DC Lite #511

"This is the key difference between the Dot Com and AI CAPEX booms"

Author

Daily Chartbook
January 07, 2026

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. Blue-collar employment. "America is losing jobs in blue-collar industries, something that last occurred during the initial shock of the early pandemic and the depths of the Great Recession. The country is down 65k industrial jobs over the last year, a dramatic reversal from 2024, when the US added a lower-than-usual but still respectable 250k jobs."

2. ADP employment. Private employers added 41k jobs in December, up from -29k in November but below expectations for 47k. Gains were led by health services (39k) and leisure & hospitality (24k) while losses were concentrated in professional/business services (-29k) and information (-12k). Notably, small firms added jobs for the first time since July.

3. Small cap ETF flows. "2025 was a rare year where you had outflows from all the small cap ETFs out there totaled up. First time since 2011."

4. US ex-SPX. "A basket of all U.S. stocks ex-the S&P 500 is having its 3rd best start to the year since 1988."

5. TMT debt growth. "This is the key difference between the Dot Com and AI CAPEX booms."

ICYMI

DC Lite #510

"Here is what $SPX did each year when it was up the first 5 days"

www.dailychartbook.com/p/dc-lite-510

DC Lite #509

"Typically, when stocks signifying an awakening of animal spirit behaviors begin leading the stock market, it’s often a signal of a new bull market"

www.dailychartbook.com/p/dc-lite-509

DC Lite #508

"Wall Street may be 'always bullish' but they also almost always underestimate the S&P 500"

www.dailychartbook.com/p/dc-lite-508

DC Lite #507

"While domestic breadth has been uneven, global breadth strength has been resilient"

www.dailychartbook.com/p/dc-lite-507

DC Lite #506

"US-listed ETFs have attracted a staggering $1.4 trillion in 2025, shattering the annual flow record set just last year"

www.dailychartbook.com/p/dc-lite-506

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