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Mutual-assured selloff
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Plus: A safe haven sell-off.
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<tr class="trpad30" style="padding-top:15px;padding-bottom:15px">
<td class="td100" colspan="4" style="padding:15px
30px;vertical-align:middle;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<div>
<span style="color:#888888">
Friday, February 6, 2026
</span>
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<td class="td100" colspan="6" style="width:100%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
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<td class="td100" colspan="4" style="line-height:1.5;text-align:right;vertical-align:middle;padding:3px
30px;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<span style="color:#888888">
Michael Nagle/Bloomberg via Getty Images
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<div>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief. Today, America’s IOUs pick up a geopolitical undertone, the market’s security blanket gets yanked, office transparency turns into a fireable offense, and the House of Mouse pulls a few familiar faces out of storage.
<span class="ql-cursor">
</span>
</span>
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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
<span style="font-size:18px;color:#168DD9">
HERE'S WHAT YOU NEED TO KNOW
<span class="ql-cursor">
</span>
</span>
</h2>
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<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
January layoffs hit a post-financial-crisis
high.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Challenger says employers cut 108,435 jobs — the biggest January total since 2009 — while hiring intentions sank to their lowest
</span>
<a data-linktext="since the firm started tracking
them." data-linktype="Normal" style="color:#168DD9;text-decoration:none;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;" target="_blank">
since the firm started tracking them.
</a>
</div>
</td>
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<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="font-size:16px;color:#000000;font-family:Helvetica
Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Pinterest fired the messenger, and the message spread anyway.
</strong>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Two engineers who built a layoff-tracking tool inside Slack were fired after a 15% round of cuts, as leadership cited “privacy”
</span>
<a data-linktext="and pushed an AI-forward pivot." data-linktype="Normal" style="color:#168DD9;font-size:16px;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
and pushed an AI-forward pivot.
</a>
</div>
</td>
</tr>
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<td class="td100" colspan="6" style="width:100%;padding:10px
20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Oversight is turning into leverage.
</strong>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
After Trump nominated Kevin Warsh to the Fed’s top job, the president joked he’d sue if rates don’t
fall, and Scott Bessent told senators that decision would be
</span>
<a data-linktext="“up to the president.”" data-linktype="Normal" style="color:#168DD9;font-size:16px;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
“up to the president.”
</a>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
</span>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Amazon prints profit — then drops
a capex bomb.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
A strong quarter gets overshadowed after the company says it expects to invest about $200 billion in 2026 capex, and the stock drops
</span>
<a data-linktext="amid investors’ free-cash-flow math." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
amid investors’ free-cash-flow math.
</a>
</div>
</td>
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none;width:0px;height:0px;border:0;"/>
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<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
Cornbread Hemp’s Sleep CBD Gummies: melatonin-free deep sleep.
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BOND SHAKEN, NOT SOLD
</span>
</h2>
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<div>
<span style="font-size: 16px">
Somewhere in Copenhagen, a pension committee did the least exciting thing imaginable — changing its mind about the world’s safest boring asset — and accidentally wrote a thriller synopsis for global finance.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Denmark’s AkademikerPension sold $100
million of U.S. Treasuries and pointed to America’s swelling national debt. The fund insisted the decision had nothing to do with President Donald Trump’s Greenland threats, which is the sort of denial that guarantees the room keeps staring at Greenland.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
When the collateral starts catching feelings, markets get jumpy.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
The idea that U.S. bonds could become bargaining chips used to live in the same drawer as “what if
gravity took a day off.” Now it’s getting airtime, thanks to Trump’s foreign-policy brinkmanship and a growing European suspicion that Washington is starting to look like a rival with good credit.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
European investors sit on about $8 trillion of Treasuries — roughly a quarter of the $34 trillion market — and the second Trump administration has turned “ally” into a flexible term. Deutsche Bank raised the possibility of an E.U. sell-off, then its CEO called Treasury Secretary Scott
Bessent to distance the bank from the analysis; even discussing the button can move the room.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Now, a once-unthinkable question keeps resurfacing at banks and trading desks: What happens if Washington’s IOUs become part of the negotiating kit? The answer is mostly: everyone loses, quickly.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Joseph Brusuelas, chief economist at RSM, said that “it’s theoretically possible but structurally improbable,” because the damage would
swamp any payoff. J.P. Morgan analysts gave it the perfect epitaph — “the weapon that can’t be used” — because pulling that pin blows back through yields, portfolios, and the very plumbing that keeps the system liquid.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
So the threat lives in a strange limbo: too destabilizing to execute, too potent to ignore, and too tempting for politicians who like dramatic props.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Treasuries have always sold themselves as the one part
of geopolitics that behaves — and now the world’s cleanest asset is getting dragged into the mud, one “totally unrelated” sale at a time.
</span>
<a data-linktext="Quartz’s Joseph Zeballos-Roig has more on why the world’s safest asset is suddenly
catching strays." data-linktype="Normal" style="color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
Quartz’s Joseph Zeballos-Roig has more on why the world’s safest asset is suddenly catching strays.
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The future of tech, decoded.
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A bad week on Wall Street always seems to have the same tell: People start panic-selling their panic buys.
</span>
</div>
<div>
<br/>
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<div>
<span style="font-size: 16px">
Early Thursday, Bitcoin slipped under $70,000 — a
level the faithful had been treating like a load-bearing beam — and then kept sagging toward $69,000 by around 7:30 a.m. ET. The clean story (“new floor!”) lasted about as long as a New Year’s resolution, and the market did what it always does when a magic number fails: It stops believing in numbers.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Silver pulled the more theatrical face plant.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
After two days of gains, it fell as much as 16%, and even after a brief
bounce, it was still down 13% at $76.34 around 7:45 a.m. ET. A few weeks ago, it was sprinting — up 146% at one point — and now it’s almost 35% lower than where it sat a week ago, the kind of reversal that turns bravado into silence.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Neither slide is happening in a vacuum.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
The Nasdaq has dropped nearly 4% in the past five days, the S&P 500 is down a little more than 1%, and futures were pointing lower again, with the
Nasdaq tracking close to a 1% drop at the open.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
When the tape gets this twitchy, investors start treating “hedges” the way they treat party guests who’ve overstayed — fine for a little bit, inconvenient when you’re trying to clean up.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Silver’s run, analysts say, had been juiced by speculative options activity, and more than one voice has compared the move with meme-stock behavior: loud, crowded, not particularly tethered.
Bitcoin’s unwind has been slower and meaner since its October high above $126,000, with ETFs and digital-asset treasuries retreating and draining demand along the way.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Crowded protection trades can turn into trapdoors, too. When fear shows up, it doesn’t always buy the “safe stuff” — sometimes it sells whatever still has a bid, and calls it risk management.
</span>
<a data-linktext="Quartz’s Chris Morris has more on the hedge trades that, well, forgot to hedge." data-linktype="Normal" style="color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
Quartz’s Chris Morris has more on the hedge trades that, well, forgot to hedge.
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