8 February 2026 | 11:32AM EST Commodities Research COMMODITY ANALYST c45a43530f604d12bcb9a82b5aa6b9f6 n Following a strong and volatile start for commodities in 2026, we analyze the price impact of active investors positioning (because, historically, index investors have had little, if any, impact on prices). How would sustained investor diversification into hard assets in an uncertain world affect commodity prices? n Large Boosts. Investor diversification flows can drive large short-run price boosts becaus ...

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 400 points on Thursday.The Dow traded down 0.86% to 49,073.13 while the NASDAQ dipped 1.03% to 22,669.07. The S&P 500 also fell, dropping, 0.91% to 6,820.34.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsReal estate shares gained by 0.1% on Thursday.In trading on Thursday, materials stocks fell by 2.2%.Top HeadlineBristol Myers Squibb & Co. (NYSE:BMY) ...

U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 200 points on Thursday.Following the market opening Thursday, the Dow traded down 0.56% to 49,225.33 while the NASDAQ dipped 0.89% to 22,700.74. The S&P 500 also fell, dropping, 0.74% to 6,831.80.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsConsumer staples shares gained by 0.3% on Thursday.In trading on Thursday, consumer discretionary stocks fell by 2.2%.To ...

It should surprise absolutely nobody that global fund managers were heavily overinvested in commodities just before commodity prices collapsed at the end of last week. ...

U.S. stocks traded mixed this morning, with the Dow Jones index gaining more than 100 points on Monday.Following the market opening Monday, the Dow traded up 0.24% to 49,009.24 while the NASDAQ fell 0.06% to 23,448.80. The S&P 500 also rose, gaining, 0.05% to 6,942.71.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsMaterials shares gained by 0.8% on Monday.In trading on Monday, energy stocks fell by 1.7%.Top HeadlineThe Walt Disney Company (NY ...

Kevin Warsh‘s nomination as the Fed Chair pick by President Donald Trump has sent precious metals into a tailspin, potentially unlocking a massive wave of liquidity for the equity markets.End Of ‘Vortex’ TradeThe vertical ascent of gold and silver came to a screeching halt on Feb. 2, as the nomination of Warsh as Fed Chair triggered a violent reversal in commodity markets.Tom Lee, Head of Research at Fundstrat, told CNBC that the previous rally was a “juggernaut trade” that had become a “vortex sucking risk ...

January 26, 2026 05:35 PM GMT Cross-Asset Spotlight | Global Rates Whiplash Signals, Flows, & Key Data: A weekly summary of key cross-asset monitors, data, moves, and models tracking sentiment, fund flows, and positioning. Last week, 40-year JGB yields surpassed 4% for the first time amid fiscal concerns and MSCI Europe retreated on possible Greenland-related tariffs. Key highlights from last week: Exhibit 1: Morgan Stanley forecasts | Soham Sen | | | --- | --- | | Strategist | | | Soham.Sen1@morganstanley. ...

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 400 points on Friday.The Dow traded down 0.87% to 48,646.87 while the NASDAQ fell 0.88% to 23,476.27. The S&P 500 also fell, dropping, 0.65% to 6,923.38.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsConsumer staples shares gained by 0.3% on Friday.In trading on Friday, materials stocks fell by 1.7%.Top HeadlineApple Inc. (NASDAQ:AAPL) reported stronge ...

Core Insights - The U.S. stock market achieved its third consecutive year of double-digit returns in 2025, primarily driven by technology stocks, but is currently trading at high valuations and extreme concentration levels [4][9] - The Davis Opportunity Fund (DOF) outperformed the S&P 1500 Index with a return of +22.02% compared to the index's +17.02% in 2025, indicating strong performance driven by selective investment choices [8][9] - Active management is recommended in the current market environment to navigate high valuations and to capitalize on opportunities in well-chosen equities [5][19] Market Performance - The S&P 1500 Index is trading at a forward price-to-earnings (P/E) multiple of nearly 26 times, indicating high valuation levels [4] - The index is more concentrated than it has been in nearly three decades, with a significant portion of its value tied to a few megacap technology companies [4] Investment Strategy - The company advocates for a shift from passive index exposure to actively managed equity portfolios, emphasizing the importance of selective security choices and rational diversification [5][19] - The portfolio of DOF consists of 47 holdings compared to the S&P 1500 Index's 1,506, with a forward P/E ratio of 14.3x, significantly lower than the index's 25.6x [10] Sector Focus - The fund's investments include healthcare services, technology shares, and financial services, with a focus on companies that exhibit financial strength and competitive advantages [11][12][14] - Key holdings in healthcare include UnitedHealth, Viatris, and Quest Diagnostics, which are expected to benefit from the expanding U.S. healthcare market [12][13] Technology Investments - The fund holds positions in major technology companies such as Meta Platforms, Alphabet, and Amazon, while also investing in semiconductor firms like Applied Materials that offer strong value [14] - The strategy includes trimming positions in the "Magnificent 7" based on valuation considerations [14][22] Financial Sector - Capital One Financial is highlighted as a core holding, trading at a forward P/E of 13-14x, which is attractive compared to many technology firms [15][16] - The company is noted for its strong consumer finance division and significant AI-related patents, positioning it for future growth [16] Unique Opportunities - The portfolio includes special situations like Wesco International, which has outperformed the benchmark due to strong business fundamentals [17] - Investments in energy and commodities, such as Coterra and Teck Resources, reflect a strategic interest in sectors critical to electrification trends [18] Future Outlook - The company believes that the current market environment presents opportunities for active management to outperform passive strategies, especially given the valuation bubble in major indexes [19] - There is a call to reconsider surplus cash allocations in light of potential falling interest rates and the attractiveness of equities [19]

Company Performance - Caterpillar Inc. reported fourth-quarter sales and revenues of $19.133 billion, an increase of 18% from $16.215 billion in the prior-year period, exceeding revenue estimates of $17.851 billion [2] - The adjusted profit per share for Caterpillar was $5.16, surpassing the estimate of $4.66 [2] - The fourth-quarter profit per diluted share (GAAP) was $5.12, down from $5.78 a year earlier, with operating profit at $2.660 billion, a decrease of 9% [3] Market Trends - U.S. stocks experienced a decline, with the Nasdaq Composite dropping over 1%, while the Dow fell 0.16% and the S&P 500 decreased by 0.66% [1] - Energy shares increased by 1.7%, while information technology stocks fell by 3.6% [1] Commodity Prices - Oil prices rose by 3.1% to $65.18, while gold prices decreased by 0.6% to $5,271.60 [4] - Silver prices fell by 1.3% to $112.120, whereas copper prices increased by 4.3% to $6.1815 [4]