U.S. stocks close higher, with the S&P approaching a new high; gold and silver experience huge fluctuations; partial government shutdown in the U.S.; non-farm payrolls postponed again

U.S. East Coast Time, Monday (February 2), the three major U.S. stock indices all closed higher, with the Dow Jones up over 1% leading the gains, and the S&P 500 index once again approaching a new high. The precious metals market experienced a huge震荡, with gold and silver prices fluctuating wildly within the day. Spot gold and silver once dropped over 10%, but ultimately the selling pressure eased somewhat, with declines narrowing to within 10%. Additionally, due to a partial government shutdown in the U.S., the non-farm payroll data originally scheduled for release this week has been postponed.

【U.S. Stock Indices】

At the close, the S&P 500 rose 0.54%, to 6976.44 points, just 2.16 points below its all-time closing high (6978.60 points), and about 20 points away from its intraday high (7002.28 points). The Dow Jones Industrial Average increased 1.05%, to 49407.66 points; the Nasdaq Composite gained 0.56%, to 23592.11 points.

Yesterday, the precious metals market was undoubtedly the focus of global attention. Since last week, when Trump nominated hawkish candidate Kevin Woorh as the next Federal Reserve Chair, metals like gold and silver began a correction phase. During Monday’s Asian trading session, spot gold briefly fell to $4400 per ounce, then narrowed its decline to around $4650, ultimately falling over 4%. Spot silver also rebounded from a low of $71 per ounce to nearly $79, with a decline of nearly 7%. Overall, the performance was relatively weak.

In response, Darrell Cronk of Wells Fargo analyzed: “The movement of commodity prices is less about a change in fundamental narratives and more about clearing out positions—pushing out those with unstable or highly leveraged holdings. This is a market that requires vigilance against fragility and extreme sentiment.”

Some market views suggest that the current sharp fluctuations in precious metals are more due to concentrated position and leverage unwinding rather than a fundamental reversal. Last week, Trump’s nomination of Woorh as the next Fed Chair was seen as a key trigger shaking the “currency devaluation trade.”

Several institutions pointed out that the current adjustment resembles a “cooling-off” driven by sentiment and positioning. The long-term logic of holding precious metals has not disappeared, but in the short term, their prices are shifting from “safe-haven assets” to “high-volatility trading instruments.”

Notably, crude oil also performed relatively weakly on Monday. As Trump stated that the U.S. is communicating with Iran, geopolitical premiums declined sharply. WTI crude oil fell over 5% in a single day, near $62 per barrel.

On the corporate front, over 100 S&P 500 components are scheduled to report earnings this week, including tech giants Amazon and Alphabet. FactSet data shows that about one-third of S&P 500 companies have already announced earnings, with nearly 80% exceeding expectations.

Additionally, early Tuesday Beijing time, SpaceX announced on its official website that it has officially merged with xAI. According to sources, SpaceX acquired xAI at a valuation of $250 billion. After the merger, the company’s stock price will approach $527, corresponding to a valuation of $1.25 trillion. Musk also reiterated the value of building space-based data centers in the statement.

【U.S. Treasury】

U.S. Treasury yields rose, with the benchmark 10-year yield closing at 4.28%, and the 2-year yield, sensitive to Federal Reserve policy, closing at 3.586%.

【Popular U.S. Stocks】

Among popular U.S. stocks, Nvidia fell 2.89%, Google Class C rose 1.88%, Class A rose 1.68%, Apple increased 4.04%, Microsoft declined 1.61%, Amazon gained 1.53%, Meta dropped 1.41%, TSMC rose 3.22%, Tesla fell 1.98%, Ouster Semiconductor rose 4.03%, Intel increased 4.99%.

In important news, Tesla’s third-generation humanoid robot Optimus made its debut, aiming for an annual production of one million units, with Model S/X production halting in Q2 to make way for mass production of robots.

According to reports, OpenAI is dissatisfied with Nvidia’s latest AI chips and has been seeking alternatives since last year. Subsequently, OpenAI CEO Altman publicly rebutted, praising Nvidia’s AI chips.

【Global Indices】

In Europe, the FTSE 100 rose 1.15%, to 10,342 points. France’s CAC 40 increased 0.67%, to 8,181 points. Germany’s DAX rose 1.05%, to 24,798 points.

In Asia, the Hang Seng Index plunged 2.23%, to 26,776 points. The China Enterprises Index fell 2.54%, to 9,080 points. The Nikkei 225 declined 1.25%, to 52,655 points.

【China Indices】

On February 2, overnight, the Hang Seng Tech Index futures dropped 3.61%, the Nasdaq China Golden Dragon Index fell 0.65%, and the FTSE China A50 Index declined 1.44%.

【Chinese Concept Stocks】

Among popular Chinese concept stocks, Tencent Holdings (HK) fell 1.24%, Alibaba dropped 0.71%, Pinduoduo rose 2.39%, NetEase increased 0.19%, Baidu declined 3.01%, Ctrip rose 1.04%, Li Auto fell 0.54%, Xpeng Motors dropped 8.29%, NIO declined 3.94%.

【Forex and Commodities】

Due to investors weighing the potential policy outlook of the Fed under Woorh’s leadership and data showing that U.S. manufacturing returned to growth in January, the U.S. dollar index continued its upward trend, once approaching the 98 level, ultimately rising 0.66%, to 97.632.

Gold and silver prices continued to decline on Monday. CME increased margin requirements, intensifying last week’s sharp sell-off following Woorh’s nomination as Fed Chair. Spot gold briefly fell to a daily low of $4402.93 before rebounding, with a daily range of $480, ultimately closing down 4.59%, at $4660.91 per ounce. Spot silver also dipped to a daily low of $72.28, with a daily range of $16.6, ending down 6.97%, at $79.23 per ounce.

Earlier, U.S. President Trump stated that the U.S. and Iran are in dialogue, hinting at easing tensions. Meanwhile, a stronger dollar and forecasts of milder U.S. temperatures pressured oil prices. WTI crude opened gap down and fell sharply, then stabilized around $62, ending down 5.09%, at $61.89 per barrel. Brent crude declined 4.34%, to $66.31 per barrel.

【Key Highlights】

U.S. Government Shutdown Causes Key Data to Be “Delayed” — Non-farm Payroll Report Postponed

On February 2, U.S. Labor Department announced that due to a partial federal government shutdown, the January non-farm payroll report scheduled for release on the 6th will not be published on time. Emily Liddell, an official overseeing the report, stated in a release: “The report will be rescheduled once government funding resumes.”

Elon Musk Confirms SpaceX Acquisition of xAI

SpaceX announced on Monday that it has acquired Musk’s AI company xAI, forming the world’s most valuable private enterprise, integrating rockets, satellite internet, AI technology, and social media platforms. In a statement on February 2, Musk said the acquisition aims to create “the most ambitious vertically integrated innovation engine inside and outside Earth.” This marks Musk’s reorganization of his business landscape after merging xAI with X last year, paving the way for his grand plan to build AI data centers in space. Musk emphasized that the global AI power demand cannot be met by ground data centers alone, and long-term, space-based AI is the only way to expand.

Tesla’s Third-Generation Humanoid Robot Optimus Debuts

Aiming for an annual production of one million units, with Model S/X production halting in Q2 to make way for robot mass production. The third-generation Optimus is Tesla’s first mass-produced humanoid robot, with a target capacity of 1 million units per year. CEO Musk stated last week during earnings call that they plan to cease Model S and Model X production in Q2 2026, transforming the Fremont factory’s assembly line into an Optimus production line.

Trump: U.S.-India Trade Agreement to Lower Indian Tariffs; Modi Agrees to Halt Russian Oil Purchases

Trump claimed that the “reciprocal tariffs” on India will drop from 25% to 18%, and India will correspondingly reduce tariffs and non-tariff barriers against the U.S. to zero. India also commits to purchasing over $500 billion worth of U.S. energy and other products, possibly including Venezuelan oil. Media reports say Indian officials confirmed plans to buy $500 billion worth of U.S. goods over the next five years, with the U.S. removing the 25% tariffs on India.

Report: Trump Plans to Invest $12 Billion in Critical Mineral Reserves

Trump’s critical mineral reserve plan aims to establish the first private-sector commercial stockpile in the U.S. to hedge supply chain risks. The plan involves a $10 billion loan from the Export-Import Bank of the U.S. and private capital to purchase and store strategic minerals like gallium and cobalt. Following the news, U.S. rare earth company USAR and antimony producer UAMY initially surged over 10%, but later USAR declined and UAMY closed up more than 7%.

U.S. Presidential Envoy Allegedly Meets with Iranian Foreign Minister on Friday; Iran Emphasizes Core Nuclear Negotiation Demands: Sanctions Relief

Iranian media reported that the Iranian president has ordered the resumption of nuclear negotiations, with high-level talks possibly occurring in the coming days. U.S. media said that U.S. Special Envoy Witterkov met with Iran’s foreign minister to discuss “possible nuclear agreement.” The U.S. Defense Secretary stated that if Iran refuses to negotiate its nuclear program, the U.S. is “fully prepared” to take action. Iran’s Foreign Ministry spokesperson emphasized that Iran seeks fair and reciprocal negotiations and will not make unilateral concessions without corresponding economic relief.

Oracle Launches $25 Billion Bond Offering, Plans to Raise Funds in Eight Parts, Full Speed Ahead on Cloud Infrastructure

Oracle officially announced a financing plan of up to $50 billion, including an initial bond issuance of about $25 billion. The issuance will be divided into eight parts, led by top investment banks like Goldman Sachs and Citigroup, with a one-time issuance planned within 2026, aiming to fund its “big bet” on AI cloud infrastructure. Oracle initially rose 4%, but later turned lower.

Gold Nearing First Key Support Level

After a sharp correction, gold prices are approaching the first key support level—around $4600 per ounce (±$50). Holding this level is crucial for maintaining a bullish structure. However, a major risk is that the massive existing profit holdings (about $20 trillion) could be wiped out with just 5% retracement, enough to offset global physical demand. Institutions like Citi have become more cautious in the medium term, expecting gold prices to potentially fall back to $4000 by 2027.