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Thursday, February 5

Noteworthy macro moves today: Bitcoin -5.2%. Gold -2.7%. Ethereum -4.2%. Noteworthy US mega-cap moves today: Alphabet Inc (GOOGL) -4.5%. Alphabet Inc (GOOG) -4.4%. Eli Lilly and Co (LLY) -3.4%. 

Global equity markets are trading lower following disappointing economic data from the U.S. and Europe, alongside ongoing concerns in the technology sector. In the U.S., initial jobless claims rose to 231,000 for the week ending January 31, significantly exceeding expectations of 212,000. This has raised concerns about labor market conditions and contributed to a cautious sentiment among investors.

In Europe, the European Central Bank (ECB) announced it would keep interest rates unchanged at 2.15%, aligning with market expectations but highlighting ongoing uncertainties due to geopolitical tensions and trade policies. Additionally, Eurozone retail sales fell by 0.5% month-on-month in December, missing forecasts and indicating weakness in consumer spending that could impact future economic growth.

Market reactions have been further influenced by significant declines in major tech stocks such as Alphabet Inc., which dropped around 4.5% amid heightened scrutiny over AI investments and competition within the sector. This downturn reflects broader investor apprehension regarding potential exhaustion in technology stocks following recent sell-offs across various indices.

Bitcoin (BTC/USD) [-5.0%]
Bitcoin's price has dropped significantly, with a current daily return reflecting a decline of over five percent. This downturn follows the Royal Government of Bhutan's sale of 184 BTC, valued at approximately $14 million, after three months of inactivity. Bitcoin has fallen below $70,000 for the first time since November 2024, raising concerns as it approaches critical support levels around $69,000, which marks the high from 2021. Market sentiment is further affected by broader volatility and a global tech sell-off impacting risk assets. Notably, Bitcoin is trading around 20% below its estimated production cost, indicating a challenging environment for miners. Additionally, approximately $130 billion has been wiped from the overall cryptocurrency market cap within the last 24 hours.

iShares Silver Trust (SLV) [-12.2%]
iShares Silver Trust (SLV) has seen a significant decline, dropping by approximately 12% in overnight trade. This follows a tumultuous period for spot silver, which experienced a notable drop of nearly 17% after a brief recovery above $90 per ounce. Concurrently, silver futures fell nearly 9%, reversing prior gains. The downturn coincides with a stronger U.S. dollar and shifting interest-rate expectations, alongside reduced safe-haven demand for precious metals. Social media discussions highlight volatility, with reports of silver prices crashing by 22% within two hours, falling below $74 per ounce. Concerns have also emerged regarding a physical silver shortage and the impact of counterfeit paper silver shares on the market. The COMEX shows an open interest of 150,000 silver contracts, representing a significant shortfall compared to actual holdings.

QCOM | -10.1% | -15.1B
Qualcomm Inc | Semiconductors
Qualcomm Inc. has experienced a significant decline in its stock price, dropping approximately 10% in after-hours trading following the release of its Q1 2026 earnings report. The company reported an adjusted earnings per share (EPS) of $3.50, exceeding estimates of $3.41, alongside revenue of $12.25 billion, slightly above the expected $12.21 billion. However, guidance for Q2 indicates projected revenue between $10.2 billion and $11.0 billion, which falls short of the consensus estimate of $11.12 billion. This outlook has been negatively impacted by industry-wide memory supply constraints affecting handset demand. Additionally, Bank of America downgraded Qualcomm to Neutral, reducing its price target from $215 to $155, citing share losses and a declining handset market, with expectations of a 15% decrease in unit volume this year.

EL | -11.7% | -4.4B
Estee Lauder Companies Inc | Personal Care Products
Estee Lauder Companies Inc. reported its Q2 earnings on February 5, 2026, with an adjusted EPS of 0.89, exceeding the estimate of 0.83, while revenue reached 4.229 billion, slightly above the anticipated 4.219 billion. The company, however, lowered its FY2026 GAAP EPS guidance from a range of 1.39-1.65 to 0.98-1.22, contrasting with the prior estimate of 1.27. Despite raising its adjusted EPS guidance to a range of 2.05-2.25, concerns regarding a potential $100 million impact from tariffs contributed to a stock decline of approximately 12%. Discussions on social media highlighted that the midpoint of the earnings forecast fell short of analyst expectations, even as net sales were reported at 4.22 billion and adjusted diluted net earnings per share increased by 43% compared to the previous year.

GOOG | -4.4% | -175.0B
Alphabet Inc | Interactive Media & Services
Alphabet Inc. reported its fourth-quarter earnings on February 4, 2026, revealing an earnings per share of 2.82 and revenue of 113.83 billion, both surpassing analyst expectations. The company disclosed a significant employee compensation charge of 2.1 billion related to Waymo, which impacted operating expenses. CEO Sundar Pichai noted challenges in meeting rising AI demand due to capacity constraints, emphasizing these limitations as a primary concern. Anticipated capital expenditures for 2026 are projected to reach between 175 billion and 185 billion, reflecting aggressive investments in AI and infrastructure. Social media highlighted that Google Cloud achieved a remarkable revenue increase of 48%, ending the fiscal year with an annual run rate exceeding 70 billion. Despite these positive metrics, Alphabet's stock experienced a drop of approximately 5% in premarket trading, coinciding with broader declines in the Nasdaq 100 Index.

COHR | -10.4% | -3.0B
Coherent Corp | Electronic Components
Coherent Corp reported its second-quarter fiscal 2026 results, revealing an adjusted operating income of $336 million and revenue of $1.686 billion, both surpassing estimates. The adjusted EPS was $1.29, exceeding expectations of $1.21. Despite these positive results, the company projected third-quarter revenue between $1.7 billion and $1.84 billion, slightly below the consensus estimate of $1.71 billion. EPS guidance for the third quarter ranged from $1.28 to $1.48, also below the consensus of $1.32. Following this announcement, shares experienced a notable decline of approximately 14%. Social media discussions highlighted that the reported revenue was $1.69 billion, with a GAAP gross margin of 36.9% and a GAAP net income of $0.76 per diluted share. Users noted that Coherent's earnings exceeded expectations by $0.08 and that guidance for Q3 was in line with market projections.

ALGN | +9.4% | +1.3B
Align Technology Inc | Health Care Supplies
Align Technology reported strong fourth quarter and fiscal 2025 financial results, with an adjusted EPS of 3.29, exceeding the estimate of 2.97, and revenue of 1.047 billion, surpassing the forecast of 1.033 billion. This reflects a year-over-year revenue increase of 51.78 million. For the first quarter, the company anticipates revenues between 1.010 billion and 1.030 billion, slightly above the consensus estimate of 1.022 billion. Fiscal 2025 total revenues reached a record 4.0 billion, marking a 0.9% year-over-year increase. Looking ahead, Align expects fiscal 2026 revenue growth of 3%-4% compared to fiscal 2025. Following the earnings report, social media noted a significant movement in Align Technology's stock, which rose by approximately 14% after market hours.

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