February 9, 2026
Markets and macro
U.S. equities were mixed after January inflation came in slightly cooler than expected. The S&P 500 rose 0.05%, the Dow gained 0.10%, and the Nasdaq slipped 0.22%. January CPI increased 0.2% month over month and 2.4% year over year. Core CPI rose 0.3% month over month and 2.5% year over year.
The weekly move was weaker. The S&P 500 fell 1.4%, the Dow lost 1.2%, and the Nasdaq dropped 2.1% as investors reassessed AI disruption across software, real estate, financials, and media. The labor market also looked uneven. Unemployment fell to 4.3%, payrolls increased by about 130,000, and healthcare accounted for 123,500 jobs. Healthcare added 437,000 jobs year over year, while social assistance added 321,000.
Alphabet debt sale
Alphabet raised $20 billion in its largest dollar bond sale, above an initial expectation of $15 billion. Demand exceeded $100 billion. The proceeds support an AI infrastructure buildout, including data centers, as Alphabet plans to spend more than $185 billion in 2026. Expected 2026 capex across major hyperscalers is around $650 billion.
The longest Alphabet bond, due in 2066, priced at 95 basis points over Treasuries, tighter than a prior spread of 1.2 percentage points. Oracle recently raised $25 billion with $129 billion of orders, showing continued investor demand for large technology credits despite equity-market concern around AI.
Deals and sector moves
KKR agreed to acquire Arctos Partners for $1.4 billion, including $300 million in cash and $1.1 billion in KKR equity. Arctos manages more than $15 billion in assets and owns stakes in teams including Liverpool F.C., Paris Saint-Germain F.C., and the Golden State Warriors. KKR plans to combine Arctos with customized financing and liquidity solutions through KKR Solutions, a platform it expects could grow beyond $100 billion.
Terradot agreed to acquire Eion, combining two enhanced rock weathering carbon-removal companies. Carbon-removal demand continued to grow, with 291 buyers signing offtake deals or retiring credits last year, up from 264. Advent and FedEx also agreed to buy InPost at a €7.8 billion valuation. The €15.60-per-share offer represented a 50% premium to InPost's January 2 share price. InPost operates 61,000 automated parcel lockers, including 14,000 in Britain.
Lithium prices also rebounded. Battery-grade lithium carbonate rose from about $11 per kilogram in early December to more than $16 in early January, while energy-storage battery demand increased 80% year over year in 2025.