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Wednesday, February 11

Noteworthy macro moves today: US 2Y Treasury Bond -0.1%. Bitcoin -2.2%. US 10Y Treasury Bond -0.3%. Noteworthy US mega-cap moves today: Exxon Mobil Corp (XOM) +1.0%. JPMorgan Chase & Co (JPM) +0.9%. Mastercard Inc (MA) -0.8%. 

Global equity markets are trading higher as investors react positively to stronger-than-expected U.S. labor market data released this morning, which included a significant increase in non-farm payrolls and a drop in the unemployment rate to 4.3%. The U.S. economy added 130,000 jobs in January, well above the forecast of 70,000, while average hourly earnings rose by 3.7%, exceeding expectations and suggesting robust wage growth.

In addition to the employment figures, the labor force participation rate held steady at 62.5%, indicating stability in workforce engagement despite previous concerns about job growth stagnation. This positive economic backdrop has led traders to reduce bets on imminent Federal Reserve rate cuts, contributing to rising Treasury yields and boosting sentiment across equity indices.

Meanwhile, Bitcoin continues to face downward pressure, attributed to ongoing ETF outflows and shifting investor focus towards other sectors such as artificial intelligence amid broader market volatility. The combination of strong labor data and mixed signals from cryptocurrency markets is shaping today's trading environment. Investors reassess their strategies ahead of upcoming inflation reports later this week.

iShares Silver Trust (SLV) [+5.7%]
The iShares Silver Trust (SLV) has experienced a notable price increase of 5.7% as silver prices have risen significantly, reflecting a broader rebound in the precious metals market ahead of the upcoming jobs report. Social media discussions this morning indicated optimism for SLV to reach levels between $82 and $86 within the week, coinciding with silver trading nearly 2% above $82 per ounce, influenced by disappointing U.S. economic data that has shifted demand towards safe-haven investments. Additionally, gold prices surged due to weak U.S. retail sales data, prompting expectations for further Federal Reserve rate cuts and decreasing confidence in U.S. assets. This environment typically enhances silver's appeal. The United States Copper Index Fund (CPER) also saw an increase, which may correlate with SLV's recent performance.

Bitcoin (BTC/USD) [-2.2%]
Bitcoin has experienced a notable decline, dropping significantly amid geopolitical tensions involving Venezuela, Greenland, and Iran. The recent nomination of Kevin Warsh as Fed Chair has raised concerns about potential shifts in monetary policy that could affect the cryptocurrency market. Currently, Bitcoin is showing a daily return of just over negative two percent. Social media highlights include Cango's sale of 4,451 BTC for $305 million to reduce debt, alongside an increase in long-term holder supply to approximately 14.3 million BTC. Denmark's largest bank, Danske Bank, plans to introduce Bitcoin and crypto trading services. Meanwhile, Ethereum has also seen a decline of over three percent, reflecting broader market sentiment in the cryptocurrency sector.

VRT | +16.9% | +14.7B
Vertiv Holdings Co | Electrical Components & Equipment
Vertiv Holdings Co reported strong fourth-quarter results, with a notable increase in organic orders and net sales. The company achieved a 252% rise in organic orders and a 23% increase in net sales year-over-year, totaling $2.88 billion. Adjusted earnings per share (EPS) reached $1.36, exceeding the consensus estimate of $1.30. For fiscal 2026, Vertiv anticipates adjusted EPS between $5.97 and $6.07, surpassing the consensus of $5.33, and projects revenue of $13.25 billion to $13.75 billion, well above the expected $12.39 billion. The backlog surged to $15 billion, reflecting a 109% increase from the prior year. Additionally, the company provided guidance for Q1 adjusted EPS between $0.95 and $1.01, compared to an estimate of $0.94, with projected sales of $2.500 billion to $2.700 billion versus an estimate of $2.528 billion.

NET | +12.0% | +8.2B
Cloudflare Inc | Internet Services & Infrastructure
Cloudflare Inc. reported its fourth-quarter financial results on February 10, 2026, with revenue reaching $614.5 million, exceeding expectations of $591.3 million, and an adjusted EPS of $0.28, surpassing the estimate of $0.27. The company anticipates first-quarter revenue between $620 million and $621 million, above the estimated $613.93 million. Full-year 2026 revenue guidance is projected between $2.785 billion and $2.795 billion, exceeding the consensus of $2.736 billion. CEO Matthew Prince noted a significant increase in annual contract value deals and strong demand driven by AI technologies. Following these announcements, shares experienced notable upward movement in both after-hours and pre-market trading, with a reported increase of over 14% in after-hours trading. Barclays raised its price target for Cloudflare to 250 from 235, while Baird analyst Shrenik Kothari upgraded the stock to Outperform with a new price target of 260.

SHOP | +10.5% | +19.0B
Shopify Inc | Internet Services & Infrastructure
Shopify Inc. reported fourth-quarter earnings, revealing revenues of $3.672 billion, surpassing expectations of $3.592 billion, and marking a 31% year-over-year increase. The company reported a net income of $743 million for the quarter, a decline from $1.293 billion in the previous year. Additionally, Shopify anticipates first-quarter revenue growth in the low-thirties percentage range year-over-year. The board has authorized a $2 billion share repurchase program, reflecting its financial confidence. The earnings report also highlighted a GMV of $123.84 billion and monthly recurring revenue of $205 million. Although the EPS of $0.48 slightly missed estimates of $0.51, the stock experienced a notable increase in pre-market trading, rising approximately 11% following the announcements.

MRNA | -9.7% | -1.4B
Moderna Inc | Biotechnology
Moderna Inc. experienced a significant drop in its share price following the announcement that the U.S. Food and Drug Administration (FDA) issued a refusal-to-file letter regarding its investigational seasonal influenza vaccine, mRNA-1010. The FDA cited concerns over the clinical trial design, specifically the adequacy of the comparator arm, rather than any safety or efficacy issues. This decision contradicted prior guidance from the FDA that Moderna had received. In response, the company has requested a Type A meeting with the FDA to clarify the basis for the refusal. Notably, mRNA-1010 has been accepted for review in the European Union, Canada, and Australia, with potential approvals expected in late 2026 or early 2027. Social media discussions have reflected frustration regarding perceived inconsistencies in regulatory standards, particularly given the acceptance of the vaccine by other countries.

TMUS | -5.2% | -11.5B
T-Mobile US Inc | Wireless Telecommunication Services
T-Mobile US Inc. is experiencing a notable decline in pre-market trading, moving lower alongside the Wireless Telecommunication Services sector. The company reported its Q4 earnings, revealing an adjusted EPS of 2.14, surpassing analyst expectations of 2.04, while total revenue reached 24.33 billion, exceeding the consensus estimate of 24.18 billion. Despite these positive earnings figures, T-Mobile's net income fell to 2.103 billion from 2.714 billion in the previous year. The company also reported postpaid phone net customer additions of 962,000, which was below the estimated 981,330, and an increase in the postpaid churn rate to 1.02% compared to 0.92% a year ago. Following the earnings announcement, shares slipped, reflecting concerns regarding profitability and operational metrics.

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