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Tuesday, February 3

Noteworthy macro moves today: Gold +6.1%. Copper +4.0%. Silver +12.3%. 

Global equity markets are trading higher, driven by positive sentiment following strong U.S. manufacturing data and easing geopolitical tensions. The ISM Manufacturing PMI for January, released yesterday, surged to 52.6, indicating unexpected growth in the sector and contributing to gains across major stock indices.

In Europe, however, markets are mixed as France reported a preliminary inflation rate of 0.3% year-on-year for January, below expectations of 0.6%. This decline raises concerns over monetary policy and economic growth prospects amid ongoing deflationary pressures.

Additionally, commodities have seen significant moves today, with gold rising by 6.1%, silver up by 12.3%, and copper increasing by 4.0%. These gains reflect a shift towards safe-haven assets as investors react to the broader economic landscape influenced by recent data releases and geopolitical developments.

SPDR Gold Shares (GLD) [+6.3%]
Gold futures for April have surged significantly, reaching a new peak per ounce, which aligns with a notable rebound in precious metals. This increase is likely to positively influence SPDR Gold Shares, given its direct correlation with gold market performance. Social media activity highlights a substantial uptick in gold prices, marking its largest daily gain since late 2008. Investors are reportedly stepping in after a steep selloff, contributing to this momentum. Additionally, silver has experienced a significant rise, reflecting its strong correlation with SPDR Gold Shares. Asian stock markets also reported gains today, fueled by easing geopolitical tensions and a recent trade deal between the United States and India. Furthermore, the Reserve Bank of Australia raised its benchmark interest rate for the first time in two years, addressing inflationary pressures, which may also play a role in the current market dynamics surrounding gold and related investments.

iShares Silver Trust (SLV) [+11.2%]
iShares Silver Trust (SLV) has experienced a significant price increase of over 10% during the pre-market session. March silver prices surged approximately 12% to around 86 per ounce, positively impacting precious metal miners, with several companies reporting gains. BMO's recent analysis suggests potential for further upward movement in both gold and silver markets. Social media activity highlights that SLV allegedly added 33 million ounces of silver, representing about 4% of the world's yearly production. Additionally, reports indicate that mom-and-pop investors actively bought the dip in SLV last Friday. Spot silver surged intraday to approximately 87.84 per ounce, while the Reserve Bank of Australia raised its cash rate by 25 basis points to address inflation. Gold has also risen significantly, further correlating with SLV's performance amidst easing geopolitical tensions between the U.S. and Iran.

PFE | -5.0% | -7.2B
Pfizer Inc | Pharmaceuticals
Pfizer Inc. reported a net loss of $1.648 billion for Q4, with an adjusted EPS of $0.66, surpassing estimates of $0.57. Revenue for the quarter reached $17.56 billion, exceeding expectations of $16.83 billion. The company reaffirmed its 2026 revenue guidance of $59.5 billion to $62.5 billion, factoring in a projected negative revenue impact of approximately $1.5 billion from products losing exclusivity. Additionally, Pfizer noted the anticipated adverse effects of Most-Favored-Nation drug pricing and TrumpRx on future revenues. Positive results emerged from its phase 2b trial for an experimental monthly obesity treatment, showing a placebo-adjusted weight loss of up to 12.3% over 28 weeks. Despite these developments, shares experienced a premarket decline of 4.7%, reflecting cautious market sentiment as Pfizer transitions from the "COVID era."

PYPL | -18.0% | -8.1B
PayPal Holdings Inc | Transaction & Payment Processing Services
PayPal Holdings Inc. reported disappointing Q4 earnings today, revealing an adjusted EPS of $1.23, which missed analyst expectations of $1.29, reflecting a shortfall of 5%. Revenue increased to $8.68 billion but fell short of the $8.79 billion estimate. The company also forecasted a mid-single-digit decline in Q1 adjusted EPS and a low-single-digit decline for FY26, signaling challenges ahead. Additionally, Enrique Lores has been appointed as CEO, effective March 1, 2026, succeeding Alex Chriss amid critiques regarding the pace of execution. Active accounts grew by 1.1% to 439 million; however, payment transactions per account decreased by 5% year-over-year. Following these announcements, PayPal shares dropped significantly in pre-market trading, with reports of declines ranging from 12% to nearly 17%. The overall sentiment appears overwhelmingly negative, with concerns raised about the company's strategic direction and execution.

PLTR | +11.7% | +42.8B
Palantir Technologies Inc | Application Software
Palantir Technologies Inc. reported robust fourth-quarter results, with revenue of $1.41 billion, marking a 70% increase year-over-year and exceeding analyst expectations of $1.34 billion. U.S. commercial revenue surged 137% to $507 million, while government revenue rose 66% to $570 million. The company achieved a net income of approximately $609 million and an adjusted earnings per share of $0.25, surpassing the consensus estimate of $0.23. For fiscal year 2026, Palantir forecasts revenue between $7.182 billion and $7.198 billion, significantly above the consensus estimate of $6.28 billion. Additionally, it anticipates adjusted income from operations between $4.126 billion and $4.142 billion, with U.S. commercial revenue projected to exceed $3.144 billion. Following the earnings announcement, shares surged approximately 10.3% in pre-market trading, reflecting strong demand in AI and defense sectors, as well as a positive market response to the company's guidance and performance metrics.

WWD | +15.2% | +3.5B
Woodward Inc | Aerospace & Defense
Woodward Inc reported strong first-quarter fiscal year 2026 results, with earnings per share (EPS) of 2.17, exceeding the estimate of 1.65 by 32%. Revenue reached approximately 996 million, significantly higher than the anticipated 893 million. The company raised its fiscal year 2026 EPS guidance to a range of 8.20 to 8.60, up from 7.50 to 8.00, and increased its sales growth outlook to between 14% and 18%, compared to the previous forecast of 7% to 12%. These results were disclosed on February 2, 2026. Social media discussions highlighted the company's earnings beat and revenue growth of nearly 29% year-over-year, further noting a positive stock price reaction, which rose to 327.25, marking a gain of over nine points.

FN | -9.2% | -1.5B
Fabrinet | Electronic Manufacturing Services
Fabrinet reported its second-quarter fiscal year 2026 results, achieving adjusted earnings per share of 3.36, exceeding the consensus estimate of 3.25. Revenue for the quarter reached 1.13 billion, surpassing expectations of 1.08 billion and significantly increasing from 833.61 million year-over-year. Despite these strong financial metrics, the stock experienced a notable decline, attributed to profit-taking following recent gains. The company provided guidance for the third quarter, projecting adjusted EPS between 3.45 and 3.60 and revenue between 1.15 billion and 1.20 billion, both above consensus estimates. Social media discussions reflected a mix of surprise at the stock's drop despite the positive earnings report, with users expressing frustration over the market's reaction.

TER | +20.1% | +12.5B
Teradyne Inc | Semiconductor Materials & Equipment
Teradyne Inc. reported its fourth-quarter earnings on February 2, 2026, with adjusted earnings per share of 1.80, exceeding the consensus estimate of 1.36 by 32%. Revenue reached 1.08 billion, surpassing expectations and reflecting a 44% year-over-year increase. The strong performance was attributed to heightened demand in the artificial intelligence sector, particularly within its Semiconductor Test business. For the first quarter of 2026, Teradyne provided optimistic guidance, projecting adjusted EPS between 1.89 and 2.25, significantly above the consensus of 1.25, and revenue expectations between 1.15 billion and 1.25 billion compared to analysts' estimates of 942.3 million. Following this announcement, the stock experienced a notable price increase, with social media discussions highlighting Teradyne's leadership in automated test equipment and its significant role in the semiconductor industry.

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