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News of the day for Feb. 10, 2026

Major indexes posted solid gains on Monday as tech stocks surged.

Michael Nagle / Bloomberg / Getty Images

Stock futures are down slightly this morning as investors digest corporate earnings reports and await key economic data; the Census Bureau is scheduled to release its report on December retail sales; Coca-Cola stock is losing ground after the beverage giant's fourth-quarter sales came in below estimates; trading platform Robinhood is set to release its earnings report after the closing bell; and Spotify shares are soaring after the streaming giant reported strong quarterly results. Here's what you need to know today.

Stock Futures Slip After Two Days of Gains

Stock futures are slightly lower after two consecutive days of solid gains for major indexes. Futures tied to the Dow Jones Industrial Average were down 0.2% recently, while those linked to the S&P 500 and the tech-heavy Nasdaq slipped 0.1%. Big gains for tech stocks fueled Monday's strong performance, after a volatile stretch of trading for stocks tied to the AI boom. The Dow closed at a record high yesterday after surging above 50,000 for the first time on Friday. Bitcoin was trading at $68,500, down from an overnight high of $70,800 but well above the low near $60,000 hit last week. Gold futures were down slightly at $5,070 an ounce, while WTI crude oil futures held steady ay $64.35 per barrel. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, was at 4.17%, down from 4.20% yesterday and near a four-week low.

Retail Sales Report for Holiday Season Due

Investors will get some key economic data on Tuesday, with the delayed report on retail sales for December due out this morning at 8:30 a.m. ET. The report will provide detail on how much Americans spent during the holiday shopping season amid lingering inflation pressures. The NFIB small business optimism index and import price index reports for December are also scheduled to be released this morning, along with the employment cost index for the fourth quarter. The January jobs report and a report on consumer price inflation, due to be released on Wednesday and Friday, respectively, are the big data events of the week. The Federal Reserve is keenly focused on the labor market and inflation as it considers its next moves on interest rates.

Coca-Cola Stock Drops as Sales Fall Short of Estimates

Shares of The Coca-Cola Company (KO) are losing ground after the company's latest earnings report failed to impress. The beverage giant reported $11.8 billion of revenue, below Wall Street forecasts, along with adjusted earnings per share of 58 cents, just 1 cent above the analysts' consensus compiled by Visible Alpha. Analysts said ahead of the report that Coca-Cola's stock faced a hurdle given its high valuation compared to peers. The stock closed at a record high just above $79 on Friday as investors have rotated into more-defensive consumer staple shares amid volatility in tech stocks. Coca-Cola shares were down 4% at around $75 in recent premarket trading. The company is preparing to transition to a new CEO at the end of March, with company veteran and current COO Henrique Braun succeeding James Quincey.

Robinhood Set to Report Earnings After Closing Bell

Retail trading platform Robinhood (HOOD) is set to report fourth-quarter results after the market closes Tuesday. The online brokerage's stock has been volatile lately, sinking over the last few weeks because of its connection to bitcoin as it expands its efforts in cryptocurrency, though shares have recovered some ground in the last few days. Analysts expect Robinhood to report $1.34 billion in revenue, a record, with earnings of 62 cents per share. The company has expanded its efforts beyond its original mission of bringing stock trading to regular people, with projects in cryptocurrency, credit cards, and the booming world of prediction markets. Robinhood shares were down about 1% ahead of the opening bell.

Spotify Stock Surges On Strong Results

Shares of Spotify Technology (SPOT) soared after the music and podcast streaming service reported fourth-quarter results that topped estimates. Revenue of 4.53 billion euros ($5.39 billion) came in narrowly above estimates, while earnings per share of 4.43 euros, and the company's 751 million monthly active users and 290 million premium subscribers, all came in well above the analyst consensus compiled by Visible Alpha. Co-CEO Alex Norström said Spotify recorded its largest ever quarterly net additions in monthly active users, with 38 million new users added. Spotify shares were up more than 8% premarket, after being down nearly 30% since the start of the year entering Tuesday.

McDonald's shares have gained about 6% since the start of the year

Kevin Carter / Getty Images

Key Takeaways

• McDonald's is slated to post its fourth-quarter earnings on Wednesday morning, with analysts expecting growing revenue and profits.
• Options pricing suggests traders see shares potentially climbing to new highs following the results.

McDonald's is set to release its fourth-quarter earnings on Wednesday morning, with traders anticipating the fast food giant's stock could reach new highs following the results.

Current options pricing suggests traders expect McDonald's (MCD) stock could move up to 3% in either direction by the end of the week. A move of that size from Monday's close near $326 would lift the stock close to $336, exceeding Friday's record. At the low end, the stock could slip to $315.

McDonald's has climbed recently amid a broader rotation out of tech stocks and into more consumer-focused stocks amid some caution about the AI trade. The fast food leader's stock has added about 6% since the start of the year.

Why This Matters to Investors

As one of America's biggest fast food chains, analysts and investors will likely look to results from McDonald's for signals about the health of consumer spending. When the company last reported in October, McDonald's said traffic has dropped among its lower- and middle-income customers, pointing to signs of financial strain.

UBS analysts wrote ahead of the report that they expect solid sales growth in the U.S. and internationally in the fourth quarter, along with updates about strong first-quarter sales as consumers reward the chain's focus on value and efforts with win customers over with deals.

McDonald's is expected to report adjusted earnings per share of $3.04 on a 7% year-over-year rise in revenue to $6.83 billion, according to estimates compiled by Visible Alpha. The company's same restaurant sales are seen rising by 3.7% from the same time last year.

Analysts are mostly bullish on McDonald's stock. Of the 11 analysts with current ratings tracked by Visible Alpha, eight have recommended buying the stock, compared to one "sell" and two neutral ratings. However, their mean target of $343 would imply just 5% upside from Monday's close after the stock's recent rally.

Robinhood shares have declined more than 40% from their record levels in October amid a pullback in cryptocurrencies

Cheng Xin / Getty Images

Key Takeaways

• Robinhood is set to report fourth-quarter results after the closing bell Tuesday.
• Options pricing suggests traders expect the stock could move 9% in either direction by the end of the week.

Robinhood is set to report fourth-quarter earnings after the closing bell on Tuesday, with traders anticipating a big swing from the retail brokerage's stock following the results.

Current options pricing suggests traders expect Robinhood (HOOD) stock could swing around 9% in either direction by the end of the week. A move of that size from Monday's close near $87 could lift the stock back up to $95, where it was before taking a hit last week, or send it down to $78.

While Robinhood shares climbed Monday, they've still declined more than 40% from their record levels in October amid a pullback in cryptocurrencies, with the price of Bitcoin nearly 50% off its October highs.

Why This Matters to Investors

Tuesday's earnings call could present a chance for Robinhood executives to address investor concerns over the company's crypto exposure and provide updates on its latest offerings.

Robinhood, which derives a significant chunk of its revenue from cryptocurrency trading, has continued to expand its offerings in cryptocurrency markets in recent months, along with tokenization of private companies, and the booming world of prediction markets.

Analysts surveyed by Visible Alpha see Robinhood reporting quarterly earnings of 62 cents per share on a 32% year-over-year jump in revenue to a record $1.34 billion.

Wall Street analysts are overwhelmingly bullish on Robinhood's stock, with all eight of the analysts with current ratings tracked by Visible Alpha recommending buying the shares. Their average price target of $151 would suggest nearly 75% upside from Monday's close.

Thousands of student loan borrowers received forgiveness in 2025 under President Donald Trump's administration.

Saul Loeb / AFP via Getty Images

KEY TAKEAWAYS

• During President Donald Trump's first year of his second term, the Department of Education forgave the loans of an estimated 117,280 borrowers through the Public Service Loan Forgiveness program.
• As lawsuits led to a pause in forgiveness under several income-driven repayment plans, 3,570 borrowers received forgiveness through those plans in 2025.
• While the number of forgiven borrowers is lower than during Joe Biden's presidency, it is much higher than other previous administrations.

Although federal student loan borrowers faced many changes to their repayment plans during President Donald Trump's first year of his second term, thousands still got their debt forgiven last year.

Borrowers faced a pause in forgiveness on income-based repayment plans, a reworking of the Public Service Student Loan Forgiveness program, and an overhaul of the entire repayment system last year. Despite the changes, roughly 121,000 received forgiveness in 2025.

While that number may be smaller than the sweeping forgiveness of Trump's predecessor, it's still far more than historical numbers.

Why This Matters

Paying back student loans cuts into many borrowers' budgets, with more borrowers cutting back on spending to make their payments. Many rely on forgiveness programs to help them divert their money to other responsibilities, such as savings and caring for family.

Public Service Loan Forgiveness

Investopedia estimates that in 2025, the Department of Education forgave the loans of about 117,280 borrowers through the Public Service Loan Forgiveness program, also known as PSLF. The program forgives public service workers' loans after 10 years of payments.

Investopedia calculated the amount of student loan forgiveness granted last year using publicly available data from the Department of Education and court filings in two cases that involved the federal student loan program.

In comparison, former President Joe Biden's administration forgave an average of 267,500 borrowers' loans under PSLF each year of his term, totaling nearly 1.07 million. This was an unprecedented amount of forgiveness, as prior to Biden, only about 7,000 borrowers had their loans discharged in the program's history.

Income-Based Repayment Plans

The Trump administration also forgave about 3,570 borrowers' loans through the Income-Based Repayment plan.

There are three income-driven repayment plans that allow borrowers to receive forgiveness after a designated number of payments: the Income-Contingent Repayment, Pay As You Earn, and Income-Based Repayment. Since payments vary based on borrowers' income under these plans, borrowers who make payments for 20 or 25 years and still have a balance will have the remaining balance forgiven.

For most of 2025, the Department of Education did not forgive loans under income-driven repayment plans because of a lawsuit challenging the plans' legality. Early in 2025, the Department of Education paused forgiveness for the ICR and PAYE plans, and in July, it announced it had also paused forgiveness for the IBR plan.

The Education Department does not have publicly available data on the number of borrowers who received forgiveness through an income-driven repayment plan from any administration. When asked for this information, the Department of Education referred Investopedia to loan forgiveness reports that did not include income-driven repayment forgiveness.

What is known is that the Department of Education resumed income-driven repayment plan forgiveness in October and that at least 3,570 borrowers received forgiveness through the IBR plan from Nov. 1 to Dec. 31, 2025. So far, no borrowers have received forgiveness through the ICR or PAYE plans.

Prior to the Biden administration, only 50 borrowers received forgiveness through an income-driven repayment plan, according to Protect Borrowers, a borrowers' advocacy organization. The Department of Education under Biden said it forgave about 1.04 million borrowers through income-driven plans, averaging almost 260,000 per year.

For comparison, the Trump administration forgave less than 1.4% of that average in 2025.

IMPORTANT

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Even with Monday's gains, shares of AppLovin have lost about 37% from December's highs amid heightened scrutiny of its practices and investors.

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Key Takeaways

• AppLovin shares soared Monday after CapitalWatch retracted accusations from a report about a shareholder of the adtech company.
• CapitalWatch said an internal review found the claims tying a shareholder to criminal organizations didn't meet its standards.

One of AppLovin's most vocal critics is walking back some of its claims.

Shares of AppLovin (APP) jumped over 13% Monday, leading gainers on the S&P 500, after CapitalWatch—a self-described "vigilante of capital flowing in and out of stock markets"—over the weekend posted a correction and apology on social media regarding some of its accusations against a shareholder.

Why This Matters to Investors

Monday's surge could point to greater confidence in AppLovin's stock, which has been the target of several short sellers and drawn scrutiny from regulators in recent months.

"We are formally retracting specific characterizations and allegations contained therein regarding Mr. Tang Hao," said CapitalWatch, adding that determined money-laundering claims in a report last month linking him to criminal organizations didn't meet its standards.

CapitalWatch, which has said it has no financial interest in AppLovin, said its retraction hasn't changed its stance about the adtech company, which CapitalWatch has previously called "the ultimate monument to 21st-century new-type transnational financial crime."

Its Jan. 20 report alleged "systemic compliance risks and suspicions of major financial crimes within the core capital structure" of AppLovin, saying the company "views Anti-Money Laundering (AML) laws as non-existent."

CapitalWatch said it plans to issue a fresh report on AppLovin that will "raise professional and necessary inquiries regarding figures that lack reasonable explanation." AppLovin last month sent a cease and desist letter to CapitalWatch demanding it retract its claims, which the company called "defamatory and baseless."

Despite Monday's gains, shares of AppLovin—which late last year joined the S&P 500 index—have lost about 37% from December's highs amid heightened scrutiny. Still, the stock is up about 20% from this time a year ago.

The job market is likely still in a low-hiring, low-firing limbo, according to economists forecasts.

Allison Joyce / Bloomberg via Getty Images

Key Takeaways

• The economy likely added 55,000 jobs in January, up from 50,000 in December, a report is expected to show Wednesday.
  
• The unemployment rate is expected to remain at 4.4%, a relatively low level by historical standards.
  
• Tariffs, the immigration crackdown, and AI have thrown sand in the gears of the U.S. employment machine in recent months.
  

You could get a job anywhere you wanted in January, as long as you wanted to work in health care.

That's the upshot of what forecasters expect a report Wednesday from the Bureau of Labor Statistics to show. U.S. employers likely added 55,000 jobs that month, up from 50,000 in December, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.

As in recent months, job gains are expected to be concentrated in health care, with careers in other fields becoming harder to find as employers remain in a no-hiring mindset. The unemployment rate is forecast to remain at 4.4%, a relatively low level by historical standards.

The data will shed light on the job market as the economy's trajectory remains uncertain. Officials at the Federal Reserve are increasingly concerned about a possible surge in unemployment. Among the recent red flags about the job market: employers had fewer openings in December than at any time since 2020. Economists look at job openings as a leading indicator of future job growth.

What This Means For The Economy

Wednesday's report will be closely watched for signs that the job market is taking a turn for the worse, and that a recent hiring slowdown is turning into serious job losses.

The report is also expected to provide a grim look backward at the job market, incorporating data from a quarterly survey that was not available when the bureau made its initial monthly reports. A preliminary version of the revision, released in September, showed the economy added nearly a million fewer jobs between March 2024 and March 2025 than initially thought. It was originally supposed to be published on Friday, but was delayed by a brief government shutdown last week.

"The final revision reported with the January data is likely to be somewhat smaller but may still wipe out most of the job growth reported for 2025," Dean Baker, senior economist at the Center for Economic and Policy Research think tank, wrote in a commentary.

The job market has been dragged down by several government policies and, at least somewhat, by technological changes.

Trump's far-reaching tariffs and their on-again, off-again implementation have stoked uncertainty among business leaders and curtailed hiring and expansion plans. The immigration crackdown is diminishing the available labor force, suppressing hiring while also keeping the unemployment rate from spiking. And some companies say they are shrinking their workforces as they expand the use of AI software.

Celebrities appearing with Bad Bunny during the Super Bowl LX Halftime Show were subjects of online bets

Thearon W. Henderson / Getty Images

Key Takeaways

• One Polymarket user made about $1.2 million on a series of Seahawks bets, while another won every bet made on celebrity appearances during Bad Bunny's halftime show.
• BofA estimates prediction markets' Super Bowl wagers came to as much as 20% of regulated sports books'.

The stakes were high this Sunday—for both football fans glued to the Seahawks-Patriots Super Bowl and traders watching the game playing out on prediction markets.

Prediction platforms like Polymarket and Kalshi did not run Super Bowl ads—the NFL put them on the no-fly list alongside tobacco and firearms companies—but they still saw a surge in activity. Aside from the headline "Will the Seattle Seahawks or the New England Patriots win the Super Bowl" trade, event contracts ran the gamut: There was trading on how many people would tune in, which celebrities would attend, which musical acts would perform during the halftime show, and more.

Kalshi saw a surge in total trading volume to $871 million, topping its prior daily record of $543 million, according to Bank of America analysts. Its app was among the most sought-out on app stores on Sunday, according to BofA, outpacing even DraftKings (DKNG).

WHY THIS MATTERS TO YOU

Prediction markets are an emerging venue for regular folks to bet on everything from sports games to cultural and geopolitical events.

The bank estimated that some 75% of Kalshi's volumes were on the game or game-related markets—and that prediction markets' Super Bowl betting came to as much as 20% of that of regulated sports books. The American Gaming Association estimated that some $1.76 billion would be wagered legally on Super Bowl LX.

The surge in prediction markets activity over Super Bowl weekend promises continued debate over whether those platforms peddle hedging tools for the masses, or another way to gamble. One Polymarket user, who placed a series of winning bets on the Seahawks, appears to have made over $1.2 million.

Another user who created their account just a day before the Super Bowl bet and won on every celebrity appearance and non-appearance during Bad Bunny's halftime performance. The user made almost $5,000 betting that Lady Gaga would perform, and another $3,000 that Travis Scott would not.

Not everyone was a winner—there was at least one trader who lost $100,000—but signs of improbable luck on prediction markets has raised fears about people using misappropriated information for self-gain.

And one Polymarket event contract regarding performances at the game is being disputed. While rapper Cardi B danced alongside Jessica Alba and Pedro Pascal at Bad Bunny's Casita stage, some are arguing that a cameo isn't necessarily a "performance." Others argued that she performed in the sense that she was on the field and not in the audience. The outcome of that contract will be decided in two days.

Software stocks sold off last week as worries about AI-driven disruption reached a fever pitch.

Michael Nagle / Bloomberg via Getty Images

Key Takeaways

• Some software stocks are on sale after last week's rout, according to a recent Jefferies note, in which analysts called it "premature" to predict AI will decimate the software industry.
• Investors are concerned that competition from AI startups and the rise of "vibe coding" could undercut demand for existing software and pressure the industry's margins.
• Jefferies sees opportunity for software companies that can adapt to AI transformation and leverage their vast pools of data.

All the talk of AI "eating" software could have some investors eating their words, according to a recent Jefferies report.

A rough year for software stocks morphed into "Saaspocalypse" last week when the release of new agentic tools from Anthropic amplified fears that AI is set to disrupt the software industry. The iShares Expanded Tech-Software Sector ETF (IGV) fell about 8% last week, putting the fund down about 22% since the start of the year. But Jefferies analysts see opportunities for investors who can handle uncertainty. (Software stocks were surging Monday afternoon, helping push major indexes sharply higher.)

“The negative sentiment is reaching extreme levels,” wrote Jefferies analysts in a note on Sunday. By their measure, sentiment among software investors is nearly as negative as during the 2008 Global Financial Crisis and the Dotcom Crash of the early 2000s.

Why This Matters

Optimism about artificial intelligence has buoyed stocks across the tech sector for much of the past three years, with only the occasional softness in industries such as software with less exposure to the AI data center boom. The transition from AI development to deployment, however, has raised fresh concerns about the future of entire industries.

After last week’s rout, more than 40% of the software stocks in Jefferies’ coverage are trading near historically low valuations. But analysts argue proclamations of software’s death are “premature,” and that “incumbents that embrace the transition should emerge as [long-term] winners.” 

Software stocks have been dogged by fear that AI threatens the industry on multiple fronts. AI agents and what's becoming known as "vibe coding" could erase software companies' competitive moat. Increased competition from AI-native startups like OpenAI and Anthropic could pressure industry margins. And AI-driven efficiencies at software buyers could shrink headcount, undermining the industry’s seat-based pricing model.

Momentum in other corners of the technology sector isn’t helping sentiment in the software space, according to Jefferies. Tech giants, racing to add computing capacity to train and run AI, are expected to spend about 60% more on infrastructure this year than in 2025.

A huge share of that capital is flowing to semiconductor companies and other suppliers of data center hardware. Advanced Micro Devices (AMD), one of the slower growing AI hardware suppliers, is expected to increase revenue by more than 30% this year, compared with growth in the mid-teens for major software providers like Salesforce (CRM) and Intuit (INTU). 

Many software companies are also struggling to demonstrate that AI is adding to the top or bottom lines. Jefferies estimates that AI accounted for no more than 3% of revenue at any of the application software companies in its coverage last year. Meanwhile, chip makers’ sales have skyrocketed amid booming demand from AI data centers. 

Jefferies believes that over the long term, today's AI concerns will prove overblown and that benefits will accrue to software providers that are “nimble and adapt to the realities of the AI transformation.” They say the companies that are best positioned are those with superior access to data, established distribution networks, and entrenchment in enterprise workflows.

As for the sector as a whole, a few catalysts could spark a rebound in software stocks, according to Jefferies. The industry would be aided by clarity on the software ambitions of AI model providers like OpenAI and Anthropic. Do they want to replace software or augment it? An answer to that question could clear a big dark cloud hanging over the industry. 

Evidence that software companies are benefitting from AI would also help to shift the narrative. A meaningful increase in enterprise deployments could boost AI-driven revenue, while implementing AI internally could expand margins. Finally, moderating data center spending could buoy the industry by weakening AI infrastructure’s tailwinds, making software’s modest growth marginally more attractive to investors.

Kroger's new CEO, John Foran, previously ran Walmart's U.S. operations.

Brandon Bell / Getty Images

Key Takeaways

• Kroger named John Foran CEO, highlighting his prior jobs as CEO of Air New Zealand and Walmart U.S. as he prepares to take over the grocery cain.
• Foran may be inclined to focus on the basics first, but he will need to look at Kroger's e-commerce strategy, UBS said.

Kroger is locked in a battle with Walmart in the grocery business. Now it's bringing in a CEO trained at the retail giant to help it compete.

Kroger Co. (KR) on Monday said it named Greg Foran its CEO after an “extensive” search. The grocer said Foran helped Air New Zealand and Walmart U.S. build up their digital acumen, while overseeing 20 straight quarters of comparable domestic sales growth at Walmart (WMT).

That record may bode well for Kroger, which could use a review of its online sales strategy, UBS said in a research note Monday. Analysts said fundamental progress will take time; Foran is likely to focus on the basics, such as more competitive wages and prices, first, UBS said. The company had sought reinforce its market position by merging with Albertson's (ACI), but that deal was blocked in late 2024.

Why This News Matters to Investors

Large traditional supermarkets are facing a number of headwinds—from the potential for falling pharmacy sales to competition from digital-focused giants and discounters alike. A number of grocers are trying to compete by keeping prices down. Kroger will plot its next course under a new CEO.

A number of Kroger’s rivals, including Walmart and Amazon (AMZN), have won over customers by focusing on e-commerce and delivery. Selling groceries is growing more competitive as discounters, such as Aldi, expand; weight loss drugs reshape shopping patterns; and pharmacy sales potentially fall in response to new government policies, Morgan Stanley said.

“The grocery wars are intensifying with e-commerce a central battleground, price investments driving heightened competition, and few industry drivers that can help relieve the pressure buildup,” its analysts said earlier this month. 

Foran "has long extolled the virtue of 'having a clean and orderly house before inviting company over,’” UBS said. “At the same time, he will need to optimize the company's approach to e-commerce. As of now, it plans to lean heavily on logistics and platform providers like Instacart (CART), DoorDash (DASH) and Uber (UBER). Not having full control of the interaction point with the consumer could create risk in the future, especially as changes like agentic commerce continue to take shape.”

Kroger has struggled in this environment, though company shares have largely remained resilient, holding up last spring when former CEO Rodney McMullen resigned in the wake of a probe into his conduct. Kroger’s revenue missed consensus analyst estimates for six straight quarters, according to Visible Alpha. 

Kroger shares were recently up 5%, putting them 10% above where they were a year ago.

Last week's shakeup in stocks and other assets have offered opportunities to pick and choose, analysts say.

Spencer Platt / Getty Images

Key Takeaways

• Institutional investors bailed on tech last month, averting much of last week's pain; individual investors bought the dip, according to new analysis, but not "indiscriminately."
• Some analysts see opportunities to buy "babies that have been thrown out with the bathwater."

When the beat changes, investors switch up their moves. Last week, they rushed to re-tune their portfolios.

Big tech stocks, metals, and digital assets hit the skids. Institutional and individual investors alike started to favor certain pockets of the market, leading to questions about whether the changes will amount to a meaningful shift in allocations or just a short-term tweak.

The institutional "smart money" stepped out of technology stocks before they took a beating last week, according to recent data. Retail investors likely suffered more, but many are getting choosier in their dip-buying efforts. (U.S. stocks, broadly speaking, were rising to start this week.)

The energy, industrials, and materials sectors—where institutions parked after pulling out of the tech sector last month—were rare bright spots last week, according to Vanda Research. Individual investors plowed into the energy sector, Vanda said, with Wednesday marking the "largest net retail buying" in State Street's Energy Select Sector's SPDR ETF (XLE) since March 2022. (They also bought into stocks like Chevron (CVX) and Exxon (XOM).)

WHY THIS MATTERS TO YOU

Over the last few years, U.S. stocks—particularly the tech sector—has been the place to be. More recent activity suggests that investors are stepping into other asset classes.

Retail investors picked their spots in tech, with dollars going to Alphabet (GOOGL), AMD (AMD), and Palantir (PLTR) rather than picking up the whole sector outright, Vanda data show. More broadly, according to the firm, they've showed "restrained behavior" this year, with buying activity roughly one-tenth of the volumes seen last summer.

"This suggests retail is not indiscriminately buying the dip," Vanda wrote last week.

"There have been clear rotations, away from large caps, especially Tech, and into other sectors and small caps," Deutsche Bank analysts wrote Friday.

At Bank of America, cash, bonds, and international stocks are in, while gold and crypto are out. BofA Global Research investment strategist Michael Hartnett and his team said more than $87 billion in client flows went to cash in a report published Friday. Just under $35 billion flowed into stocks and $23 billion went into bonds.

European stocks saw inflows of $4.2 billion, the biggest weekly haul since April, and more than $5 billion went into Korean stocks—the biggest weekly inflow on record, according to BofA. Gold saw its first week of outflows since November, while crypto saw its biggest weekly outflows since then.

Investors at large appear to have adopted a "more risk-forward stance" that's driving small- and mid-size stocks higher than large-caps, Oppenheimer chief investment strategist John Stoltzfus wrote in a Sunday note.

"Institutions repositioning complex short-term strategies has been a source of market churn of late and is likely to remain near term a source of volatility feeding trading activity, testing the market’s climb of the proverbial 'wall of worry,'" he said.

That would give some investors the chance to "'catch babies that get thrown out with the bathwater' in market downdrafts," Stoltzfus wrote, a reference to the notion that investors would seek to select appealingly priced assets pulled lower by broader concerns.

Some deal-oriented buying was visible in investors' preference for certain style factors, including value stocks over growth. The "flight to value was unmistakable last week," Liz Ann Sonders, Schwab's chief investment strategist, wrote on social media.