On February 1, 2026, the S&P 500 Index increased by 0.08%, while the Dow Jones Industrials rose by 0.54%. The Nasdaq 100 Index fell by 0.56%. Market activity was influenced by mixed corporate earnings, with Super Micro Computer’s stock surging over 15% following a strong sales forecast of at least $12.30 billion for Q3, exceeding the consensus of $10.25 billion. In contrast, Advanced Micro Devices’ shares plunged over 13% after a weak Q1 sales forecast.
Economic data revealed that the ADP employment change for January was just +22,000, falling short of expectations of +45,000, indicating labor market weakness. Additionally, US mortgage applications dropped by 8.9% in the week ending January 30, with purchase applications falling 14.4% and refinancing down 4.7%. The average 30-year mortgage rate slightly decreased to 6.21%.
In upcoming developments, the ISM services index is anticipated to drop to 53.5, while initial weekly unemployment claims are expected to rise by 3,000 to 212,000. Meanwhile, 150 S&P 500 companies are scheduled to report earnings this week, with overall earnings growth for the index projected at 8.4% for Q4, marking ten consecutive quarters of growth.
