Wednesday, February 4th, 2026
Inventory market rotation out of software program and tech basically was on clear show at the moment, with the tech-heavy Nasdaq and Nasdaq-exposed S&P 500 hitting the closing bell decrease by -1.51% and -0.51%, respectively. The small-cap Russell 2000 fell -0.67% on the day. The Dow is up +0.9% over the previous 5 buying and selling days; the opposite three indexes are damaging over that point.
That the Dow would achieve when tech-heavy indexes could be shedding development is a really direct hyperlink to the rotation commerce — leaving extremely valued, doubtlessly overextended AI buildouts for Mother & Pop portfolio shares. Sturdy earnings from Amgen AMGN this morning led that top off +8% at the moment, main the Dow 30 index. 3M MMM was up +5%.
Providers PMI in Progress Territory: S&P, ISM
Shortly after the market opened this morning, the ultimate S&P Providers PMI report got here out for January. It posted a barely better-than-expected +52.7. ISM Providers, additionally for January, went to +53.8%, forward of expectations and matching its previous-month development price. Each metrics are solidly above the 50 ranges, as at the moment’s services-heavy private-sector ADP ADP report would attest.
Earnings Roundup After the Closing Bell
Alphabet GOOGL simply surpassed estimates on each high and backside strains for its This fall report this afternoon. Earnings of $2.82 per share was nicely forward of the $2.58 projected, which itself represented +16% gross sales development over the previous yr. Revenues beat estimates by greater than $2.5 billion to $97.23 billion (minus Site visitors Acquisition Prices [TAC], which the corporate doesn’t subtract from its high line. GOOGL reported $113.8 billion in its This fall report).
Clouds development was higher than anticipated, $17.7 billion versus $16.2 billion, and +48% yr over yr. YouTube was a smidge gentle at $11.3 billion, and Waymo self-driving auto service led its Different Bets class with $126 billion in revenues. Largest of all, Google Search Advert Income grew to $63.07 billion from $61.47 billion anticipated.
Alphabet is one company already placing its AI capabilities to work, most visibly with its Search assistant Gemini, however the brand new Capital Expenditures goal is up by greater than $50 BILLION from the place it had been anticipated, to a brand new vary of $175-185 billion. This feeds into the “over-invested in AI” warning we’ve seen elsewhere this earnings season, and shares are buying and selling considerably decrease within the after-market.
Qualcomm QCOM reported blended fiscal Q1 outcomes this afternoon, with earnings of $3.50 per share simply outpacing the $3.39 within the Zacks consensus, and the $3.41 per share reported within the year-ago quarter. Revenues, nonetheless, reached $12.25 billion, shy of the $12.28 billion analysts had been anticipating. Additional, a decline in reminiscence chips is knocking down current-quarter steerage, and QCOM shares are down -9% because of this.
e.l.f. Magnificence ELF posted massive optimistic surprises in its fiscal Q3 numbers after the shut at the moment, with earnings of $1.24 per share on $490 million in revenues careening previous expectations of $0.73 per share on $462.77 million, which itself represented +30% development yr over yr. A lot of the cosmetics main’s success got here from the latest acquisition of Hailey Bieber’s Rhode model. Shares had initially spiked +16% on the information, however have settled down within the half hour since.
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QUALCOMM Included (QCOM) : Free Inventory Evaluation Report
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