US stocks extended last week’s relief rally on Monday, with megacap tech doing most of the heavy lifting while value names tried to remember what outperformance felt like. Investors spent the session toggling between AI euphoria, tariff anxiety and a yield curve that keeps steepening like a cautionary fable for deficit hawks.
S&P 500, Dow, Nasdaq and Russell
The S&P 500 added modest ground closing up .47% to close at 6,964.82, inching closer to last year’s record as investors rotated back into large-cap technology and AI beneficiaries after a bruising stretch of volatility. The Dow Jones Industrial Average, fresh off its first-ever close above 50,000 on Friday, lagged the growth trade but managed to hover near record territory and advance again closing at 50,135.87, +.04%, reminding value investors they are invited to the party even if they are not on the playlist. The Nasdaq Composite resumed its familiar role as market standard-bearer, rising as chip and software names recovered, leaving the index less than a few percentage points from its all‑time closing high at 23,238.67, +.90%. Small caps, represented by the Russell 2000 universe, closed up .70% at 2,689.05.
Macroeconomic Reports, Tariffs and the Fed
The macro calendar was comparatively light, with traders looking ahead to delayed January jobs data and the upcoming January CPI release at week’s end, both of which are expected to test the market’s conviction in a soft‑landing narrative. Tariff headlines remained loud: the White House’s new framework with Bangladesh and ongoing negotiations with India kept attention on the administration’s broader “reciprocal” tariff regime, including a planned reduction in some rates to the high‑teens from earlier 25% levels. At the same time, a recent executive order authorizing tariffs on countries doing business with Iran and another targeting nations supplying oil to Cuba underscored that the tariff lever remains very much within reach, even for geopolitical aims far removed from traditional trade disputes.
On the monetary front, the yield curve continued its post‑inversion normalization, with the 10‑year Treasury yield easing around the low‑4% area while the 2‑year hovered near the mid‑3% range, leaving a positive spread that is now the widest in roughly four years. Futures pricing continued to imply a high probability that the Federal Reserve will keep rates unchanged at its March meeting, even as prior rate cuts have pulled down front‑end yields. This week’s Fed calendar features speeches from key policymakers and, on February 18, the release of minutes from the late‑January FOMC meeting, giving investors a fresh read on how comfortable officials are with the recent easing in inflation and the sharp run‑up in risk assets.
Megacap Tech and AI: NVDA, TSM, MU, AAPL, TSLA, AVGO, META, INTC, PLTR
Nvidia (NVDA, $190.04, +2.50%) shares continued to serve as the market’s emotional barometer, with investors weighing expectations for a major top‑line beat later this month against concerns over intensifying memory competition tied to Samsung’s upcoming HBM4 ramp. Taiwan Semiconductor (TSM, $355.41, +1.88%) traded in sympathy with the broader AI complex, as the foundry giant’s central role in Nvidia and other high‑performance chips kept it firmly embedded in every AI‑themed portfolio worth its buzzword count. Micron Technology, by contrast, spent the day on the back foot: after a blistering year that has seen the stock more than triple on AI memory optimism, shares slipped 2.84% as reports of Samsung’s HBM4 plans and worries about Micron’s slot in Nvidia’s next generation created a convenient excuse to lock in gains.
Apple traded 1.17% lower as it went ex‑dividend, with a 0.26‑dollar per share payout officially detaching from the share price and offering income investors a small consolation prize for tolerating premium‑multiple hardware. Tesla (TSLA, $417.32, +1.51%) shares stayed under the microscope of both technical traders and prediction‑market gamblers, with markets even listing contracts on whether Monday’s close would land above or below Friday’s, a fitting metaphor for a stock that has become a macro factor all by itself. Broadcom (AVGO, %343.94, +3.44%) extended its reputation as a quieter AI beneficiary, moving broadly in line with the tech tape as investors continued to reward its data‑center and networking exposure without granting it Nvidia‑style drama.
Meta Platforms (META, $677.22, +2.38%) saw continued interest from growth investors riding the company’s cost‑discipline and AI‑driven advertising narrative, with the stock helping to buoy the communication‑services slice of the Nasdaq. Intel, meanwhile, remained a more complicated long for patient capital, as traders balanced its foundry ambitions and x86 refresh cycle against the reality that the company is still in the early innings of its attempted turnaround. Palantir (PLTR, $142.91, +5.16%) shares, which have re‑rated into the triple digits over the past year on the back of AI‑driven government and commercial demand, traded at lofty sales and book multiples, a reminder that in this market, “profitable AI platform” remains a magic phrase—at least until the next macro scare hits.
Blue Chips, Cyclicals and Special Situations: LLY, NOK, MCD, RIO, ORCL, OKLO, Opendoor
Eli Lilly (LLY) has once again muscled its way to the top of the healthcare league tables, with its stock climbing as investors double down on the idea that obesity drugs are less a fad and more a new asset class. The company recently reaffirmed its status as the world’s most valuable healthcare name, having already crossed the once unthinkable threshold of a 1 trillion dollar market value, a milestone previously reserved for tech’s usual suspects. Nokia (NOK) rose 1.56% to close at $7.18 and is now up 10.97% YTD, with the once‑iconic handset name now judged more on 5G infrastructure contracts and margin discipline than on product launches—an adjustment that has yet to ignite sustained enthusiasm in the tape. McDonald’s hovered near recent levels, reflecting a market view that the Golden Arches are as much a low‑volatility bond proxy as a burger chain, benefiting from pricing power even as macro uncertainty nudges diners down the value menu.
In commodities‑linked equities, Rio Tinto’s (RIO, $96.85, +3.68%) prospects stayed tethered to the fortunes of iron ore and industrial metals, with the stock trading as a liquid macro proxy for China growth narratives and global infrastructure cycles rather than on company‑specific catalysts. Oracle (ORCL, $156.59, +9.64%) continued to garner attention as a more value‑conscious way to play the AI and cloud wave, with analysts highlighting a potential near‑doubling of the share price over the next year based on current earnings and valuation metrics. Among smaller and more speculative names, advanced‑nuclear hopeful Oklo (OKLO, $75.05, +5.56%) and housing‑cycle proxy Opendoor (OPEN, $4.94, +1.23%) remained sentiment‑driven trades, with performance hinging on investor appetite for long‑duration stories and, in Opendoor’s case, the path of mortgage rates and housing liquidity.
Deals, IPOs, Commodities and Crypto
The corporate‑action tape was relatively quiet, with no marquee U.S. megadeals, leveraged buyouts or transformational mergers dominating the headlines, leaving traders to focus instead on the still‑developing tariff regime and sector‑specific capital‑raising in private markets. On the new‑issue front, the U.S. IPO calendar on the NYSE and Nasdaq remained subdued, reflecting both post‑volatility caution and the simple reality that many growth companies can still tap private financing at valuations they prefer not to test in the public arena.
In commodities, gold added to recent gains and traded above the 5,000‑dollar mark per ounce, extending a powerful rebound that has taken the metal more than 70% higher than a year ago as investors hedge macro, geopolitical and, perhaps, central‑bank discipline risk. Silver, while more volatile and less loved, continued to lag gold’s recovery as speculative positioning has been repeatedly washed out in recent weeks. Oil prices were little changed, holding in the mid‑60‑dollar range as easing supply fears offset broader concerns about global demand and the drag from tighter financial conditions. Bitcoin, meanwhile, remained volatile and down on the day, trading lower after a sharp drawdown from its record highs even as punters continued to bet on whether it can outpace gold, silver and the S&P 500 over the balance of the month.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.4240), is a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps
On Feb. 4, Modular Medical, Inc. announced the start of production of validation lots for its Pivot™ tubeless patch pump’s disposable cartridge and infusion set. Achievement of this critical manufacturing milestone keeps the Company on schedule for commercial launch in Q1 2026, subject to receipt of FDA 510(k) clearance. The Pivot system – the industry’s first removable, tubeless 3ml patch pump – is designed for simplicity and affordability, addressing barriers that prevent many patients from adopting traditional pumps.
On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.
On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026.
Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $8.35, +.85% over the last 5-days), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”
GeoVax Labs, Inc. (Nasdaq: GOVX, $2.66) is a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.
On Jan. 20, GeoVax announced an update with the following key milestones for 2026 for Geo-MVA:
- Initiation of the pivotal Phase 3 immunobridging trial, expected in the second half of 2026
- Continued engagement with European and global health authorities seeking to diversify Mpox and smallpox vaccine supply in light of ongoing global demand pressures
- Advancement toward a U.S.-sourced vaccine supply model addressing both civilian public health needs and biodefense preparedness
Volato Group, Inc. (NYSE American: SOAR, $.4860) and M2i Global, Inc. (MTWO, $.05, +11.36%) is a company specializing in the development and execution of a complete global value supply chain for critical minerals.
On Feb. 4, M2i Global Inc and Volato Group announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the United States, marking an early step in their collaboration focused on developing critical mineral supply chains. The initial shipment consists of titanium ore samples sourced from both mineral sands and hard rock deposits. According to the companies, the material will be distributed to selected academic institutions and a defense industrial base company for analysis, including assessments of refining processes needed to produce titanium products for various applications.
On Tuesday, Jan. 20, M2i and Volato reaffirmed expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.
On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.
Volato Group, Inc. today (Dec. 29) announced the appointment of Alan D. Gaines to its Board of Directors, effective immediately. Mr. Gaines will also serve as Chairman of the Audit Committee.
Serina Therapeutics (NYSE American: SER, $2.25), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.
On Feb. 4, Serina’s CEO, Steven Ledger presented at Tribe Public’s Webinar Presentation and Q&A Event titled “Navigating the New FDA Era: 2026 Strategic Priorities and the Future of Life Sciences”. Please view the event video now to learn more at this link.
On Jan. 29, The U.S. Food and Drug Administration cleared Serina Therapeutics’ investigational new drug (IND) application for SER‑252, the company’s POZ‑enabled formulation of apomorphine being developed for patients with advanced Parkinson’s disease. This clearance allows Serina to move ahead with a registrational‑intent clinical program under the 505(b)(2) NDA pathway, leveraging existing data on apomorphine while aiming to improve its dosing profile and tolerability for patients who need more consistent symptom control. In practical terms, the FDA’s feedback and subsequent clearance provide Serina with a more capital‑efficient route to a potential new drug application, shortening the distance between preclinical promise and commercial reality. For Parkinson’s patients and their clinicians, the stakes are high: SER‑252 is designed to offer a more predictable therapeutic profile, potentially smoothing out some of the daily volatility, patient caregiver burden that has long defined advanced disease management.
On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.
The InterGroup Corporation (NASDAQ: INTG, $28.73) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.
DoubleVerify Holdings Inc. (DV) closed at $9.36, +.21%. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.
flyExclusive, Inc. (NYSE American: FLYX, $3.10, +2.31%), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.
