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Tuesday, February 10

Noteworthy macro moves today: Ethereum -3.9%. USD/JPY -0.8%. Bitcoin -1.6%. Noteworthy US mega-cap moves today: Mastercard Inc (MA) +0.9%. Microsoft Corp (MSFT) +0.6%. Eli Lilly and Co (LLY) +0.4%. 

Global equity markets are trading mixed as investors react to disappointing U.S. retail sales data released today, which showed stagnation at 0.0%, significantly below expectations of a +0.4% increase for December. This unexpected stall in consumer spending has raised concerns about economic momentum heading into early 2026, particularly following a previous increase of +0.6% in November.

Additionally, the Employment Cost Index (ECI) for Q4 was reported at +0.7%, also falling short of the anticipated +0.8%. The combination of stagnant retail sales and lower-than-expected wage growth is contributing to negative sentiment in the market, as analysts express concerns over potential slowing momentum in consumer spending and inflationary pressures.

In Asia, the Nikkei index reached record highs earlier today amid positive trends across regional markets; however, this optimism contrasts sharply with the mixed performance seen in U.S. equities, where major indices are trading lower following today's economic data releases that could influence Federal Reserve policy decisions moving forward.

iShares MSCI South Korea ETF (EWY) [-1.1%]
The South Korea Science Ministry reported a significant data leak involving Coupang, affecting 33.7 million users due to exploited authentication flaws. This incident raises concerns about cybersecurity and data protection in the region. The South Korean stock market, represented by the KOSPI index, experienced a notable rebound, driven largely by gains in technology and industrial stocks. Despite this broader market rally, the iShares MSCI South Korea ETF (EWY) is currently showing a decline. The top contributor to the ETF's performance was SKM, which recorded a slight negative return. Additionally, the S&P 500 Index has moved down, reflecting broader market sentiment that may be influencing EWY's performance. Overall, EWY has dropped significantly since Monday.

Ethereum (ETH/USD) [-4.0%]
Ethereum (ETH/USD) has experienced a significant decline, dropping nearly 4% since Monday. Recent macroeconomic data reveals that U.S. retail sales unexpectedly stalled in December, which could present challenges for economic recovery. Additionally, employment costs increased by only 0.7% in Q4, below the anticipated rise of 0.8%, suggesting slower wage growth that may affect consumer purchasing power. On the social media front, Tom Lee's BitMNR acquired 40,000 ETH, raising its total holdings to 4.3 million ETH, valued at approximately $10 billion. The Ethereum Foundation announced a transition to ZK Proof-based block validation, with a workshop scheduled for February 11, 2026. Furthermore, Ethereum attracted $57.05 million in new investments through spot ETFs, contrasting with outflows from SOL ETFs. Meanwhile, Bitcoin (BTC/USD) has also declined by 1.66%, reflecting broader market sentiment that may be influencing Ethereum's price movement.

SPGI | -17.0% | -19.6B
S&P Global Inc | Financial Exchanges & Data
S&P Global Inc reported its fourth quarter and full-year 2025 results today, revealing an adjusted net income of $1.299 billion for Q4, a 12% year-over-year increase, and revenue of $3.916 billion, reflecting a 9% rise from the previous year. Despite these gains, the Q4 adjusted EPS of $4.30 fell short of the consensus estimate of $4.34, leading to a significant decline in the stock, which was down 14% in pre-market trading. Additionally, the company lowered its FY26 adjusted EPS forecast to a range of $19.40-$19.65, compared to the prior consensus of $19.96. Social media discussions noted that shares had dropped over 18% due to the earnings miss and soft outlook for 2026. At 7:15 AM NY time, S&P Global reaffirmed their EPS guidance for FY2026 and set revenue guidance for FY2026 at $16.3 billion to $16.7 billion.

CRDO | +14.0% | +3.2B
Credo Technology Group Holding Ltd | Semiconductors
Credo Technology Group Holding Ltd has reported preliminary third-quarter fiscal 2026 revenue expectations of between 404 million and 408 million, significantly exceeding previous guidance of 335 million to 345 million and the consensus estimate of 342.33 million. This announcement, made approximately 15 hours ago, has contributed to a notable surge in the stock price, which increased by over 10% shortly after the news broke on social media. Additionally, the company anticipates mid-single-digit sequential revenue growth into the fourth quarter and projects over 200% year-over-year growth for the current fiscal year. A conference call is scheduled for March 2 to discuss these results further.

DDOG | +17.3% | +7.8B
Datadog Inc | Application Software
Datadog Inc. reported its fourth-quarter financial results, revealing a net income of 46.57 million, up from 45.59 million a year earlier. Revenue reached 953.19 million, exceeding the consensus estimate of 916.6 million and reflecting a 29% year-over-year increase. Adjusted earnings per share (EPS) were 0.59, surpassing the expected 0.55. For the first quarter, Datadog anticipates revenue between 951 million and 961 million, above analyst expectations of 935 million, although the projected adjusted EPS of 0.49 to 0.51 falls short of the consensus estimate of 0.54. Looking ahead to fiscal year 2026, the company expects revenue between 4.06 billion and 4.10 billion, slightly below the analyst consensus of 4.11 billion. Following these announcements, Datadog shares surged by approximately 15.2% in pre-market trading.

RACE | +10.2% | +7.4B
Ferrari NV | Automobile Manufacturers
Ferrari NV reported strong financial results for the fourth quarter and full year of 2025, with net revenues increasing to €7.146 billion, a year-over-year rise of 7%. Operating profit (EBIT) reached €2.110 billion, reflecting a growth of 12% and an EBIT margin of 29.5%. The net profit for the year was €1.600 billion, and EBITDA rose to €2.772 billion, up 8%. Industrial free cash flow improved significantly, increasing by 50% to €1.538 billion. For 2026, Ferrari is guiding towards approximately €7.5 billion in revenues and an EBITDA margin of 39%. Following the release of these optimistic results, Ferrari's shares experienced their largest jump in six years, with earnings per share of €2.14 exceeding expectations by €0.05, while revenues for Q4 rose by 3.8% year-over-year to €1.8 billion, surpassing the consensus estimate.

SPOT | +10.8% | +9.9B
Spotify Technology SA | Movies & Entertainment
Spotify Technology SA reported robust fourth-quarter results, significantly exceeding analyst expectations. The company achieved an earnings per share of €4.43, well above the estimate of €2.74, while revenue increased nearly 8% to €4.53 billion, slightly surpassing the anticipated €4.52 billion. Monthly active users reached 751 million, reflecting an 11% year-over-year growth, and premium subscribers grew by 10% to 290 million. The firm forecasted first-quarter revenue of €4.5 billion and total monthly active users of 759 million. Additionally, Spotify's operating income for Q1 is projected at €660 million, aligning with analyst expectations. Following the earnings release, the stock experienced a notable surge, with social media discussions highlighting a significant increase in share price attributed to the addition of 38 million users in Q4 2025 and the positive outlook for Q1.

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