Know Your Risk Podcast Are Stocks Ignoring Inflation Risks?
Feb 3, 2026
Market swings in the S&P 500 and NASDAQ with big tech drawdowns and VIX action. Volatility across dollar, bitcoin, oil, gold and silver drives commodity and sector rotations. Inflation signals from Adobe pricing and electricity risks tied to data centers. Geopolitical tensions around Iran lift oil risk premiums. China's yuan internationalization and resource leverage reshape international flows.
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Tech Leadership Showing Early Cracks
- The NASDAQ and MAG7 are testing important uptrend support and mark notable market risk.
- Equal-weight and international indices are outperforming while tech leadership shows cracks.
Extreme Volatility Across Metals
- Metals and miners are experiencing extreme volatility and sharp upside moves today.
- Broad commodity volatility is creating large relative winners like gold, silver, copper and miners.
Oracle's Rapid Drawdown As A Canary
- Oracle has fallen about 56% from its peak since September, serving as an AI/CapEx canary stock example.
- Chase highlighted this drawdown to illustrate the severity of recent tech sell-offs.