NAB Morning Call Tech hit, Iran delays, JOLTs today
4 snips
Feb 4, 2026 Ken Crompton, NAB markets economist who comments on global markets and macro trends. Tech stocks wobble after AMD’s guidance, prompting questions about AI revenue growth. Energy rallies as Iran–US talks stall and oil climbs. US activity data mix and a reshuffled BLS calendar keep traders on their toes.
AI Snips
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Tech Sector Rotation From AI Uncertainty
- Tech stocks are falling sharply, with the Nasdaq down and AMD plunging after slowing AI‑related revenue guidance.
- Markets are rotating from tech into staples, healthcare, financials and energy as investors reassess AI growth expectations.
Iran Delays Lift Oil And Energy Stocks
- Oil is rising as Iran delays planned talks with the US and incidents near shipping lanes increase geopolitical risk.
- Markets view the relocation of talks to Oman as a delaying tactic that supports higher oil prices and energy sector strength.
Services Sector Strong But Wage Signals Mixed
- US services ISM strengthened to 57.4, with activity at a 15‑month high and prices paid rising.
- The report shows resilience in services but mixed labour signals, complicating the inflation‑policy outlook.