On February 2, 2026, US stocks concluded the trading session on a positive note, overcoming the previous week's volatility related to technology stocks and precious metals. Major indices saw substantial gains, with the Dow Jones Industrial Average rising approximately 1%, or over 500 points, bringing the index to 49,407.66. The S&P 500 also made a notable increase of around 0.5%, closing at 6,976.44, while the Nasdaq Composite edged up by 0.6%, finishing at 23,592.11.
The uplift in market sentiment can largely be attributed to a wave of corporate earnings reports flooding in. Notable companies such as Amazon (AMZN), Alphabet (GOOG), and Advanced Micro Devices (AMD) are anticipated to report their quarterly earnings this week. In after-hours trading, Palantir (PLTR) reported revenue of $1.41 billion and adjusted earnings per share of $0.25, exceeding estimates, which resulted in the stock rising 7.65%.
Commodity markets experienced turbulence, particularly in precious metals. Gold prices fell sharply by about 1.24%, settling at $4,675.29, while silver also faced declines. Meanwhile, oil prices dropped significantly as indications of easing geopolitical tensions between the US and Iran led to a downturn in crude prices, with Brent futures declining over 4.6% to about $66 per barrel.
A key factor contributing to market optimism was the newly announced trade deal between the US and India. President Trump shared that the baseline tariff rate on imports from India would be lowered from 25% to 18%. In exchange, India agreed to halt purchases of Russian oil. This news propelled several stocks in the retail and tech sectors, particularly Infosys (INFY), which surged by 4% following the announcement.
On the macroeconomic front, fresh indicators also painted a strong picture. The manufacturing sector showed unexpected growth, indicated by the Institute for Supply Management's Purchasing Managers' Index (PMI), which rose to 52.6% in January. This signals a promising rebound since readings above 50% suggest economic expansion.
In conclusion, February 2, 2026, witnessed a healthy rebound in US markets propelled by strong earnings expectations, favorable trade developments, and positive economic indicators. However, caution remains due to uncertainties surrounding the Federal Reserve and ongoing fluctuations in the commodity markets.