Market Overview - The stock market experienced a rotation away from software and technology, with the Nasdaq and S&P 500 closing down by -1.51% and -0.51% respectively, while the small-cap Russell 2000 fell -0.67% [1] - The Dow Jones Industrial Average gained +0.9% over the past five trading days, contrasting with the negative performance of the tech-heavy indexes [1][2] Company Earnings - Alphabet (GOOGL) reported Q4 earnings of $2.82 per share, exceeding the projected $2.58, with revenues of $97.23 billion, surpassing estimates by over $2.5 billion [4] - Cloud revenue for Alphabet was $17.7 billion, exceeding expectations of $16.2 billion, reflecting a +48% year-over-year growth [5] - Qualcomm (QCOM) reported fiscal Q1 earnings of $3.50 per share, above the consensus of $3.39, but revenues of $12.25 billion fell short of the expected $12.28 billion, leading to a -9% drop in shares [7] - e.l.f. Beauty (ELF) posted fiscal Q3 earnings of $1.24 per share on $490 million in revenues, significantly surpassing expectations of $0.73 per share on $462.77 million, driven by the acquisition of Hailey Bieber's Rhode brand [8][9] Economic Indicators - The final S&P Services PMI for January was reported at +52.7, slightly above expectations, while ISM Services also exceeded expectations at +53.8%, indicating growth in the services sector [3]