Market Recap - Monday February 9, 2026
Tech Reclaims the Lead as AI Optimism Returns and the Dollar Slides
Stocks extended Friday’s strong rebound, with the market finishing higher on today — though it gave back some gains late in the day. The S&P 500 rose 0.47%, the Nasdaq led with a 0.90% jump, and the Russell 2000 gained 0.70%. The Dow was basically flat (+0.04%), but the equal-weight S&P (RSP) still managed another record close, showing that the rally isn’t only about mega-cap tech.
The big story was tech and AI regaining leadership. Nvidia and Microsoft were standout winners, and both semiconductors and software moved higher — an important shift after the recent software drawdown. Investors also leaned into riskier corners again (some “retail favorite” names, China tech, nuclear/quantum), while parts of the market that had been stronger recently cooled off (transports, payments, and some consumer areas). Bonds were mostly steady, but the U.S. dollar dropped sharply (down ~0.8%), which helped fuel a big move in precious metals: gold rose 2% (back above $5,000) and silver jumped nearly 7% (back above $80). Oil also rose modestly.
Under the hood, the market’s optimism was tied to a fresh boost in the OpenAI ecosystem narrative. Reports of strong user growth at OpenAI and talk of upcoming model updates helped reinforce the “AI demand is real” storyline. That showed up clearly in individual stocks — Oracle jumped after an upgrade tied to expectations that OpenAI’s funding and growth remove a key overhang for data-center buildouts. Meanwhile, the market is also looking ahead to a very busy macro week, with retail sales, the delayed jobs report, and CPI all coming up — so some of the late-day fade likely reflected investors reducing risk before those releases.
Company news was relatively quiet, but there were some notable movers. Valaris surged on a buyout deal, Dynatrace popped on strong results and a raised outlook, and Kroger gained after naming a former Walmart exec as CEO. On the downside, Kyndryl collapsed after delaying its filing and announcing the CFO’s departure, monday.com fell on guidance and margin pressure commentary, and Hims slid after it said it would stop selling a compounded GLP-1 pill amid tighter FDA scrutiny (while Novo Nordisk rose on the same regulatory dynamic).
Here’s Our Take
Today looked like a market that’s trying to re-establish momentum, with tech/AI back in the driver’s seat and the broader market still participating (another record for equal-weight is meaningful). The sharp drop in the dollar and the big snapback in gold/silver also tell you investors are still actively hedging and repositioning — this doesn’t feel like a calm, straight-line rally.
The next real test is the calendar. With retail sales, the jobs report, and CPI all landing this week, the market will be forced to react to hard data — not just narratives. If inflation cooperates and growth doesn’t crack, this “broadening plus AI leadership” setup can keep working. If the data surprises the wrong way, expect volatility to return quickly — especially in the higher-beta corners that just bounced back.
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