Investment Review №338. Change in Direction

28.01.2026 — 6978

• The Federal Reserve left the policy rate unchanged at 3.50–3.75%. The decision was fully priced—implied odds of a cut were sub-4% heading into the meeting.

 

29.01.2026 — 6969

• Power provisioning for data centers remains the primary growth engine for the Industrials sector. CAT closed the year with record revenue, up 18% YoY, underpinned by robust demand for energy solutions.

 

02.02.2026 — 6976

• U.S. manufacturing momentum re-accelerated. The ISM Manufacturing PMI surged to 52.6 from 47.8 in December, beating the 48.5 consensus. 

 

03.02.2026 — 6917

• PYPL disappointed. Results came in slightly below consensus; growth in high-margin branded checkout decelerated, and 2026 guidance skewed cautious. Shares sold off ~17%.

 

04.02.2026 — 6882

• The ISM Services PMI held at a revised 53.8 in January, modestly below the 54.4 consensus.

 

05.02.2026 — 6798

• Novo Nordisk and Eli Lilly again posted marked divergence in financial performance, despite competing within the same GLP-1 therapeutic class.