P R E M I U M

What You Missed Yesterday

Monday, February 5

With the uncut euphoria of big tech earnings behind us—we’re now entering into a far more complex and important phase of earnings season. Our economy’s biggest winners have demonstrated that they’ll keep winning no matter what the conditions are. Can the S&P 493 and Russell 2000 produce enough positive growth despite how hard things are for players outside of the very top?

Watching the winners for the next few weeks is going to be critical—as this market simply cannot decide how confident it feels about the status of inflation. Oil prices keep getting crushed despite fears of a wider conflict erupting across the Middle East—but U.S. treasury yields are surging after Friday’s jobs report came back much hotter than expected.

Any stock outside the Mag 7 that pulls off any kind of positive lift in the next week or so will demonstrate a really important formula for 2024. The era of winners and losers appears to be intensifying as investors need a long list of good reasons to put money in places besides Meta and Treasuries. Free Cash Flow appears to be king right now—but we’ll watch the patterns closely and keep you posted as the market reveals the real priorities for 2024 as we struggle our way into another difficult year.

For now—let’s explore the major winners who are powering the price action today. There’s a lot to unpack—so let’s jump right in:


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