The markets are off to the races today as they round out trading for the first month of 2026. Technology stocks are in focus with several Mag 7 names on deck to report their quarterly earnings, including Apple ( Nasdaq: AAPL) and Meta Platforms ( Nasdaq: META), both of which are advancing by over 1% this morning. Small-cap stocks are relatively flat, with the Russell 2000 down fractionally. Meanwhile, precious metal gold has surpassed the $500/ounce threshold for the first time in history, sending mining stocks higher.
The shift was subtle, then sudden. For weeks, the riskiest trades in finance - crypto, AI stocks, meme names, high-octane momentum bets - had been slipping. On Thursday, that slow-motion retreat snapped. The Nasdaq 100 sank nearly 5% from its intraday peak, its sharpest reversal since April. Nvidia Corp. at one point shed nearly $400 billion despite beating earnings expectations. Bitcoin hit a seven-month low. Momentum names dropped in near-perfect sync.
After yesterday's debacle in which approximately $1 trillion in market capitalization was erased from the stock market, some technology stocks are still hunting a bottom. With the Nasdaq Composite now down 3% for the month of November so far, the AI rally has lost its steam for the time being as the markets wrestle with bullish fundamentals overshadowed by negative headlines. While the selling hasn't been pretty for the bulls, it does not appear to be over, at least not yet.
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Our subsector coverage includes Online Advertising, eCommerce/Rideshare/Food Delivery, and Online Travel. We look at key themes across each subsector, the impact of AI, and company-specific product initiatives to identify the most compelling investment themes and stocks... We are particularly bullish on the online advertising space broadly, driven by several themes, most notably AI driving more user engagement, better advertising efficacy, helping expand the addressable market, and on the cusp of benefiting from a wave of customer acquisition spending from AI native companies,
Archer Aviation is expected to share earnings that highlight FAA certification and partnerships rather than focusing solely on revenue, reflecting its pre-revenue status.
