Following a 2022 reorganization, Baker Hughes operates across two segments: oilfield services and equipment, and industrial and energy technology. The firm's oilfield services and equipment segment, or OFSE, is one of the Big Three oilfield service players, along with SLB and Halliburton, and mostly supplies to hydrocarbon developers and producers, including national oil companies, major integrated firms, and independents. Markets outside of North America buy roughly three quarters of the firm's OFSE. Baker Hughes' industrial and energy technology segment manufactures and sells turbines, compressors, pumps, valves, and related testing and monitoring services across various energy and industrial applications.

The S&P 500 has strung together two days of gains, with a pop of more than 2.8% for the first time since early November of 2024. Back then, stocks were coming out of the second-half October 2024 pullback. Meanwhile, the latest weekly insider-sentiment data from Vickers Stock Research suggests that insiders seem to think stocks are now a bargain. Looking at the major one-week sell/buy ratios from Vickers, we note that the NYSE/ASE one-week ratio is now 1.71 on a scale where anything below 2.00 is bullish and anything above 6.00 is bearish. The ratio was as high as 8.48 just a few weeks ago. For the standalone NYSE, the one-week ratio is 1.75 (again bullish) and was 9.00 a few weeks ago. For the Nasdaq, the current ratio is 3.14 (neutral), but it was as high as 14 at the start of February. One week does not make a trend, but it is a very good start. Of note, insiders historically jump in before many other investors when an apparent opportunity presents itself. The last time Vickers' ratios were in bullish territory was late-October/November of 2023, and that turned out to be a very good time to buy stocks. On a sector basis, insider buying exceeded selling in Energy last week, with shares valued at $103 million bought versus $87 million sold, as well as in Materials, with shares valued at $11.3 million shares bought versus $10.9 million sold. Buying was also notable in Consumer Discretionary, lagging the level of selling by a factor of just 1.2-times. Selling was the greatest in Information Technology over the past week, with shares valued at $2.9 billion sold versus $43 million bought, as well as Healthcare ($1.3 billion sold versus $78 million bought). (Mark Arbeter, CMT)

Following a 2022 reorganization, Baker Hughes operates across two segments: oilfield services and equipment, and industrial and energy technology. The firm's oilfield services and equipment segment, or OFSE, is one of the Big Three oilfield service players, along with SLB and Halliburton, and mostly supplies to hydrocarbon developers and producers, including national oil companies, major integrated firms, and independents. Markets outside of North America buy roughly three quarters of the firm's OFSE. Baker Hughes' industrial and energy technology segment manufactures and sells turbines, compressors, pumps, valves, and related testing and monitoring services across various energy and industrial applications.

The stock market was hit hard on Friday, with some indices having their worst day in 2025. The S&P 500 (SPX) and S&P 100 (OEX) fell 1.7%, the Nasdaq lost 2.2%, the Nasdaq 100 gave back 2.1%, the S&P MidCap 400 fell 2.4%, and the S&P SmallCap 600 dropped 2.4%. It was another risk-off session, with Information Technology declining 2.7%, Consumer Discretionary losing 2.6%, and Industrial off 2.2%. Materials, which had shown some strength of late, also dropped when industrial metals were hit. Consumer Staples was the only decent sector, with a 1.2% gain. Both the five- and 10-year Treasury yields dropped around 80-84 basis points and are nearing their recent low yields from February 5. Once again, some of the largest decliners were in IT, with AKAM (-22%), GEV (-9%), EPAM and CRWD (both down 7%) all falling. Other big losses came from Utilities, with CEG and VST both down 8%. Trucking stock ODFL gave up 9%, while UNH dropped 7%. About 54 SPX stocks fell 4%, showing the widespread nature of the carnage. Both the SPX and OEX fell right to their 50-day averages, with the SPX breaking its short-term trendline off the lows since January 13. Both indices also are close to giving five-day/13-day EMA crossover sell signals just two days after they hit very minor all-time highs. There is chart support for the SPX from current levels down to the January 13 intraday low of 5,773; the 20-day price channel sits at 5,924. The low at 5,773 also is the location of the rising 200-day (looking out a couple weeks); the bullish trendline off the lows since October 2022; and a 38.2% retracement of the rally since August 2024. So it obviously is a key support level. (Mark Arbeter, CMT)