It’s a sluggish start to a week that will mark the start of earnings season, a major inflation update, and Kevin Warsh speaking on Friday.

The good news is that this year’s sluggishness hasn’t meant lower. Today the market is trying to hold on to last week’s momentum, which saw nine of eleven sectors finish higher.

Check out how many shares are trading above their 50-day moving average heading into the week.

Today’s weakness comes from superintelligence-linked names.  Beyond the usual superintelligence weirdness and worries, the implosion of the Firmus IPO is getting a lot of media mileage.

This is the Australian cloud computing firm that had only two data centers but tried to raise $5.0 billion at a $30.0 billion valuation.

I think this is great news considering how badly investors were ripped off in 2020 and 2021.

Meanwhile, buyers continue to flock to stocks that were supposed to die at the hands of AI. Software continues to charge higher, and stocks in data and consulting firms also rise.

Maybe hyperscalers are getting a break from the notion that they will have to keep investing at nosebleed levels.