Nasdaq underperformed as several mega-cap tech names were hit, while attention was also on geopolitics after the US shot down an Iranian drone.

"Relentless" weakness in Software... highest sell skew YTD...

US military shot down Iranian drone that approached USS Lincoln; Iranian gunboats approached a US oil tanker, ordering it to stop; US House approves funds to end government shutdown; Russia's Deputy PM Novak says they have a surplus in fuel supplies; RBA hikes rates by 25bps, as expected; EU is reportedly to offer the US a partnership on critical minerals to counter China's influence; PLTR beats earnings and guidance; NVO 2026 outlook underwhelms; Dismal PYPL report.

The January Effect saw robust demand across both retail and institutional channels, but Citadel's equity strategy boss has "higher first, then lower vibes for US equities."

With an almost unprecedented policy mix of easy financial conditions... inflation risks may well move into the foreground... so do not expect further rate cuts... certainly, from the Powell Fed... and perhaps for the entire year.

The goal is to coordinate efforts to secure key minerals needed for modern technologies and reduce reliance on China’s low-cost supplies, which currently give Beijing significant leverage.

Reports of F-35 jet intercepting...

"...get me out"

US homebuilders are working on a plan for a massive program to develop up to a million "Trump Homes" that would address the US affordability crisis while allowing private capital to deploy hundreds of billions in new dollars. 

“Software is the largest sector exposure for BDCs, at around 20% of portfolios, making the industry particularly sensitive to the recent decline in software equity and credit valuations,” 

One wonders how long generic ‘markets’ can stay calm in a world in which so many people are so unenamoured of fiat FX; and how metals can cope with “because markets!” HFT speculation that make them trade like an NFT or meme stock.

If Treasury issuance and Fed’s balance sheet path is steady and credibly telegraphed over the long term, accidental tightening of financial conditions can be avoided and any unforced shocks in rates markets would be limited.

Walt Disney, after a more than two-year saga, has landed on its next CEO: Josh D’Amaro, head of the company’s theme parks and consumer products division. D’Amaro, a 28-year-veteran of the company, will succeed Iger effective March 18.

"... the pace of change and execution was not in line with the Board's expectations." 

"There is a lot of liquidity out there and it’s remaining committed to financial assets. It’s rotating within the markets, and the macro backdrop is supportive of that continuing."

"January managed to both shock and awe in various ways, yet still delivered broad based gains across all global assets in our monthly performance review when measured in USD terms—a genuinely rare occurrence"

"Switch 2 sales figures can be seen as okay, but it would be hard to call them solid." 

"Investors we speak to - including long-term institutional and private wealth investors with slow-moving allocation processes - signal strong interest in creating/increasing the gold share in their strategic portfolios..." - Goldman