Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from market rotation and a broadening economy, to endless spending by AI hyperscalers and the US government. Have a great weekend!
Dave: Unlike the past couple of years, of late bigger has not been better for US stocks
Source: Strategas as of 02.04.2026
John: with the Artificial Intelligence (AI) universe of stocks giving way to other leadership
Joseph: A higher percentage of companies are participating in large-cap earnings growth
Dave: with tech leading but positive results across many sectors
Source: Strategas as of 02.03.2026
Brad: and as explosive growth in technology has stayed intact, allowing valuation multiples to contract during a period of growth
Source: Strategas as of 02.06.2026
John Luke: We’re starting to see hard economic data show upside surprises (as measured by the Citi Economic Surprise Indices)
Source: Bloomberg as of 02.03.2026
Brett: with manufacturing surveys showing rising optimism as well
Data as of 02.02.2026
Ten: Regarding the “soft” data of surveys, consumers haven’t been feeling the same optimism as manufacturers
Data as of 02.03.2026
Beckham: with optimists hoping this week’s positive surprise could break sentiment out of its downtrend
Source: WSJ as of 02.06.2025
John Luke: As most know, AI spending is massive, and the US is leading the charge
Joseph: and as seen in this week’s earnings reports, the massive AI spend by the hyperscalers continues to be underestimated
Data as of 02.05.2026
John Luke: The AI spend is well beyond the levels of prior transformative undertakings
Data as of January 2026
John Luke: with the ultimate hope that our economy can see generational gains in productivity
Source: Apollo as of 01.27.2026
John Luke: The other clear trend in endless spending comes out of Washington, DC
Data as of December 2024
John Luke: with little chance of slowing the largest inputs to spending
Data as of December 2024
Brian: One of the few areas immune to spending growth is the US appetite for goods from China
Data as of 02.03.2026
Disclosures
The Citi Economic Surprise Indices measure data surprises relative to market expectations. A positive reading means that data releases have been stronger than expected and a negative reading means that data releases have been worse than expected.
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