Market Roundup: What Happened Yesterday and What Awaits Us Today (February 5)

US stock indices closed mixed on a day dominated by earnings announcements, with continued weakness in technology stocks weighing on both the Nasdaq and the S&P 500 for a second consecutive session. In contrast, the Dow Jones Industrial Average posted solid gains, supported largely by strength in healthcare shares.

The Nasdaq Composite fell around 1.5%, while the S&P 500 slipped about 0.5%. The Dow Jones, however, rose roughly 0.5% — about 260 points — helped by an almost 8% surge in Amgen shares.

The tech sector remained under pressure following earlier declines in software stocks, amid growing concerns about how artificial intelligence could disrupt traditional business models. Those concerns intensified after AI startup Anthropic unveiled new workplace productivity tools, adding to market anxiety about the rapid pace of technological change.

Large-cap technology stocks continued to struggle. Five of the so-called “Magnificent Seven” ended lower, with Tesla and Nvidia leading losses at roughly 3.8% and 3.4% respectively. Alphabet fell 2% ahead of its earnings release after the close, while Amazon dropped 2.4% ahead of its results expected today. AMD shares plunged 17% despite beating earnings expectations, suggesting results may already have been priced in or that investor expectations were exceptionally high.

Elsewhere, post-earnings moves were pronounced. Envas Energy surged 39%, Super Micro Computer gained 14%, and Eli Lilly rose 10%, returning to a trillion-dollar market valuation. Conversely, Boston Scientific fell 18%, AbbVie declined about 4%, Uber dropped 5%, and TikTok Interactive shares also weakened by roughly the same margin.

Qualcomm shares rose nearly 2% ahead of its earnings announcement, while Silicon Laboratories soared almost 50% after Texas Instruments announced an all-cash acquisition valued at about $7.5 billion. Texas Instruments shares edged slightly lower following the news.

In cryptocurrency markets, Bitcoin briefly fell to around $72,100 — its lowest level since November 2024 — before recovering to trade near $73,500 by the close.

Currency markets saw the US dollar index rise 0.2% to 97.66, although it remains close to its lowest level in four years. Precious metals strengthened, with gold up 0.7% to roughly $4,970 per ounce and silver jumping 4% to about $86.75 following recent profit-taking.

Bond yields edged higher, with the benchmark 10-year US Treasury yield rising slightly to around 4.28%. Oil prices also advanced, with West Texas Intermediate crude gaining about 2% to near $64.50 per barrel.

Market outlook

Market volatility is expected to continue as investors focus on upcoming earnings from major technology companies and new economic data that could influence expectations for US interest rates. Technology stocks may remain under pressure in the near term, while defensive sectors such as healthcare and energy could benefit from risk-reduction strategies. Gold prices are likely to stay supported amid ongoing uncertainty, while the dollar may move modestly unless economic data deliver significant surprises.