The arrival of new-generation automation tools, led by players such as Anthropic, is reshaping the balance of the tech sector. Investors fear a cannibalization effect. They worry these new tools could render the business models of SaaS (Software as a Service) leaders obsolete. Tech giants such as Microsoft, Salesforce and Adobe are seeing their dominance threatened by these more agile and potentially more effective solutions.

On the stock front, Alphabet, Google's parent company, is down about 5% after announcing capital spending above expectations. The group plans to invest between $175bn and $185bn in 2026, versus a consensus forecast of $115.3bn. The announcement, which was poorly received by investors, underscores the group's determination to shore up its position in the global race for artificial intelligence. These massive investments are intended to help Google strengthen its infrastructure capabilities as demand for its cloud services and AI products continues to rise.

Qualcomm is sliding nearly 8% after guidance for the second quarter of its 2026 fiscal year came in below expectations, due to the global memory shortage. Revenue for the period is expected to come in between $10.2bn and $11.0bn, versus $11.12bn expected by analysts. Adjusted EPS is expected to range between $2.45 and $2.65, compared with a consensus of $2.89.

Yet the software developer and marketer posted first-quarter fiscal 2026 profit of $3.50 per share, up 3% and above the $3.41 expected. Revenue came to $12.25 billion, an increase of 5%.

By contrast, Bristol-Myers Squibb is up nearly 1.50% on the back of a sharply higher adjusted EPS of $6.15 in 2025 versus $1.15 in 2024. Its 2026 figure is expected to come in between $6.05 and $6.35, above expectations.

US jobs: indicators that do little to reassure

 Beyond company news, the US employment picture is showing signs of strain, with indicators pointing higher for unemployment and restructurings.

Initial jobless claims came in at 231,000 last week, an increase of 22,000 from the previous week, according to the Labor Department.

In addition, Challenger, Gray & Christmas reports that companies plan to cut 108,435 jobs. That is a record level for any month of January, the highest since the 2009 crisis.

According to the JOLTS report, job openings were lower than expected in December: 6.542 million versus a consensus of 7.200 million. A month earlier, job openings totaled 6.928 million.

Following the government shutdown that disrupted administrative services, the Labor Department had to delay the release of its January monthly U.S. jobs report. Initially expected tomorrow, it will not be released until February 11.