Tuesday, February third, 2026
Market indexes caved mid-afternoon on a mixture rotation out of high-growth tech (of which AI shares appeared to be driving up once more earlier than getting slapped down Friday) and a tenuous really feel relating to what’s across the nook for the financial system. (January jobs knowledge begins reporting tomorrow, and information headlines of one other authorities shutdown aren’t serving to confidence.)
It’s powerful to get too riled up about immediately’s losses, nevertheless, as we noticed a recent intra-day all-time excessive degree for the blue-chip Dow earlier than the promoting started. The Dow closed -166 factors, -0.34%, whereas the S&P 500 and the Nasdaq shed a extra important -0.84% and -1.43%, respectively, totally on the rotation out of tech shares. The small-cap Russell 2000 managed to climb into the inexperienced forward of the shut: +8 factors, +0.31%.
We didn’t get December JOLTS numbers, as anticipated, possible attributable to delays associated to the federal government shutdown (though it reopened now 12 weeks in the past). Thus, “Jobs Week” now begins with tomorrow’s Computerized Knowledge Processing ADP private-sector payrolls, which don’t depend on authorities businesses to place out preliminary month-to-month numbers. A slight achieve to +45K job features final month is predicted, up 4K from the earlier month.
Earnings Reviews After the Shut: AMD, AMGN, CMG
Amongst these firms reporting quarterly earnings now that the common buying and selling session is full, GPU chipmaker Superior Micro Gadgets AMD outperformed expectations it’s This autumn report this afternoon. Earnings of $1.53 per share simply surpassed the $1.32 within the Zacks consensus (and the prior-year $1.09 per share) on revenues of $10.3 billion, properly forward of the $9.67 billion anticipated.
Nonetheless, these numbers now embody a one-time achieve in chips offered to China within the quarter for $390 million not within the firm’s authentic steerage, so traders had been suspicious initially, sending shares down -6% in late buying and selling. That mentioned, income steerage for subsequent quarter is robust, whilst total gross margins are projected to come back down a pair share factors to +55%. Principally, merchants are promoting the AMD information; the inventory had been up +37% over thev previous six months.
Biotech large Amgen AMGN additionally reported sturdy beats on each prime and backside strains this afternoon, with earnings of $5.29 per share zipping previous the $4.76 anticipated. Revenues reached $9.8 billion, above the $9.47 billion within the Zacks consensus. Product gross sales rose +7% on +10% quantity development. Shares are up +1.1% within the after-market.
Chipotle CMG shares are down -2% after outperforming on each earnings and gross sales following immediately’s market shut. Earnings beat by a penny to 25 cents per share, whereas revenues of $2.98 billion bettered the $2.96 billion within the Zacks consensus. Full-year same-store gross sales got here in at -1.7% for the corporate’s first contraction on this metric in almost 10 years.
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