NEW YORK, Feb 9, 2026, 06:07 EST
- U.S. index futures hovered near flat as traders waited for the postponed January jobs report along with new inflation figures.
- Software names remained weak, with investors questioning just how quickly AI tools might disrupt established business models.
- The Dow closed above 50,000 for the first time, turning attention to a shift out of mega-cap tech stocks.
Futures on Wall Street were barely budging early Monday, following last week’s volatile tech action. Investors eyed the still-pending January payrolls update and consumer price figures for the month, which have the potential to reshape forecasts for Fed rate cuts. Dow E-minis added 46 points. S&P 500 and Nasdaq 100 futures traded lower. 1
Timing is key here. Traders want to know if last week’s AI selloff was just a brief shakeout or a sign that growth stocks are heading for a deeper repricing, especially as investment ramps up and the returns remain elusive.
It’s a crowded week: earnings roll in, Fed officials take the mic—hardly a quiet stretch for markets. A single surprise on inflation or a softer jobs number could send rate expectations spinning.
Software and services stocks have been under the gun. Over the last three months, the group trailed the S&P 500 by almost 24 percentage points, and in options markets, traders kept bracing for sharp moves—clear sign the jitters haven’t gone away. Selling kicked off on fears that the rapid rise of AI technology could squeeze software companies’ margins and weaken their pricing power. 2
The Dow’s been telling a different story. It finished above 50,000 for the first time on Friday, notching a 4.3% gain this year—handily ahead of both the S&P 500 and the Nasdaq. Stocks with economic ties, like Caterpillar, have given the index a lift. “What’s driven it recently has been the broadening that we have seen in the market,” said Chuck Carlson, CEO at Horizon Investment Services. 3
Tech stocks split last week. Amazon dropped after warning that capex would soar more than 50%—a direct result of pouring money into AI infrastructure. Chipmakers, though, caught a bid on hopes they’ll grab a big piece of that increased spending. “There’s real demand for AI products,” said Ross Mayfield, investment strategy analyst at Baird. He noted that sharp pullbacks often draw in new buyers. 4
Wall Street futures edged higher, with market attention on the Dow as it aimed to hold above 50,000. Jobs numbers and inflation data due this week kept traders cautious, a Yahoo Finance live blog noted. 5
Investor’s Business Daily wasn’t convinced by the Dow’s milestone, describing the market as “still divided.” The Nasdaq remains below important thresholds, it reports, and names like Apple, Boeing, and JPMorgan stood out among Dow stocks. There’s also ongoing focus on AI-related infrastructure. 6
Still, it’s a shaky arrangement. A hotter inflation print? That’s enough to knock rate-cut wagers off course—growth stocks, especially the pricey ones, often take the first hit. As for AI, the risk boils down to this: spending keeps climbing, profits don’t keep up, and investors’ patience runs thin.
