⚡ MARKET RECAP → The S&P 500 (VOO) finished little changed Friday as a soft inflation report failed to spark enthusiasm.

📺 ROKU’S PREMIUM POP → Roku (ROKU) delivered a beat-and-raise quarter, a surprise profit, and its biggest-ever haul of premium subscription net adds — turning the stock sharply higher and sharpening the bet that Roku can be both the ad-supported gateway and the subscription bundle broker for the streaming era, not just another device maker.

📊 GAS EASES, SHELTER STICKS → January CPI rose 0.2% on the month and 2.4% on the year, with cheaper gas and used cars doing most of the cooling while rents and other services keep core at 2.5%; it’s exactly the kind of slow, grinding disinflation that lets the Fed stay patient while investors keep betting on cuts later in 2026.

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For the week beginning February 9, 2026

📺 Roku (ROKU) just posted a classic beat-and-raise and the stock ripped. Q4 revenue grew mid-teens to about $1.39 billion, EPS landed nearly double Street expectations, and net income swung solidly positive. Shares jumped high-single to low-teens percent as Roku also guided 2026 revenue and EBITDA ahead of consensus.

💳 The real star: premium subscriptions. Management said it was Roku’s biggest quarter ever for premium subscription net adds, helped by holiday promos and better discovery. The company is leaning into that momentum with plans to bundle multiple paid services on the Roku platform, turning the home screen into both a FAST hub and a premium-sub checkout lane.

📈 Investor angle: more tollbooths on the stream. Platform revenue (ads + subscriptions + rev share) now overwhelmingly drives the model, and premium subs deepen engagement while adding higher-quality, recurring economics. The upside case is that Roku becomes the default operating system and bundle broker for streaming households; the risk is that giants like Amazon (AMZN), Apple (AAPL), and smart-TV OEMs don’t let Roku own that relationship without a fight.

📉 Headline inflation finally looks boring again. January CPI rose 0.2% on the month and 2.4% from a year earlier, the lowest annual rate in nearly five years. Core prices excluding food and energy climbed a still-firm 0.3% and 2.5% year over year, so underlying pressure isn’t fully gone even as the headline number cools.

🛢️ Gas and used cars are doing the disinflation dirty work. Pump prices dropped sharply, used vehicles got cheaper, and grocery inflation was mild, with some staples actually declining. The biggest remaining pain comes from shelter and other services, which now do most of the lifting in the index and keep core running a touch above target.

🏦 For the Fed, this is “progress, not victory.” With headline at 2.4% and core at 2.5%, policymakers can say they’re closing in on 2% without feeling pressured to cut rates immediately. For markets, that reads like a setup where mid-2026 cuts stay on the table, but only if this mix — softer goods, sticky services — keeps drifting in the right direction.

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