S&P 500 Closes Near Record as Tech Keeps Rallying

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Feb 9, 2026

Guest

Denise Paulonis

Denise Paulonis, CEO of Sally Beauty, on retail trends and DIY vs pro markets. Joyce Huang, fixed-income portfolio manager, on yields, credit spreads and macro drivers. Madison Muller, Bloomberg health reporter, on GLP-1 litigation and pharma competition. Stuart Kaiser, Citi trading strategist, on tech momentum, AI capex winners and seasonal market dynamics.

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INSIGHT

Market Rotation Reflects Position Reshuffling

U.S. equity fundamentals remain strong despite recent tech-driven volatility.
Stuart Kaiser says the moves reflected position reshuffling after two years of heavy tech buying.

INSIGHT

Markets Prize ROI Over Raw AI Spending

Tech capex is under scrutiny and markets favor beneficiaries over heavy spenders.
Kaiser notes investors shifted from big spenders to companies that profit from the AI build-out.

INSIGHT

Big Bond Sales Signal Big AI Bets

Alphabet's large bond issuance signals heavy AI investment and readiness to fund long-term CapEx.
Kaiser argues markets will accept spending if the company shows acceptable returns.

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The people, companies and trends shaping the global economy.

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Another rally in tech companies after an artificial intelligence-driven rout drove stocks higher ahead of economic data that will help shape the Federal Reserve outlook. Gold topped $5,000. The dollar fell.

Following a surge that added $1 trillion to the S&P 500’s value at the end of last week, the index kept rising to approach its all-time highs. The technology firms that were at the center of a bruising slide continued to bounce. A gauge of chipmakers climbed 1.4% while an ETF focused on software names extended a back-to-back advance to almost 7%. Oracle Corp. jumped 9.6%.

In order to finance its AI ambitions, Alphabet Inc. is set to raise $20 billion from a US dollar bond offering — more than the $15 billion expected — and is also pitching investors on what would be its first ever offerings in Switzerland and the UK. The latter would include a rare sale of 100-year bonds.

Traders are also gearing up for a busy week of economic data that include the two most-consequential snapshots — employment and inflation.

The jobs report - due Wednesday - is expected to show payrolls rose 69,000 in January. The unemployment rate is seen steady at 4.4%. The data will also include historical revisions that are anticipated to show a sizable downward adjustment to payrolls in the year through March 2025.

Today's show features:

Stuart Kaiser, Head of US Equity Trading Strategy at Citi, on the tug-of-war between market momentum and seasonal trends
Bloomberg News Health Reporter Madison Muller on Novo Nordisk suing Hims and Hers Health for making knock-offs of its obesity medicines
Joyce Huang, Senior Client Portfolio Manager with American Century Investments, on the fixed income market and the key drivers for near-term equity market returns
Denise Paulonis, President and Chief Executive Officer of Sally Beauty Holdings, on quarterly earnings and the health of the consumer

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