Weekly Market Movers — Key Highlights
  • Global equities were mixed, giving up early gains as investors rotated out of technology stocks.
  • Dow hit record highs early in the week before tech‑driven weakness pulled major indices lower.
  • Labor data was mixed—unemployment dipped to 4.3% and job gains exceeded forecasts, while jobless claims remained elevated.
  • Corporate earnings were varied, with strong revenue reports from Robinhood, AppLovin, Cisco, and Apollo, though market reactions differed based on margins and competitive pressures.
  • Healthcare stocks outperformed, with Novocure and Novo Nordisk rising on regulatory approvals and shifts in industry dynamics.

Global equities were mixed this week, with the MSCI ACWI reversing early gains as investors rotated out of technology stocks. U.S. markets mirrored this trend, as tech‑led weakness pulled major indices lower despite the Dow briefly touching record highs. Economic data was mixed: unemployment edged down to 4.3% and January job gains beat forecasts, while weekly jobless claims remained elevated and existing home sales fell sharply. Retail sales held steady, reflecting inflationary pressures and softer consumer sentiment. Corporate earnings were varied—Robinhood, AppLovin, Cisco, and Apollo reported strong revenue figures, though market reactions differed based on margins and competitive outlooks. In healthcare, Novocure and Novo Nordisk saw stock gains on regulatory approvals and industry shifts. 

In global geopolitics, Prime Minister Sanae Takaichi’s party secured a sweeping victory in the snap election. President Volodymyr Zelenskyy conditionalized the possibility of holding elections on a ceasefire with Russia. President Trump continued to urge Iran to negotiate with the U.S., even as U.S. troop deployments to the middle east continued.

Global Updates
  • The MSCI All Country World Index initially rose and later declined over the week as investors pulled back from technology stocks. 
  • France’s economy is expected to grow 0.2%–0.3% in Q1, in line with the Bank of France’s 1% annual growth forecast, Governor Villeroy de Galhau said on Thursday.
  • Welspun Living reported a decline in its quarterly profits as its margins were pressured by a slowdown in exports following U.S. tariffs.
  • Siemens Energy has reported a net profit of approximately £746 million for the fiscal first quarter.
  • Hermès reported stronger‑than‑expected fourth‑quarter revenue, driven by robust demand in the U.S. and Japan for its high‑end handbags.
  • Thyssenkrupp has set aside $477 million to cover extensive job cuts in its steel unit, as it continues negotiations with India’s Jindal Steel International over a potential sale of the division.
  • German submarine maker TKMS reported a record $22 billion order backlog and raised its 2026 sales outlook on Wednesday, driven by rising demand for warships amid growing geopolitical tensions.
  • Mercedes‑Benz said that profit margins in its autos division may shrink further this year, reflecting pressure from high costs, a weak Chinese market, and global tariffs.
  • TotalEnergies will cut its first‑quarter share buybacks by half but remains focused on expanding its oil and gas reserves, as weak energy prices offset strong refining profits and gains from selling stakes in renewable assets.
  • The UAE central bank has joined Hong Kong’s Central Moneymarkets Unit (CMU) debt depository, giving Middle Eastern investors easier access to Chinese assets.
  • Hindustan Unilever’s quarterly profit fell 15% on Thursday, hit by margin pressures and a one‑off cost from India’s new labour codes, sending its shares down over 4%.
  • The UK has selected HSBC’s blockchain platform to run its pilot for tokenized government bonds, a move that positions Britain ahead of other G7 nations in testing blockchain‑based sovereign debt.
  • Russian oil transit to Eastern Europe through the Ukrainian section of the Druzhba pipeline has been halted since January 27 following a Russian attack, Ukraine’s foreign ministry said on Thursday.
  • Russia’s overnight drone and missile strikes severely damaged Ukraine’s energy system on Thursday, cutting heat, power, and water in several cities. In Odesa alone, around 300,000 people lost electricity and water, officials said.
  • U.K. Defence Minister John Healey said that Britain has allocated $205 million to the Prioritised Ukraine Requirements List initiative to provide Ukraine with U.S. made weapons.
U.S. Equity
  • U.S. equity markets rotated out of technology stocks over the week, leading to a significant decline in broad market indices. The blue chip Dow Jones Industrial Average index touched record highs early in the week, after crossing the 50,000 mark on Friday last week. But the Dow declined later in the week, as fears of AI disruption led to a selloff in technology stocks.
  • The U.S. Bureau of Labor Statistics reported a decline in the unemployment rate from 4.4% in December to 4.3% in January. The U.S. economy added 130,000 jobs in January, surpassing initial forecasts.
  • Weekly jobless claims declined by 5,000 to 227,000 for the week ended February 7, which was higher than expected. 
  • Existing home sales were below expectations in January declining by 8.4% to 3.91 million in January, from 4.35 million in December. The housing market was weighed down by inflated prices, low inventories and cooling consumer confidence. 
  • Census Bureau data showed that U.S. retail sales were in line at 0.6% in December despite a strong start to the holiday shopping season, due to inflation, tariffs and weather.
  • Robinhood reported 27% growth in fourth quarter revenue to $1.28 billion and diluted EPS of $ 0.66. The brokerage platform’s Crypto revenue of $221 million and options revenue at $314 million were however below expectations. Robinhood CEO Vlad Tenev anticipates a ‘market supercycle’ in 2026, which could drive up volumes. 
  • AppLovin reported fourth-quarter EPS of $3.24 on a revenue of $1.66 billion driven by advertising and AI powered tools. However, the marketing platform’s stock price fell as the market anticipated increased competition. 
  • Apple stock declined this week after the Federal Trade Commission cautioned the company for misrepresenting its terms of service and unduly favoring left‑wing publishers.
  • Cisco reported a larger-than-expected second quarter EPS of $0.80, on a 10% higher revenue of $15.3 billion due to AI-driven demand for its networking products. On the other hand, Cisco stock dragged as its adjusted gross margin declined to 67.5% and is projected to decline to 66.5% driven by higher memory costs.
  • Apollo Global Management reported fourth quarter revenue of $9.86 billion and a record $300 billion originations, $225 billion inflows in 2025, which raised the company’s assets under management (AUM) to $938 billion
  • Swiss pharmaceutical firm Novocure stock rallied following the approval of its Optune Pax treatment for pancreatic cancer by the U.S. Food and Drug Administration.
  • Novo Nordisk’s stock price rose this week after Hims & Hers Health announced a rollback of its plans to offer weight loss pills, under pressure from the FDA.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index edged up over the week. Bond yields rose this week as markets scaled back their expectations for fewer near‑term rate cuts, with the likelihood of a rate cut by the U.S. Fed in March at 94%.
  • The U.S. 10-year Treasury yield declined to 4.113% and the yield on the 2-year note edged lower to 3.472% over the week.
  • The U.S. Dollar Index declined to 97.05 over the week, as global markets reacted to the electoral outcomes in Japan and Chinese regulators advising reduced exposure to U.S. treasuries.

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