AI Sentiment Drives Tech Sell-Off: Schwab, RJF Drop 7.4% and 8.7% on Altruist AI Tool

U.S. markets open Feb 11 (02/11/2026) with the 1 January nonfarm payroll report scheduled for review. AI-driven volatility spilled from software to financial services, sending Schwab (SCHW-US) down 7.4% and Raymond James (RJF-US) 8.7%, the steepest single-day decline since March 2020. The sell-off followed Altruist’s announcement of an AI tool that can parse financial documents and generate personalized tax strategies in minutes without manual input. Conversely, JPMorgan (JPM-US) strategists argue AI disruption of software is overblown, citing significant positioning from traders and suggesting short-term rotation back to quality, AI-resilient software stocks. Retail sales持平 in December tempered growth expectations, prompting broader bond market gains and renewed concerns about softer U.S. economic growth and lower interest and inflation paths. Alphabet (GOOGL-US) is expanding its global bond issuance to exceed $300 billion to fund AI infrastructure, signaling continued strong demand for tech company debt. Lyft (LYFT-US) posted Q4 revenue and passenger volume below expectations, sending its shares down over 15% in after-hours trading.