Wednesday, February 4th, 2026
Inventory market rotation out of software program and tech typically was on clear show at this time, with the tech-heavy Nasdaq and Nasdaq-exposed S&P 500 hitting the closing bell decrease by -1.51% and -0.51%, respectively. The small-cap Russell 2000 fell -0.67% on the day. The Dow is up +0.9% over the previous 5 buying and selling days; the opposite three indexes are adverse over that point.
That the Dow would achieve when tech-heavy indexes can be shedding progress is a really direct hyperlink to the rotation commerce — leaving extremely valued, probably overextended AI buildouts for Mother & Pop portfolio shares. Sturdy earnings from Amgen AMGN this morning led that fill up +8% at this time, main the Dow 30 index. 3M MMM was up +5%.
Companies PMI in Development Territory: S&P, ISM
Shortly after the market opened this morning, the ultimate S&P Companies PMI report got here out for January. It posted a barely better-than-expected +52.7. ISM Companies, additionally for January, went to +53.8%, forward of expectations and matching its previous-month progress charge. Each metrics are solidly above the 50 ranges, as at this time’s services-heavy private-sector ADP ADP report would attest.
Earnings Roundup After the Closing Bell
Alphabet GOOGL simply surpassed estimates on each prime and backside strains for its This autumn report this afternoon. Earnings of $2.82 per share was nicely forward of the $2.58 projected, which itself represented +16% gross sales progress over the previous 12 months. Revenues beat estimates by greater than $2.5 billion to $97.23 billion (minus Site visitors Acquisition Prices [TAC], which the corporate doesn’t subtract from its prime line. GOOGL reported $113.8 billion in its This autumn report).
Clouds progress was higher than anticipated, $17.7 billion versus $16.2 billion, and +48% 12 months over 12 months. YouTube was a smidge gentle at $11.3 billion, and Waymo self-driving auto service led its Different Bets class with $126 billion in revenues. Largest of all, Google Search Advert Income grew to $63.07 billion from $61.47 billion anticipated.
Alphabet is one company already placing its AI features to work, most visibly with its Search assistant Gemini, however the brand new Capital Expenditures goal is up by greater than $50 BILLION from the place it had been anticipated, to a brand new vary of $175-185 billion. This feeds into the “over-invested in AI” warning we’ve seen elsewhere this earnings season, and shares are buying and selling considerably decrease within the after-market.
Qualcomm QCOM reported blended fiscal Q1 outcomes this afternoon, with earnings of $3.50 per share simply outpacing the $3.39 within the Zacks consensus, and the $3.41 per share reported within the year-ago quarter. Revenues, nevertheless, reached $12.25 billion, shy of the $12.28 billion analysts had been anticipating. Additional, a decline in reminiscence chips is knocking down current-quarter steerage, and QCOM shares are down -9% in consequence.
e.l.f. Magnificence ELF posted huge optimistic surprises in its fiscal Q3 numbers after the shut at this time, with earnings of $1.24 per share on $490 million in revenues careening previous expectations of $0.73 per share on $462.77 million, which itself represented +30% progress 12 months over 12 months. A lot of the cosmetics main’s success got here from the current acquisition of Hailey Bieber’s Rhode model. Shares had initially spiked +16% on the information, however have settled down within the half hour since.
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QUALCOMM Included (QCOM) : Free Inventory Evaluation Report
Automated Information Processing, Inc. (ADP) : Free Inventory Evaluation Report
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