markets

Luke Kawa1/15/26

Retail traders just poured the most money into the stock market since the post-tariff bottom

“This past week was exceptional for retail, sustaining the momentum from earlier this year,” writes JPMorgan strategist Arun Jain of the period ended January 14. “Retail investors bought $12.0B in cash equities — the largest weekly inflow since the post Liberation Day V-shape recovery. ETF activity was steady and strong at $7.1B, but notably, retail purchases of single stocks surged to their highest level in nearly 9 months” at $4.9 billion.

Among those single stocks, the Magnificent 7 (ex Apple) got a lot of love, accounting for a little more than one-third of inflows, led by Nvidia and Tesla. The iPhone maker, on the other hand, saw an exodus of about $185 million. Year to date, however, the Mag 7 is negative, lagging the S&P 500 and Nasdaq 100.

Tech stocks excluding Magnificent 7 stocks also enjoyed elevated buying activity.

Per Jain, trends from the past five years suggest retail traders’ appetite for stocks should stay robust for about another month.

JPM retail trends

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Max Knoblauch3h

Alaska Air expects higher fuel costs to add $600 million in expenses in Q2

Alaska Airlines on Monday kicked off a big week for airline earnings, reporting its first-quarter results after the bell. The stock ticked down after hours.

Alaska Air reported:

An adjusted loss of $1.68 per share, compared to Wall Street estimates of a loss of $1.65 per share.
$3.3 billion in revenue, compared to estimates of $3.29 billion.
A 17% year-over-year increase in fuel costs to $796 million.

Looking ahead, Alaska said it expects a second-quarter loss per share of $1, deeper than the Wall Street consensus (-$0.15). The company expects April fuel costs of $4.75/gallon and for fuel across the second quarter to add $600 million in expenses.

“Absent the fuel price spike, we would have guided to a solidly profitable quarter,” the airline said in its release.

Alaska Air, like the rest of the commercial airline industry, has been pummeled by fuel costs since the beginning of the war in Iran. Along with Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, and JetBlue, the carrier recently hiked its bag fees to offset higher fuel costs.

Amazon to invest up to $25 billion more in Anthropic; Claude developer to spend more than $100 billion on AWS AI technology

This is the latest edition of a frenetic dash for AI compute to power Claude, which is undergoing some problems of success.

Trainum - Amazon AWS

Tasha Matsumoto

Stocks close lower as Trump says Strait of Hormuz will remain closed until deal is signed

Oil raillied and stocks closed lower, paring steeper losses.

Bears fighting

The stock market makes just as much sense as it usually does right now

Does the stock market make sense right now? I don’t know. But it doesn’t not make sense.

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J. Edward Moreno12h

Fermi plunges after CFO, CEO depart

Fermi is down more than 18% in premarket trading after it disclosed in regulatory filings that its now former CEO, Toby Neugebauer, and its CFO, Miles Everson, departed on Friday and Monday, respectively.

The company dubbed its executive shake-up as “Fermi 2.0.” In addition to ousting Neugebauer and Everson, Fermi added Marius Haas as chairman of its board and Jeffrey S. Stein as director of the board.

Fermi, which was cofounded by former Energy Secretary Rick Perry, plans to build nuclear energy infrastructure to power data centers. But the cost to build out its power site is mounting while it still doesn’t have any customers secured, according its annual report released on March 30.

In September, Fermi announced that it had entered into a nonbinding letter of intent with a tenant to lease a portion of its Project Matador power grid site in Amarillo, Texas. That contract was terminated in December.

The company, which went public in October, is down about 75% from its IPO through Friday’s close.

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