[BRIEFING.COM] The major averages are closing in on solid gains with just an hour left in the first session of the month. 

Stocks have had a relatively easy session so far, steadily climbing despite falling oil, cryptocurrency, and gold prices. 

The CBOE Volatility Index is down 7.4% to 16.15, suggesting a rebound in sentiment after a choppy end to the previous week. 

[BRIEFING.COM] The S&P 500 (+0.75%) is in "last" place among the major averages, still up more than 50 points on the session.

Briefly, S&P 500 constituents Corning (GLW 109.81, +6.56, +6.35%), Old Dominion (ODFL 183.95, +10.75, +6.21%), and Micron (MU 436.59, +21.71, +5.23%) dot the top of the standings despite a dearth of corporate news.

Meanwhile, IDEXX Labs (IDXX 630.61, -39.85, -5.94%) is one of today's worst laggards despite a Q4 beat because FY26 guidance was slightly cautious, with EPS at the low end of consensus and modest revenue growth, falling short of elevated market expectations. Combined with its premium valuation, investors appear to be pricing in slower growth and taking profits.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.91%) is in second place with about two hours to go on Monday.

Gold futures settled $92.50 lower (-1.9%) at $4,652.60/oz, as markets repriced U.S. monetary policy expectations following signs of a potentially more hawkish Fed leadership, lifting the dollar and yields and weighing on non-yielding assets. The move was amplified by technical selling and position unwinds after higher futures margin requirements, turning a policy-driven pullback into a sharper short-term correction.

Meanwhile, the U.S. Dollar Index is up +0.7% to $97.70.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.93%) is up 453 points, leading the major averages on Monday afternoon.

A look inside the DJIA shows that Caterpillar (CAT 685.43, +28.07, 4.27%), Walmart (WMT 123.00, +3.86, +3.24%) and Cisco (CSCO 81.01, +2.69, +3.43%) are outperforming.

Meanwhile, Microsoft (MSFT 424.91, -5.38, -1.25%) is near the bottom of the average.

The DJIA is now +1.89% higher off the mid-January lows.

[BRIEFING.COM] The stock market is off to a solid start to the week and the month of February, with the S&P 500 (+0.7%), Nasdaq Composite (+0.8%), and DJIA (+1.0%) advancing in broad fashion. After underperforming last week, the Russell 2000 (+1.4%) and S&P Mid Cap 400 (+1.1%) are back to outperforming the major averages amid an improvement to risk sentiment today. 

Eight S&P 500 sectors hold gains, with seven of those holding a gain of 0.7% or wider. 

The consumer staples sector (+1.2%) holds the widest gain, expanding upon a solid gain on Friday as Walmart (WMT 123.35, +4.21, +3.53%) and Costco (COST 964.78, +24.54, +2.61%) provide solid leadership. 

Meanwhile, several other sectors are reversing some of the previous week's losses. 

The top-weighted information technology sector (+0.8%) has reclaimed roughly two-thirds of Friday's retreat as memory storage names such as Sandisk (SNDK 668.38, +92.13, +15.99%) and Western Digital (WDC 271.02, +20.80, +8.31%) once again surge higher.  

Gains in the sector are somewhat limited by some lingering weakness across some of its largest components.  Microsoft (MSFT 424.78, -5.51, -1.28%) continues to struggle post earnings, while NVIDIA (NVDA 189.31, -1.82, -0.95%) moves lower after CEO Jensen Huang said that his company's planned investment in OpenAI will not reach $100 billion, a figure that had been previously reported as a commitment.

However, solid performances across other mega-cap names balance out the weakness. 

Amazon (AMZN 245.09, +5.79, +2.42%) trades solidly higher ahead of its earnings release this week, cancelling out some weakness in Tesla (TSLA 423.95, -6.46, -1.50%). The consumer discretionary sector (+1.1%) now holds one of the widest gains today, with travel and cruise line names such as Carnival (CCL 32.06, +2.04, +6.78%) and Norwegian Cruise Line (NCLH 23.34, +1.38, +6.31%) leading the advance. 

Airline stocks such as United Airlines (UAL 107.79, +5.47, +5.35%) and Delta Air Lines (DAL 69.12, +3.23, +4.91%) are also among the outperformers as crude oil prices fall sharply, lifting the industrials sector (+0.9%) to a solid gain. 

That development unsurprisingly weighs heavily on the energy sector (-1.2%). The price of oil is currently down $3.28 (-5.0%) to $61.93 per barrel. 

The utilities sector (-0.8%) faces some profit taking after a strong week, while the real estate sector (-0.2%) holds a more modest loss.  

The market got a taste of what will be another busy week of earnings reports with a modest batch of reports before the open.  Walt Disney (DIS 105.04, -7.76, -6.88%) is the most prominent name among this morning's reports, trading sharply lower despite beating earnings estimates. 

Earnings will continue to be a key driver of price action this week, especially with several mega-cap names in the fold. However, this morning's action suggests a broader buy-the-dip recovery from last week's volatility as the market trades with solid gains on most fronts. 

Reviewing today's data:

• January S&P Global U.S. Manufacturing PMI - Final 52.4; Prior 51.9
• January ISM Manufacturing Index 52.6% (Briefing.com consensus 48.3%); Prior 47.9%
  • The key takeaway from the report is that activity in the manufacturing sector revved up in January, breaking a streak of eleven straight months in a state of contraction, paced by the highest level in the new orders index since February 2022.

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.8%), and DJIA (+1.0%) continue to chart session highs just after midday. 

Today's gains put the S&P 500 and DJIA within 0.5% of their all-time high levels, while the Nasdaq Composite remains about 1.5% below its own record mark. 

In addition to strength in the broader market, the major averages are supported by imrpovments across the mega-cap group today. Tesla (TSLA 422.83, -7.58, -1.76%), Microsoft (MSFT 424.75, -5.54, -1.29%), and NVIDIA (NVDA 189.30, -1.83, -0.96%) are still laggards, but the weakness is largely offset by soild gains in Amazon (AMZN 244.94, +5.64, +2.36%) and Alphabet (GOOG 342.86, +4.33, +1.28%) ahead of their earnigns later this week. 

The Vanguard Mega Cap Growth ETF is up 0.5% today. 

[BRIEFING.COM] The major averages sit at session highs at midday. 

The consumer staples sector (+1.1%) now holds the widest gain today, supported by solid leadership in its largest components, Walmart (WMT 123.00, +3.86, +3.24%) and Costco (COST 962.94, +22.69, +2.41%). 

Elsewhere in the sector, Tyson Foods (TSN 65.86, +0.53, +0.81%) is modestly higher after reporting its Q1 (Dec) results this morning. The food producer delivered a modest EPS beat, while revenue increased 5.1% yr/yr to $14.31 billion, better than expected. The company also reaffirmed its FY26 revenue guidance, expecting revenue growth of 2-4%, or $55.53-56.62 billion, in line with expectations.

[BRIEFING.COM] The stock market is mostly higher shortly before midday in its first February session.

The S&P 500 (+0.5%), Nasdaq Composite (+0.5%), and DJIA (+1.0%) shook off early premarket weakness to trade higher across the board as investors bought the dip following last week's late-week selloff.

Strength is relatively broad, with eight S&P 500 sectors trading higher. 

The industrials sector (+0.9%) currently holds the widest gain, with airline names such as United Airlines (UAL 107.58, +5.26, +5.14%) leading the rebound after the group moved lower following American Airlines' (AAL 13.80, +0.50, +3.73%) earnings report last week. 

Though there is some lingering earnings-related weakness in Microsoft (MSFT 426.38, -3.91, -0.91%) and NVIDIA (NVDA 189.02, -2.11, -1.10%), which also trades lower, a sharp rebound in memory storage names such as SanDisk (SNDK 651.93, +75.68, +13.13%) and Western Digital (WDC 265.18, +14.95, +5.97%) helps keep the information technology sector (+0.7%) near the top of the leaderboard as well. 

Meanwhile, the energy sector (-1.6%) faces the widest loss amid a sharp retreat in oil prices, while the utilities sector (-1.0%) moves lower amid strength in growth names today. 

Outside of the S&P 500, the Russell 2000 (+1.2%) and S&P Mid Cap 400 (+0.9%) are also off to a solid start after finishing last week with losses. 

[BRIEFING.COM] The major averages continue to steadily chart session highs this morning. 

While the early strength is broad-based, there is still a handufl of notable decliners so far. 

Walt Disney (DIS 106.98, -5.82, -5.16%) is among the worst-performing S&P 500 names today.  The company delivered a robust start to FY26, though the stock is selling off sharply following the release as the company shifts its reporting narrative from subscriber counts to bottom-line profitability. While Disney managed to beat EPS and revenue expectations and reaffirmed its FY26 guidance of "double-digit adjusted EPS growth," the decision to cease reporting specific subscriber numbers for Disney+ and Hulu may be creating some disappointment among investors.

Elsewhere, Robinhood Markets (HOOD 91.57, -7.91, -7.95%) holds the widest loss amid sustained weakness in Bitcoin and other cryptocurrencies, while Revvity (RVTY 103.00, -5.80, -5.33%) also trades lower despite an earnings beat of its own. 

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.7%), and DJIA (+0.7%) continue to trade higher this morning amid broad strength. 

The top-weighted information technology sector (+0.9%) adds to the early strength, with memory storage names such as Sandisk (SNDK 658.00, +81.75, +14.19%) and Western Digital (WDC 265.43, +15.20, +6.07%) rebounding from a selloff late last week. 

The ISM Manufacturing Index checked in at 52.6% for January (Briefing.com consensus: 48.3%), up from 47.9% in December. The dividing line between expansion and contraction is 50.0%, so the January figure suggests manufacturing activity in January pivoted from contraction to growth.

The key takeaway from the report is that activity in the manufacturing sector revved up in January, breaking a streak of eleven straight months in a state of contraction, paced by the highest level in the new orders index since February 2022.

[BRIEFING.COM] Despite considerable weakness in the premarket, the S&P 500 (+0.3%), Nasdaq Composite (+0.3%), and DJIA (+0.3%) sit modestly higher across the board shortly after the open. 

The broader market tilts higher with eight S&P 500 sectors trading in positive territory. 

Gains and losses are relatively modest, with the exception of the energy sector (-2.3%), which is sharply lower amid a falling price of oil as the Trump administration and Iran prepare for negotiations. Crude oil is currently down $3.18 (-4.9%) to $62.03 per barrel.

Shares of Walt Disney (DIS 105.56, -7.24, -6.41%) are also having an eventful morning. The company topped earnings estimates, and the company's board is expected to vote this week on its nect CEO to replace Bob Iger. 

The final reading of the January S&P Global U.S. Manufacturing PMI inched up to 52.4% from a preliminary reading of 51.9.

Just released, the ISM Manufacturing Index checked in at 52.6% for January (Briefing.com consensus: 48.3%), up from 47.9% in December.

The stock market is on track for a lower opening this morning to start the week. 

Mega-cap tech companies are lower in the premarket ahead of a busy week of earnings reports. Tesla (TSLA 422.90, -7.51, -1.7%) is a laggard after Bloomberg reported that SpaceX is said to be in advanced talks to combine with xAI, with an official announcement that could come as soon as this week.

Elsewhere, oil prices are in the midst of a sharp retreat after a de-escalation of tensions between the U.S. and Iran over the weekend.

The S&P 500 futures trade 22 points below fair value.

Equity indices in the Asia-Pacific region began the week on a lower note with South Korea's Kospi (-5.3%) falling sharply from record territory as sentiment soured after NVIDIA CEO Huang said that his company's planned investment in OpenAI will not reach $100 billion, a figure that had been previously reported as a commitment. China's official Manufacturing PMI dipped back into contraction in January (49.3) while the market-oriented private reading (50.3) remained in expansion. Meanwhile, manufacturing PMI readings from Japan (51.5) and South Korea (51.2) showed accelerating expansion. Official January figures from Japan's Ministry of Finance confirmed that there was no intervention during the yen's three-day rally against the dollar a week ago. Also in Japan, Prime Minister Takaichi's LDP and her coalition partner Ishin are projected to win over 300 seats in the Lower House next Sunday, clearing the way for a full implementation of the prime minister's agenda.

• In economic data:
  • China's January Manufacturing PMI 49.3 (expected 50.1; last 50.1) and Non-Manufacturing PMI 49.4 (expected 50.3; last 50.2). January RatingDog Manufacturing PMI 50.3 (expected 50.1; last 50.1)
  • Japan's final January Manufacturing PMI 51.5, as expected (last 50.0)
  • South Korea's January trade surplus $8.74 bln (expected surplus of $4.60 bln; last surplus of $12.17 bln). January Imports 11.7% yr/yr (expected 14.6%; last 4.6%) and Exports 33.9% (expected 29.9%; last 13.3%). January Manufacturing PMI 51.2 (last 50.1)
  • Singapore's Q4 Business Expectations 11.00 (last 8.00)
  • India's final January Manufacturing PMI 55.4 (expected 56.8; last 55.0)
  • Australia's final January Manufacturing PMI 52.3 (expected 52.4; last 51.6). January ANZ Job Advertisements 4.4% m/m (last -0.8%), January Inflation Gauge 0.2% m/m (last 1.0%), and January Commodity Prices 2.6% yr/yr (last -3.2%)

---Equity Markets---

• Japan's Nikkei: -1.3%
• Hong Kong's Hang Seng: -2.2%
• China's Shanghai Composite: -2.5%
• India's Sensex: +1.2%
• South Korea's Kospi: -5.3%
• Australia's ASX All Ordinaries: -1.1%

Major European indices trade in the green. January Manufacturing PMI readings from the region's economies were mostly better than expected, though the eurozone reading (49.5) still pointed to an ongoing contraction. The European Central Bank and the Bank of England are expected to hold their policies steady on Thursday, with the market speculating that the BoE's next cut could come in April. Standard & Poor's affirmed Italy's BBB+ rating and raised the outlook Positive from Stable.

• In economic data:
  • Eurozone's final January Manufacturing PMI 49.5 (expected 49.4; last 48.8)
  • Germany's December Retail Sales 0.1% m/m (expected -0.1%; last -0.5%); 1.5% yr/yr (last -1.6%). Final January Manufacturing PMI 49.1 (expected 48.7; last 47.0)
  • U.K.'s January Nationwide HPI 0.3% m/m, as expected (last -0.4%); 1.0% yr/yr (expected 0.7%; last 0.6%). January Manufacturing PMI 51.8 (expected 51.6; last 50.6)
  • France's final January Manufacturing PMI 51.2 (expected 51.0; last 50.7)
  • Italy's January Manufacturing PMI 48.1 (expected 48.5; last 47.9)
  • Spain's January Manufacturing PMI 49.2 (expected 49.9; last 49.6)
  • Swiss December Retail Sales 2.9% yr/yr (expected 2.5%; last 1.7%). January Manufacturing PMI 48.8 (expected 47.2; last 45.8)

---Equity Markets---

• STOXX Europe 600: +0.6
• Germany's DAX: +1.1%
• U.K.'s FTSE 100: +0.8%
• France's CAC 40: +0.8%
• Italy's FTSE MIB: +0.8%
• Spain's IBEX 35: +0.8%

The S&P 500 futures currently trade 30 points below fair value. 

Shale producers Devon Energy (DVN 39.00 -1.21, -3.0%) and Coterra Energy (CTRA 27.16, -1.09, -3.8%) are set to merge in an all-stock deal worth around $58 billion, according to CNBC. 

In other energy-related news, Financial Times reports that major European oil companies are preparing to reduce shareholder payouts amid lower oil prices. 

Equity futures point to a lower opening this morning after the major averages finished lower on Friday and mostly lower for the week. 

Stocks had a somewhat choppy previous week following mixed reactions to a batch of highly anticipated mega-cap earnings reports. The market will have plenty of high-profile earnings reports to assess this week as well, including those from Alphabet (GOOG 335.81, -2.72, -0.8%) and Amazon (AMZN 237.79, -1.51, -0.7%). 

This week will also feature some key employment data, which, in addition to the weekly jobless claims data, includes the December JOLTS report on Tuesday and the January Employment Situation Report on Friday. 

In Washington, the Senate has passed a bill to fund most government agencies through September 30 and DHS through February 13. The government will be shut down at least until Tuesday, as House Democrats are opposed to the funding bill, and some conservatives want to attach an election reform bill to the funding bill, according to Politico. 

Elsewhere, Axios reports that the Trump administration told Iran it is ready to meet and negotiate a deal, which has weighed on oil prices this morning. 

In corporate news: 

• NVIDIA (NVDA 189.44, -1.69, -0.9%) CEO Jensen Huang says the company will be involved in OpenAI funding, but it won't be $100 billion, according to The Wall Street Journal. 
• Oracle (ORCL 173.45, +8.87, +5.4%) could raise up to $50 billion this year to increase its cloud capacity. 
• Walt Disney (DIS 113.81, +1.01, +0.9%) beat EPS expectations by $0.06 and beat revenue expectations. The company could soon select Josh D'Amaro as its new CEO, according to Bloomberg. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a lower note with South Korea's Kospi (-5.3%) falling sharply from record territory as sentiment soured after NVIDIA CEO Huang said that his company's planned investment in OpenAI will not reach $100 billion, a figure that had been previously reported as a commitment. Japan's Nikkei: -1.3%, Hong Kong's Hang Seng: -2.2%, China's Shanghai Composite: -2.5%, India's Sensex: +1.2%, South Korea's Kospi: -5.3%, Australia's ASX All Ordinaries: -1.1%.

In news:

• China's official Manufacturing PMI dipped back into contraction in January (49.3) while the market-oriented private reading (50.3) remained in expansion.
• Meanwhile, manufacturing PMI readings from Japan (51.5) and South Korea (51.2) showed accelerating expansion.
• Official January figures from Japan's Ministry of Finance confirmed that there was no intervention during the yen's three-day rally against the dollar a week ago.
• Also in Japan, Prime Minister Takaichi's LDP and her coalition partner Ishin are projected to win over 300 seats in the Lower House next Sunday, clearing the way for a full implementation of the prime minister's agenda.

In economic data:

• China's January Manufacturing PMI 49.3 (expected 50.1; last 50.1) and Non-Manufacturing PMI 49.4 (expected 50.3; last 50.2). January RatingDog Manufacturing PMI 50.3 (expected 50.1; last 50.1)
• Japan's final January Manufacturing PMI 51.5, as expected (last 50.0)
• South Korea's January trade surplus $8.74 bln (expected surplus of $4.60 bln; last surplus of $12.17 bln). January Imports 11.7% yr/yr (expected 14.6%; last 4.6%) and Exports 33.9% (expected 29.9%; last 13.3%). January Manufacturing PMI 51.2 (last 50.1)
• Singapore's Q4 Business Expectations 11.00 (last 8.00)
• India's final January Manufacturing PMI 55.4 (expected 56.8; last 55.0)
• Australia's final January Manufacturing PMI 52.3 (expected 52.4; last 51.6). January ANZ Job Advertisements 4.4% m/m (last -0.8%), January Inflation Gauge 0.2% m/m (last 1.0%), and January Commodity Prices 2.6% yr/yr (last -3.2%)

Major European indices trade in the green. STOXX Europe 600: +0.5%, Germany's DAX: +0.9%, U.K.'s FTSE 100: +0.6%, France's CAC 40: +0.6%, Italy's FTSE MIB: +0.7%, Spain's IBEX 35: +0.8%.

In news:

• January Manufacturing PMI readings from the region's economies were mostly better than expected, though the eurozone reading (49.5) still pointed to an ongoing contraction.
• The European Central Bank and the Bank of England are expected to hold their policies steady on Thursday, with the market speculating that the BoE's next cut could come in April.
• Standard & Poor's affirmed Italy's BBB+ rating and raised the outlook Positive from Stable.

In economic data:

• Eurozone's final January Manufacturing PMI 49.5 (expected 49.4; last 48.8)
• Germany's December Retail Sales 0.1% m/m (expected -0.1%; last -0.5%); 1.5% yr/yr (last -1.6%). Final January Manufacturing PMI 49.1 (expected 48.7; last 47.0)
• U.K.'s January Nationwide HPI 0.3% m/m, as expected (last -0.4%); 1.0% yr/yr (expected 0.7%; last 0.6%). January Manufacturing PMI 51.8 (expected 51.6; last 50.6)
• France's final January Manufacturing PMI 51.2 (expected 51.0; last 50.7)
• Italy's January Manufacturing PMI 48.1 (expected 48.5; last 47.9)
• Spain's January Manufacturing PMI 49.2 (expected 49.9; last 49.6)
• Swiss December Retail Sales 2.9% yr/yr (expected 2.5%; last 1.7%). January Manufacturing PMI 48.8 (expected 47.2; last 45.8)

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.9%), and DJIA (-0.4%) retreated amid relatively broad weakness in the stock market today, though they improved from session lows throughout the afternoon. The Russell 2000 (-1.6%) and S&P Mid Cap 400 (-1.0%) finished with wider losses both for the session and for the week. 

It has been a busy day from a headlines perspective, with the buzz starting well before the opening bell. 

Perhaps most notably, former Fed Governor Kevin Warsh was nominated by President Trump to be the next Fed Chair. The decision did little to the market's implied monetary policy path expectations, and equity futures and the U.S. Treasury market reacted calmly to the news, though several other headwinds were already pressuring stocks.

Gold and silver faced a massive retreat today after an extended run through record territory. Gold finished 11% lower today, while silver dropped 32%. Unsurprisingly, the materials sector (-1.8%) faced the widest loss, with Newmont Corporation (NEM 112.33, -14.60, -11.50%) and Freeport-McMoRan (FCX 60.22, -4.91, -7.54%) among some of the worst-performing S&P 500 names today. 

The top-weighted information technology sector (-1.3%) was another notable laggard, as the reaction to this week's mega-cap earnings reports continues to be underwhelming. Despite a sizable earnings beat, Apple (AAPL 259.48, +1.20, +0.46%) traded lower for most of the day before squeaking out a modest gain. Microsoft (MSFT 430.29, -3.21, -0.74%) also failed to garner any buy-the-dip interest after a double-digit retreat yesterday. The Vanguard Mega Cap Growth ETF finished 0.8% lower, with two consecutive days of weakness moving it into negative territory for the week. 

Chipmaker names also faced pressure, sending the PHLX Semiconductor Index 3.9% lower. KLA Corporation (KLAC 1427.94, -256.77, -15.24%) was a notable laggard despite topping earnings estimates. Sandisk (SNDK 576.25, +36.95, +6.85%) soared nearly 20% after a blowout earnings report of its own but saw gains steadily eroded amid increasing pressure across its peers. 

While seven S&P 500 sectors closed with losses, the materials and technology sectors were the only sectors to finish more than 0.3% below their flatlines as the broader market generally improved throughout the session. 

The defensive consumer staples (+1.4%) and health care (+0.6%) sectors both outperformed amid weakness in growth stocks.  Colgate-Palmolive (CL 90.31, +5.07, +5.95%), Church & Dwight (CHD 96.27, +4.31, +4.69%), and Stryker (SYK 369.46, +15.16, +4.28%) all posted solid gains after earnings. 

The energy sector (+1.0%) also finished higher, with Chevron (CVX 176.89, +5.70, +3.33%) leading the strength after its earnings release, while the real estate sector (+0.1%) eked out a slight gain. 

The consumer discretionary sector (-0.1%) just missed out on a gain, though the fact that it was anywhere near its flatline given how few of its components traded higher is impressive. 

Tesla (TSLA 430.41, +13.85, +3.32%) saw a solid rebound from yesterday's post-earnings weakness following a Bloomberg report that Elon Musk's SpaceX is considering a merger with the EV giant or xAI as an alternative to a traditional IPO.

Elsewhere, Deckers Outdoor (DECK 119.28, +19.38, +19.40%) was the top-performing S&P 500 name today after a blowout earnings report. 

Other notable earnings moves include Verizon (VZ 44.52, +4.71, +11.83%), American Express (AXP 352.23, -6.27, -1.75%), and Visa (V 321.87, -9.93, -2.99%).

Looking ahead, the market remains firmly in earnings mode, with several high-profile mega-cap reports, including those of Amazon (AMZN 239.30, -2.43, -1.01%) and Alphabet (GOOG 338.53, -0.13, -0.04%), still on deck that are likely to dictate near-term direction and determine whether this week's pullback proves to be a pause or the start of a deeper consolidation. 

U.S. Treasuries finished January in mixed fashion, with 5s and shorter tenors recording gains while longer tenors lagged, ending with slim losses. The 2-year note yield settled down two basis points to 3.53% (-7 basis points this week; +5 basis points in January), and the 10-year note yield settled up one basis point to 4.24% (UNCH this week; +7 basis points in January). 

• Russell 2000: +5.3% YTD
• S&P Mid Cap 400: +4.0% YTD
• DJIA: +1.7% YTD
• S&P 500: +1.4% YTD
• Nasdaq Composite: +1.0% YTD

Reviewing today's data:

• December PPI 0.5% (Briefing.com consensus 0.2%); Prior 0.2%, December Core PPI 0.6% (Briefing.com consensus 0.3%); Prior 0.0%
  • The key takeaway from the report is the lingering 3-handle on the year-over-year changes, which will keep alive concerns about pass-through (to the consumer) and possible margin compression (for wholesalers and retailers) if they don't pass through their higher costs.
• January Chicago PMI 54.0 (Briefing.com consensus 43.0); Prior was revised to 42.7 from 43.5