Market Roundup: What Happened Yesterday and What Awaits Us Today (February 4)

Major US stock indexes ended Tuesday’s session sharply lower, dragged down by renewed pressure on technology stocks, even as the Dow Jones Industrial Average briefly touched a fresh record high earlier in the day before reversing course.

The Nasdaq Composite, heavily weighted toward technology names, fell 1.4%, while the S&P 500 closed down around 0.8%. The Dow Jones briefly surpassed its previous all-time high of 49,633 points, set on January 12, but ended the session 0.3% lower.

The pullback followed a strong start to the month on Monday, when markets posted solid gains. The Dow rose 1.1%, the S&P 500 added about 0.5% to move closer to a record close, and the Nasdaq advanced 0.6%.

Technology stocks bore the brunt of Tuesday’s selling, with all of the so-called “Great Seven” ending lower. Microsoft declined 2.9%, while Nvidia fell about 2.8%, as investors trimmed exposure to the sector. The information technology segment of the S&P 500 dropped more than 2%.

Palantir bucked the broader tech sell-off, jumping nearly 7% on the back of strong earnings and upbeat revenue guidance. In contrast, Gartner was the worst performer in the S&P 500, plunging roughly 21% after issuing weaker-than-expected full-year guidance.

Among earnings-related movers, DaVita shares surged 21%, Teradyne climbed around 13%, PepsiCo rose nearly 5%, and Merck added 2.2%. On the downside, PayPal tumbled 20%, Pfizer fell 3.5%, Archer Daniels Midland slipped about 1%, and AMD declined 1.7% ahead of its earnings release after the close.

Walt Disney shares edged lower following the announcement that Josh D’Amaro will succeed Bob Iger as CEO, with the transition set to take place at the company’s annual meeting on March 18. Meanwhile, Walmart gained around 3% after becoming one of the few companies to surpass a $1 trillion market capitalisation.

Elsewhere, US-listed shares of Novo Nordisk dropped about 15% after the company forecast slower growth in adjusted earnings and sales for 2026.

In commodity markets, gold and silver resumed their upward momentum after recent profit-taking that followed record highs. Gold rose roughly 7% to near $4,970 an ounce, though it remained below its recent peak above $5,625. Silver surged 10% to around $85 an ounce after sharp declines in prior sessions.

US crude oil prices rebounded by about 3% to approach $64 a barrel, recovering some of the heavy losses seen in the previous session.

Cryptocurrencies were volatile, with Bitcoin briefly falling to around $72,900 — its lowest level since November 2024 — before recovering to roughly $76,300, still below its intraday highs.

In currency and bond markets, the US dollar index slipped 0.3% to 97.38 points, hovering near its lowest level in four years. Yields on 10-year US Treasury bonds edged slightly lower to around 4.27%.

Market outlook

Volatility is expected to persist in today’s session as investors await fresh economic data and any new comments from Federal Reserve officials that could reshape interest-rate expectations. Technology stocks may attempt a technical rebound following recent losses, while gold and silver could maintain upward momentum as long as the dollar remains under pressure and broader economic and geopolitical uncertainties continue.