Global Markets: U.S. Major Indices Mixed, Nasdaq Down Over 1%, AMD Drops More Than 17%

U.S. Stock Market: The three major U.S. stock indices closed mixed on February 4th. At the close, the Dow Jones Industrial Average rose 260.31 points to 49,501.3, up 0.53%; the S&P 500 declined 35.09 points to 6,882.72, down 0.51%; the Nasdaq Composite fell 350.61 points to 22,904.58, down 1.51%.

Popular tech stocks generally declined, AMD dropped over 17%, Nvidia, Tesla, Broadcom, and Meta fell over 3%, Google and Amazon declined over 2%, Apple rose over 2%.

In earnings reports, Google’s parent company ALPHABET reported Q4 revenue of $113.83 billion, up 18% year-over-year, versus an estimated $111.4 billion; Google Cloud revenue was $17.66 billion, up 48% YoY; operating profit was $35.93 billion, up 16%, versus an estimate of $36.95 billion. The company’s Gemini large model had over 750 million MAU in Q4, up from over 650 million in the previous quarter. The company expects capital expenditures of $175 billion to $185 billion in 2026, while analysts forecast $119.5 billion. Arm Holdings reported third-quarter total revenue of $1.24 billion, versus an expected $1.23 billion. For Q4, the company projects revenue of $1.42 billion to $1.52 billion, with analysts expecting $1.43 billion. Qualcomm’s first-quarter revenue was $12.25 billion, up 5% YoY, beating market expectations of $12.165 billion; adjusted EPS was $3.50, compared to $3.41 last year, with an estimate of $3.41. The company forecasts second-quarter revenue of $10.2 billion to $11 billion, while the market expects $11.18 billion. Snap’s Q4 revenue was $1.72 billion, slightly above the $1.7 billion estimate; adjusted EPS was $0.1829, versus an expected $0.15. After hours, Google A shares fell nearly 1%, Arm dropped 9%, Qualcomm declined 8%, Snap rose 5%.

Storage and AI application stocks led declines, SanDisk fell nearly 16%, Micron Technology dropped over 9%, Western Digital declined over 7%, Palantir fell over 11%, Applovin dropped over 16%.

Popular Chinese concept stocks declined across the board, with the Nasdaq Golden Dragon China Index down 1.95%. Bilibili fell over 6%, Baidu declined over 4%, Alibaba, Nio, and Xpeng Motors fell over 2%, Li Auto and Bawang Tea Queen rose over 1%.

European Stock Markets: The three major European indices closed mixed on February 4th. The FTSE 100 in London closed at 10,402.34 points, up 87.75 points or 0.85%; the CAC 40 in Paris closed at 8,262.16 points, up 82.66 points or 1.01%; the DAX in Frankfurt closed at 24,603.04 points, down 177.75 points or 0.72%.

Commodity Markets: International oil prices rose on February 4th. At the close, NYMEX WTI crude futures for the current month increased $1.26 to $64.47 per barrel, up 1.99%. COMEX gold futures for the current month rose $51.40 to $4,986.4 per ounce, up 1.04%. COMEX silver futures increased $4.46 to $87.765 per ounce, up 5.36%. Spot gold rose $17.27 to $4,964.31 per ounce, up 0.35%. Spot silver increased $3.12 to $88.2 per ounce, up 3.67%.

Overnight Headlines

SpaceX reportedly in talks with non-U.S. institutions over IPO underwriting

Regarding the progress of the largest IPO in human history, new information emerged on Wednesday. According to insiders, after the Big Four Wall Street banks—JPMorgan Chase, Goldman Sachs, Bank of America, and Morgan Stanley—were confirmed as the lead underwriters for SpaceX’s public offering, efforts to build a global underwriting syndicate are ongoing.

US-Iran negotiations once “nearly collapsed” but took a turn; international oil prices fluctuate wildly

According to reports from CCTV and other media, during a few hours early Thursday Beijing time, the US-Iran negotiations, originally scheduled for this Friday, nearly collapsed but then returned to the right track. As a result, international oil prices experienced significant intra-day volatility. Brent crude surged over 3% at 1:30 AM Thursday but then sharply retreated around 4 AM. However, due to lowered expectations for a breakthrough in US-Iran talks, Brent remains over 1% higher.

Google’s parent company ALPHABET reports $35.93 billion operating profit in Q4

Google’s parent company ALPHABET reported Q4 revenue of $113.83 billion, up 18% YoY, versus an estimate of $111.4 billion; Google services revenue was $95.86 billion, up 14%; Google Cloud revenue was $17.66 billion, up 48%. Operating profit was $35.93 billion, up 16%, versus an estimate of $36.95 billion. The company’s Gemini large model had over 750 million MAU in Q4, up from over 650 million in the previous quarter. For 2026, the company expects capital expenditures of $175 billion to $185 billion, while analysts forecast $119.5 billion.

US “Small Non-Farm Payrolls” increase by only 22,000, indicating clear cooling of the labor market

The latest “Small Non-Farm Payrolls” data came in below expectations, showing continued slowdown in the US labor market at the start of 2026. Before the market open on Wednesday (February 4), ADP released data indicating that private sector employment increased by only 22,000 jobs in January, below the market forecast of 48,000; in December, it increased by 37,000.

Russian Foreign Ministry: Russia and the US no longer bound by obligations under the New START Treaty

On the evening of February 4, the Russian Foreign Ministry issued a statement saying that on September 22, 2025, President Putin publicly proposed that Russia and the US voluntarily adhere to the limits on nuclear weapons specified in the New START Treaty for at least one year after its expiration. However, so far, Russia has not received any formal response from the US through bilateral channels. This indicates that Russia’s proposal is being deliberately ignored.

First day of new Russia-US-Ukraine talks concludes

On February 4, local time, CCTV reporters learned that the first day of the new trilateral talks among Russia, the US, and Ukraine held in Abu Dhabi has ended. Umerov, Secretary of Ukraine’s National Security and Defense Council, posted on his official social media that the new round of talks began in Abu Dhabi, involving Ukraine, the US, and Russia. Subsequently, the parties will work in groups by field, with plans to coordinate their positions again later.

Ending three months of waiting! Nasdaq plans to accelerate inclusion process for new listings, paving the way for SpaceX and others

Nasdaq announced that it proposes to speed up the inclusion of large-cap new listings into benchmark indices, as several major companies plan to go public within the year. According to Nasdaq’s statement, this rule revision, called “fast entry,” will allow newly listed companies to be included in the Nasdaq 100 index after just 15 trading days—significantly shorter than the current minimum waiting period of at least three months.

Positive policy news + sector rotation: European chemical sector sees biggest single-day gain in 4 years

During the recently concluded European trading session, the European chemical sector experienced its largest single-day increase in nearly four years. The “sector rotation” wave affecting global stocks, along with rumors of the EU relaxing carbon emission policies, contributed to this surge. By the close, the STOXX Europe 600 Chemicals Index rose 4.79%. Among individual stocks, BASF gained 4.98%, Air Liquide rose 5.71%, Dutch specialty chemicals manufacturer IMCD increased 9.92%, and Belgian Azelis Group closed up 9.53%.

Patent moat + new drug launches: Eli Lilly’s full-year guidance consolidates its leading position in weight-loss drugs

U.S. pharmaceutical company Eli Lilly issued an optimistic full-year sales forecast, further strengthening its leading position in the weight-loss drug market driven by strong demand. This outlook contrasts sharply with competitors like Novo Nordisk, which warned investors Tuesday that increased price competition could cause sales to decline by up to 13% this year. In contrast, Lilly expects sales to grow by up to 27%.