PUT IN WORK (2/9/2026)

We’re back with another issue! Last week was a rough one overall, and even Friday’s huge rally failed to make up for the week's performance. The Nasdaq (QQQ) ended down 2%, while the S&P 500 (SPY) finished down 0.4%. A big theme throughout the week was simple: earnings reactions were brutal, and investors had to navigate the ongoing partial government shutdown, which delayed the January jobs report.

Monday actually started February on a strong note. The Nasdaq rose 0.6%, and the S&P 500 gained 0.5% despite the Bureau of Labor Statistics’ announcement, which claimed that Friday’s jobs report would be delayed due to the partial shutdown.

Tuesday flipped the mood fast. The Nasdaq fell 1.4%, and the S&P 500 dropped 0.8% as investors rotated out of mega-cap tech. Every one of the magnificent seven finished lower. Microsoft (MSFT) and Nvidia (NVDA) were both down close to 3%, though Palantir (PLTR) was a bright spot after a strong earnings report.

Wednesday maintained this downward trajectory, with the Nasdaq down 1.5% and the S&P 500 down 0.5%. Earnings were mixed, but the market still suffered. AMD (AMD) sank 17% even after posting better-than-expected results, and Tesla (TSLA) and Nvidia continued to slide.

Thursday was the third straight losing session and the ugliest one. The Nasdaq dropped 1.6%, and the S&P 500 fell 1.2% as investors digested more big tech earnings and worse-than-expected labor data (jobless claims came in higher than expected, and announced January layoffs were the highest for that month since 2009). Stocks such as Alphabet (GOOG) and Qualcomm (QCOM) fell rather heavily once again, further dragging the market down.

Friday finally brought relief: the Nasdaq surged 2.2%, and the S&P 500 jumped 2%, led by a big Nvidia pop. That said, lackluster earnings and uncertainty dominated the week, resulting in a heavy week for investors. Hopefully they can turn it around as we head further into the new month!

(Nasdaq ETF (QQQ) price from December 2024 - 2025 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Once again, our portfolio flowed with the market, though it saw its fair share of outliers throughout the week. While Monday through Thursday saw primarily negative movement amplified by our small-cap stocks’ volatility, Friday saw the opposite—though admittedly, not enough to make up for the losses. That being said, we still believe in our picks long-term. We’re curious to see how this week shakes up, and we plan to hold all currently owned stocks for the foreseeable future. As always, thank you for reading, and happy investing.