Mon, Feb 2 20264:14 PM EST

The three leading U.S. indexes notched gains on Monday.

The S&P 500 rose 0.54% to finish the day at 6,976.44, while the Nasdaq Composite advanced 0.56% to 23,592.11. The Dow Jones Industrial Average jumped 515.19 points, or 1.05%, to 49,407.66.

— Sean Conlon

Mon, Feb 2 20263:42 PM EST

Are global investors too bullish?

Bank of America thinks so, according to a Monday note. The bank's Global Equity Risk-Love indicator jumped to the 95th percentile, a bearish signal that indicates markets are overheated. 

"Buoyancy is now evident across nearly every major category - volatility, correlations, spreads, cash allocations, investor surveys, put-call ratios, and technicals," wrote strategist Ritesh Samadhiya. 

The strategist made clear that the bank doesn't view this as the end of the bull market, but rather setting up for either "a period of consolidation or a mild correction." And it may not be a universal drawdown: more extended markets would likely be more exposed to any pullback, Samadhiya wrote. 

"Except elevated sentiment - most other drivers - earnings momentum, the ongoing growth upcycle," he wrote, "and accommodative policy settings continue to provide a supportive backdrop for risk assets."

ACWI year-to-date chart

Mon, Feb 2 20263:25 PM EST

Jaque Silva | Nurphoto | Getty Images

Robinhood shares fell 10% on Monday as cryptocurrencies, including bitcoin, continued to pull back.

Bitcoin was last trading at $78,439.42, down 11% over the past five days amid heightened geopolitical tensions as well as expectations of U.S. monetary policy shifts that led investors to rotate out of risk-on assets.

Digital assets trading has long accounted for a large portion of Robinhood's revenue. Last year, the trading platform expanded it crypto services, rolling out futures, staking, and stock token offerings.

— Liz Napolitano

Mon, Feb 2 20263:22 PM EST

A more rapid decline in the U.S. dollar is not yet a risk so long as the "Sell America" trade does not become persistent, according to Bank of America Securities.

A Monday note showed the G10 FX Strategy team is bearish on the U.S. dollar this year, saying the ICE U.S. Dollar Index can call below 95 — with risks to the downside given the recent moves. It was last at 97.68. It has slumped 10% over the last year.

The U.S. dollar has softened this year after an escalation of tensions over Greenland, reported rate checks by the U.S. and Japan, and President Donald Trump's indifferent remarks to the falling greenback led to a softening in the currency.

But the firm does not expect the moves in the dollar to be alarming so long as it remains orderly, and not part of an ongoing "Sell America" trade that results in the simultaneous weakening in stocks, bonds and the dollar.

"While this current episode has been sharp and noteworthy due to the breaking of its long-held range (to fresh 4-year lows), it has not been disorderly thus far," read the note. "It would be far more concerning if the move occurred in the context of a) more persistent "sell America" cross-asset performance (i.e. US equities, bonds, and US dollar down simultaneously), and/or b) anecdotal reports of US asset divestment from non-US asset holders (no evidence in global equity/bond flows)."

"Evidence of this would need to be persistent to reflect such risks, and thus far in January, there was just one day (the day prior to the President's Davos speech) that the USD, S&P and UST10y all sold off," the note continued.

— Sarah Min

Mon, Feb 2 20263:07 PM EST

Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, Jan. 10, 2025.

Angelika Warmuth | Reuters

Silver could test its primary breakout level, which would mean more downside ahead, according to BTIG.

The metal could see choppiness in the $80 to $100 range after its historic slide on Friday, said Jonathan Krinsky, BTIG's chief market technician. But he said to expect it to then fall to around $55, which was the main level it broke out from.

"Silver remains highly volatile suffering its worst daily decline on record," Krinsky wrote to clients in a Sunday note.

Spot silver fell 5% to around $80 per ounce on Monday — which is still more than 40% higher than the $55 level BTIG expects it to test. The metal's spot price plunged around 28% on Friday.

— Alex Harring

Mon, Feb 2 20262:49 PM EST

Investor David Katz believes that Microsoft is an artificial intelligence stock that is currently trading at an attractive price, offering investors a good entry point.

"The key to success in the last year is sort of buying a long-term winner at an attractive price. Microsoft is a winner in AI. Period. They had a very good quarter. The stock sold off very sharply. It's under 23 times earnings today. That's the lowest valuation in the last eight years," Katz, chief investment officer at Matrix Asset Advisors, said on CNBC's "The Exchange" on Monday.

Shares of Microsoft are down 12% on the year.

MSFT YTD chart

Two other stocks that Katz shared he currently favors are Generac and Starbucks.

— Lisa Kailai Han

Mon, Feb 2 20262:30 PM EST

Despite higher tax refunds set to increase consumer spending, JPMorgan downgraded Best Buy to a neutral rating from overweight on Monday.

The bank worries that difficult comparison periods ahead for the company — following the release of the Nintendo Switch 2 in June 2025 and the end of support for Microsoft 10 in October — will limit upside for the stock.

JPMorgan cut its price target for the retailer to $76 from $99, implying nearly 17% upside from Best Buy's Friday close.

"While (very) crowded shorting and tax stimulus could put the stock back into the $70s on a stock squeeze, our view of "sellers higher" and a potential forest vs. the trees moment on the stock compel us to step back," wrote analyst Christopher Horvers. 

He added that an AI-driven memory shortage, leading to increasing prices, "will likely diminish computing sales," a major revenue engine for the company. 

BBY 1-year chart

Mon, Feb 2 20261:51 PM EST

Walt Disney Co. signage on the floor the New York Stock Exchange (NYSE) in New York, US, on Monday, Feb. 2, 2026.

Michael Nagle | Bloomberg | Getty Images

Wall Street analysts had a mixed reaction to Walt Disney's earnings on Monday.

The media and entertainment giant topped expectations for its fiscal first-quarter on both the top and bottom lines. However, its adjusted earnings of $1.63 per share is down 7% from the year prior. Shares slipped about 7%.

Goldman Sachs, which has a buy rating on the stock, said it believes shares should trade higher after Disney reported results that were better than feared and reiterated full-year guidance.

"In our view, the downside risk case largely failed to materialize which included concerns around domestic parks attendance and per caps and limited SVOD disclosures," analyst Michael Ng said in a note Monday. "We continue to see DIS shares as attractive, trading at <17X F2026 P/E with EPS growing at an 11% CAGR (F2025-2030E)."

He believes earnings should accelerate through 2026.

However, KeyBanc Capital Markets views the earnings report "mixed" and the guidance "negative."

Total revenue and operating income beat expectations. However, below the surface, Disney's entertainment and sports segments came below consensus, analyst Brandon Nispel said in a note Monday.

Its second-quarter guidance also calls for entertainment's operating income that is below consensus and expects domestic attendance headwinds from international visitors, he noted. Nispel has a sector weight rating on the stock.

Meanwhile, Bank of America believes succession has been an overhang on shares recently. Disney's board is meeting this week and is expected to vote on a successor to Bob Iger, people familiar with the matter told CNBC. They are close to picking Josh D'Amaro, chairman of Disney Experiences, Bloomberg reported.

"[G]iven the importance the Experiences segment has to the total consolidated earnings of DIS, we believe this announcement will be well received by the investment community," said analyst Jessica Reif Ehrlich, who has a buy rating on the stock.

— Michelle Fox

Mon, Feb 2 202612:57 PM EST

The Bureau of Labor Statistics will not be releasing the January jobs report as scheduled Friday due to the government shutdown, a department spokesman confirmed Monday.

"The Employment Situation release for January 2026 will not be released as scheduled on Friday, February 6, 2026. The release will be rescheduled upon the resumption of government funding," Emily Liddel, associate commissioner of the BLS, said in a statement. Read more.

— Jeff Cox

Mon, Feb 2 202612:45 PM EST

A United Airlines plane lands at the San Francisco International Airport (SFO) in San Francisco, California, United States on Jan. 15, 2026.

Tayfun Coskun | Anadolu | Getty Images

On Monday, transports stocks hit a new all-time high, with the Dow Jones Transportation Average last up last trading around 2% higher on the day.

The move was led higher by United Airlines, Old Dominion, Delta Air Lines and American Airlines. United Airlines and Old Dominion were both up more than 5%, while Delta Air Lines and American Airlines rose almost 5% and almost 4%, respectively.

Shares of FedEx also hit a new all-time high back to the company's IPO in 1978, while Matson was trading at new 52-week highs.

— Gina Francolla, Lisa Kailai Han

Mon, Feb 2 202611:51 AM EST

Natural gas, 1-day

Mon, Feb 2 202610:49 AM EST

A worker arc welds a metal door at the Metal Manufacturing Co. facility in Sacramento, California, on May 27, 2025.

David Paul Morris | Bloomberg | Getty Images

U.S. factory activity in January expanded for the first time in a year, boosted by surges in new orders and production, the Institute for Supply Management reported Monday.

The ISM manufacturing index showed a reading of 52.6 for the month, representing the percentage of surveyed companies reporting expansion. The level represented a 4.7-point increase from December and was well ahead of the Dow Jones consensus estimate for 48.4. Prior to the last expansion reading, the index was in contraction territory, or below 50, for 26 straight months.

Within the survey, the new orders index jumped 9.7 points to 57.1, while production surged 5.2 points to 55.9. Both were the highest since February 2022.

There also was good news on the employment front, with that index rising 3.3 points to 48.1, though it was still below the 50 cutoff indicating growth.

The Dow Jones Industrial Average rose more than 100 points following the release.

— Jeff Cox

Mon, Feb 2 20269:53 AM EST

Metals continued to see heightened volatility Monday after a violent sell-off at the end of last week.

Gold futures hit a low of $4,423.2 Monday, its lowest level since Jan. 8. The contract last traded 0.5% lower to $4,720.20. The bullion traded below the 50-day moving average level of $4,480.4 on an intraday basis for the first time since Aug. 22.

Silver futures gained nearly 3% to trade around $80.68 after reaching a low of $71.20, its lowest level since Jan. 2. Silver briefly traded below the 50-day moving average level of $73.916 on an intraday basis for the first time since Nov. 21.

Copper futures hit a low of $5.564, reaching its lowest level since Dec. 30. Copper traded below the 50-day moving average level of $5.605 on an intraday basis for the first time since Nov. 24.

— Yun Li, Gina Francolla

Mon, Feb 2 20269:32 AM EST

The three major averages began Monday's session in the red.

The S&P 500 fell 0.3% just after the opening bell, while the Nasdaq Composite dropped 0.4%. The Dow Jones Industrial Average slipped 140 points, or 0.3%.

— Sean Conlon

Mon, Feb 2 20268:44 AM EST

Check out the companies making headlines before the bell:

• Oracle — The software giant traded more than 3% higher, reversing an earlier decline. Oracle on Sunday announced a plan to raise up to $50 billion to increase AI capacity for its customers. A TD Cowen analyst also predicted the firm would consider layoffs ease free up cash flow pressures.
• Nvidia — The stock edged down 1% after a Wall Street Journal reported said the company's $100 billion OpenAI investment had stalled. Nvidia CEO Jensen Huang said a "huge investment" is still planned, however.
• Rare earths companies – U.S. President Donald Trump is set to invest $12 billion in a critical minerals stockpile to counter China, per Bloomberg. The report sent shares of several rare earths firms higher. Critical Metals advanced 8%, while Energy Fuels and Idaho Strategic Resources gained 5% and 1%, respectively.

Read the full list here.

— Liz Napolitano

Mon, Feb 2 20268:12 AM EST

Gold and silver bars of various sizes at the precious metals dealer Pro Aurum in Munich.

Sven Hoppe | Picture Alliance | Getty Images

Gold and silver extended their sell-off Monday, deepening losses from last Friday's rout as a firmer dollar and profit-taking drains momentum from a rally that had propelled the precious metals to record highs just days earlier.

Spot gold slipped more than 1% on Monday, making up ground from earlier lows. The yellow metal dropped nearly 10% on Friday, when prices plunged below $5,000 an ounce. 

Silver, which had surged alongside gold on safe haven demand and speculative inflows, also remained under pressure after last Friday's 30% nosedive that saw the metal log its worst day since March 1980. Spot prices of the metal were last down more than 3% on Monday, also cutting losses as the day went on. Read more.

— Lee Ying Shan

Mon, Feb 2 20267:43 AM EST

JPMorgan believes that accelerating cloud adoption and artificial intelligence integration could boost shares of Autodesk.

The bank upgraded the design software maker to overweight from neutral. JPMorgan's newly established target price of $319 implies that shares of Autodesk could rise 26% from here.

Analyst Alexei Gogolev applauded Autodesk's modern technology stack, calling it the clear leader in design software for the architecture, engineering and construction industries. He also highlighted its rapid adoption of cloud and AI technologies, with CEO Andrew Anagnost recent emphasizing "how he wants to enable his customers to do more with less."

ADSK, 1-year

CNBC Pro subscribers can read more here.

— Lisa Kailai Han

Mon, Feb 2 20267:04 AM EST

Arches in the shape of Mickey Mouse's ears at Walt Disney Co.'s Shanghai Disneyland Resort in Shanghai, China, on Wednesday, Sept. 25, 2024.

Qilai Shen | Bloomberg | Getty Images

Disney shares were up more than 3% after the media giant posted fiscal first-quarter results that beat expectations.

The company earned an adjusted $1.63 per share on revenue of $25.98 billion. Analysts polled by LSEG expected a profit of $1.57 per share on revenue of $25.74 billion. Strength in parks and streaming drove the results.

— Fred Imbert

Mon, Feb 2 20266:22 AM EST

Oracle on Sunday announced it plans to raise up to $50 billion in 2026 to "build additional capacity to meet the contracted demand from our largest Oracle Cloud Infrastructure customers, including AMD, Meta."

The raise will be conducted through a combination of debt and equity financing. Shares were down more than 3%.

ORCL 5-day chart

Sun, Feb 1 20266:30 PM EST

Sam Altman, CEO of OpenAI, at left, and Jensen Huang, CEO of Nvidia.

Reuters

The Wall Street Journal reported, citing people familiar with the matter, that Nvidia's plans to pour $100 billion into OpenAI had stalled, with chipmaker execs expressing doubt about the deal.

Despite the $100 billion deal being stalled, Nvidia plans to move forward with another investment in OpenAI.

Nvidia CEO Jensen Huang also said Saturday he is happy with OpenAI. He said: "We are going to make a huge investment in OpenAI. I believe in OpenAI, the work that they do is incredible, they are one of the most consequential companies of our time and I really love working with [OpenAI CEO Sam Altman."

— Fred Imbert

Sun, Feb 1 20266:01 PM EST