GS: Evidence from Academic Studies Suggests AI Adoption Boosts Labor Productivity by Around 24% on Average

GS: Tech’s Employment Share Continues to Decline Relative to Its Long-run Trend

AI-affected industries seeing consistent job losses GS

GS: 18.9% of Firms Are Using Artificial Intelligence in Their Regular Business Functions (vs. 17.7% in January); 22.1% Expect to Use AI in the Next 6 Months

Oil futures surge by most in four months on rising U.S.-Iran fears, Russia-Ukraine deadlock

Return dispersion is very elevated vs. history

US Dollar Index $DXY $USD +1% last 10 years... middle of the range

57% of large-cap mutual funds are outperforming their benchmarks

Magnificent 7: Large-cap mutual funds were 710 bp underweight the Magnificent 7 in 4Q 2025

Mutual funds have reduced their cash allocations to their lowest on record.

$BKNG is the 2nd-highest-priced S&P 500 stock... splitting 25:1... so not for long $4305 ---> $172

$NVDA dead money... SPX flat this year... tightest early-year range going back decades

$NVDA dead money lately... earnings a week from tonight.

Nice little late ramp $SPY

$AAPL decouples from other tech stocks... 20-year low... Bloomberg

$VIX Near 20: Is the Stock Market Entering the Danger Zone? My Wednesday vol checkup on @stockcharts articles.stockcharts... Daily Chartbook @pdunuwila

All 11 S&P 500 sector ETFs up YoY, but no 52wk highs today @koyfincharts

Tech-ish strong this morning... now $AAPL $GOOGL $META $TSLA $AVGO flat

$WMT down for a 2nd day ahead of earnings articles.stockcharts... @stockcharts

Five years later, Cathie Wood's $ARKK is still down over 50% since its 2021 peak

Foreign stocks $VEU matching for their best start to a year in the last 20

Defensive sectors in the red

GS: Boosting Q4 GDP Tracking to +1.7%

YTD: $SPY +0.3% $RSP +5.9% $MDY $IWM $IJR +8% $VEU +9.5% US large-cap growth -5% $GLD +15% $IBIT -23%

$GS is flat on the year (largest DJIA weight) $CAT +28% (price only through yesterday) @stockcharts $MSFT -16%... 2nd-worst Dow stock YTD.. $CRM worst @stockcharts

$NVDA scoots positive YTD... the only green one among the Mag 7 $CAT +34% in 2026 so far @finviz_com

Mag 7 ex $TSLA trades under 24x earnings @fundstrat @fs_insights fsinsight.com/macro-...

I love Fidelity! Better customer service than Vanguard, better tools. I'm a fan of the Freedom INDEX funds too.

Nasdaq Comp working on its worst month since last March.... infamous Feb 19 is tomorrow too... More on that tk from me on @stockcharts today

#natgas a 2-handle for the first time in 4 months

Q4 GDP on Friday... market thinks +3.3% q/q saar @kalshi kalshi.com/markets/k...

Dramatic Increase in the Number of Unicorns. Torsten at Apollo #IPO

>1/3 consumers expect to pay down debt w/ refund 32% don't expect a refund... people enjoy being pessimistic these days BofA

oof... Tax refunds up just 1% vs. 2025 through 2/13 IRS reports avg return amt up 11% y/y BofA

Staples flows coming loose... Staples reversal: 2nd largest outflows from Staples stocks following recent record inflows... BofA

Supermarket inflation 2.9% YoY in February so far, +41% on the 6yr stack BofA Nielsen data

What matters today: Most CPI-based measures of underlying inflation remain above 2% BofA casting shade on Truflation

$JPM vs $WMT ... best day since the 2024 election yesterday More from me (on the latter): articles.stockcharts... @stockcharts

BlackRock's Big Calls Feb 2026

Costco stuns with its Nike sneaker drop that was popular with Generation X and Z $COST $NKE @jeffmacke @seekingalpha

Staples P/E highest since Big Mac and Sammy were hitting dingers. @soberlook thedailyshot.com/sub...

ETF bull market continues.. GS via @soberlook @wallsthorizon thedailyshot.com/sub...

4 sectors well in the red YTD @Koyfincharts

Dow up 10 straight months Bloomberg

VIX dips below 20... a vol below the 'danger zone,' which I will detail later today on @stockcharts $NVDA #Fed #tariffs

Nice gains in Europe today

Europe STOXX 600 more record highs

$SPY $QQQ +0.6% $IWM +0.5% Gold, silver, bitcoin up

$XRT Retail ETF flat-ish since September... little consumer names' earnings incoming More from me on @stockcharts articles.stockcharts...

GS Mfg Survey Tracker.. will S&P Global Flash PMIs for Feb print nicely (after the solid ISM Mfg PMI in January)? More tk on this topic from @wallsthorizon tomorrow @ChristineLShort