Global Markets: U.S. Major Indices Mixed, Nasdaq Down Over 1%, Storage and AI Application Stocks Lead Declines

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, with AMD dropping over 17%, Nvidia, Tesla, Broadcom, and Meta down over 3%, Google-C and Amazon down over 2%, and Apple up 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%. Operating profit was $35.93 billion, up 16%, compared to an estimated $36.95 billion. The company’s Gemini large model had over 750 million MAU in Q4. For 2026, the company expects capital expenditures of $175 billion to $185 billion, while analysts forecast $119.5 billion. Arm Holdings reported third-quarter total revenue of $1.24 billion, versus an expected $1.23 billion. The company projects Q4 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% year-over-year, versus an estimated $12.165 billion; adjusted EPS was $3.50, compared to $3.41 last year, with an estimate of $3.41. The company expects Q2 revenue of $10.2 billion to $11 billion, with market estimates at $11.18 billion. Snap’s Q4 revenue was $1.72 billion, versus an estimate of $1.7 billion; adjusted EPS was $0.1829, versus an expected $0.15. After hours, Google-A fell nearly 1%, Arm dropped 9%, Qualcomm declined 8%, and Snap rose 5%.

Storage and AI application stocks led the declines, with SanDisk down nearly 16%, Micron Technology down over 9%, Western Digital down over 7%, Palantir down over 11%, and Applovin down over 16%.

Popular Chinese concept stocks declined broadly, with the Nasdaq Golden Dragon China Index down 1.95%. Bilibili fell over 6%, Baidu down over 4%, Alibaba, NIO, and XPeng Motors down over 2%, while Li Auto and Bawang Tea House rose over 1%.

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

Commodities Market: 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 rose $51.40 to $4,986.40 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 discussions with non-U.S. institutions regarding IPO underwriting

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

US-Iran negotiations nearly “collapse” then turn around; 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 US-Iran agreement, Brent remains up over 1%.

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%, and 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 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, signaling clear cooling in the labor market

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

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 concluded. Umerov, Secretary of Ukraine’s National Security and Defense Council, posted on his official social media that the new round of talks has begun in Abu Dhabi, involving Ukraine, the US, and Russia. The parties will then work in groups by sector and plan to coordinate their positions again later.

Ending a three-month wait! 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 this 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 wait of three months.

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

During the recently concluded European trading session, the beleaguered European chemical sector experienced its largest single-day increase in nearly four years. The “sector rotation” trend affecting global markets, 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 optimistic full-year sales guidance, further strengthening its leadership in the obesity treatment market driven by strong demand for its weight-loss drugs. This outlook contrasts sharply with competitors like Novo Nordisk, which warned investors on Tuesday that due to intensified price competition in the weight-loss drug market, its sales could decline by up to 13% this year. In contrast, Lilly expects sales to grow by up to 27%.