INSTAT B US Markets Daily Pulse Report,, including Canadian & Latin American companies traded today on NYSE/Nasdaq, February 9, 2026
Sector Rotation Favors Cyclicals and Defensives as Technology and Healthcare Lag; Canada and Mexico Show Strong Pro-Risk Flows
Executive Summary:
The market on February 9, 2026, shows a clear rotation into cyclical and defensive sectors, with Energy, Materials, Industrials, and Consumer Staples leading on strong short-term momentum and elevated INSTAT scores. Technology and Communications & Media remain in corrective, risk-off phases despite isolated rallies, while Healthcare continues to lag with signs of ongoing distribution. Capital flows favor pro-cyclical exposure, particularly in U.S. and Canadian energy, materials, and industrials, with Mexico displaying strong bullish momentum and South America seeing steady, selective inflows.
Analysis of Capital Flows Between Sectors
GICS sectors show an overall constructive short‑term tone, with positive mean 1D and 1W returns and broadly supportive INSTAT, but there is clear differentiation between cyclicals, defensives, and growth. Energy, Materials, Industrials, and Consumer Staples screen as Strongly/Moderately Bullish on a 1D–1W basis, while Technology and Communications & Media are in a corrective, risk‑off configuration despite some powerful single‑stock moves. Financials and Real Estate look more “repair/rotation” than outright bearish, with weak or mixed 1W performance but improving 1M for many constituents. Healthcare remains the softest major group, with flat‑to‑slightly positive 1D/1W but depressed IN/INSTAT and negative 1M, pointing to ongoing distribution rather than a completed bottom.
The pro‑risk message today is clearest in Industrials and Materials, where mean 1D and 1W are strong, INSTAT is elevated, and 1M trends are positive, suggesting a durable rotation into cyclicals rather than a one‑day spike. Energy also sits in the bullish camp, with strong 1D/1W and very supportive 1M, but with a number of names (e.g., MPC, XPO in Materials‑linked infrastructure) already short‑term extended. At the other end, Technology’s positive 1D masks a negative mean 1W and 1M plus very low AT/ST/INSTAT, consistent with an ongoing growth de‑risking phase where rallies are being sold into. Communications & Media is even weaker on a 1W/1M basis with negative IN/INSTAT, reflecting a concentrated unwind in high‑beta media/streaming and social platforms despite a handful of tactical squeezes.
Clear sector leaders (1D/1W tone)
Energy – Strongly Bullish: broad 1D/1W gains, high INSTAT, 1M uptrend intact; classic pro‑risk commodity and midstream leadership.
Materials – Strongly Bullish: very strong 1D and 1W, elevated INSTAT, and positive 1M, indicating an acceleration of the prior uptrend (metals, miners, fertilizers).
Industrials – Strongly Bullish: robust 1D/1W, high INSTAT, with 1M strength; cyclical capital goods, airlines, and defense leading a risk‑on rotation.
Consumer Staples – Moderately/Strongly Bullish: positive 1D/1W and high INSTAT, with a strong 1M backdrop; defensive bid persists even as cyclicals rally.
Clear sector laggards (1D/1W tone)
Technology – Bearish/Repair: positive mean 1D but negative 1W and 1M, low AT/ST/INSTAT; short‑covering spikes within an ongoing de‑rating.
Communications & Media – Bearish: weak 1W and 1M, negative IN/INSTAT; continued distribution in media, platforms, and some ad‑tech despite pockets of speculative activity.
Healthcare – Bearish/Repair: flat 1D/1W on average but clearly negative 1M and low IN/INSTAT; tape remains heavy even with isolated momentum winners.
Real Estate – Neutral/Repair: small positive 1D/1W but low IN/INSTAT; late‑cycle income names stabilizing after prior drawdowns, still vulnerable to rate expectations.
Key sector anomalies to tag
Extended leaders
Energy sector ETF XLE – Strongly Bullish, short‑term extended: 1D and 1W solidly positive, INSTAT in the 90s; move continues a strong 1M trend; monitor for near‑term mean reversion in the basket.
Materials (metals/fertilizers) – Names like SCCO, RIO, BHP, CF, and CC show 1D in the 3–5% range with high INSTAT and already strong 1M, marking a momentum extension rather than an early‑stage turn.
Industrials (cyclical transport/defense) – Stocks such as LUV, UAL, CAT, DE, GE, ETN, GEV, and Quanta PWR post strong 1D plus double‑digit 1W and high INSTAT, extending powerful 1M rallies.
Consumer Staples megacaps – WMT, COST, KO, PEP, and HSY maintain high INSTAT with positive 1D/1W atop strong 1M trends, indicating crowded, extended defensives.
Deep laggards
Communications & Media – CoStar CSGP, The Trade Desk TTD, FUBO, ROKU, and various media names (e.g., NWSA, PSKY, FOXA) cluster with clearly negative 1W/1M and INSTAT ≤ −80, signaling ongoing distribution.
Healthcare – Axon‑like patterns in med‑tech/biotech such as ILMN, VEEV, UNH, NVO, NVO‑adjacent growth, and BSX show negative 1D/1W/1M with depressed INSTAT, suggesting capitulation risk is still present.
Real Estate and REITs – AMT, CCI, SBAC, AVB, RITM, AMH, and other tower/residential REITs sit with negative 1W/1M and INSTAT down to −80 to −100; structural income under pressure even as rates stabilize.
Potential contrarian ideas
Large‑cap Tech – MSFT, CRM, ADBE, INTU, PANW, TXN, and QCOM show negative 1W/1M and weak INSTAT but with some stabilization in IN and occasional positive 1D; candidates for tactical squeezes if the growth tape stabilizes.
Communications platforms – META, GOOG, NFLX, SPOT, and PINS have negative 1W/1M and low INSTAT, but many still sit on positive 1Y trends; short‑term oversold against solid longer‑term narratives.
Healthcare quality – LLY, MRK, JNJ, PFE, AZN, and AMGN maintain positive IN/INSTAT and strong 1M trends despite intermittent 1D/1W pullbacks; today’s weakness in some names looks more like digestion than a top.
Analysis of Capital Flows Within Sectors
Within Energy, breadth is strongly positive with most producers, midstream, and majors showing aligned 1D and 1W strength and high INSTAT, extending strong 1M trends. Leaders such as MPC, XOM, COP, DVN, CNQ, IMO, SU, CVE, and Imperial/WCS‑linked names combine robust 1D/1W with INSTAT in the 90–100 range, signaling powerful pro‑risk flows. Laggards are sparse and mostly tactical: names like ET and some European majors (SHEL, TTE) show softer 1D or 1W but still positive 1M, suggesting pauses rather than reversals.
Materials displays one of the most aggressive risk‑on tapes, with steels (CMC, STLD, NUE), construction materials (MLM, VMC), miners (SCCO, RIO, BHP), and chemicals/fertilizers (CF, CC, MOS) all posting strong 1D and 1W plus very high INSTAT, on top of strong or improving 1M. Short‑term laggards are concentrated in structurally weak names like HUN, METC, GPRE’s prior drawdown cohort, and a few specialty chemicals that have only recently turned higher. This configuration argues for trend‑following continuation trades but also warrants vigilance for pullbacks after multi‑week gains.
Industrials breadth is broad and emphatically pro‑risk: airlines (LUV, UAL, DAL), freight and logistics (ODFL, FDX, UPS, UNP), defense/aerospace (GD, NOC, LMT, LHX, RTX), and industrial machinery/infrastructure (CAT, DE, GE, ETN, GEV, PH, PWR, MTZ) all post strong 1D and strong‑to‑very‑strong 1W with INSTAT near 100. Many of these moves extend already powerful 1M trends, so the sector is in an “accelerating uptrend” phase rather than early repair. Laggards (e.g., ODFL on a sharp daily drawdown, some rate‑sensitive names) look more like profit‑taking within uptrends than new breakdowns.
Within Utilities, the tone is more mixed: mean 1D is modestly positive, but 1W is flat and INSTAT and IN are mid‑range, suggesting ongoing consolidation rather than strong risk‑on or risk‑off. Regulated utilities such as AEP, NEE, DUK, EXC, PEG, and D trade with stable‑to‑slightly positive 1W and 1M and mid‑range INSTAT, while names like AWK, ES, and some yield‑sensitive plays show negative 1W and deeply negative INSTAT, reflecting continued rotation within defensives.
Real Estate remains in a broad repair phase: many REITs show slightly positive 1D and 1W but low INSTAT and modest 1M, while a cluster of mortgage REITs, office, and tower names are still under heavy pressure. High‑quality REITs such as EQIX, DLR, IRM, PLD, PSA, O, SPG, and VTR show constructive 1D/1W and strong INSTAT, extending early‑stage 1M recoveries, whereas AMT, CCI, SBAC, RITM, AVB, AMH, and some lower‑quality names sit deep in negative INSTAT with weak 1M, suggesting further work is needed.
Consumer Discretionary is internally bifurcated: travel/leisure, cruise lines, restaurants, select specialty retailers, and autos are in strong 1D/1W uptrends, while e‑commerce, some high‑beta platforms, and select discretionary brand names remain under pressure. Leaders include CCL, NCLH, RCL, MGM, HLT, ROST, BURL, ULTA, DKS, GAP, CAVA, SHAK, CVNA, TSLA’s tactical bounce, and homebuilders like DHI and LEN on the 1W horizon, all with high INSTAT and solid 1M trends (or sharp multi‑week rebounds). Laggards include AMZN, NKE, CPNG, DASH, SHOP, LULU, and various high‑beta e‑commerce/consumer internet names with negative 1W/1M and depressed INSTAT, consistent with continued growth‑style de‑risking.
Consumer Staples shows classic defensive leadership: WMT, COST, KO, PEP, KR, WMT‑adjacent club/warehouse names, and a range of food/beverage/tobacco stocks have positive 1D/1W and high INSTAT, extending strong 1M trends. A handful of names (e.g., MKC, HSY, DG, KMB, KHC) show more volatile 1D/1W but still positive 1M, suggesting short‑term digestion within a strong defensive tape.
Healthcare remains highly polarized: quality pharma/biotech and managed care (LLY, MRK, AMGN, AZN, JNJ, GILD, ISRG, UNH‑adjacent baskets) show strong 1D/1W in many cases and high 1M, while growth‑oriented med‑tech, life‑science tools, and early‑stage biotech (ILMN, VEEV, DXCM, TMO, HIMS, EXAS cohort) remain in drawdown with very negative 1W/1M and depressed INSTAT. The aggregate sector reads Bearish/Repair because this weakness swamps the contribution from the leaders.
Financials are mixed: large U.S. banks (JPM, BAC, WFC, USB, C), insurers (PGR, TRV, AFL), and exchanges (CME, ICE) show positive 1D and modest 1W, with high INSTAT and positive 1M, but brokers, asset managers, fintechs, and crypto‑linked names (PYPL, HOOD, COIN, BX, KKR, APO) show negative 1W/1M and depressed INSTAT. The sector sits in a neutral/repair regime: traditional financials are leading within a broader risk‑on backdrop, while high‑beta financials continue to mean‑revert lower.
Technology and Communications & Media are where internal dispersion is greatest. In Tech, semis (AMD, AVGO, AMAT, LRCX, TSM, MU, INTC) and AI‑adjacent names (NVDA, ALAB, NBIS) show strong 1D/1W with high INSTAT and strong 1M/1Y, whereas software and high‑multiple names (CRM, INTU, ADBE, SNOW, MSFT, PANW, CRWD, PLTR, TWLO, ZETA) show negative 1W/1M and very low INSTAT, pointing to an ongoing valuation reset. In Communications & Media, key platforms and streamers (META, GOOG, NFLX, SPOT, RDDT, PINS, RBLX, TTD, ROKU) show negative 1W/1M and depressed INSTAT despite occasional 1D squeezes, while select telcos and media (T, VZ, TMUS, DIS, CMCSA) trend more benignly with modestly positive 1M.
Within‑sector leaders (examples)
Energy: MPC, XOM, COP, DVN, CNQ, IMO, SU, CVE, GE Vernova GEV (industrial‑adjacent energy) – strong 1D/1W, high INSTAT, extending strong 1M.
Materials: CMC, STLD, NUE, MLM, VMC, SCCO, RIO, BHP, CF, CC – multi‑week breakouts with powerful 1D/1W and INSTAT near 100.
Industrials: LUV, UAL, DAL, CAT, DE, GE, ETN, GEV, PWR, MTZ, GD, NOC, LMT, LHX – broad pro‑cyclical leadership.
Consumer Discretionary: CCL, NCLH, RCL, MGM, HLT, ULTA, BURL, ROST, CAVA, SHAK, SBUX, GAP, DKS – strong 1D/1W flows into travel, restaurants, and select retailers.
Consumer Staples: WMT, COST, KO, PEP, HSY, MDLZ, PG, PM – defensive stalwarts with high INSTAT and steady 1M.
Healthcare: LLY, MRK, AMGN, AZN, BMY, GILD, JNJ, EXAS – positive 1D/1W and strong 1M within an otherwise stressed sector.
Financials: JPM, BAC, USB, TRV, PGR, AFL, CME, ICE, BK, BRKb, C – strong 1D/1W with positive 1M and supportive INSTAT.
Technology: NVDA, AVGO, AMAT, LRCX, TSM, AMD, INTC, ANET – semis and networking names powering the risk‑on sub‑tape.
Communications & Media: AAPL, CHTR, CMCSA, TKO, T, VZ – more stable, income/quality‑tilted names with constructive 1M.
Within‑sector laggards (examples)
Real Estate: AMT, CCI, SBAC, RITM, AVB, AMH – persistent negative 1W/1M, INSTAT deeply negative.
Consumer Discretionary: AMZN, CPNG, SHOP, DASH, LULU, TSLA (on a 1W/1M view), Carvana‑adjacent growth – negative 1W/1M and depressed INSTAT.
Healthcare: ILMN, VEEV, DXCM, TMO, HIMS, BSX, UNH – negative 1W/1M and very weak INSTAT in growth/innovation clusters.
Financials: PYPL, HOOD, COIN, NDAQ, BX, KKR, APO – sharp 1W/1M drawdowns and INSTAT ≤ −50.
Technology & Comm/Media: CRM, INTU, ADBE, SNOW, MSFT, PANW, CRWD, PLTR, TWLO, ZETA, RDDT, PINS, SPOT, NFLX, META – pronounced 1W/1M corrections with low INSTAT.
Key stock‑level anomalies to tag
Extended leaders
Energy: MPC, XOM, COP, DVN, CNQ, IMO, SU, CVE – INSTAT ~90–100 with very strong 1D and 1W; short‑term extended within powerful 1M uptrends.
Materials: SCCO, RIO, BHP, CMC, STLD, NUE, MLM, VMC, CF, CC – 1D often ≥ 3–5% and 1W high single/double‑digit with INSTAT in the 90s; monitor for pullback risk.
Industrials: LUV, UAL, DAL, CAT, DE, GE, ETN, GEV, PWR, MTZ, FDX, EMR – strong 1D/1W/1M and INSTAT near 100; classic trend‑following candidates but stretched short term.
Consumer Discretionary: CCL, NCLH, RCL, MGM, CAVA, SHAK, ULTA, BURL, ROST, HLT, SBUX – outsized 1D/1W gains with high INSTAT; travel and experiential names are particularly extended.
Consumer Staples: WMT, COST, KO, PEP, HSY, MDLZ – defensive winners with high INSTAT and strong 1M; extended but still receiving inflows.
Healthcare: LLY, MRK, AMGN, AZN, BMY, GILD, EXAS – high INSTAT and strong 1W/1M; momentum leaders in an otherwise weak sector.
Technology: NVDA, AVGO, AMAT, LRCX, TSM, AMD, MU, ANET, INTC – semis and hardware leaders with powerful 1D/1W and INSTAT ~90–100, extending multi‑month uptrends.
Deep laggards
Real Estate: RITM, AMT, CCI, SBAC, AVB, AMH, CSOP‑style mortgage REITs – negative 1W/1M and INSTAT down to −80 to −100; ongoing distribution in rate‑sensitive names.
Healthcare: ILMN, VEEV, DXCM, TMO, HIMS, BSX, UNH, ELV, CNC – negative 1D/1W/1M with INSTAT ≤ −80; structurally weak growth and services clusters.
Consumer Discretionary: AMZN, CPNG, DASH, LULU, SHOP, TSLA (on a multi‑week basis) – negative 1W/1M and depressed INSTAT despite selective intraday rallies.
Financials: PYPL, HOOD, COIN, BX, KKR, APO, NDAQ – crypto/fintech/alt‑asset names with sharp multi‑week drawdowns and deeply negative INSTAT.
Technology & Comm/Media: CRM, INTU, ADBE, SNOW, MSFT, PANW, CRWD, PLTR, TWLO, ZETA, RDDT, PINS, SPOT, NFLX, META, TTD, ROKU, FUBO, NWSA, PSKY, FOXA – sustained 1W/1M underperformance with INSTAT often ≤ −80.
Potential contrarian ideas
High‑quality Tech and Platforms: MSFT, CRM, ADBE, INTU, PANW, PLTR, META, GOOG, NFLX, SPOT – negative 1W/1M and low INSTAT, but long‑term trends remain positive; candidates for tactical bounces once selling pressure abates.
Defensive REITs: EQIX, DLR, IRM, PLD, PSA, SPG, VTR, O – improving 1D/1W and rising INSTAT off low levels, with constructive 1M; suggests internal repair ahead of potential rotation back into REITs.
Healthcare quality: JNJ, PFE, MRK, AMGN, BMY, GILD, EXAS, AZN – supported by positive 1M and rising IN/INSTAT despite sector‑level weakness; pullbacks within longer‑term uptrends.
Financials: CME, ICE, BK, BRKb, JPM, BAC, USB, C, BK‑style custodians – strong 1M and supportive IN/INSTAT with only modest 1D/1W volatility; potential vehicles for continued financials rotation.
Analysis of Capital Flows in Canada
Canadian stocks traded in the U.S. show a moderately bullish short‑term tone, with positive mean 1D and 1W, a supportive 1M backdrop, and INSTAT/IN in the mid‑range to constructive zone. The tape reflects both cyclical and financial leadership: energy producers, rails, and banks are attracting steady inflows, while a handful of growth names and interest‑sensitive utilities/telecoms lag.
Leaders include CNQ, IMO, SU, CVE, and other energy names with strong 1D/1W and high INSTAT on top of powerful 1M trends, as well as financial and rail names like RY, TD, BMO, BNS, CM, MFC, CP, and CNI with solid 1D/1W and high INSTAT. On the defensive side, ENB, TRP, PBA, and FTS show modest but positive 1D/1W and constructive 1M, reflecting a stable yield bid. Laggards include LULU, SHOP, CGI GIB, TU, BCE, and RCI, where 1W/1M are negative and INSTAT low, particularly in growth‑ and rate‑sensitive segments.
Canadian leaders (examples)
Energy: Canadian Natural CNQ, Suncor SU, Cenovus CVE, Imperial Oil IMO – strong 1D and 1W with high INSTAT, extending a powerful 1M uptrend; clear pro‑risk cyclical leadership.
Financials: Royal Bank RY, TD, BMO, BNS, CM, MFC, SLF – positive 1D/1W and strong 1M with high INSTAT; ongoing accumulation in Canadian banks and insurers.
Industrials/Transportation: Canadian Pacific CP, CNI – positive 1D/1W with solid 1M and supportive INSTAT; rails remain a preferred way to express Canada macro.
Materials/Gold and uranium: AEM, WPM, FNV, CCJ, KGC – healthy 1D/1W with strong 1M and high INSTAT, reflecting robust flows into precious metals and nuclear‑linked stories.
Canadian laggards (examples)
Growth/consumer: Lululemon LULU, Shopify SHOP, CGI GIB – negative 1W/1M and depressed INSTAT, reflecting ongoing de‑rating in Canadian growth and IT services.
Telecoms/utilities: TU, BCE, FTS, some pipelines – mixed 1D/1W but weaker 1M and lower INSTAT, indicating persistent pressure on income names despite today’s modest stability.
Selected cyclicals: WCN and a few other defensively‑tilted industrials show flat‑to‑negative 1W with low INSTAT, lagging the broader pro‑risk tape.
Key Canadian anomalies to tag
Extended leaders (Canada)
CNQ, SU, CVE, IMO – Strongly Bullish, short‑term extended: strong 1D and 1W with INSTAT ~100; flows extend a strong 1M energy tape; monitor for mean reversion.
RY, TD, BMO, BNS, CM, MFC, SLF – financials with strong 1D/1W and high INSTAT against solid 1M; tactical leadership in Canadian banks/insurers.
AEM, WPM, FNV, CCJ, KGC – metals/uranium names with high INSTAT and strong multi‑week trends; extended but still in favor with U.S. flows.
Deep laggards (Canada)
LULU, SHOP, GIB – Strongly Bearish: negative 1W/1M with INSTAT down toward −80 to −100; continued distribution in growth and IT services.
BCE, RCI – negative 1W and low INSTAT despite modest 1M stability; telecom income stories remain out of favor.
Potential contrarian ideas (Canada)
High‑quality income: ENB, TRP, PBA, FTS – modest 1D/1W, constructive 1M, and improving IN/INSTAT from low levels; could benefit from any renewed hunt for yield.
Growth repair: SHOP, LULU – negative 1W/1M and weak INSTAT, but with strong multi‑year narratives and prior high bases; candidates for tactical bounces once selling pressure eases.
Analysis of Capital Flows in Mexico and South America
Mexican names screen clearly Strongly Bullish: mean 1D and 1W are both robustly positive, INSTAT is high, and 1M trends are constructive, signaling consistent pro‑risk flows into Mexico from U.S. investors. Leaders like Walmart de Mexico WMMVF and other Mexican corporates (along with Mexico‑linked utilities and energy where present) deliver strong 1D/1W with high INSTAT, extending stable 1M uptrends. There are few outright laggards; the region trades as a cohesive EM overweight.
South American names are more mixed but still lean moderately bullish, with modestly positive mean 1D and flat 1W, but a notably strong 1M and solid IN/INSTAT. Large diversified resource and financial names from Brazil and the broader Andean region tend to show constructive 1M trends with only small day‑to‑day volatility, reflecting steady positioning rather than momentum. A handful of high‑beta stories still show negative 1W and low INSTAT, but the average tape suggests U.S. investors are maintaining, not reducing, exposure.
Mexican leaders and laggards
Leaders: Walmart de Mexico WMMVF and other large‑cap Mexican names (consumer, financials, utilities/infra) with strong 1D and 1W, high INSTAT, and supportive 1M; classic EM consumer/defensive leadership with a pro‑risk tilt.
Laggards: very few; any name with softer 1W tends to still sit within a positive 1M trend, suggesting consolidation rather than distribution.
South American leaders and laggards
Leaders: large energy, mining, and financial stocks (e.g., Brazil‑centric commodity names and diversified financials) with modestly positive 1D and strong 1M, plus constructive INSTAT; flows favor higher‑quality EM exposures.
Laggards: select high‑beta or lower‑quality names within the region that show negative 1W and lower INSTAT; these remain tactical, not structural, underweights in the current tape.
Key regional anomalies to tag
Extended leaders (Mexico / South America)
Mexico: WMMVF and any large‑cap Mexican consumer/retail names with strong 1D/1W and INSTAT near 100; flows extend multi‑week strength in Mexico’s domestic demand story.
South America: high‑beta commodity exporters with positive 1D and strong 1M plus elevated INSTAT (for example, Brazil‑linked energy/miners where present in the slice) appear short‑term extended within powerful EM‑commodity trends.
Deep laggards (Mexico / South America)
Isolated South American names with negative 1W/1M and low INSTAT likely represent idiosyncratic risks rather than a regional theme; maintain underweight while broader EM remains favored.
Potential contrarian ideas (Mexico / South America)
South American quality laggards: higher‑quality financial or consumer names that show slightly negative 1W but strong 1M and mid‑range INSTAT could be candidates for tactical add‑backs if the regional EM bid persists.
Mexico defensive pullbacks: any Mexican defensive with a soft 1D/1W but still strong 1M and high IN could offer a better entry point into an otherwise over‑owned trade.