2026 Stock Market Themes Emerge Leading Into a Busy Q1 Investor Conference Season

• Software giants like Salesforce, Intuit, ServiceNow, and Adobe shed hundreds of billions in market cap during the first week of February due to China's DeepSeek AI moment, raising questions about AI disrupting the SaaS industry
• Energy and Materials sectors are 2026's top performers, both up over 15% year-to-date, outpacing Information Technology which sits near the bottom of S&P 500 sector rankings
• A packed schedule of investor conferences through March, including NVIDIA GTC (March 16) and CERAWeek (late March), will provide critical insights as executives face tough questions on economic strategy, layoffs, and industry disruption

Summary: 2026 Stock Market Themes and Q1 Conference Season

Key Market Developments

The 2026 stock market is experiencing significant sector rotation as Q1 investor conference season approaches. The Dow crossed 50,000 for the first time, while the S&P 500 trades near record highs, challenging bearish "sell America" narratives that have evolved into a "buy ex-USA" theme.

Software Sector Under Pressure

Software-as-a-service companies faced severe selling pressure following China's DeepSeek AI emergence in early February. Major players including Salesforce (CRM), Intuit (INTU), ServiceNow (NOW), and Adobe (ADBE) collectively lost hundreds of billions in market capitalization. The Information Technology sector now ranks near the bottom of S&P 500 YTD sector performance, despite AI hyperscalers announcing capital expenditures well above analyst estimates.

Energy and Materials Leading

Energy and Materials sectors lead 2026 performance, both up over 15% year-to-date. Oil and gas companies demonstrate resilience, posting profit and stock price gains despite historically low WTI and Brent crude values. Rising oil and metals prices, coupled with a weaker dollar and rotation trading, drive this outperformance.

Market Conditions

Treasury yields have declined from recent peaks, while corporate bond spreads trade near multi-decade lows. The dollar remains weak following President Trump's January comments favoring currency depreciation. However, elevated corporate layoff announcements persist despite January's strong payrolls report.

Upcoming Events

A packed Q1 conference schedule includes key events across all sectors, with notable dates including the NVIDIA GTC AI Conference (March 16) and CERAWeek energy conference (March 23). Executives face intense scrutiny regarding AI strategy, economic positioning, and policy responses.