Global Markets: U.S. Major Indices Close Lower, Nasdaq Drops Over 1%, Precious Metals Sector Rises Against the Market Trend

U.S. Stock Market: The three major U.S. stock indices closed lower across the board on February 3rd. By the close, the Dow Jones Industrial Average fell 166.67 points to 49,240.99, down 0.34%; the S&P 500 declined 58.63 points to 6,917.81, down 0.84%; the Nasdaq Composite dropped 336.92 points to 23,255.19, down 1.43%.

Most popular tech stocks declined, Micron Technology fell over 4%, Qualcomm, Broadcom, and Oracle dropped over 3%, Microsoft and Nvidia declined nearly 3%, Meta fell over 2%. Intel and Tesla saw slight gains, SanDisk rose over 4%, Western Digital increased over 7%.

Rare earth concepts, non-ferrous metals, and precious metals led gains, with Gold Resource up over 20%, Southern Copper up over 11%, Americas Silver Corporation up over 8%, Pan American Silver up over 5%. Walmart rose nearly 3%, with market capitalization surpassing $1 trillion for the first time. Application software, cryptocurrencies, and weight-loss drug stocks declined sharply, with Novo Nordisk dropping over 14%, Coinbase and Circle down over 4%, Eli Lilly and Pfizer down over 3%.

In earnings reports, AMD’s Q4 revenue was $10.27 billion, up 34% year-over-year, versus an estimate of $9.65 billion; data center revenue was $5.38 billion, up 39%, versus an estimate of $4.97 billion; adjusted Q4 earnings per share were $1.53, compared to $1.09 in the same period last year, versus an estimate of $1.32. AMD expects Q1 revenue between $9.5 billion and $10.1 billion, exceeding market estimates of $9.39 billion. AMD fell 7% after hours. Microchip Technology’s Q2 adjusted EPS was $0.69, versus an estimate of $0.49. The company projects at least $12.3 billion in net sales for Q3, compared to analyst expectations of $10.25 billion. Microchip rose 5% after hours.

Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 0.94%. Bilibili fell over 4%, Alibaba and Baidu declined over 2%, JD.com and iQiyi fell over 1%. Xpeng Motors rose over 4%, Li Auto increased nearly 3%.

European Stock Markets: The three major European indices all declined on February 3rd. The FTSE 100 in London closed at 10,314.59, down 26.97 points or 0.26%; the CAC 40 in Paris closed at 8,179.5, down 1.67 points or 0.02%; the DAX in Frankfurt closed at 24,780.79, down 16.73 points or 0.07%.

Commodity Markets: International oil prices rose on February 3rd. By the close, NYMEX WTI crude oil futures for the current month increased $1.76 to $63.90 per barrel, up 2.83%. COMEX gold futures for the current month rose $317.90, up 6.83%, to $4,970.5 per ounce. COMEX silver futures for the current month increased $7.91, up 10.27%, to $84.915 per ounce. Spot gold rose $286.94, up 6.16%, to $4,947.04 per ounce. Spot silver increased $5.87, up 7.41%, to $85.08 per ounce.

Overnight Headlines

Trump Signs Funding Bill to End Partial Government Shutdown

On February 3rd, U.S. President Donald Trump signed a government funding bill at the White House Oval Office, ending the partial government shutdown. Earlier that day, the House of Representatives voted to pass funding bills for several federal departments for the remainder of the fiscal year, resolving the deadlock that began on January 31st. The bill funds multiple federal agencies through September 30th, the end of the fiscal year, and provides two weeks of funding for the Department of Homeland Security amid recent controversy and protests over immigration enforcement, allowing ongoing negotiations to improve the department’s operations.

U.S.-Iran Tensions Escalate: U.S. Forces Shoot Down Iranian Drone, Oil Prices Rise, U.S. Markets Under Pressure

Just as global markets expected the next U.S.-Iran confrontation to wait until the Istanbul talks on Friday, regional tensions suddenly escalated on Tuesday. According to CCTV News, U.S. Central Command spokesperson Tim Hawkins disclosed that U.S. fighter jets from the Lincoln Carrier Strike Group shot down an Iranian drone in the Arabian Sea on Tuesday. Hours later, a U.S.-operated, U.S.-flagged chemical tanker “Stena Imperative” was approached and demanded to be boarded by Iranian gunboats in the Strait of Hormuz.

100 Million Satellites + AI: What Does Elon Musk Want to Do in Space?

Elon Musk’s space exploration company, SpaceX, recently submitted an application to the Federal Communications Commission (FCC) to deploy up to 1 million satellites in low Earth orbit, creating an orbital data center network to support high-performance computing needs such as artificial intelligence (AI). Why does Musk want to deploy data centers in space? Is launching so many satellites feasible?

AMD’s Q4 Revenue Reaches $10.27 Billion, Up 34% Year-over-Year

AMD’s Q4 revenue was $10.27 billion, up 34% YoY, versus an estimate of $9.65 billion; adjusted EPS was $1.53, compared to $1.09 last year, versus an estimate of $1.32.

Novo Nordisk’s Outlook Sparks Stock Sell-Off; Company Expects Significant Decline in Sales and Profits

On Tuesday (February 3rd), Novo Nordisk’s U.S.-listed shares fell sharply. As of press time, the stock was down over 14%, at $50.64. The company is scheduled to release its full-year 2025 sales and 2026 outlook after the close in Denmark (its primary listing). Accordingly, Novo Nordisk’s ADRs were temporarily halted on U.S. exchanges.

Semiconductor Equipment & Robotics Star Stocks Hit New Highs After Earnings, Outperforming Expectations

Amid a turbulent week for U.S. stocks, semiconductor testing equipment and robotics star stock Teradyne surged 11%, reaching a new all-time high. The latest earnings report showed remarkable growth, demonstrating how testing equipment is riding the wave of AI development. (Source: TradingView)

Walmart Joins the “Trillion-Dollar Club”: Tech Transformation Reshapes Retail Valuation Logic

On Tuesday (February 3rd), during U.S. trading hours, retail giant Walmart’s stock rose against the trend, with market cap surpassing $1 trillion for the first time, joining the “trillion-dollar club” dominated by tech companies.

Ray Dalio Warns: The World Is on the Edge of a “Capital War”

On Tuesday (February 3rd), legendary investor and Bridgewater Associates founder Ray Dalio warned that, amid escalating geopolitical tensions and high volatility in capital markets, the world is on the brink of a “capital war.” Dalio stated at the World Government Summit in Dubai that the current situation is approaching a critical point for capital conflict.

CEO Suddenly Resigns; Analysts Rapidly Downgrade Ratings; HP Shares Fall to Near 5-Year Low

In breaking news, Enrique Lores, CEO of HP who had served for 36 years, unexpectedly announced his departure to become CEO of the well-known payments platform PayPal.

Storage “Super Cycle” Adds Fuel: Samsung + SK Hynix > Tencent + Alibaba

A storage boom has not only made Samsung and SK Hynix highly profitable but also subtly shifted the balance in the capital markets. On February 3rd, Samsung Electronics and SK Hynix’s combined market cap reached $1.14 trillion, slightly surpassing Alibaba and Tencent’s combined market cap of $1.07 trillion in Hong Kong stocks.

European and American Data Service Stocks Plummet; Anthropic’s New Legal Tool Sparks Impact

Following the release of a new AI tool by U.S. AI startup Anthropic, stocks considered most vulnerable to AI disruption declined sharply again on Tuesday. The launch of this enterprise legal AI productivity tool primarily impacted legal software and publishing companies.

Putin: Russia’s Economy to Grow 1% in 2025; Slowdown in Line with Expectations

Russian President Vladimir Putin stated on the 3rd that Russia’s GDP will grow by 1% in 2025, with the slowdown in line with expectations. Speaking at an economic meeting in Moscow, Putin said that Russia’s economic growth rate in 2025 will be lower than 4.1% in 2023 and 4.3% in 2024. He added that the slowdown is expected and mainly due to targeted measures aimed at reducing inflation.

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