crypto wobbles around recent lows

Duration bid drives utilities and defensives higher while tech stalls
Broad equities split: Dow and small caps green, Nasdaq near flat
Precious metals and crude slip despite lower yields

Market Open February 10, 2026 • 9:29 AM

Tech bids, gold glows, and oil firms as Wall Street leans risk-on into the bell

Treasury ETFs tick up despite higher recent yields, the dollar softens, and software’s bruises linger even as AI hardware sentiment steadies. Retail worries and a rare Coke sales miss complicate the consumer picture.

Growth tilt returns pre-market as QQQ outperforms DIA while SPY and IWM firm.
Treasury ETFs rise despite recently higher benchmark yields, signaling a cautious bid for duration.
Gold and silver jump, crude firms, and natural gas slips, reinforcing a metals-and-oil bias.

Market Close February 9, 2026 • 4:03 PM

A Risk-On Close With a Nervous Undertow, Tech Bounces, Gold Roars, and the Dollar Story Gets Louder

Stocks finished higher on a tech-led rebound, but the day’s tell was elsewhere, gold and silver ripped, the euro pushed higher, and long-end yields stayed elevated. The tape is still arguing with itself.

Tech led the rebound, with QQQ and XLK closing higher, while DIA was roughly flat.
Gold and silver surged sharply, a loud sign that hedging demand remains alive even on green equity days.
Financials and healthcare lagged, with XLF and XLV closing lower.

Midday Update February 9, 2026 • 12:05 PM

Midday risk-on tone returns as tech and small caps lead, gold and oil jump, and bonds wobble

The tape is firm but uneasy: megacap growth stabilizes, defensives lag, precious metals surge, and the dollar slips while crypto swings.

Tech and small caps lead midday gains while defensives lag, signaling rotation rather than euphoria.
Gold and silver surge alongside rising equities, pointing to active hedging into strength.
Oil advances and natural gas sinks, with geopolitical risk and seasonal dynamics pulling in opposite directions.

Market Open February 9, 2026 • 9:30 AM

Risk-on at the open: cyclicals seize the lead, gold rips, bonds tread water into a data-heavy week

Stocks point higher after the Dow’s milestone close, industrials and financials outpace tech, AI capex scrutiny dogs megacaps even as chips bounce, gold surges on haven demand and oil tension.

Cyclicals and small caps lead a higher open while tech participation is mixed.
Treasury curve remains re-steepened versus last year; bond ETFs are slightly lower premarket.
Gold and silver surge, with a headline reclaiming 5,000 for futures, while oil holds firm on geopolitical risk.

Midday Update February 8, 2026 • 12:03 PM

Midday: A bruised week ends with a rally, a milestone, and a market split that refuses to heal

Small caps and cyclicals grabbed the baton into the weekend while Big Tech’s AI spending story stays contentious. Yields eased, gold popped, oil held a geopolitical bid, and crypto tried to get up off the mat.

Late-week rebound lifted SPY, QQQ, DIA, with IWM leading into the weekend as small caps outperformed.
Treasury yields eased across the curve, a modest bull steepening that supported cyclicals and financials.
Sector rotation favored industrials, energy, and banks while software sentiment stayed fragile.

Midday Update February 7, 2026 • 12:05 PM

Midday read: Friday’s risk-on rotation still echoes as yields ease, gold surges, and crypto stumbles

Small caps lead, industrials and banks firm, megacap tech finds selective footing. Oil inches up on geopolitical tension, while Bitcoin remains skittish after a bruising week.

Risk appetite snapped back Friday with small caps leading and industrials, banks, and semis firming.
Megacap tech showed selective resilience as AI capex skepticism kept pressure on some platforms.
Treasury yields eased modestly with a slightly steeper curve, supporting cyclical leadership.

Market Close February 6, 2026 • 4:03 PM

A Relief Rally, Not a Clean Bill of Health

Stocks snapped back hard into the close, with small caps and cyclicals doing the heavy lifting, while Treasurys stayed oddly calm and the week’s bigger anxieties stayed on the table.

Broad equity rebound into the close, with SPY 690.60 vs 677.62 prior and IWM 264.995 vs 255.83 leading the upside tone.
Rotation had real weight: XLI 173.11 vs 168.37 and XLF 54.26 vs 53.29, while defensives also held (XLP 87.935 vs 86.92).
Big Tech was not monolithic: NVDA surged to 185.41 from 171.88, while AMZN fell to 210.31 from 222.69 on capex skepticism.

Midday Update February 6, 2026 • 12:04 PM

Midday Rebound Finds Its Feet: Small Caps Lead, Tech Stabilizes, Amazon Drags Discretionary as Metals Rip

The tape resets after a bruising week. Yields steady near recent marks, bonds slip, and haven bid migrates to gold and silver. Crypto bounces from the brink. Rotation stays loud: industrials and financials out front, consumer discretionary buckles under a single heavyweight.

Small caps lead the rebound as IWM surges, while SPY, QQQ, and DIA climb in tandem.
Sector rotation favors industrials, financials, energy, and health care; consumer discretionary lags on Amazon weakness.
Bonds slip with TLT and IEF lower, consistent with slightly higher yields near the latest 10-year reading around 4.29%.

Market Open February 6, 2026 • 9:29 AM

AI sticker shock meets a bond bid as Wall Street regroups into the bell

Tech leans lower premarket, consumer discretionary stays heavy, and defensives plus Treasurys find support. Silver’s plunge and a tentative crypto rebound frame risk appetite.

Premarket tone is defensive as SPY, QQQ, DIA, and IWM indicate a lower open while Treasurys catch a bid.
AI capex sticker shock from platform companies weighs on tech valuations and consumer discretionary leadership.
Utilities and industrials show relative strength; consumer discretionary and energy lag.

Market Close February 5, 2026 • 4:03 PM

A Risk-Off Close With Teeth, Stocks Slip, Bonds Catch a Bid, Crypto and Metals Take the Hit

The tape spent Thursday repricing pricey growth and brittle narratives. Tech sagged, duration worked, and the “store of value” corner kept bleeding, with silver getting hit hardest.

All major index ETFs closed lower, with tech-heavy QQQ trailing in a risk-off session.
Treasury ETFs rallied across the curve, led by TLT, aligning with safe-haven tone in bond-market coverage.
Precious metals sold off hard, with silver dramatically underperforming gold.

Midday Update February 5, 2026 • 12:06 PM

Midday: Tech nurses another bruise; bonds bid, crypto buckles

Alphabet’s AI capex shock keeps pressure on megacaps while defensives hold their ground. Treasurys firm with the 10‑year near 4.28%. Precious metals whipsaw lower, oil eases, and bitcoin sinks below 70,000 as risk appetite tightens.

Tech, led by AI spending anxiety, keeps pressure on major indices as SPY, QQQ, DIA and IWM trade below prior closes.
Alphabet’s shares fall midday despite strong cloud growth as a large AI capex plan resets cash‑flow expectations across Big Tech.
Treasurys catch a bid, with TLT, IEF and SHY higher as the 10‑year yield hovers near 4.28%.

Market Open February 5, 2026 • 9:29 AM

Tech’s hangover meets a defensive bid as Wall Street opens to a split tape

Software’s selloff bleeds into the open while health care, energy, and banks find a bid; yields steady, metals whipsaw, and crypto remains fragile

Rotation on at the open: tech weak, defensives firm, Dow steadier than the Nasdaq
Yields stable near recent marks, with the 10-year around 4.28% and break-evens anchored
Health care leads on Eli Lilly’s blowout, while software remains under heavy pressure

Market Close February 4, 2026 • 4:03 PM

Closing Tape, Feb. 4: Rotation With Teeth, Tech With Bruises

The market didn’t blow up, it just kept rotating. Industrials, banks, energy, and health care did the heavy lifting while software and big tech took another hard look in the mirror.

Tech and growth lagged into the close, with QQQ at 605.62 vs 616.52 and XLK at 138.09 vs 142.08.
Dow-linked and rotation beneficiaries held up better, DIA rose to 494.84 vs 492.31 while SPY slipped to 686.109 vs 689.53.
Health care led, XLV rose to 156.015 vs 154.10, powered by a sharp jump in LLY to 1107.75 vs 1003.46.

Midday Update February 4, 2026 • 12:04 PM

Midday split tape: Dow climbs as banks and health care carry the load, while tech stumbles under AI-capex angst

Financials, energy and defensives take the baton; QQQ lags on chip and software pressure. Bonds steady-to-softer, metals cool after a wild rebound, and crypto gives back more ground.

Dow leadership returns as DIA rises while QQQ slips, signaling a rotation toward financials, energy, and defensives
Anchored long-run inflation expectations meet slightly higher yields, a mix that supports banks but pressures long-duration tech
Health care outperforms on GLP-1 strength with LLY jumping; managed care lags

Market Open February 4, 2026 • 9:29 AM

Tech wobbles, small-caps and cyclicals resist, and metals roar back into the open

The tape leans risk-on outside Big Tech as commodities surge, yields hover high, and a soft ADP print meets a newly averted shutdown.

Tech-heavy benchmarks lean lower while small-caps and cyclicals firm up into the open.
Gold and silver rebound sharply after last week’s collapse, lifting GLD and SLV.
Energy and diversified commodities advance alongside firmer oil and gas; XLE leads.

Market Close February 3, 2026 • 4:02 PM

A risk-off day with a commodity rebound, the kind that exposes what the market actually trusts

Stocks sagged into the close with tech leading the damage, while gold, oil, and energy equities caught a bid. Rates barely moved, which made the message sharper, this was about positioning and narrative, not a sudden macro shock.

Tech-led risk-off close, with QQQ (616.46 vs 626.14 prior) undercutting SPY (689.47 vs 695.41).
Small caps bucked the tape, IWM finished higher (262.79 vs 262.18).
Commodities rebounded sharply, GLD jumped (454.3201 vs 427.13) and SLV rose (77.01 vs 72.44).

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