After Hours Report

The stock market experienced a volatile week defined by sharp rotations and earnings-driven price action, ultimately underscoring a growing bifurcation between growth and value. The DJIA (+2.5%) surged to fresh record highs, supported by strength in cyclical and defensive areas, while the S&P 500 (-0.1%) and Nasdaq Composite (-1.8%) finished lower as sustained pressure weighed on mega-cap and growth-oriented stocks. Small- and mid-cap stocks outperformed, with the Russell 2000 (+2.2%) and S&P Mid Cap 400 (+4.4%) posting solid weekly gains.

Earnings were the dominant driver of market action throughout the week, with roughly 100 S&P 500 constituents reporting results. Early-week optimism gave way to heavy selling in growth stocks as investors digested earnings from several mega-cap leaders. Alphabet and Amazon moved lower following the release of massive multi-year capital expenditure plans, reigniting concerns about return on investment and pressuring the communication services (-4.4%) and consumer discretionary (-4.6%) sectors. Mega-cap weakness was further reflected in the Vanguard Mega Cap Growth ETF (-3.1%).

The information technology sector (-1.4%) also struggled as software stocks came under sustained pressure. Microsoft’s post-earnings decline weighed heavily on the group and exacerbated concerns that AI adoption may disrupt traditional software business models. The iShares Expanded Tech-Software ETF fell sharply (-8.7%), making it one of the weakest areas of the market despite relative resilience in semiconductor stocks (PHLX Semiconductor ETF +0.6%).

In contrast, value-oriented and defensive sectors benefited from persistent rotational flows. The consumer staples sector (+6.0%) led the market as investors favored earnings visibility and pricing power, while the industrials (+4.7%), energy (+4.3%), and materials (+3.5%) sectors all posted strong gains. The financials (+1.5%) and health care (+1.9% sectors) also outperformed, reinforcing the market’s preference for non-growth exposures amid heightened volatility in technology.

Bitcoin traded lower on the week, moving in line with the broader risk-off tone across growth and speculative assets. Weakness in mega-cap growth stocks and the sharp selloff in technology and software names coincided with reduced appetite for higher-volatility trades, keeping pressure on crypto prices. Despite the pullback, bitcoin continued to hold above key recent support levels, suggesting the move was more consistent with consolidation than a decisive breakdown as investors remained selective and risk-conscious.

Despite a strong rebound on Friday—driven by a sharp recovery in technology and high-beta names—losses earlier in the week left growth benchmarks in the red. The week ultimately highlighted how sensitive the market remains to earnings guidance, capital spending plans, and confidence in AI-related investments. With the sharp divergence between growth and value still intact, leadership remains fluid as investors reassess where earnings durability and return potential truly reside.

• S&P Mid Cap 400: +4.4%
• DJIA: +2.5%
• Russell 2000: +2.2%
• S&P 500: -0.1%
• Nasdaq Composite: -1.8%

Monday:

The stock market notched a winning session to start the week, with the S&P 500 (+0.5%), Nasdaq Composite (+0.6%), and DJIA (+1.1%) advancing on broad strength as the market rebounded from a mostly lower finish last week. The Russell 2000 (+1.0%) and S&P Mid Cap 400 (+0.9%) finished similarly after underperforming in the previous week. 

Stocks had a relatively easy session despite some volatility in other parts of the market. Gold and silver extended their pullback from recent record highs, Bitcoin and other cryptocurrencies faced a sharp retreat over the weekend, and a path towards negotiations between the U.S. and Iran sent oil prices sharply lower. Those factors were not completely absent from today's trade, as Robinhood Markets (HOOD 89.91, -9.57, -9.62%) was the worst-performing S&P 500 name amid the weakness in crypto, and the energy sector (-2.0%) was the worst performing S&P 500 sector. 

However, they did not come to define today's session, as the market advanced with a strong "risk on" disposition. 

This morning's economic data added juice to a market that was arguably already primed for some buy-the-dip action after Friday's lower finish. The ISM Manufacturing Index (52.6%; Briefing.com consensus: 48.3%) showed manufacturing activity expanded in January, an encouraging sign for both economic and earnings growth. 

Growth names in turn rebounded from Friday's more defensive posturing, as evidenced by solid gains across smaller-cap indices, a 1.2% gain in the Invesco S&P 500 High Beta ETF, and a 1.7% gain in the PHLX Semiconductor Index. 

Strength was broad for the entirety of the session, with eight S&P 500 sectors finishing higher.

Though typically a more defensive sector, the consumer staples sector (+1.6%) finished with the widest gain, expanding upon a similar gain on Friday as Walmart (WMT 124.06, +4.92, +4.13%) and Costco (COST 968.36, +28.11, +2.99%) provided solid leadership. 

The industrials (+1.3%) sector finished similarly, with Caterpillar (CAT 690.91, +33.55, +5.10%) rebounding after a post-earnings slide, while airline names such as United Airlines (UAL 107.35, +5.03, +4.92%) and Delta Air Lines (DAL 69.08, +3.19, +4.84%) were boosted by the falling price of oil. 

The financials sector (+1.0%) rounds out the top three S&P 500 sectors, with strength also led by a rebound in several stocks that reported earnings last week, including Visa (V 333.84, +12.01, +3.73%).

Fifth Third (FITB 51.95, +1.73, +3.44%) notched a similar gain after announcing it has completed its merger with Comerica Incorporated (CMA 90.39, -2.47, -2.66%) to become the ninth largest U.S. bank. 

Meanwhile, the top-weighted information technology sector finished near the middle of the pack. 

Strength in the sector's mega-cap components was mixed today.  Apple (AAPL 270.01, +10.53, +4.06%) surged higher after a flattish response to an impressive earnings report on Friday, while Microsoft (MSFT 423.37, -6.92, -1.61%) continues to struggle after its earnings.

NVIDIA (NVDA 185.61, -5.52, -2.89%) also slid lower throughout the session, despite a relatively strong day for chipmakers.

The Vanguard Mega Cap Growth ETF (+0.2%) still notched a slight gain, with Amazon (AMZN 242.96, +3.66, +1.53%) and Alphabet (GOOG 344.90, +6.37, +1.88%) trading higher ahead of their earnings reports this week. 

In addition to the energy sector (-2.0%), the utilities (-1.5%) and real estate (-1.1%) sectors also finished lower. 

All told, today's session marked a solid rebound from a softer end to the previous week. Solid buy-the-dip interest combined with optimistic economic data lifted stocks in broad fashion, putting them on more solid footing ahead of another busy week of earnings. 

U.S. Treasuries began February with losses across the curve after backing down from their opening highs. The 2-year note yield settled up four basis points to 3.57%, and the 10-year note yield settled up three basis points to 4.28%. 

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.

Tuesday:

After a solid start to the week, stocks faced a considerable pullback today. Weakness across mega-cap and tech names saw the Nasdaq Composite (-1.4%) underperform, closing beneath its 50-day moving average of 23,374.58. The S&P 500 (-0.8%) also briefly dipped below its own 50-day moving average (6,871.53) before garnering some support. 

Early in the session, losses were relatively limited to tech names, and the DJIA (-0.3%) actually notched an all-time intraday high. The Russell 2000 (+0.3%) and S&P Mid Cap 400 (+0.2%) also traded higher before the market's losses began to widen in both size and scope, though a late-session uptick saw them notch slight gains. 

The information technology sector (-2.2%) managed a modest bump off of session lows but still finished as the worst-performing S&P 500 sector by a considerable margin. 

Leadership was poor, with Microsoft (MSFT 411.21, -12.16, -2.87%) continuing its post-earnings slide and pressuring software stocks. Gartner (IT 160.16, -42.24, -20.87%) was the worst-performing S&P 500 name today, and the iShares GS Software EFT finished 4.6% lower. 

Though software names have had a rough start to the year, the weakness has largely been offset by strength in semiconductor stocks. That was certainly not the case today, with a 2.1% slide in the PHLX Semiconductor Index suggesting some concerns around the broader AI trade. 

NVIDIA (NVDA 180.32, -5.29, -2.85%) was another notable laggard, with the company garnering plenty of headline coverage surrounding its relationship with OpenAI. Reuters reported that OpenAI is exploring alternatives to NVIDIA's chips, causing executives from both companies to downplay the headline throughout the day. 

Palantir Technologies (PLTR 157.88, +10.10, +6.84%) and Teradyne (TER 282.99, +33.46, +13.41%) traded higher after their earnings reports but finished well off their best pre-market levels.

With the AI trade facing a downturn in sentiment, it comes as no surprise that other mega-cap stocks began to lag as well. 

Alphabet (GOOG 340.70, -4.20, -1.22%), Meta Platforms (META 691.70, -14.71, -2.08%), and Amazon (AMZN 238.62, -4.34, -1.79%) all finished with similar losses, sending the communication services (-1.3%) and consumer discretionary (-1.0%) sectors lower. 

The Vanguard Mega Cap Growth ETF finished 2.0% lower, and the market-weighted S&P 500 (-0.8%) underperformed the S&P 500 Equal Weighted Index (-0.2%).

Elsewhere in the consumer discretionary sector, travel-related names such as Expedia Group (EXPE 234.46, -42.21, -15.26%) and Booking Holdings (BKNG 4644.64, -477.61, -9.32%) faced considerable retreats, while homebuilder names outperformed following a Politico report that the House is planning a vote next week on legislation to increase housing supply. 

The health care sector (-1.0%) also faced a sizable loss as Eli Lilly (LLY 1002.98, -41.15, -3.94%) traded lower ahead of its earnings tomorrow morning, while the financial sector (-0.9%) finished with a similar loss as PayPal (PYPL 41.70, -10.63, -20.31%) plummeted after missing earnings estimates. 

Meanwhile, five S&P 500 sectors put together solid performances, though it was not enough to offset weakness elsewhere. 

The energy sector (+3.3%) expanded its lead for the year as oil prices rebounded from yesterday's lows, with crude oil futures settling today's session $0.97 higher (+1.6%) at $63.16 per barrel. 

In a similar fashion, the materials sector (+2.0%) notched a solid gain as gold prices recovered from a sharp retreat, with gold futures settling $282.40 higher (+6%) at $4,935.00 per oz, marking their largest one-day gain since 2008. Ball Corp (BALL 61.77, +5.08, +8.96%) made a nice move higher after topping earnings estimates.

The more defensive consumer staples (+1.7%) and utilities sector (+1.5%) also performed well, garnering some rotational interest amid the weakness in tech and other growth pockets.  PepsiCo (PEP 162.85, +7.65, +4.93%) made a nice move higher after beating earnings expectations, while Walmart (WMT 127.71, +3.65, +2.94%) continues an impressive surge that seats it with a 14.6% year-to-date gain. 

Overall, today's action reflected a clear rotation away from growth and momentum areas toward more defensive and value-oriented sectors, leaving the major averages under broad pressure by the close. With sentiment around AI and mega-cap leadership wobbling, traders appear increasingly cautious as the market heads into another high-profile batch of earnings reports.

There was no economic data of note today, as the December Job Openings and Labor Turnover Report was delayed by the brief government shutdown, which will end after the House narrowly passed a funding bill this afternoon.

U.S. Treasuries finished Tuesday on a flat note after recovering from a slightly lower start. The 2-year note yield finished unchanged at 3.57%, and the 10-year note yield also finished unchanged at 4.27%. 

• Russell 2000: +6.7% YTD
• S&P Mid Cap 400: +5.1% YTD
• DJIA: +2.5% YTD
• S&P 500: +1.1% YTD
• Nasdaq Composite: +0.1% YTD

Wednesday:

The midweek session unfolded in a similar fashion to yesterday's action, with significant losses across tech and mega-cap stocks pressuring the S&P 500 (-0.5%) and Nasdaq Composite (-1.5%) while the DJIA (+0.5%) benefited from rotational strength into other corners of the market. 

While the DJIA made a run towards fresh record highs this morning, the S&P 500 dipped below its 50-day moving average (6,878.02) as selling pressure increased in the early afternoon, though the index recovered and closed just above the key technical level. 

Meanwhile, the Nasdaq Composite remains below its own 50-day moving average (23,390.10), with today's losses moving the index into negative territory for the year. 

The top-weighted information technology sector (-1.9%) widened its year-to-date loss to 5.2%. While the sector lagged for the entirety of the session, it is worth noting that some support kicked in after an early afternoon slide that saw the sector's losses for the day expand past 3.0% amid a sharp retreat in bitcoin.

Still, the PHLX Semiconductor Index (-4.4%) faced a considerable retreat as shares of Advanced Micro Devices (AMD 200.19, -41.92, -17.31%) plummeted despite beating earnings expectations and delivering upside Q1 guidance. NVIDIA (NVDA 174.19, -6.15, -3.41%) had a poor showing, though the sector's other "magnificent seven" components, Apple (AAPL 276.49, +7.01, +2.60%) and Microsoft (MSFT 414.19, +2.98, +0.72%), fared better. 

Even with the modest gain in Microsoft, software stocks faced an extension of yesterday's pressure, sending the iShares GS Software ETF 1.8% lower. 

Pressure across mega-cap names elsewhere pushed the communication services (-1.7%) and consumer discretionary (-1.2%) sectors lower as well. Alphabet (GOOG 333.34, -7.36, -2.16%) was a laggard ahead of its earnings report after the close. 

The Vanguard Mega Cap Growth ETF finished 1.4% lower, widening its negative start to 2026. 

With the exception of a modest pullback in the utilities sector (-0.4%), which outperformed yesterday, the broader market saw another solid day of rotational interest. 

Seven S&P 500 sectors finished higher, with five boasting a gain of 1.0% or wider. As a result, the S&P 500 Equal Weighted Index (+0.9%) outperformed the market-weighted S&P 500 (-0.5%) by a considerable margin.

The energy sector (+2.3%) once again captured the widest gain as crude oil futures settled today's session $1.97 higher (+3.1%) at $65.13 a barrel. Axios reported that diplomatic talks between the U.S. and Iran have hit a roadblock regarding nuclear negotiations. 

The materials sector (+1.8%) also saw an extension of yesterday's gains. Smurfit Westrock plc (SW 44.38, +3.48, +8.51%) led the advance after the company announced it would increase its quarterly dividend, while Amcor (AMCR 48.58, +3.66, +8.16%) finished similarly after topping EPS estimates and reaffirming its FY26 EPS guidance. 

Meanwhile, the health care sector (+1.2%) notched a solid gain after a lower finish yesterday, with Eli Lilly (LLY 1107.75, +104.29, +10.39%) and Amgen (AMGN 366.20, +27.61, +8.15%) among the top performers after beating earnings estimates. 

The real estate sector (+1.5%) advanced on broad strength, rounding out the top five, while the financials (+0.8%) and industrials (+0.2%) sectors captured more modest gains. 

Outside of the S&P 500, the Russell 2000 (-0.9%) and S&P Mid Cap 400 (+0.7%) finished mixed. 

Overall, the session reinforced the market's recent tug-of-war between persistent pressure on tech and the resulting rotational strength elsewhere. The market has more key mega-cap earnings on tap, which will likely be key in determining whether leadership stabilizes or the current rotation continues.

U.S. Treasuries had another steady showing on Wednesday, keeping yields near levels seen during Tuesday's sideways session. The 2-year note yield settled down one basis point to 3.56%, and the 10-year note yield finished unchanged at 4.28%. 

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -8.9%; Prior -8.5%
• January ADP Employment Change 22K (Briefing.com consensus 43K); Prior was revised to 37K from 41K
• January S&P Global U.S. Services PMI - Final 52.7; Prior 52.5
• January ISM Non-Manufacturing Index 53.8% (Briefing.com consensus 53.7%); Prior was revised to 53.8% from 54.4%
  • The key takeaway from the report is that activity in the services sector grew at a steady pace in January at the same time prices paid for materials and services increased.

Thursday:

It was a tough session for stocks today as sustained pressure across mega-cap and tech stocks came without the support of the broader market from previous sessions. 

The S&P 500 (-1.2%), Nasdaq Composite (-1.6%), and DJIA (-1.2%) finished lower across the board, with the Russell 2000 (-1.8%) and S&P Mid Cap 400 (-0.5%) closing with losses as well. Today's weakness moved the S&P 500 into negative territory for the year and saw the index close below its 50-day moving average (6,882.21).

Much of today's coverage revolved around the price action of Alphabet (GOOG 331.33, -2.01, -0.60%) after its earnings report yesterday afternoon. While the company decidedly topped earnings estimates, a massive FY26 capital expenditure plan of $175-$185 billion prompted some questions about if the company can continue to generate meaningful returns with that level of spending. Though the stock was down as much as 5% this morning, it battled back throughout the session, an encouraging sign given the size and scope of losses across other mega caps.

Despite sharp early losses, the communication services sector (-0.3%) finished as one of the better-performing S&P 500 sectors today. 

The same cannot be said of the consumer discretionary sector (-2.6%), which lagged as a majority of its components traded lower, while Amazon (AMZN 222.69, -10.30, -4.42%) and Tesla (TSLA 396.93, -9.08, -2.24%) provided weak leadership ahead of Amazon's earnings after the close. 

The information technology sector (-1.7%) also logged another disappointing finish after a choppy session. Alphabet's massive capital expenditure plans were touted by many analysts as a positive for select semiconductor and AI infrastructure names, which saw the sector open to a modest gain. Despite a midday run back towards its opening levels, the sector plotted a steady retreat throughout the afternoon. 

Broadcom (AVGO 310.51, +2.46, +0.80%) ceded nearly all of its solid early gain, while NVIDIA (NVDA 171.81, -2.38, -1.37%) also finished lower after spending time in positive territory. The PHLX Semiconductor Index (-0.1%) closed with a modest loss. 

Meanwhile, software stocks continued to freefall, with the iShares GS Software ETF finishing 5.0% lower. Microsoft (MSFT 393.67, -20.52, -4.95%) was yet again a "magnificent seven" laggard. 

The Vanguard Mega Cap Growth ETF closed 1.9% lower, adding to its early losses for the year. 

Outside of the mega-cap space, the market was devoid of the rotational strength that helped somewhat limit losses in the previous two sessions. 

The materials sector (-2.8%) finished as the worst-performing S&P 500 sector, garnering some profit-taking after a hot start to the year. 

Meanwhile, the financials sector (-1.2%) also had a rough session after a solid gain yesterday.  Coinbase Global (COIN 146.12, -22.50, -13.34%) and Robinhood Markets (HOOD 72.68, -7.94, -9.85%) finished sharply lower as Bitcoin extended its recent losses with another sizable slide today, which added to the stock market's intraday volatility. Bitcoin is currently down about 13% for the day, moving below the $64,000 mark. 

Only the consumer staples (+0.3%) and utilities (+0.1%) sectors managed meager gains.  Walmart (WMT 126.94, -1.06, -0.83%) finally saw a touch of profit-taking, though the move was negated by broader strength in the sector. 

Hershey Foods (HSY 224.38, +18.59, +9.03%) made a solid upward move after a beat-and-raise earnings report, while Estee Lauder (EL 96.75, -22.86, -19.11%) was the worst-performing S&P 500 name despite topping earnings estimates of its own. 

Overall, today's action reflects the recent heightened volatility across risk assets. Alphabet's battle from session lows was an encouraging sign for the stock, but the market could be in for more volatility tomorrow in reaction to Amazon's earnings. The CBOE Volatility Index surged over 20% during the session and remains elevated at 21.59 (+15.8%), suggesting an uneasiness throughout the market as some of its weightiest names continue to face pressure this year. 

U.S. Treasuries followed their two days of quiet sideways trade with a Thursday rally that took place alongside continued weakness in tech stocks. The 2-year note yield settled down seven basis points to 3.49%, and the 10-year note yield settled down seven basis points to 4.21%. 

Reviewing today's data:

• Weekly Initial Claims 231K (Briefing.com consensus 210K); Prior 209K, Weekly Continuing Claims 1.844 mln; Prior was revised to 1.819 mln from 1.827 mln
  • The key takeaway from the report was the jump in initial claims, which hit their highest level since early December. That created some headline surprise, but to be fair, the absolute level isn't that bad.
• December JOLTS - Job Openings 6.542 mln; Prior was revised to 6.928 mln from 7.146 mln

Friday:

The stock market ended a volatile week on a sharply positive note, with a strong rebound across tech names and broad strength propelling the S&P 500 (+2.0%), Nasdaq Composite (+2.2%), and DJIA (+2.5%) higher.

Today's strength saw the DJIA notch fresh record highs, eclipsing and closing above the 50,000 mark for the first time. The S&P 500 reclaimed and closed above its 50-day moving average of 6,884.75. 

Small caps, semiconductors, and high-beta names were among the outperformers in today's rally, with the top-weighted information technology sector (+4.1%) finishing as the best performer across the nine S&P 500 sectors that notched gains.

Chipmaker names rebounded sharply from recent weakness, with the PHLX Semiconductor Index (+5.7%) closing the week with a modest gain following today's strength. Super Micro Computer (SMCI 34.38, +3.53, +11.44%) made back the entirety of yesterday's weakness and then some, while NVIDIA (NVDA 185.41, +13.53, +7.87%) was a mega-cap standout, moving back above its 50-day moving average (183.57). 

Microsoft (MSFT 401.14, +7.47, +1.90%) also garnered some buying interest off of recent lows, and the iShares GS Software ETF (+3.5%) notched a much-needed gain.

While there was certainly a technical element to the tech rebound given the size of this week’s pullback, AI infrastructure names received an added tailwind from massive capital expenditure plans outlined by some of the market’s largest constituents.

Amazon (AMZN 210.32, -12.37, -5.55%) forecast roughly $200 billion in capital spending for 2026, and while return-on-investment concerns—along with a modest EPS miss—initially weighed on the stock, the scale of the investment is broadly viewed as constructive for the AI ecosystem, particularly across semiconductors and related infrastructure providers. 

Additionally, Alphabet (GOOG 323.10, -8.23, -2.48%) issued a similar forecast of up to $185 billion with its earnings release earlier in the week. While those two names, along with some weakness in Meta Platforms (META 661.46, -8.75, -1.31%), pushed the communication services (-1.5%) and consumer discretionary (-0.7%) sectors lower, strength across the other mega-caps saw the Vanguard Mega Cap Growth ETF (+2.2%) reclaim just under half of this week's losses. 

Strength was not just limited to mega-cap tech, as eight of the nine S&P 500 sectors that closed higher boasted gains wider than 1.0%. 

The industrials sector (+2.8%) was among the top performers, with airline names such as United Airlines (UAL 115.91, +9.82, +9.26%) and Delta Air Lines (DAL 75.30, +5.52, +7.91%) trading sharply higher. 

The financials sector (+1.8%) was supported by a rebound in Robinhood Markets (HOOD 82.82, +10.14, +13.95%) and Coinbase Global (COIN 165.12, +19.00, +13.00%) as Bitcoin prices stabilized and bounced off of recent lows, reclaiming the $70,000 mark. 

The health care sector (+1.8%) finished similarly, with broad strength outweighing Molina Healthcare's (MOH 131.56, -45.28, -25.61%) post-earnings plummet. 

Outside of the S&P 500, the Russell 2000 (+3.6%) and S&P Mid Cap 400 (+3.1%) outperformed amid the resurgence in growth stocks today. 

While improving risk sentiment helped the major averages finish the week on a higher note, it is worth noting that sizable losses earlier in the week left the S&P 500 (-0.1% week-to-date) and Nasdaq Composite (-1.8% week-to-date) with weekly declines. In contrast, the DJIA's (+2.5% week-to-date) push to fresh record highs highlights the ongoing bifurcation between value and growth stocks in early 2026.

Still, today's session underscores how quickly the broader market can advance when mega-cap and technology stocks regain momentum, and suggests they could reassert leadership as investors grow more comfortable with the scale of capital expenditure forecasts coming from mega-cap companies.

U.S. Treasuries had a quiet finish to a week that featured a volatile showing from equities, which contributed to a week of gains in most tenors. The 2-year note yield settled up one basis point to 3.51% (-3 basis points this week), and the 10-year note yield finished unchanged at 4.21% (-3 basis points this week). 

• S&P Mid Cap 400: +8.5% YTD
• Russell 2000: +7.6% YTD
• DJIA: +4.3% YTD
• S&P 500: +1.3% YTD
• Nasdaq Composite: -0.9% YTD

Reviewing today's data:

• February Univ. of Michigan Consumer Sentiment - Prelim 57.3 (Briefing.com consensus 54.3); Prior 56.4
  • The key takeaway from the report is that there was a surge in sentiment among consumers with the largest stock portfolios, whereas it remained at "dismal levels" for consumers without stock holdings. [Note: interviews for this release ended this past Monday, so with steep losses in many tech stocks since then, there is a good chance of a downward revision when the final report is released on February 20, barring a sustained rebound effort.
• Consumer credit increased by $24.0 billion in December (Briefing.com consensus: $8.4 billion) following an upwardly revised $4.7 billion increase (from $4.2 billion) in November.
  • The key takeaway from the report is that there was a healthy expansion in consumer credit in December, driven by solid pickups in both revolving and nonrevolving credit. The December expansion was the biggest since March 2025.