campbells chicken noodle soup can by Girl with red hat courtesy of Unsplash.

Weekly Commentary (2/9/2026) – Markets Push Upward Amid Mixed Economic Signals

NDS Wealth Advisors |

Weekly Commentary (2/9/2026) – Markets Push Upward Amid Mixed Economic Signals
The rotation to cyclical stocks continued last week as gains in the energy, consumer staple, and industrial sectors helped propel the DJIA across 50,000 for the first time in its history.  
For the week, the DJIA added 2.50% while the S&P 500 declined modestly by 0.09%. The NASDAQ gave back 1.95% while the Russell 2000 gained 2.18%. International equities were also mixed on the week, with the MSCI EAFE Index gaining 0.51% and emerging market equities (MSCI EM) declining 1.40%. Fixed income, as represented by the Bloomberg/Barclays Aggregate, rose 0.28%, while the 10-year US Treasury yield dipped 4 basis points to 4.22%. Gold declined on the week to close at $4,948/oz. Oil prices closed at $63.26/barrel. 
Economic data last week sent mixed signals. On the employment front, ADP payrolls growth underwhelmed as the private sector grew only 22,000 in January, the smallest gain in seven months. The report also reversed several months of gains at the end of last year. With another government shutdown, the Bureau of Labor Statistics report their monthly employment report this week. For positive news, ISM reported its manufacturing index rose from 47.9 to 52.6. The services index also held steady at 53.8, also in expansion territory.  
This week, the focal point of the economic calendar will be on the January job’s report and January CPI report. We will have another batch of earnings with reports expected from Coca-Cola, Cisco Systems, Applied Materials, among other companies. 
Equity multiples are still causing worry for some market observers. Thankfully, first quarter earnings have, for most part, lived up to their billing. As always, we encourage investors to remain disciplined in their investment approach and adhere to long-term strategies, avoiding reactionary decisions amid shifting economic conditions.
“Talent sets the floor, CHARACTER sets the ceiling.” – Bill Belichick