Dow futures edged up 0.2% Sunday night after the index closed above 50,000 for the first time Friday, capping a 2.5% single-day gain. The broader market rebound follows a volatile week where tech stocks dragged indices lower, with $650 billion in planned AI spending by Amazon, Google, Meta, and Microsoft fueling investor concerns about capital allocation.

This week’s delayed January employment report and consumer price index will test the rally’s durability. Private-sector job growth already showed sharp deceleration, with ADP reporting just 22,000 additions versus 140,000 a year earlier. Earnings from Coca-Cola, McDonald’s, and Cisco may provide clues about consumer resilience amid shifting Fed policy expectations.

Investors are weighing implications of former Fed governor Kevin Warsh’s nomination as Jerome Powell’s successor. While viewed as hawkish, Warsh’s selection hasn’t reversed the dollar’s 10% decline since President Trump took office. Markets now face competing forces between Big Tech’s spending arms race and macroeconomic uncertainty.

Quick Fact: The Dow surged more than 1,200 points on Friday.