Recap of the US stock market on February 10

AI Panic Hits Wealth Management Stocks, Brokerage Earnings Plunge, Is GOOG About to Pull Back?

Today, the S&P and Nasdaq opened higher but drifted slightly lower, with the market awaiting the release of non-farm payroll and CPI data.

AI Panic
After impacting the software sector, AI hit insurance on Monday and today struck wealth management stocks.
AI startup Altruist released an AI tax strategy tool, sparking fears that traditional human financial planning could be replaced, tanking tax planning and wealth management stocks. Leading stock Charles Schwab plunged 7% $Charles Schwab(SCHW.US).
The previously impacted software sector, $iShares Expanded Tech Software Sector ETF(IGV.US), has rebounded somewhat but is still lying low.
Now the market is voting with its feet; whichever sector AI enters gets spooked and crashes, just like last year when any company partnering with OpenAI saw an unjustified surge.
More sectors will be victims later, but after this round of panic, it will still come down to earnings performance. Everything else is just noise.

HOOD $Robinhood(HOOD.US)
Earnings report was very disappointing, down 7.6% after-hours.
I expect COIN's $Coinbase(COIN.US) earnings report on Thursday to be similar.
The trading logic for brokerage stocks: completely follows market sentiment. High market enthusiasm means more traders and higher commissions; otherwise, there's no money to be made.
The crypto market entered a bear market last year, trading volume was light, brokerages couldn't make money, and earnings will drop significantly.
Of course, when market sentiment recovers in the future, brokerages are usually among the first to surge.

Google $Alphabet - C(GOOG.US)
Continues to issue bonds.
Watching 310. If it breaks below, the short-term uptrend is broken, and there could be a pullback below 300.
It's been running too high lately. If we get a decent pullback this time, it would be a buying opportunity for friends who didn't have a position before.