The Dividend Cafe Monday - February 2, 2026
Feb 2, 2026
A market update recorded from an airport, covering January's rotation with small caps and value outperforming large cap growth. Sector shifts spotlight energy, materials, and consumer staples versus lagging tech and communication services. Rapid moves in Bitcoin and metals get attention. Corporate AI funding and big capital raises make headlines alongside fresh manufacturing and housing signals.
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On-The-Go Recording At JFK
- David L. Bahnsen recorded this episode from the Admiral's Club at JFK due to travel disruptions.
- He explained his travel schedule and why the episode was more expedient than usual.
Clear January Market Rotation
- January showed a significant market rotation from large-cap growth to small-cap value and equal-weight indices.
- Equal-weight S&P rose 3.3% while cap-weighted S&P rose only 1.4%, highlighting the breadth shift.
Sector Leadership Diverged Sharply
- Sector leadership tilted toward energy, materials, and consumer staples while technology lagged.
- The NASDAQ hadn't made a new high since October and many constituents sit below their 200-day moving average.