Mike Dickson thinks AI is no longer driving the market, arguing nominal GDP growth, fundamentals, and earnings breadth are the main factors pushing stocks higher. To back his point, he examines the equal-weight SPX. Mike notes that a lot of the ‘picks and shovels’ companies in the AI buildout trade are also in cyclical sectors. He likes mid-caps for 2026, saying the sector is often ignored but there are “a lot of interesting companies in that space,” including industrials.

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Jaime Katz with @morningstar talks about Home Depot's (HD) earnings and ways its navigated sticky inflation and a struggling housing industry. She also sets the foundation for Lowe's (LOW) earnings by previewing Wednesday morning's report. George Tsilis turns to an example options trade for Home Depot.

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AMD Inc. (AMD) surged Tuesday after Meta Platforms (META) announced a deal tentatively worth $100 billion for 6 gigawatts of computing power. Marley Kayden calls the deal a "big win" for AMD that puts the company in more direct competition with firms like Broadcom (AVGO) and Nvidia (NVDA), the latter of which also signed a deal with Meta last week. Tim Biggam offers an example options trade for AMD.

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Many software names have the same P/E ratio as consumer staples giants, something @CharlesSchwab's Joe Mazzola notes as remarkable. He explains how fear is showing with a surge in options puts and makes the case now could be a time to be "scaling in" software investments. On the broader markets, Joe sees new record highs being hard to reach due to tech and other key sectors taking a backseat in trading activity.

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Ahmed Riesgo thinks the Supreme Court decision around tariffs is a long-term good for the market. He covers fears in the market around AI replacing jobs and disrupting sectors, arguing that such a shift without creating new jobs would be “ahistoric.” The dual contentions of the market, that AI capex is too high and that AI is going to take over everything, cannot both be real at the same time, Ahmed says – and he suspects that neither of them are quite real.

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February's consumer confidence showed a slight improvement over the previous month, though the Richmond Fed presented volatility on the manufacturing front. Kevin Green talks about what the latest prints mean for the economic outlook. As Anthropic announces new products poised for financial institutions, KG turns to technicals in the financial sector as it taps 8-month lows. Oil remains the commodity to watch with prices hovering above $65.

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Rick Pitcairn compares the equal-weighted S&P 500 to the cap-weighted S&P 500 to show the outperformance of the ‘493’. He urges traders to have the “trend at their back” and is looking for value in recent tech sell-offs. “I think you should own all forms of energy right now.” He anticipates a strong earnings season ahead overall.

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Keurig Dr. Pepper (KDP) didn't fizzle out when it came to earnings, with Diane King Hall noting a beat Tuesday morning. Hims & Hers (HIMS) couldn't do the same as the telehealth company sees headwinds as subscribers shrink. Diane later talks about analysts moves in Qualcomm (QCOM) with upgrades from Wells Fargo and Loop Capital.

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Luke Lloyd isn’t buying the Mag 7, arguing that there are far more attractive opportunities, such as software. “We’ve been buying into this software sell-off the last two or three weeks,” he says, including Reddit (RDDT), Fortinet (FTNT), and Palantir (PLTR). Another name he highlights is Cellebrite (CLBT). He thinks the sector will have a “rip-your-face-off rally” soon.

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Anthropic could be one of the biggest market movers despite it being a private company, says Kevin Hincks. He set the stage for the Claude parent's product announcement ahead of the event. Kevin touches on the macro front by talking about Austan Goolsbee's comments that inflation should be at 2% before the Fed cuts interest rates further.

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