GSK plc, based in Brentford, UK, is a global healthcare company engaged in the discovery, development, manufacture, and marketing of pharmaceutical products. The company's leading products include treatments for asthma and COPD; treatments for HIV infection; and a range of vaccines. The company has active research and development programs in immuno-inflammation, neuroscience, metabolic pathways, ophthalmology, respiratory and infectious diseases, and biopharmaceuticals.

Last week, we noted that 'one-week insider-sentiment sector data...suddenly suggests caution.' We added '...if an investor is starting to feel that some degree of defensiveness is needed, we'll say that corporate insiders apparently are starting to agree.' And by the end of the week, there was indeed some growing concern that high-flying IT, AI-related, and chip-related stocks might need a timeout. This week, the insider-sentiment data from Vickers Stock Research continues to suggest some degree of caution. We aren't claiming that a correction is imminent, but do believe stocks are vulnerable after the recent big push higher. On a scale where readings above 6.00 are bearish, Vickers' current NYSE One-Week Sell/Buy Ratio is 7.94, up from 5.70 last week; Vickers' Nasdaq One-Week Sell/Buy Ratio is 5.19, up from 4.43 last week; and Vickers' Total One-Week Sell/Buy Ratio is 6.14, up from 4.81 last week. Digging deeper on Vickers' current sector sentiment data, we note that five sectors sport a bullish one-week ratio, four are neutral, and two are bearish (Materials and Information Technology). Of the bearish, the Information Technology ratio has skyrocketed into solidly bearish territory, with a reading of 30.1 compared to 6.8 last week. While that remains below the extreme reading of 173.0 that the sector saw in late April, the consistency of bearish one-week readings for the sector have resulted in an Eight-Week Sell/Buy ratio of 9.2. That makes Information Technology the only sector to record a long-term bearish reading. Still, bright spots remain across the landscape, with bullish One-Week and Eight-Week Sell/Buy readings coming in from the Consumer Staples, Energy, Financial, Healthcare, and Real Estate sectors. This week, analysts at Vickers highlighted insider transactions of interest at Nvidia Corp (NGS: NVDA) and Qorvo Inc. (NGS: QRVO).

GSK plc, based in Brentford, UK, is a global healthcare company engaged in the discovery, development, manufacture, and marketing of pharmaceutical products. The company's leading products include treatments for asthma and COPD; treatments for HIV infection; and a range of vaccines. The company has active research and development programs in immuno-inflammation, neuroscience, metabolic pathways, ophthalmology, respiratory and infectious diseases, and biopharmaceuticals.

Stocks were volatile again last week, with ongoing concerns over sectors that might be negatively impacted by the rise of AI. This week, Wall Street will take in earnings from Walmart as well as more inflation data. Last week, the Dow Jones Industrial Average was down 1.2%, the S&P 500 shed 1.4%, and the Nasdaq lost 2.1%. Year to date, the Dow has gained 3%, while the S&P 500 is down 0.1%, and the Nasdaq is down 3%. On the earnings calendar, Medtronic and Palo Alto Networks report on Tuesday; Analog Devices, Booking Holdings, Carvana, DoorDash, and eBay on Wednesday; Walmart and Deere on Thursday; and Alibaba and Constellation Energy on Friday. Some 77% of S&P 500 companies have reported so far, and overall earnings are up 13.5% from last quarter. Information Technology, up 31%, and Industrials, up 16%, are leading the pack. At the bottom are Consumer Discretionary, down 0.1%, and Healthcare, up a mere 0.5%, according to LSEG I/B/E/S. On the economic calendar, the minutes from the last Fed meeting, Housing Starts, and Durable Goods Orders are due on Wednesday; the U.S. Trade Deficit arrives on Thursday; and GDP, the Personal Consumption Expenditures Index, Consumer Sentiment, and New Home Sales are expected on Friday. Turning to other data, the Atlanta Fed GDPNow forecast calls for 3.7% growth in the fourth quarter. The Cleveland Fed Inflation Nowcast forecasts a 2.4% rate for January and 2.4% for February as well, which compares to the December print of 2.7%. Mortgage rates ticked down two basis points last week, with the average 30-year fixed-rate mortgage now at 6.09%, according to FreddieMac. Gas prices went up three cents last week and are at an average of $2.90 per gallon for regular gas. The next Federal Open Market Committee meeting is on March 18, and odds are at 8% for a 25-basis-point cut at that meeting, according to the CME FedWatch rate tool. After that, meetings will be held on April 29 and June 17. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 8% year to date, while the leading emerging market ETF (EEM) is up 11%. U.S. growth stocks are down 5% year to date looking at ETF IWF, while value stocks (IWD) are higher by 6%. In other asset classes for the year to date, AGG bonds are up 1%, gold is up 15%, crude oil is up 8%, and Bitcoin is down 21%. The U.S. dollar is down 1%, tracking DXY. The VIX Volatility Index settled on Friday at about 21, down from a high of 26 in late November but now above its historical average of 20. Turning to sector performance, the list from first to worst so far in 2026 is Energy (+19%), Consumer Staples (+14%), Materials (+13%), Industrials (+12%), Real Estate (+3%), Healthcare (+2%), Utilities (+1.5%), Communication Services (+1.1%). Financials (-1%), Consumer Discretionary (-3%), and Information Technology (-3%). By comparison, the S&P 500 is down 0.1% year to date.