S&P 500 – 6,917.81 (-0.84%)

Dow Jones – 49,240.99 (-0.34%)

NASDAQ – 23,255.19 (-1.43%)

• Government Shutdown: A partial government shutdown began Saturday as funding bills for six federal agencies remain unsigned. The House of Representatives voted Tuesday to approve a package of bills aimed at reopening most of the government.
• Global Markets: Asian markets closed higher overnight, led by a nearly 4% rally in Japan’s Nikkei, while European markets remained largely unchanged. U.S. Treasury yields rose modestly, with the 10-year yield around 4.29% and the 2-year near 3.58%.
• Trade Developments: The U.S. and India reached a trade deal, President Donald Trump announced, with Prime Minister Narendra Modi committing to reduce Russian oil purchases and increase imports from the U.S. and potentially Venezuela.
• Corporate News:
  • Nvidia (NVDA) slipped after reports that its $100 billion partnership with OpenAI could be at risk, though CEO Jensen Huang denied the concerns.
  • Oracle (ORCL) rose after projecting $45–$50 billion in cash proceeds this year for capacity expansion.
  • Best Buy (BBY) declined following a JPMorgan downgrade citing potential pressure from higher memory prices.
  • Palantir (PLTR) gained on an upgrade to outperform and strong earnings and guidance.
  • Devon Energy (DVN) and Coterra Energy (CTRA) shares fell ahead of a planned $38 billion merger.
  • Verizon (VZ) jumped after reporting better-than-expected earnings and subscriber growth.
  • Western Digital (WDC) declined despite strong earnings, as investors reacted to plans to monetize its SanDisk stake.
  • Crude oil fell amid easing U.S.-Iran tensions, impacting energy stocks.
  • Bitcoin dropped to 2024 levels amid shutdown concerns and Fed uncertainty.
  • Walt Disney (DIS) shares climbed after announcing Josh D’Amaro will succeed Bob Iger as CEO, with earnings beating expectations.
  • Mining stocks and rare-earth names rallied following metal price gains and a $12 billion critical-minerals stockpile plan by President Trump.
  • PayPal (PYPL) tumbled after weaker-than-expected results and disappointing guidance.
  • SanDisk extended its rally following strong memory-chip earnings.
  • Merck shares were mostly flat after beating earnings estimates.
  • Pfizer fell despite beating earnings, as modest guidance weighed on sentiment.
  • Archer-Daniels-Midland (ADM) dropped after missing revenue estimates but expects clearer biofuel and trade policy support in 2026.
• Market Summary: U.S. equity markets are trading largely unchanged as investors digest corporate earnings. U.S. manufacturing showed strong recovery in January, with the ISM Manufacturing PMI rebounding into expansion territory. French prosecutors summoned Elon Musk amid a probe into illegal content on X, coinciding with his SpaceX-xAI merger. Lennar shares rose on reports of a “Trump Homes” affordability plan. New York AG Letitia James warned about risks in Super Bowl–related prediction markets, and Novo Nordisk shares fell after issuing a weaker sales outlook for 2026.

_____________________________________________________________

“The Super Bowl is where legends are made.” — Peyton Manning

_____________________________________________________________

Notable Stocks

• Nvidia (NVDA)
• Walt Disney (DIS)
• Palantir (PLTR)
• Oracle (ORCL)
• Lennar Corp. (LEN)

Weekly Notables

Lennar Shares Jump on Report Of ‘Trump Homes’ Housing Affordability Plan

Lennar shares jumped Tuesday after a Bloomberg News report said the homebuilder is working on a proposed “Trump Homes” initiative aimed at addressing the U.S. housing affordability crunch. Shares of both Lennar and Taylor Morrison Home rose about 4% following the report. According to Bloomberg, the builders are among a group discussing a large-scale program that would sell entry-level homes into a pathway-to-ownership structure backed by private investors. Under one version of the plan, investors would rent the homes to tenants, with a portion of monthly payments applied toward a future down payment if renters choose to buy after three years.

Paris Prosecutors Summon Elon Musk Amid X Investigation as SpaceX-xAI Merger Reshapes Empire

French prosecutors have summoned Elon Musk to appear for questioning following a raid on X’s offices in Paris, escalating a wide-ranging investigation into the platform’s handling of illegal content. The Paris prosecutor’s cybercrime unit said it conducted searches early Tuesday alongside French police and Europol as part of a probe into the alleged distribution of sexual deepfakes, Holocaust denial content, and other potential criminal violations.

Earnings Spotlight: Qualcomm (QCOM)

Qualcomm (NASDAQ: QCOM) is set to give its latest quarterly earnings report on Wednesday, 2026-02-04. Analysts estimate that Qualcomm will report an earnings per share (EPS) of $3.15. Last quarter the company beat EPS by $0.34, which was followed by a 3.63% drop in the share price the next day.

What's Ahead

Wednesday (Feb. 4): ADP Employment Change, Business Inventories, EIA Crude Oil Inventories, Factory Orders, ISM Non-Manufacturing Index, MBA Mortgage Applications Index. Earnings from Abbvie Inc. (ABBV), Aflac Inc. (AFL), Allstate Corp. (ALL), Alphabet Inc. (GOOGL), Arm Holdings PLC (ARM), Eli Lilly Co. (LLY), Mckesson Corp. (MCK), Novartis AG (NVS), Novo Nordisk A/S (NVO), O'Reilly Automotive Inc. (ORLY), Qualcomm Inc. (QCOM).

Thursday (Feb. 5): Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Productivity – Preliminary, Unit Labor Costs-Preliminary. Earnings from Amazon.com (AMZN), Banco Bilbao Vizcaya Argentaria SA (BBVA), Barrick Mining Corp. (B), Bloomer Energy Corp. (BE), Bristol-Myers Squibb Co. (BMY), ConocoPhillips (COP), Digital Realty Trust Inc. (DLR), Fortinet Inc. (FTNT), Linde PLC (LIN), Monolithic Power Systems Inc. (MPWR), Roblox Corp. (RBLX), Shell PLC (SHEL), Strategy Inc. (MSTR).

Friday (Feb. 6): Average Hourly Earnings, Average Workweek, Consumer Credit, Nonfarm Payrolls, Unemployment Rate, University of Michigan Consumer Sentiment – Preliminary. Earnings from AerCap Holdings NV (AER), Biogen Inc. (BIIB), Centene Corp. (CNC), Cboe Global Markets Inc. (CBOE), nVent Electric PLC (NVT), Philip Morris International Inc. (PM), Toyota Motor Corp. (TM), Ubiquiti Inc. (UI).