Market Update
AI Land Grab Competition Worries Overshadow Earnings Results On Wall Street
Barry Adams
06 Feb, 2026
New York City
Market sentiment remained fragile on Wall Street amid growing worries about elevated AI data center spending.
The S&P 500 index and the tech-heavy Nasdaq Composite struggled to stay above the flatline, following a rough session on Thursday.
Investors shifted their focus to elevated artificial intelligence infrastructure and lagging returns as leading tech companies announced multi-billion-dollar spending in 2026.
Amazon.com plunged as much as 9% after the e-commerce platform operator estimated $200 billion in capital spending in 2026, higher than the $185 billion estimate announced by Google parent Alphabet.
Amazon, Alphabet, Meta, and Microsoft are looking to spend as much as $650 billion in AI-related capital spending, sharply higher than $410 billion in 2025 and $245 billion in 2024.
For the week so far, the S&P 500 index is down 2%, and the tech-focused Nasdaq Composite dropped 4% amid high anxieties about the future revenue growth outlook for software services providers and uncertain returns from elevated AI infrastructure investing.
U.S. Movers
Amazon.com dropped 9% to $202.87 after the e-commerce company reported weaker-than-expected earnings in the fourth quarter.
The global e-commerce company estimated $200 billion in capital expenditures for 2026.
Ralph Lauren declined 4.5% to $338.66 after the apparel designer reported better-than-expected fiscal third-quarter results, as investors focused on depressed margins because of higher U.S. tariffs.
Revenue increased 12% to $2.41 billion from $2.14 billion, net income rose to $361.6 million from $297.4 million, and diluted earnings per share advanced to $5.88 from $4.66 a year ago.
Sales were driven by gains across all geographies and gains in direct sales to consumers, driven by a 22% increase in Asia, slower growth of 12% in Europe, and high single-digit increases in North America.
The company revised higher its full-year fiscal 2026 revenue growth estimate in constant currency in the high-single- to low-double-digit range and operating margin widening of roughly 100 to 140 basis points.
AI Land Grab Competition Worries Overshadow Earnings Results On Wall Street
Barry Adams
06 Feb, 2026
New York City
Market sentiment remained fragile on Wall Street amid growing worries about elevated AI data center spending.
The S&P 500 index and the tech-heavy Nasdaq Composite struggled to stay above the flatline, following a rough session on Thursday.
Investors shifted their focus to elevated artificial intelligence infrastructure and lagging returns as leading tech companies announced multi-billion-dollar spending in 2026.
Amazon.com plunged as much as 9% after the e-commerce platform operator estimated $200 billion in capital spending in 2026, higher than the $185 billion estimate announced by Google parent Alphabet.
Amazon, Alphabet, Meta, and Microsoft are looking to spend as much as $650 billion in AI-related capital spending, sharply higher than $410 billion in 2025 and $245 billion in 2024.
For the week so far, the S&P 500 index is down 2%, and the tech-focused Nasdaq Composite dropped 4% amid high anxieties about the future revenue growth outlook for software services providers and uncertain returns from elevated AI infrastructure investing.
U.S. Movers
Amazon.com dropped 9% to $202.87 after the e-commerce company reported weaker-than-expected earnings in the fourth quarter.
The global e-commerce company estimated $200 billion in capital expenditures for 2026.
Ralph Lauren declined 4.5% to $338.66 after the apparel designer reported better-than-expected fiscal third-quarter results, as investors focused on depressed margins because of higher U.S. tariffs.
Revenue increased 12% to $2.41 billion from $2.14 billion, net income rose to $361.6 million from $297.4 million, and diluted earnings per share advanced to $5.88 from $4.66 a year ago.
Sales were driven by gains across all geographies and gains in direct sales to consumers, driven by a 22% increase in Asia, slower growth of 12% in Europe, and high single-digit increases in North America.
The company revised higher its full-year fiscal 2026 revenue growth estimate in constant currency in the high-single- to low-double-digit range and operating margin widening of roughly 100 to 140 basis points.
Three-Day Sell-Off In Technology Stocks Extended Losses in Hong Kong
Li Chen
06 Feb, 2026
Hong Kong
Stocks in mainland China and Hong Kong extended weekly losses, led by a pronounced sell-off in technology stocks.
The Hang Seng Index declined 1.1%, and the mainland-focused CSI 300 Index fell 0.1% as investors continued to lighten holdings of high-flying stocks.
The sharp declines in AI-related stocks in overnight trading in New York for the third session in a row rattled market sentiment in China and Asia as investors shifted their focus to a profit outlook over revenue growth.
The sudden shift in investor narrative was sparked by growing concerns that returns from investment in AI data centers are more likely to lag market expectations.
China Indexes and Stocks
The Hang Seng Index decreased 1.1% to 26,580.29, and the mainland-focused CSI 300 Index declined 0.1% to 4,668.01.
Technology leaders dominated losers in Friday's trading.
NetEase decreased 2.2% to HK $188.30, Tencent Holdings dropped 1.1% to HK $552.0, Alibaba Group declined 2.5% to HK $155.60, and JD.com fell 2.1% to HK $106.50.
Three companies priced their initial public offerings and listed their stocks on the Hong Kong Stock Exchange.
Muyuan Foods gained 2% to HK $40.92, and the company priced its initial public offering at HK $39 per share.
The company raised HK $10.7 billion in gross proceeds through the sale of 273.9 million shares.
Distinct Healthcare Holdings soared 35% to HK $79.05, and the company priced its initial public offering at HK $59.90.
The company raised HK $284.5 million in gross proceeds through the sale of 4.75 million shares.
Shenzhen Han's CNC Technology advanced 18% to HK$111.0, and the company priced its offering at HK$95.80 per share.
The company raised HK $4.8 billion in gross proceeds through the sale of 50.45 million shares.
Three-Day Sell-Off In Technology Stocks Extended Losses in Hong Kong
Li Chen
06 Feb, 2026
Hong Kong
Stocks in mainland China and Hong Kong extended weekly losses, led by a pronounced sell-off in technology stocks.
The Hang Seng Index declined 1.1%, and the mainland-focused CSI 300 Index fell 0.1% as investors continued to lighten holdings of high-flying stocks.
The sharp declines in AI-related stocks in overnight trading in New York for the third session in a row rattled market sentiment in China and Asia as investors shifted their focus to a profit outlook over revenue growth.
The sudden shift in investor narrative was sparked by growing concerns that returns from investment in AI data centers are more likely to lag market expectations.
China Indexes and Stocks
The Hang Seng Index decreased 1.1% to 26,580.29, and the mainland-focused CSI 300 Index declined 0.1% to 4,668.01.
Technology leaders dominated losers in Friday's trading.
NetEase decreased 2.2% to HK $188.30, Tencent Holdings dropped 1.1% to HK $552.0, Alibaba Group declined 2.5% to HK $155.60, and JD.com fell 2.1% to HK $106.50.
Three companies priced their initial public offerings and listed their stocks on the Hong Kong Stock Exchange.
Muyuan Foods gained 2% to HK $40.92, and the company priced its initial public offering at HK $39 per share.
The company raised HK $10.7 billion in gross proceeds through the sale of 273.9 million shares.
Distinct Healthcare Holdings soared 35% to HK $79.05, and the company priced its initial public offering at HK $59.90.
The company raised HK $284.5 million in gross proceeds through the sale of 4.75 million shares.
Shenzhen Han's CNC Technology advanced 18% to HK$111.0, and the company priced its offering at HK$95.80 per share.
The company raised HK $4.8 billion in gross proceeds through the sale of 50.45 million shares.
Volatile Tech Stocks Drive Broader U.S. Averages Sideways
Barry Adams
05 Feb, 2026
New York City
U.S. stocks steadied on Thursday, and investors reacted to mixed corporate results from leading tech companies.
The S&P 500 Index increased 0.3%, and the tech-focused Nasdaq Composite jumped 0.5% as investors surmised the previous session's sell-off was overdone.
In Thursday's trading, the S&P 500 index decreased 0.5%, and the Nasdaq Composite dropped 1.5% as the tech-led rout intensified. Moreover, investors rotated out of software stocks on the fears that the latest advances in artificial intelligence could disrupt business models amid worries of stretched valuations.
In precious metals trading, gold decreased 2%, and silver plunged 11% following a rebound in the previous session.
Silver continued to seek lower levels amid renewed selling pressure and heightened volatility, driven in part by a rebound in the U.S. dollar.
Silver dropped to $78.04 an ounce, and gold eased 2% to $4,867.05 an ounce.
U.S. Movers
Alphabet Inc. decreased 2.5% to $324.83 after the parent company of the Google search engine estimated sharply higher capital expenditure for AI infrastructure.
Nvidia Corp. jumped 1.8% to $177.51, and Broadcom jumped 5.3% to $325.35 after Alphabet estimated a 2026 capital expenditure of $185 billion, driven by a sharp increase in artificial intelligence spending.
Qualcomm Inc. plunged 12.1% to $130.85 after the advanced chipmaker's outlook disappointed some investors.
Volatile Tech Stocks Drive Broader U.S. Averages Sideways
Barry Adams
05 Feb, 2026
New York City
U.S. stocks steadied on Thursday, and investors reacted to mixed corporate results from leading tech companies.
The S&P 500 Index increased 0.3%, and the tech-focused Nasdaq Composite jumped 0.5% as investors surmised the previous session's sell-off was overdone.
In Thursday's trading, the S&P 500 index decreased 0.5%, and the Nasdaq Composite dropped 1.5% as the tech-led rout intensified. Moreover, investors rotated out of software stocks on the fears that the latest advances in artificial intelligence could disrupt business models amid worries of stretched valuations.
In precious metals trading, gold decreased 2%, and silver plunged 11% following a rebound in the previous session.
Silver continued to seek lower levels amid renewed selling pressure and heightened volatility, driven in part by a rebound in the U.S. dollar.
Silver dropped to $78.04 an ounce, and gold eased 2% to $4,867.05 an ounce.
U.S. Movers
Alphabet Inc. decreased 2.5% to $324.83 after the parent company of the Google search engine estimated sharply higher capital expenditure for AI infrastructure.
Nvidia Corp. jumped 1.8% to $177.51, and Broadcom jumped 5.3% to $325.35 after Alphabet estimated a 2026 capital expenditure of $185 billion, driven by a sharp increase in artificial intelligence spending.
Qualcomm Inc. plunged 12.1% to $130.85 after the advanced chipmaker's outlook disappointed some investors.
U.S. Movers: AMD, Chipotle Mexican Grill, Match Group, Take-Two Interactive
Scott Peters
04 Feb, 2026
New York City
Chipotle Mexican Grill Inc. dropped 6.6% to $36.60 after the fast-casual restaurant company reported weaker-than-expected quarterly results.
Same-store sales in the fourth quarter fell 2.5% and dropped 1.7% for the full year.
Revenue in the quarter rose 4.9% to $2.98 billion, net income decreased to $330.9 million from $331.8 million, and diluted earnings per share increased to 25 cents from 24 cents a year ago.
Traffic to restaurants declined 3.2% in the latest quarter, denting investor enthusiasm and dragging down the company's stock by more than 35%.
The company estimated flat same-store sales growth in 2026.
Advanced Micro Devices dropped 7% to $224.99 despite the advanced chipmaker reporting strong fourth-quarter results.
Revenue increased 34% to a record high of $10.3 billion from $7.7 billion, net income soared to $1.5 billion from $482 million, and diluted earnings per share increased to 92 cents from 29 cents a year ago.
The company estimated first-quarter revenue at $9.8 billion, with a band of $300 million; however, some analysts were expecting the company to offer stronger guidance as core customers continue to purchase chips necessary to power AI models.
Match Group rose 6% to $30.64 after the dating app operator reported sharply higher than expected fourth-quarter results.
The company guided full-year cash flow in the current year to range between $1.08 billion and $1.135 billion.
Match Group reported fourth-quarter revenue of $878 million and diluted earnings per share of 83 cents.
Take-Two Interactive Software jumped 4.4% to $221.0 after the video game publisher revised its 2026 net booking estimate to a new range between $6.65 and $6.7 billion.
U.S. Movers: AMD, Chipotle Mexican Grill, Match Group, Take-Two Interactive
Scott Peters
04 Feb, 2026
New York City
Chipotle Mexican Grill Inc. dropped 6.6% to $36.60 after the fast-casual restaurant company reported weaker-than-expected quarterly results.
Same-store sales in the fourth quarter fell 2.5% and dropped 1.7% for the full year.
Revenue in the quarter rose 4.9% to $2.98 billion, net income decreased to $330.9 million from $331.8 million, and diluted earnings per share increased to 25 cents from 24 cents a year ago.
Traffic to restaurants declined 3.2% in the latest quarter, denting investor enthusiasm and dragging down the company's stock by more than 35%.
The company estimated flat same-store sales growth in 2026.
Advanced Micro Devices dropped 7% to $224.99 despite the advanced chipmaker reporting strong fourth-quarter results.
Revenue increased 34% to a record high of $10.3 billion from $7.7 billion, net income soared to $1.5 billion from $482 million, and diluted earnings per share increased to 92 cents from 29 cents a year ago.
The company estimated first-quarter revenue at $9.8 billion, with a band of $300 million; however, some analysts were expecting the company to offer stronger guidance as core customers continue to purchase chips necessary to power AI models.
Match Group rose 6% to $30.64 after the dating app operator reported sharply higher than expected fourth-quarter results.
The company guided full-year cash flow in the current year to range between $1.08 billion and $1.135 billion.
Match Group reported fourth-quarter revenue of $878 million and diluted earnings per share of 83 cents.
Take-Two Interactive Software jumped 4.4% to $221.0 after the video game publisher revised its 2026 net booking estimate to a new range between $6.65 and $6.7 billion.
U.S. Indexes Rested Amid Valuation Worries and Mixed Quarterly Results
Barry Adams
04 Feb, 2026
New York City
U.S. stocks lacked direction in early trading in New York after benchmark indexes registered sharp losses in the previous session.
The S&P 500 Index decreased 0.1%, and the tech-focused Nasdaq Composite edged up 0.1% as investors reviewed the latest quarterly results.
Chipmakers and AI-linked stocks declined more than 2% in Tuesday's trading, and software services providers faced headwinds amid worries that elevated infrastructure investment may dampen future sales growth.
Nvidia, Broadcom, Qualcomm, AMD, and Micron Technology declined between 2% and 4%, and ServiceNow, Salesforce, and Intuit dropped between 7% and 11%.
Benchmark indexes have surged more than 100% over the last three years, and investors are worried that valuations may be stretched too far and tech stocks are likely to face higher volatility in 2026.
On the earnings front, Alphabet Inc. is scheduled to release earnings results on Wednesday and Amazon on Thursday.
Investors are awaiting the release of nonfarm payrolls data on Friday, and January employment is likely to rise 40,000 following the preliminary increase of 50,000 in December 2025.
U.S. Movers
Chipotle Mexican Grill Inc. dropped 6.6% to $36.60 after the fast-casual restaurant company reported weaker-than-expected quarterly results.
Same-store sales in the fourth quarter fell 2.5% and dropped 1.7% for the full year.
Revenue in the quarter rose 4.9% to $2.98 billion, net income decreased to $330.9 million from $331.8 million, and diluted earnings per share increased to 25 cents from 24 cents a year ago.
Traffic to restaurants declined 3.2% in the latest quarter, denting investor enthusiasm and dragging down the company's stock by more than 35%.
The company estimated flat same-store sales growth in 2026.
Advanced Micro Devices dropped 7% to $224.99 despite the advanced chipmaker reporting strong fourth-quarter results.
Revenue increased 34% to a record high of $10.3 billion from $7.7 billion, net income soared to $1.5 billion from $482 million, and diluted earnings per share increased to 92 cents from 29 cents a year ago.
The company estimated first-quarter revenue at $9.8 billion, with a band of $300 million; however, some analysts were expecting the company to offer stronger guidance as core customers continue to purchase chips necessary to power AI models.
Match Group rose 6% to $30.64 after the dating app operator reported sharply higher than expected fourth-quarter results.
The company guided full-year cash flow in the current year to range between $1.08 billion and $1.135 billion.
Match Group reported fourth-quarter revenue of $878 million and diluted earnings per share of 83 cents.
Take-Two Interactive Software jumped 4.4% to $221.0 after the video game publisher revised its 2026 net booking estimate to a new range between $6.65 and $6.7 billion.
U.S. Indexes Rested Amid Valuation Worries and Mi
Barry Adams
04 Feb, 2026
New York City
U.S. stocks lacked direction in early trading in New York after benchmark indexes registered sharp losses in the previous session.
The S&P 500 Index decreased 0.1%, and the tech-focused Nasdaq Composite edged up 0.1% as investors reviewed the latest quarterly results.
Chipmakers and AI-linked stocks declined more than 2% in Tuesday's trading, and software services providers faced headwinds amid worries that elevated infrastructure investment may dampen future sales growth.
Nvidia, Broadcom, Qualcomm, AMD, and Micron Technology declined between 2% and 4%, and ServiceNow, Salesforce, and Intuit dropped between 7% and 11%.
Benchmark indexes have surged more than 100% over the last three years, and investors are worried that valuations may be stretched too far and tech stocks are likely to face higher volatility in 2026.
On the earnings front, Alphabet Inc. is scheduled to release earnings results on Wednesday and Amazon on Thursday.
Investors are awaiting the release of nonfarm payrolls data on Friday, and January employment is likely to rise 40,000 following the preliminary increase of 50,000 in December 2025.
U.S. Movers
Chipotle Mexican Grill Inc. dropped 6.6% to $36.60 after the fast-casual restaurant company reported weaker-than-expected quarterly results.
Same-store sales in the fourth quarter fell 2.5% and dropped 1.7% for the full year.
Revenue in the quarter rose 4.9% to $2.98 billion, net income decreased to $330.9 million from $331.8 million, and diluted earnings per share increased to 25 cents from 24 cents a year ago.
Traffic to restaurants declined 3.2% in the latest quarter, denting investor enthusiasm and dragging down the company's stock by more than 35%.
The company estimated flat same-store sales growth in 2026.
Advanced Micro Devices dropped 7% to $224.99 despite the advanced chipmaker reporting strong fourth-quarter results.
Revenue increased 34% to a record high of $10.3 billion from $7.7 billion, net income soared to $1.5 billion from $482 million, and diluted earnings per share increased to 92 cents from 29 cents a year ago.
The company estimated first-quarter revenue at $9.8 billion, with a band of $300 million; however, some analysts were expecting the company to offer stronger guidance as core customers continue to purchase chips necessary to power AI models.
Match Group rose 6% to $30.64 after the dating app operator reported sharply higher than expected fourth-quarter results.
The company guided full-year cash flow in the current year to range between $1.08 billion and $1.135 billion.
Match Group reported fourth-quarter revenue of $878 million and diluted earnings per share of 83 cents.
Take-Two Interactive Software jumped 4.4% to $221.0 after the video game publisher revised its 2026 net booking estimate to a new range between $6.65 and $6.7 billion.
Sell-off In Software Services Providers Dampened Broader Indexes In Japan
Akira Ito
04 Feb, 2026
Tokyo
Japan's stocks gyrated ahead of the lower house elections this weekend, and investors reviewed geopolitical tensions.
The Nikkei 225 Stock Average decreased 1%, the broader Topix edged up 0.2%, and the yen weakened 0.3% to 156.34 against the U.S. dollar.
Investors sold tech stocks, reacting to a tech sell-off in overnight trading in New York amid growing concerns that Anthropic's newly released AI automation tool could hurt software services providers.
After this weekend's lower house election, many expect the ruling LDP party to increase its seat count.
Prime Minister Sanae Takaichi's administration is likely to pursue expansionary fiscal policies, which could support higher stock prices but dent the yen.
Crude oil prices advanced after the U.S. military said it shot down an Iranian drone approaching the U.S. aircraft carrier in the Middle East region.
The U.S. is widely believed to be preparing for another round of air strikes targeting Iran's nuclear installations, and military analysts are anticipating attacks as early as this month.
Software firms in Japan and Asia dropped sharply amid worries that the AI tools could disrupt future growth and trim profit margins.
TIS Inc. dropped 15% to ¥3,723.0, Trend Micro fell 7.2% to ¥5,661.0, and NS Solutions decreased 7.1% to ¥3,998.0.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 1% to 54,186.15, and the broader Topix Index edged up 0.2% to 3,652.07.
Semiconductor equipment makers and AI-related stocks decreased sharply amid worries about future growth.
Tokyo Electron dropped 2% to ¥40,750.0, Advantest Corp. declined 3.2% to ¥25,190.0, and Lasertec fell 7.4% to ¥29,845.0.
Sell-off In Software Services Providers Dampened Broader Indexes In Japan
Akira Ito
04 Feb, 2026
Tokyo
Japan's stocks gyrated ahead of the lower house elections this weekend, and investors reviewed geopolitical tensions.
The Nikkei 225 Stock Average decreased 1%, the broader Topix edged up 0.2%, and the yen weakened 0.3% to 156.34 against the U.S. dollar.
Investors sold tech stocks, reacting to a tech sell-off in overnight trading in New York amid growing concerns that Anthropic's newly released AI automation tool could hurt software services providers.
After this weekend's lower house election, many expect the ruling LDP party to increase its seat count.
Prime Minister Sanae Takaichi's administration is likely to pursue expansionary fiscal policies, which could support higher stock prices but dent the yen.
Crude oil prices advanced after the U.S. military said it shot down an Iranian drone approaching the U.S. aircraft carrier in the Middle East region.
The U.S. is widely believed to be preparing for another round of air strikes targeting Iran's nuclear installations, and military analysts are anticipating attacks as early as this month.
Software firms in Japan and Asia dropped sharply amid worries that the AI tools could disrupt future growth and trim profit margins.
TIS Inc. dropped 15% to ¥3,723.0, Trend Micro fell 7.2% to ¥5,661.0, and NS Solutions decreased 7.1% to ¥3,998.0.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 1% to 54,186.15, and the broader Topix Index edged up 0.2% to 3,652.07.
Semiconductor equipment makers and AI-related stocks decreased sharply amid worries about future growth.
Tokyo Electron dropped 2% to ¥40,750.0, Advantest Corp. declined 3.2% to ¥25,190.0, and Lasertec fell 7.4% to ¥29,845.0.
China Stocks Edged Down Amid worries of Higher VAT on Tech Services
Li Chen
04 Feb, 2026
Hong Kong
China stocks traded down, and the possible increase in sales tax covering a wider group of services weighed on the market sentiment.
The Hang Seng Index decreased 0.4%, and the mainland-focused CSI 300 Index inched lower 0.2% as investors turned cautious amid rising tensions in the Middle East.
The latest increase in VAT for wireless telecom services weighed on the market sentiment, and investors feared that the government may increase taxes on digital services, including internet access.
Tensions rose in the Middle East after the U.S. military said it shot down an Iranian drone approaching the U.S. aircraft carrier in the region.
The U.S. is widely believed to be preparing for another round of air strikes targeting Iran's nuclear installations, and military analysts are anticipating attacks as early as this month.
China Indexes and Stocks
The Hang Seng Index decreased 0.4% to 26,724.50, and the mainland-focused CSI 300 Index declined 0.2% to 4,653.32.
Gold and silver prices recovered 3% and extended two-day gains to above 7%, and precious metals last week dropped a historic 10% in Friday's trading.
Zijin Mining Group decreased 0.1% to HK $41.32, and Zijin Gold International dropped 0.4% to HK $216.40.
Crude oil prices rebounded 0.8% to $63.73 a barrel amid rising tensions in the Middle East.
CNOOC gained 1.5% to HK $23.72, China Petroleum and Chemical increased 1.3% to HK $5.40, and PetroChina increased 1.1% to HK $9.07.
China Stocks Edged Down Amid worries of Higher VAT on Tech Services
Li Chen
04 Feb, 2026
Hong Kong
China stocks traded down, and the possible increase in sales tax covering a wider group of services weighed on the market sentiment.
The Hang Seng Index decreased 0.4%, and the mainland-focused CSI 300 Index inched lower 0.2% as investors turned cautious amid rising tensions in the Middle East.
The latest increase in VAT for wireless telecom services weighed on the market sentiment, and investors feared that the government may increase taxes on digital services, including internet access.
Tensions rose in the Middle East after the U.S. military said it shot down an Iranian drone approaching the U.S. aircraft carrier in the region.
The U.S. is widely believed to be preparing for another round of air strikes targeting Iran's nuclear installations, and military analysts are anticipating attacks as early as this month.
China Indexes and Stocks
The Hang Seng Index decreased 0.4% to 26,724.50, and the mainland-focused CSI 300 Index declined 0.2% to 4,653.32.
Gold and silver prices recovered 3% and extended two-day gains to above 7%, and precious metals last week dropped a historic 10% in Friday's trading.
Zijin Mining Group decreased 0.1% to HK $41.32, and Zijin Gold International dropped 0.4% to HK $216.40.
Crude oil prices rebounded 0.8% to $63.73 a barrel amid rising tensions in the Middle East.
CNOOC gained 1.5% to HK $23.72, China Petroleum and Chemical increased 1.3% to HK $5.40, and PetroChina increased 1.1% to HK $9.07.
Strong Earnings Results and Easing Geopolitical Tensions Lifted U.S. indexes Higher
Barry Adams
03 Feb, 2026
New York City
U.S. stock indexes advanced for the second consecutive session this week amid earnings optimism and receding geopolitical tensions.
The S&P 500 Index increased 0.5%, and the tech-focused Nasdaq Composite advanced 0.9% as investors reacted to quarterly results of PepsiCo, NXP Semiconductors, Teradyne, and Palantir Technologies.
Market sentiment was further bolstered after the U.S. president lowered tariffs on India's goods to 18% from 50% and waived the additional 25% tariff imposed last year.
Trump backed down from high tariffs from China, Japan, the European Union, Canada, and Mexico, confirming the term "Trump Always Chickens Out" after several tariff threats and reversals in 2025.
Immediate-month delivery futures prices of gold rebounded 5.1% to $308.0, and silver surged 8.2% to $308.0, and precious metals plunged between 20% and 30% over the last two trading sessions.
U.S. Movers
Palantir Technologies jumped 10.9% to $163.85 after the defense and intelligence contractor reported higher-than-estimated revenue and earnings in its latest quarter.
The company reported revenues of $1.4 billion and adjusted earnings per share of 25 cents, surpassing market expectations.
NXP Semiconductors decreased 5% to $219.48 despite the company reporting better-than-expected quarterly results. The advanced semiconductor company's guidance for the adjusted gross margin in the current quarter of 57% overshadows its results.
Teradyne jumped 23% to $308.0 after the robotics company's current quarter was ahead of market expectations.
The task automation and electronic testing company estimated revenue between $1.15 billion and $1.25 billion, and the company reported fourth-quarter revenue of $1.1 billion and adjusted earnings per share of $1.80.