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Monday, February 2

Noteworthy macro moves today: Oil (WTI) -5.6%. Gold -3.7%. USD/CNH -0.3%. Noteworthy US mega-cap moves today: Exxon Mobil Corp (XOM) -1.6%.

Global equity markets are trading mixed as investors react to significant declines in commodity prices, particularly in gold and oil, alongside concerns over U.S. monetary policy following the nomination of Kevin Warsh as Fed Chair. The drop in precious metals has contributed to a broader risk-off sentiment, with Asian markets reflecting this trend by trading lower amid fears of inflation and economic slowdown.

In the U.S., notable economic data releases are anticipated later this week, including the Labor Department's monthly jobs report, which is expected to show an increase of around 70,000 jobs for January. This follows last week's producer price index data that exceeded expectations, raising concerns about inflation and its potential impact on future Federal Reserve policy decisions.

European markets have shown resilience today, buoyed by stronger-than-expected manufacturing PMI data from France and Germany. However, ongoing geopolitical tensions and uncertainty surrounding central bank meetings may temper investor enthusiasm as they await further economic indicators that could influence market direction.

SPDR Gold Shares (GLD) [-2.2%]
SPDR Gold Shares (GLD) has experienced a notable decline of 2.2% amid adverse market conditions. This downturn follows President Trump's nomination of Kevin Warsh as Federal Reserve Chair, which has strengthened the U.S. dollar and raised expectations for higher interest rates. Consequently, spot gold prices have dropped significantly, with reports indicating a fall below $4,500 per ounce for the first time since early January. Additionally, CME Group's increase in margin requirements for gold and silver futures has further pressured prices, leading to liquidations among over-leveraged commodity traders. In related developments, silver prices have also declined sharply, reflecting broader market sentiment affecting precious metals. Social media discussions highlight the heightened volatility surrounding GLD, with record trading volumes reported amid significant sell-offs in the market.

United States Oil Fund LP (USO) [-6.0%]
The United States has informed India that it will soon be able to supply Venezuelan crude oil, which may replace Russian imports. This news, reported two days ago, suggests a shift in global oil supply dynamics that could negatively impact demand for U.S. oil products. Additionally, OPEC+ has announced it will maintain current oil output levels amid rising tensions with Iran, a decision reported just minutes ago. This unchanged production strategy could lead to increased market volatility, particularly as geopolitical factors influence pricing and availability. Oil prices have dropped significantly today, following reports of discussions between the U.S. and Iran, alongside OPEC+'s announcement. President Donald Trump's optimistic comments about reaching an agreement with Iran have further influenced market sentiment negatively towards oil pricing dynamics.

ORCL | +4.2% | +19.7B
Oracle Corp | Systems Software
Oracle Corp has been named a Leader in the 2026 Gartner Magic Quadrant for Source-to-Pay Suites, highlighting its Oracle Fusion Cloud Procurement's strengths in AI, analytics, and automation. This announcement comes as Fitch Ratings affirmed Oracle's credit ratings, assigning a 'BBB' rating to its proposed bond offerings while maintaining a stable outlook on its Long-Term and Short-Term Issuer Default Ratings. Concurrently, Oracle plans to raise between $45 billion and $50 billion through a mix of debt and equity to support its cloud infrastructure expansion, linked to contracts with major clients such as OpenAI and Nvidia. However, social media discussions suggest the company may consider layoffs of up to 30,000 jobs amid financial challenges. Despite this, Oracle's stock has seen an increase in pre-market trading, reflecting market reactions to its funding announcements.

HOOD | -3.9% | -3.2B
Robinhood Markets Inc | Investment Banking & Brokerage
Robinhood Markets Inc has recently announced a potential initiative involving "Trump Accounts," aimed at facilitating early investment for children, which may expand its user base and revenue. This development, linked to former President Donald Trump, raises regulatory and ethical considerations regarding investment accounts for minors. Concurrently, social media discussions have highlighted a recent decline in HOOD's stock price, noting a drop of over 30% in the past three months and a breach of the 200-day moving average. Investors are expressing concerns about a mid-term downtrend, with upcoming levels of interest at $85 and $70. Additionally, the Russell 2000 Index has declined, reflecting broader market sentiment that may be influencing Robinhood's recent 4.3% drop. The stock is approaching its earnings report scheduled for February 10th, which is also a point of discussion among market participants.

XPEV | -4.7% | -1.5B
Xpeng Inc | Automobile Manufacturers
Xpeng Inc. reported a significant decline in vehicle deliveries for January 2026, totaling 20,011 units, which marks a 34% decrease year-over-year. This announcement, made on February 2, 2026, highlights a stark divergence from competitors, notably Nio Inc., which saw a remarkable increase in deliveries during the same period. Despite expanding its global presence to 60 countries and establishing a sales network of over 1,000 outlets, Xpeng's delivery figures have negatively impacted market perception. Concurrently, social media discussions have emerged regarding Xpeng's sales performance and technological advancements, including references to THEMIS Gen 2.5, a humanoid robot, linking it to Xpeng and Tesla. These conversations reflect ongoing scrutiny of Xpeng's positioning within the electric vehicle sector amid broader industry developments.

TSLA | -2.1% | -28.0B
Tesla Inc | Automobile Manufacturers
Tesla Inc's stock has declined by 2.1% as of pre-market trading on Monday. The company's sales performance in key European markets has deteriorated, with registrations in France dropping significantly and reaching their lowest levels in over three years, while Norway saw an even steeper decline. Overall, Tesla's sales in Europe fell notably in 2025, contrasting sharply with a broader increase in the battery-electric vehicle market. Social media discussions have highlighted the adjustment of price targets by several financial institutions, with notable reductions from Capital, Deutsche Bank, and JPMorgan. Additionally, Tesla's market capitalization has surpassed that of Bitcoin, despite ongoing concerns regarding the performance of its Full Self Driving technology and leadership amidst controversies. The Nasdaq 100 Index has also experienced a decline, reflecting broader market sentiment that may be influencing Tesla's stock movement.

CTRA | -4.0% | -814.9M
Coterra Energy Inc | Oil & Gas Exploration & Production
Coterra Energy Inc. is set to merge with Devon Energy Corp in an all-stock transaction valued at approximately $58 billion. Under the agreement, Coterra shareholders will receive 0.70 shares of Devon stock for each Coterra share. The merger, unanimously approved by both companies' boards, is anticipated to close in the second quarter of 2026, pending regulatory and shareholder approvals. The new entity will be named Devon Energy and will be headquartered in Houston, projecting $1 billion in annual pre-tax synergies by year-end 2027. Following the merger, Devon shareholders will own about 54% of the combined company, while Coterra shareholders will hold around 46%. Concurrently, Coterra's stock has moved down by 2.6%, coinciding with a notable decline in Brent crude oil prices, which fell significantly.

DVN | -3.2% | -781.4M
Devon Energy Corp | Oil & Gas Exploration & Production
Devon Energy Corp has announced a definitive agreement to merge with Coterra Energy in an all-stock transaction valued at approximately $58 billion. Under the terms of the deal, Coterra shareholders will receive 0.70 shares of Devon for each share they own. The new entity will retain the Devon Energy name and will be headquartered in Houston, with significant operations in Oklahoma City. This merger is expected to generate $1 billion in annual pre-tax synergies by the end of 2027 through optimized capital programs and cost efficiencies. The transaction has received unanimous approval from both companies' boards and is anticipated to close in Q2 2026, pending regulatory and shareholder approvals. Concurrently, Devon Energy's stock has declined by 2.6%, aligning with broader market movements affecting related assets, including declines in Brent crude oil and the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF.

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