Show Notes
US futures are mixed near record levels as investors weigh soft December retail sales against resilient earnings and rotation away from software. Attention turns to labor and inflation data for clarity on rates and growth.
Rotation is doing the work. Energy and industrials lead as AI demand boosts power and infrastructure, while uncertainty around long-term earnings keeps software volatile. Investors want a clearer terminal value before re-rating AI platforms.
The consumer picture is uneven. Retail sales were flat in December, with broad category weakness, reinforcing a K-shaped split in which higher-income spending holds up while value-seeking intensifies elsewhere.
Trending tickers: Spotify surged on stronger user growth; Paramount fell amid deal uncertainty; Harley‑Davidson slid after a shipment miss.
Takeaways:• Rotation supports the index without a tech surge• Software needs earnings visibility to stabilize• Retail data signals consumer strain• Luxury demand outpaces mass market• Selectivity matters in AI trades
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