Podcast
AI and Gold
Will Simpson and Greg Wise
February 6, 2026.
Market turbulence leads to opportunities.
The final numbers this week don’t come close to telling the full story, as volatility was the defining feature. Performance finished mixed, with relative strength from Canada and the Dow standing out. Staples saw a meaningful bid on both sides of the border, reminding investors of their defensive appeal in choppier markets. In contrast, the Nasdaq had a rough week, with many AI and software names selling off as headlines around Claude’s expanding capabilities pressured the space.
On the earnings front, the picture has been just fine. Roughly 60% of the S&P 500 has reported so far this season, and results have generally come in better than expected. Materials and Industrials have led on the upside in terms of surprises, and overall earnings are running at about 8% for the quarter. Growth has also been solid, with earnings growth up roughly 13% this quarter, driven largely by strength in Materials, Industrials, Technology, and Financials. The main pockets of weakness have been Real Estate and Health Care, but so far the broader earnings backdrop looks pretty healthy.
Taking a step back, it’s worth acknowledging how much uneasiness has crept into markets lately, even as the actual scorecard remains fairly constructive. Despite the choppiness and sharp rotations, the S&P 500 is still up about 1% YTD, Canada is ahead roughly 2%, Japan is up a strong 8%, and EM is leading the pack near 9%, while the Nasdaq sits roughly flat. In other words, it has felt far more dramatic than it has actually been. That does not rule out the risk of something larger developing, but it does argue for perspective.
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