Good Afternoon. A strange labor-market signal is getting louder: white-collar job seekers are paying for recruiting help as openings thin and searches stretch out. While creators are building real companies with MrBeast buying fintech app Step.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Nasdaq Rebounds, Dow Holds 50,000

The News: U.S. stocks moved higher as markets steadied after last week’s violent tech/crypto swings. The Nasdaq rose, the S&P 500 gained, and the Dow hovered near flat but stayed above 50,000. Abroad, Japan’s Nikkei 225 jumped 3.9% to a record after Prime Minister Sanae Takaichi won a decisive election victory, with the yen strengthening and Japanese bond yields rising. Crypto was calmer by comparison: bitcoin hovered near $70,500–$70,900, slightly lower on the day after last week’s whipsaw.

Why It Matters: This is the market telling you the economy still looks “okay” as confidence stays conditional. With layoffs and job-openings data flashing yellow recently, the next few labor updates are crucial. For investors, the message is split-screen: earnings and macro resilience are supporting indexes, but the AI narrative is still fragile—markets are rewarding growth and punishing anything that looks like overinvestment. The calm in bitcoin also fits the broader tone: risk isn’t “on,” it’s “carefully on.”

What to Watch: The next catalyst is the delayed January jobs report due Wednesday, Feb. 11, 2026—after softer alternative labor data raised recession-adjacent whispers. Also watch how bond yields react: if rates jump on a “too-strong” print, tech can give back gains fast. After a week like that, the market’s favorite asset is fresh data.
Source: wsj.com

2. Google Tries a Century Bond

The News: Alphabet is lining up a rare 100-year sterling bond as part of a multi-currency financing push, alongside a seven-tranche U.S. dollar bond sale that has already drawn $100B+ in investor orders, according to reporting cited by Reuters and the Financial Times. The U.S. deal is targeted around $15B (with the longest tranche maturing in 2066) and has been marketed at roughly +1.2 percentage points over Treasuries for the long end. The funding spree lands right after Alphabet reaffirmed its massive 2026 capex plan of $175B–$185B, nearly double 2025’s $91.4B, as it races to build AI infrastructure.

Why It Matters: This is the hidden plumbing behind “AI everywhere”: the faster Big Tech builds data centers and chips, the more likely AI features get integrated into everyday products without turning into $50/month add-ons. The signal is bigger than one bond: tech is behaving less like cash-rich software and more like capital-intensive infrastructure. Issuing ultra-long debt is Alphabet effectively saying, “We want to lock in funding for decades”—but it also invites the obvious question: will AI returns arrive fast enough to justify today’s spending wave?

What to Watch: If buyers stay most enthusiastic for shorter bonds (as the FT noted), it suggests the market is still cautious about underwriting tech risk for a century. Also watch whether peers follow: Morgan Stanley expects hyperscalers could issue $250B–$300B of debt in 2026, and this week’s order books are a real-time stress test of how much “AI infrastructure paper” markets will absorb. The bond market is voting on AI, just with spreads instead of slogans.
Source: ft.com

3. MrBeast Buys a Bank App: Step Joins the Creator Conglomerate

The News: Beast Industries, the company built around YouTuber Jimmy “MrBeast” Donaldson, said it acquired fintech app Step on Feb. 8, 2026, bringing a Gen Z-focused banking platform with 7+ million users under MrBeast’s distribution machine (about 450 million subscribers across channels, per the company). The move gives Beast Industries an off-the-shelf foundation for its planned financial services push—Donaldson teased “MrBeast Financial” at DealBook in Dec. 2025, and this deal replaces a build-from-scratch launch with Step’s existing tech stack and team. Terms weren’t disclosed; Beast Industries was last valued at about $5.2B in a round led by Alpha Wave Global, according to the report.

Why It Matters: For consumers (especially teens and twenty-somethings), this could make “money basics” more accessible. Step’s pitch is saving, spending, and credit-building tools in an app that already speaks the language of its audience. The upside is reach: a creator with massive trust and attention can lower the friction to start budgeting or building credit. The risks are also real: fintech is regulated, reputationally fragile, and heavily dependent on partner banks (Step’s products are powered by Evolve Bank & Trust, per reporting). If product terms, fees, or marketing get even slightly messy, “financial literacy” can turn into “financial backlash” fast.

What to Watch: Watch for the first concrete rollout under a “MrBeast Financial” umbrella, new products, pricing, and whether Step expands into higher-stakes (more profitable) areas like lending. Turning attention into a financial relationship is powerful and lets hope this helps to get the next generation of investors involved.
Source: businesswire.com

4. Paying to Get Hired: “Reverse Recruiters” Boom

The News: A growing number of U.S. white-collar job seekers are paying recruiters—sometimes $1,000 to $15,000 or a cut of first-year pay—to apply for roles on their behalf as hiring slows and layoffs rise. The shift comes as the job market tilts toward employers: U.S. job openings fell to 6.5 million in December 2025 (lowest since Sept. 2020) while 7.5 million people were unemployed, and private employers added just 22,000 jobs in January 2026 per ADP. Meanwhile, employers announced 108,435 job cuts in January 2026, the worst January since 2009, according to Challenger, Gray & Christmas.

Why It Matters: This is a blunt signal that landing a desk job is getting more expensive. Spending thousands on a job search can mean dipping into savings, delaying big purchases, or taking on higher-interest debt just to stay afloat. For employers and investors, “reverse recruiting” is also a symptom of a wider reset: fewer openings, longer job searches, and more automation pressure are shifting bargaining power away from workers, especially in tech, finance, and professional services. If this persists, it can weigh on wage growth and consumer spending—two pillars markets watch for a soft landing.

What to Watch: Watch job openings (JOLTS) and weekly initial jobless claims for confirmation that the white-collar slowdown is spreading beyond a few sectors. Also watch whether “reverse recruiter” firms start offering guarantees, tighter performance metrics, or sliding pricing as competition increases—because paying to apply only feels rational if it actually improves interview rates. The weird part isn’t that job seekers will pay; it’s that the market made it feel necessary.
Source: wsj.com

5. ChatGPT Becomes an Insurance Agent

The News: Spanish digital insurer Tuio is now offering personalized home insurance quotes directly inside ChatGPT, after OpenAI approved its app, according to industry reporting. The app launched Feb. 9, 2026 and keeps users in the ChatGPT interface while collecting details conversationally and returning real-time quotes. The rollout rides on OpenAI’s newly formalized app ecosystem: OpenAI opened submissions and an in-product app directory in December 2025, making it easier for regulated services to show up at the moment a user asks, “What should I buy?” A second entrant popped up the same day: Insurify announced a ChatGPT app for car insurance comparison.

Why It Matters: This could make insurance shopping less painful—fewer tabs, fewer forms, and faster “roughly what will this cost?” answers in plain English. It also shifts power in distribution: if ChatGPT becomes the starting point for research, insurers that integrate well may win the first (and often only) look. The risks are real, too—insurance is regulated, pricing is sensitive to inputs, and the line between “helpful quote” and “steered sale” will matter. Still, done right, this is one of the cleaner examples of AI reducing friction in a category most people avoid until they have to buy.

What to Watch: Watch what OpenAI does next with regulated commerce inside ChatGPT: disclosures, permissions, and audit trails will determine whether this scales beyond early pilots. Also watch adoption metrics—conversion rates from chat → quote → bind, plus whether more insurers rush into the app directory ahead of peak renewal seasons. If shopping for coverage starts to feel like chatting instead of paperwork, that’s a real quality-of-life upgrade.
Source: insurancebusinessmag.com

1. Novo Pops as Hims Pulls $49 “Copycat” GLP-1 Pill

The News: Novo Nordisk shares jumped as much as 8.6% in early Copenhagen trading on Feb. 9, 2026 after Hims & Hers said it would stop offering its compounded semaglutide weight-loss pill—an abrupt reversal that sent Hims down about 15% in premarket trading. Hims had launched the needle-free pill at an intro price of $49 for the first month, versus Novo’s oral Wegovy price cited around $149/month, before Novo threatened legal action and U.S. regulators signaled tighter enforcement against mass-market GLP-1 knockoffs. Reuters reported the U.S. health department referred the matter to the Department of Justice to review potential violations tied to compounding and marketing claims.

Why It Matters: This is about access and price. Cheap compounded GLP-1s have been a pressure valve for people priced out of branded drugs, so a crackdown can mean fewer low-cost options and more friction for patients trying to start or stay on therapy. For Novo (and other branded makers), it’s a near-term win: fewer “copycat” products reduces price pressure and protects the value of FDA-approved formulations—especially as competition intensifies (including Eli Lilly’s strong trial results versus Wegovy). More broadly, it’s a signal that regulators may be drawing a harder line between legitimate compounding for shortages and mass-market alternatives that look and feel like retail products.

What to Watch: Watch the next enforcement steps—FDA guidance on compounding inputs and any DOJ action could determine how quickly the broader “compounded GLP-1” ecosystem shrinks (or adapts). If regulators keep tightening, the biggest winner may be whichever company can offer the most supply at the lowest net price.
Source: reuters.com

2. Europe Breaks Another Record

The News: European stocks closed at fresh all-time highs on Feb. 9, 2026, with the STOXX Europe 600 up 0.7% to 621.41 as investors rotated back into earnings and M&A after last week’s AI-driven jitters. Italy’s UniCredit jumped ~6% after reporting €10.92B in 2025 profit (+12% YoY) and lifting its outlook—targeting roughly €11B of profit in 2026 and €13B by 2028, alongside plans to return about €50B to investors through 2030. Deal buzz added fuel: InPost surged 13.5% after agreeing to a €7.8B ($9.2B) buyout led by FedEx and Advent, while NatWest fell ~5–6% after agreeing to buy Evelyn Partners for £2.7B ($3.68B).

Why It Matters: A strong European update usually signals “risk-on” confidence—helpful for business investment and hiring, but it can also keep pressure on rates if growth stays firm. For investors, the message is more specific: banks are back in the driver’s seat when profits and buybacks are credible, and M&A is re-emerging as a stock-moving catalyst (especially in logistics and wealth management). The flip side: NatWest’s drop is a reminder that not all deals are cheered—if the price looks rich or the capital hit is big, markets will punish first and ask questions later.

What to Watch: Watch whether this rally broadens beyond banks into rate-sensitive sectors and whether tech can keep recovering as the market digests the “AI capex arms race.” Records are nice; repeatability is the real flex.
Source: investing.com

3. Nikkei Hits a Record as Japan’s Election Delivers

The News: Japan’s Nikkei 225 surged 3.9% to a record close of about 56,364 on Feb. 9, 2026, after Prime Minister Sanae Takaichi won a decisive election that gave her bloc a commanding mandate. Reuters and other reporting said the result delivered a two-thirds-plus grip in the lower house (a “supermajority” via the ruling coalition), reducing near-term political risk and reviving the “Japan reflation” trade. The rally spilled across the region—South Korea’s Kospi jumped roughly 4%—helped by a rebound in U.S. tech and renewed AI-chip optimism.

Why It Matters: Markets are betting on a government with enough runway to push growth-friendly policies—potentially more fiscal support and reforms—which can help wages and domestic demand, but may also raise concerns about debt and long-term inflation if spending gets too aggressive. For investors, the immediate payoff is clarity: fewer coalition headaches typically means a lower “political risk” discount for equities. The trade-off shows up in bonds as yields can rise when investors expect bigger deficits, so the sustainability of this rally depends on whether policy feels pro-growth and fiscally credible.

What to Watch: Watch Japan’s government bond yields and the yen this week—if yields keep climbing on deficit fears or the yen whipsaws, equities can lose momentum fast.
Source: apnews.com

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Lasting for a very short time; fleeting.

“The cherry blossoms are ephemeral, lasting only a few weeks each spring.”