3 February 2026 - Daily Market Updates

Market snapshot (as of 6:49 a.m. ET; market data may be delayed)

S&P 500 Futures: 7008.25 (+0.08%)
Nasdaq 100 Futures: 25938.5 (+0.34%)
US 10-Year Treasury Yield: 4.285% (+0.8 bps)
Gold: 4,908.37 (+5.30%)

Morning rundown

Risk appetite is stabilizing after a volatile stretch. US equity futures are firmer, led by technology, while core yields edge higher and the dollar eases. Precious metals are rebounding sharply, reversing part of the previous session’s slide. The tone across Asia was broadly constructive, with Korea leading gains and semiconductors among the standouts. Europe opened higher, echoing the recovery in cyclicals and AI-linked names.

Commodities

Precious metals: Gold and silver are bouncing as bargain-hunters and short-covering meet ongoing longer-term interest from asset allocators. The speed of the move underscores how leveraged positioning can amplify swings in both directions.
Energy and industrial metals: A modest risk-on mood is supporting pro-cyclical commodities, though traders remain sensitive to macro headlines and policy signals.

Equities

US: Futures point to gains with the AI/data-center complex back in focus. Investors are watching whether beaten-down groups from the prior selloff extend their recovery and whether earnings guidance validates recent multiple expansion.
Asia: Major benchmarks advanced, with Korea outperforming on a broad tech rally. Japan and Hong Kong saw more measured rebounds as investors weigh currency dynamics and policy uncertainty.
Europe: Early strength is broad-based, with defensives participating alongside cyclicals. Market depth remains thinner than usual around headline risk, keeping intraday volatility elevated.

Rates and FX

Sovereigns: The 10-year Treasury yield is little changed, holding near recent ranges as markets balance resilient growth indicators with sticky services inflation. Curves remain biased toward slight bear-steepening on any upside data surprises.
Currencies: The dollar is marginally softer against a basket of peers. Cross-asset correlations suggest a modest reversion to risk-taking, with higher-beta FX stabilizing.
Central banks: A major Asia-Pacific central bank lifted its policy rate, the first notable developed-market hike of the year, citing persistent price pressures. Markets are reassessing the global policy path, with timing and pace of eventual easing remaining data-dependent.

Corporate calendar and flows

Earnings: A busy slate spans consumer staples, healthcare, payments, and restaurants before and after the US market close. Key themes to monitor: pricing power, volume elasticity, cost discipline, and AI-related capex/commentary from enterprise-facing firms.
Deal and listing watch: Headlines around a prominent private space-and-AI combination are fueling discussion of a potential landmark listing later this year. Any formal timeline or structure could influence sentiment in growth equities and late-stage private markets.
Credit: Investment-grade spreads remain tight by historical standards, reflecting strong technicals. With valuations rich, investors are attentive to any wobble in AI-led growth narratives or earnings misses that could widen risk premia.

What to watch next

Macro: Upcoming labor, inflation, and activity data across major economies will frame the near-term path for yields and the dollar.
Micro: Guidance from AI-adjacent hardware, cloud, and semiconductor supply chains will be scrutinized for signs of demand normalization versus continued buildout.
Positioning: After outsized moves in metals and tech, liquidity pockets and options flows may continue to amplify intraday swings.

House view summary

Near-term tone: Cautiously risk-on, but fragile given tight credit spreads and elevated expectations.
Key swing factors: Central bank communication, earnings quality, and the durability of AI-driven capex.
Portfolio considerations: Diversification and attention to liquidity remain prudent amid fast-moving cross-asset rotations.

Notes

All market levels are for information only and subject to change.
This commentary is not investment advice or a solicitation to buy or sell any security.

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