Rotation Under the Surface Ahead of Payrolls

Welcome to the Daily Flow, Global Markets Explained Daily: Expectations, Positioning,

Narrative. It's Thursday, January 8th, 2026 and the market is closed.

Here's what actually mattered today. Not the headlines, the mechanisms. Let's start with

the big picture in one sentence. The index barely moved, but the market rotated

hard underneath the surface. In the United States, the S&P 500 finished basically flat at

6,921. The DOW was up about six-tenths of a percent. The NASDAQ was down

about four-tenths, and the Russell 2000 Small Caps outperformed again, up about 1%.

That combination tells you a lot. This wasn't a broad risk on melt up. This was money moving