Wall Street News Breakfast FM-Radio | February 10, 2026

Wall Street News Breakfast FM-Radio | February 10, 2026

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Huajian Morning Voice

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Market Overview

Tech stocks continue to drive US markets higher, with the three major US indices up for two consecutive days, and the Dow closing at a historic high for two days in a row; among the "Tech Magnificent Seven," Microsoft rose over 3%, Nvidia up 2.5%, Apple fell over 1%; chip index rose more than 1%, outperforming the broader market, AMD and Broadcom up more than 3%; in AI concept stocks, after CapitalWatch apologized for questioning it on money laundering, AppLovin surged 13%; Oracle jumped nearly 9.7%; Hims & Hers, sued by Novo Nordisk for making generic drugs, fell 16%, Novo Nordisk's European stock rose over 5%. The Pan-European index closed at a historic high.

Market is paying attention to resignation pressure on UK Prime Minister Starmer, 10-year UK bond yields once rose more than 8 basis points. The US dollar index has fallen for two days to a one-week intraday low; after Kōchi Sanae's election victory, Japanese officials warn to closely monitor exchange rate trends, the yen reversed a six-day drop, hitting a two-week low then rebounding over 1%; offshore RMB broke 6.92 intraday for the first time in nearly three years; Bitcoin fell more than 6% intraday from daily highs, dropping below $69,000, but later turned slightly positive.

Metals and crude oil rebounded for two days, crude oil reversed a 1.5% intraday decline to rise; gold intraday surpassed $5,000, soaring over 2%, gold futures closed at a over one-week high, silver futures surged nearly 9% intraday; LME tin up more than 5%, LME copper up over 1%.

During Asian session, the ChiNext index rose 3%, AI applications and CPO surged, photovoltaic stocks hit upper limit, Hang Seng Tech up 1%, and Montage Technology IPO soared over 60% on its first day.

Top News

China

General Secretary of the CPC Central Committee: Building a modern socialist power hinges on technological self-reliance and strength.

Overseas

Bassent: The Fed may not shrink its balance sheet rapidly; reports say after Walsh takes office, the Fedwill reach an agreement with the US Treasury for the first time in 75 years, to align balance sheet size with debt issuance, shift holdings from short to long-term, Bassent supports limiting QE use.

Ahead of important nonfarm payroll report, the White House is setting "expectations": Hassetthints at job growth below expectations.

Japanese Prime Minister Kōchi Sanae: Will not issue deficit bonds to fund consumption tax reductions.

UK governmentcore aides deeply embroiled in Epstein scandal, cabinet ministers collectively rebel to force Starmer’s resignation, UK stocks, bonds, currency all fell together intraday.

Altman: ChatGPT growth “has recovered to over 10%”, plans to launch a new model this week.

Alphabetraised $20 billion via USD bonds, originally planned at $15 billion, issued a 100-year GBP bond, first for a tech company in nearly 30 years.

EUantitrust suit against Meta: plans to force WhatsApp to open up, bans blocking third-party AI competitors.

SpaceXpivot, Musk changes his tune: Mars is too far, Moon is faster, targeting “moon city” within ten years.

Novo Nordiskweight loss drug ads deemed “false or misleading” by FDA, shares hit daily low; Novo Nordisk sued Hims & Hers for producing generic Wegovy, latter canceled low-cost generic weight loss drug plan under regulatory pressure, shares once down nearly 30%.

Market Close

US and European Stocks: S&P 500 up 0.47%, at 6964.82; Dow up 0.04%, at 50135.87; Nasdaq up 0.90%, at 23238.67. European STOXX 600 up 0.70%, at 621.41, closing at historic high.

A-shares: Shanghai Composite up 1.41%, at 4123.09. Shenzhen Component up 2.17%, at 14208.44. ChiNext up 2.98%, at 3332.77.

Bond Market: At bond market close, US 10-year Treasury yield about 4.20%, down about 1bp on the day; US 2-year Treasury yield about 3.49%, down about 1bp on the day.

Commodities: WTI March crude oil futures up 1.27%, at $64.36/barrel. Brent April crude oil futures up 1.45%, at $69.04/barrel. COMEX April gold futures up 2%, at $5079.4/oz. COMEX March silver futures up 6.94%, at $82.234/oz. LME copper futures up 1.4%, at $13176/ton. LME tin futures up about 5.1%, at $49098/ton.

Details of Top News

Major Global News

China

General Secretary of the CPC Central Committee: Building a modern socialist power hinges on technological self-reliance and strength. He said, building a modern socialist power hinges on technological self-reliance and strength. We must fully leverage our country’s advantage in concentrating resources for major undertakings, gather quality resources for breakthrough innovation, accelerate resolving prominent weaknesses, and achieve our strategic goals.

Overseas

Bassent: The Fed may not rapidly shrink its balance sheet. US Treasury Secretary Bassent said, even if Walsh becomes Fed Chair, the balance sheet reduction will not proceed quickly, and decisions may require up to a year of evaluation, emphasizing that if the Fed shifts to an “ample reserves” regime, it will need to maintain a large balance sheet size. This means, under the Trump administration’s goal of lowering mortgage rates, the Fed will act cautiously, prioritizing financial stability over aggressive tightening.

Walsh backs, far-reaching impact! After 75 years, the Fed is set to reach agreement with US Treasury again? The core content includes: clarifying the Fed’s balance sheet size, cooperation with the Treasury’s debt issuance plans; shifting holdings from long-term bonds to short-term Treasury bills; Treasury Secretary Bassent backs limiting QE. This could affect the $30 trillion Treasury market, but raises concerns about central bank independence, inflation expectations, and dollar appeal.

White House sets expectations ahead of major nonfarm payroll report: Hassett hints at lower-than-expected job growth. Hassett attributes the employment growth trend to slowing population growth and “surging” productivity. He notes that as businesses increase output via tech and efficiency gains, demand for new labor naturally declines. Meanwhile, US population growth slowdown further limits labor supply expansion.

Japanese Prime Minister Kōchi Sanae: Will not issue deficit bonds to fund consumption tax reduction. After the election, PM Kōchi Sanae announced to push nationwide food tax cuts and promises not to issue deficit bonds, stressing financing from non-tax income and subsidy review, aiming to escape tight fiscal predicament with “responsible, proactive fiscal policy.” This move aims to balance economic stimulus and fiscal sustainability. She plans to visit the US next month for talks with Trump to consolidate alliance and promote advanced tech investments.

Britain stocks, bonds, FX fall together! Core aides deeply embroiled in Epstein scandal; Cabinet ministers collectively rebel, “forcing” Starmer’s resignation. Due to appointing Peter Mandelson, linked to Epstein, as ambassador to the US, Starmer’s core aides resigned within 24 hours, cabinet ministers privately demand he step down or threaten to resign, saying odds of Starmer surviving the week are “even.” GBP/EUR hit a low not seen since Jan 22nd, UK 10-year yields near Nov highs. Hedge funds are betting heavily on GBP weakness via options, EUR/GBP options volume at highest since 2019.

Altman: ChatGPT growth “has recovered to over 10%”, plans to launch new model this week. Altman told staff on Slack that ChatGPT “regained monthly growth over 10%.” The company’s coding product Codex saw user growth of about 50% from a week ago, directly competing with Anthropic’s Claude Code.

Alphabet raised $20 billion via USD bonds, originally planned at $15 billion, issued a 100-year GBP bond, first for a tech company in nearly 30 years. Alphabet plans to issue multi-term bonds to support massive AI infrastructure capital needs. The move comes as tech giants expect to spend over $650 billion expanding AI this year, with the industry focusing on long-term funding. Alphabet issued bonds in Switzerland and UK for the first time. GBP bonds range from 3 to 100 years, the first 100-year bond by a tech firm since Motorola in 1997. The UK market, favored by pensions and insurers, is the preferred place for long-term funding.

EU antitrust sues Meta: plans to force WhatsApp to open up, bans blocking third-party AI competitors. EU accuses Meta of using dominant market position to block rivals from accessing WhatsApp API and kill AI competition. Regulators propose temporary measures requiring Meta to keep the platform open during investigation to prevent permanent market damage. Meta rebuts intervention as baseless. The move shows the EU establishing strong antitrust boundaries in AI, curbing tech giants using platform advantages to stifle competition.

SpaceX pivot! Musk changes course: Mars is too far, Moon is faster, “moon city” within 10 years. Suddenly switching from “direct to Mars” to landing on the moon by 2027, Musk’s strategy sharply changes. The man who once said “the Moon is a distraction” has finally shifted from romanticism to pragmatic business. He admits SpaceX is now focused on building cities on the Moon, which may be achieved in 10 years; reaching Mars would take over 20 years.

Novo Nordisk weight loss drug ads deemed by FDA as “false or misleading”, shares hit daily low. The FDA wrote to Novo Nordisk, saying their ads suggest Wegovy oral tablets are superior to other GLP-1 weight loss drugs and portray medication as a solution to wider life challenges rather than treating specific diseases, but lack supporting data. Novo Nordisk shares once up over 7% intraday, ultimately up less than 3% in the US.

Selected Opinions

What does Seedance 2.0 mean for AI applications? Bank of China Securities believes Seedance 2.0, with its core functions for multimodal reference, shot consistency, audio-video sync, and auto-shot planning, greatly improves controllability and stability of AI video generation, pushing video generation from “card draw attempts” to scalable production. Usability exceeds 90%, dramatically shortening cost and cycle, accelerating applications in short dramas, comic shows, and e-commerce. Against a backdrop of low market sentiment, Seedance 2.0 may be a key catalyst for recovering sentiment in multimodal AI applications and industry chains.

The biggest market misconception about “quantum computing”: It’s still “too early”. The market thinks quantum computing is “a matter for the next decade,” but Barclays cautions the industry may reach “quantum advantage” by 2026/2027. Crucially, quantum computers won’t replace CPUs and GPUs, but due to huge “error correction” needs, every quantum computer will require massive GPU support. Quantum tech could create over $100 billion new market for chip giants like Nvidia.

Software stock premia fell to post-financial crisis lows; Goldman: Not done falling yet! Goldman says the real market worry is not short-term profit collapse, but systematic compression of mid/long-term profit structure. This software stock adjustment looks like the early stage of revaluation, profit margins are still at cycle highs, consensus EPS hasn't reflected potential competition shocks, uncertainty is digested mainly via valuation compression. Sustained stock price rebounds usually occur after earnings expectations bottom out and start recovering.

Storage shortage still underestimated? Goldman: Sharply raises supply-demand gap forecast, price hikes’ impact on demand is limited! Most serious memory chip shortage ever! Goldman raises supply-demand tightness expectation, warns DRAM will face the largest gap in 15 years by 2026, NAND shortage will break records. AI server demand explosion will account for over half of DRAM supply. Analysts warn that even if smartphone and PC demand collapses, strong server demand can absorb it, keeping the market tight. Surprisingly, at the same time they upgraded the memory sector outlook, Goldman downgraded Micron to neutral with a $235 target, reasoning “most positives are priced in.”

Foreign investors say no by day, buy wildly at night — how much longer can America's “hot money” boom last? From tariffs to ambitions for Greenland, to disregard for old global order, polls show global favorability to the US is plunging. Yet funds flow to US financial assets at unprecedented speed, with foreign investors injecting $1.6 trillion last year, nearly $700 billion into stocks, both hitting record highs. From Singapore to Seoul, investors staying up late to trade US stocks has become common, foreign institutions’ proportion of US stocks has risen to a record 15%, up half from a decade ago.

Will tariffs and the “January effect” push up US January CPI? Wall Street expects that US core CPI may rebound to around 0.3% month-on-month in January due to the “January effect” and tariff transmission. Commodity prices are up due to adjustments and tariffs. But the focus is whether service sector inflation slows; if weaker than seasonality, this could ease Fed concerns about sticky inflation. Despite short-term data noise and upside risk, many institutions believe if inflation remains below expectations at the start of the year, that will strengthen rate cut arguments; long-term, inflation is expected to gradually fall after peaking in spring.

China Macro

Ministry of Commerce holds auto company symposium: optimize car trade-in policy, launch auto distribution and retail reform pilots, improve industry management standards. Sheng Qiuping emphasized that in 2026, the Ministry of Commerce will work with relevant departments, pursue policy support and innovation together, integrate existing initiatives and new policies, optimize car trade-in implementation, launch retail reform pilots, and improve management standards, all to expand and improve auto consumption.

Seven departments: labor administrative guidance for 16 companies including Meituan, Taobao Flash Sale, JD Express, FlashEx, SF City, Hema, Didi. The meeting required companies to fully implement labor responsibility, continuously improve labor management, and effectively protect rights of new employment forms workers.

China Companies

Zijin Mining raises gold output goal: plans to hit 130–140 tons by 2028, up nearly 30%! Zijin Mining raised its 2028 mined gold output goal nearly 30%, aiming for global top 3; also raised lithium output plans, targeting 120,000 tons equivalent lithium carbonate by 2026, 270,000–320,000 tons by 2028. Preliminary calculation: 2025 revenue expected at 345 billion yuan, up about 28% vs. 2022; net profit attributable to parent expected at 51–52 billion yuan, up about 155–160%.

Overseas Companies

Microsoft’s rating downgraded twice in less than a week, AI-related risks warned. Melius Research downgraded Microsoft, citing concerns about capital expenditures and its Copilot products. Last week, Stifel issued a similar downgrade, with analysts warning about Azure cloud growth speed.

Industry/Concepts

1. Robots | According to China National Radio, China’s first national standard for electric vehicle charging robots, "Robots—Performance Specifications and Testing Methods Part 8: Electric Vehicle Charging Robots," has officially launched. The standard is led by State Grid Tianjin Institute, and will fill the gap in China’s testing standards for this field, marking major progress in EV smart charging standardization, and will provide a “Chinese solution” for upgrading global EV charging infrastructure intelligence.

Comment: Analysts think this is China’s first national standard for EV charging robots, involving both EV and robotics industries. As NEV ownership rises, insufficient charging facilities constrain industry development; charging robots solve issues of traditional fixed chargers and complex operation. The sector is moving from tech validation to scaled commercial application. With autonomous driving and EV penetration rising, charging robot industry will soon explode.

2. Theatre Industry | The Central Propaganda Department and other five agencies jointly issued the “Three-Year Action Plan for Theatre Revitalization (2026–2028)”. The plan calls for continuous innovation, clear improvement in quality, launching excellent works and expanding theatrical dissemination. Fully using radio, TV, film and traditional media to promote theatre art, driving tech empowerment for theatre creation and dissemination, supporting troupes in using Internet, AI, and new tech, expanding coverage and influence, regulating and guiding troupes and actors in online performances and live streaming.

Comment: Analysts see the theatre sector as shifting from “box office economy” to “ecosystem economy.” With policy support, tech empowerment, and deeper cultural-tourism integration, China’s theatre market is showing steady growth; expected to surpass 80 billion yuan in 2025, annual growth over 10%. With cultural consumption upgrade and higher aesthetic standards, audience demand is more diverse. Young professionals, culture enthusiasts, students, and tourists are main theatre consumers. Tech is profoundly changing the industry model, future integration of online/offline will deepen, forming a “Internet + Theatre” ecosystem. VR, AR and other new tech on stage bring new opportunities, enriching stage forms and enhancing audience experience, offering more possibilities for creation.

3. Energy Storage | According to Sina Finance, the first international, largest single-machine power compressed air energy storage compressor jointly developed by Chinese Academy of Sciences Institute of Engineering Thermophysics and China CN Energy (Beijing) Tech has passed independent CNAS-accredited third-party testing. Results show it reaches international level, marking major breakthrough for China’s compressed air energy storage tech. The compressor is fully IP-protected, with single-machine power up over 100%, unit cost sharply down, high efficiency, high pressure, wide operation range.

Comment: Analysts believe compressed air energy storage, as a key support for new electric power systems, is rapidly transitioning from pilot demonstration to scale application. As technology improves and costs fall, compressed air energy storage will play increasingly important role in absorbing renewables, improving grid flexibility, achieving “Carbon Neutrality.” It will likely rival pumped-hydro as the mainstream long-duration energy storage technology.

4. Commercial Spaceflight | According to China Maritime Safety Administration, Qiong航警18/26, South China Sea, Feb 10–12, 2026, rocket sea recovery operations in designated quadrilateral maritime area.

Comment: Soochow Securities thinks Zhuque-3’s first successful flight by end-2025 marks the maturity of China’s commercial rockets. New series of high-capacity rockets first flights and recovery tests will rapidly expand production and satellite launches in 2026, supporting satellite internet, lunar economy, space tourism. Policy is backing: National Space Administration issued a plan for commercial space safety and quality, set up commercial space division, STAR Market issued custom IPO rules for rocket firms, six firms like Landspace and CAS Space Force advance IPOs, showing policy emphasis. Globally, nations are launching massive satellite deployment, commercial space sees growth opportunities.

5. Rare Earths | Baichuan Yingfu data shows rare earth prices accelerating up. Feb 9, praseodymium-neodymium oxide and metal rose 7.59% and 6.27%. Praseodymium-neodymium oxide up 34% YTD.

Comment: Research agencies see supply tightness; Jan praseodymium-neodymium metal output down MoM, raw material spot shortages cause regional production cuts; February output may drop further, rare earth prices set to rise. Global rare earths strategic status up, industry enters high-quality phase. Supply: quota and regulatory controls strengthen rigidity; demand: EVs, humanoid robots, low-altitude economy provide long-term high-growth drivers. Agencies project global rare earth supply-demand gaps to widen from 2026, boosting industry chain profitability.

Today's Preview

Xiaomi Group Chairman Lei Jun livestream.

Aixin Yuan Zhi Semiconductor Hong Kong IPO, expected to list February 10.

EIA releases monthly short-term energy outlook report.

US December retail sales.

Cleveland Fed President Harker, Dallas Fed President Logan speak.

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Risk Warning and DisclaimerMarkets carry risks, investment needs caution. This article does not constitute personal investment advice, nor does it consider individual users’ specific investment goals, financial situation, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suited to their particular circumstances. Investments based on this, responsibility rests with the reader. ```