Kim Kahn

The company said it's taken about a $100 million hit from tariffs so far.

And Barrick Mining says it will move forward with plans for an IPO of its North American gold operations while retaining a significant majority stake.

Those assets account for more than half of Barrick Gold's production and about 60% of its value.

Looking to the economy, the official January jobs report is delayed, but traders still got a trio of labor market updates today, and none of them were good news.

Weekly initial jobless claims rose more than expected to 231,000.

Challenger reported employers announcing 108,000 job cuts in January, the highest start to a year since 2009, and the biggest monthly total since October.

And the Joltz report showed job openings fell to 6.542 million in December, well below the 7.245 million consensus.

Pantheon macroeconomist Samuel Toombs says about two-thirds of the drop in openings came from professional and business services, which he says may suggest AI is persuading a growing number of companies to pause on new hiring.

In other news of note, Spotify is expanding beyond digital streaming into physical book sales through a new partnership with Bookshop.org.

The deal will let premium subscribers in the U.S.

and U.K.

buy hardcovers and paperbacks directly in the app starting this spring.

Why physical books again?

Despite years of predictions about the death of the bookstore, demand, especially among younger readers, has surged.

And a lot of that momentum is being driven by BookTok, TikTok's book community where viral recommendations can send readers straight to specific titles.

And in the Wall Street Research Corner, Jeffries says 73% of software stocks are now oversold, the highest percentage on record.

Broader Tech isn't far behind, with about 45% of tech names in oversold territory.

Jeffries adds that IGV, the iShares Expanded Tech Software ETF, is now more oversold versus the S&P 500 than at any prior point in history.

Meanwhile, Wedbush says the market is pricing in a near-term doomsday scenario for software, but calls that extremely overblown.

The firm argues many customers won't rush into aggressive AI rollouts if it puts their data at risk.