4th February 2026 – Stocks retreat as investors rotate out of tech

In this morning's edition of the MPC Markets Morning Call, Mark Gardner discusses the recent retreat in stock markets, particularly in the tech sector, and highlights the performance of defensive stocks. He provides insights into economic indicators, interest rates, and inflation, emphasizing the impact of private demand on the economy. The conversation also covers upcoming earnings reports and market predictions, suggesting a cautious but stabilizing sentiment in the market.Takeaways• Stocks retreated as investors rotated out of tech sectors.• Defensive stocks like Costco and Walmart are gaining traction.• Private demand is a significant driver of inflation.• The market is experiencing its first daily sell signal in a long time.• Bitcoin has hit a 52-week low, indicating market volatility.• AMD reported strong earnings but faced a decline in aftermarket trading.• Upcoming earnings reports are crucial for market direction.• The ASX may experience a grind higher despite tech sector challenges.• Inflation is seen as persistent rather than transient.• Market sentiment remains cautious but shows signs of stabilization.