Greetings,
The United States: The January jobs figure was almost twice the expected, challenging the narrative of a decelerating labor market.
![](https://thedailyshot.com/wp-content/uploads/US-NFP2402050437.png)
Wage growth unexpectedly accelerated, further spooking the markets.
![](https://thedailyshot.com/wp-content/uploads/US-NFP-Wages2402050437.png)
Equities: Global market breadth is holding up.
![](https://thedailyshot.com/wp-content/uploads/EQ-GL-Breadth2402050437.png)
S&P 500 breadth and momentum are in the top quartile historically.
![](https://thedailyshot.com/wp-content/uploads/EQ-GL-Breadth22402050437.png)
Global Developments: January returns tend to set the tone for the remainder of the year.
![](https://thedailyshot.com/wp-content/uploads/GL-Jan-v-rest-of-year2402050437.png)
Commodities: The VanEck Gold Miners ETF (GDX) is starting to outperform the SPDR Gold ETF (GLD).
![](https://thedailyshot.com/wp-content/uploads/CO-Gold-miners2402050437.png)
Credit: Tighter lending standards point to further declines in commercial real estate prices.
![](https://thedailyshot.com/wp-content/uploads/CR-Lending-standards-v-CRE2402050437.png)
Food for Thought: Box office tickets sold:
![](https://thedailyshot.com/wp-content/uploads/VTB-Box-office-tickets-sold2402050437.png)
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com