NextFin News - Edition: U.S. pre‑market — Friday, February 6, 2026
Pre‑Market Performance
- U.S. index futures (approx. pre‑open): Nasdaq 100 +0.55% at 24,786 (+135 pts); S&P 500 +0.44% at 6,850.8 (+30.0 pts); Dow Jones +0.43% at 49,211 (+213 pts).
- Europe: FTSE 100 10,323.48 (+0.14%); CAC 40 8,233.47 (−0.06%); DAX 24,599.71 (+0.44%).
- Commodities/FX (early session): Brent crude ~$67.42/bbl; WTI ~$63.18/bbl; COMEX gold ~$4,838/oz; 10‑yr U.S. Treasury ~4.24%; U.S. Dollar Index (DXY) ~98.5. theaustralian.com.au
Macroeconomic Policy and Data
- Labor market — jobless claims (week ended Jan 31): Initial claims rose to 231,000 (consensus 211,000; prior 209,000). The 4‑week average ticked higher, reinforcing signs of softening momentum into February. Potential market impact: supports a cautious Fed stance; marginally risk‑off for cyclical equities, supportive for duration. apnews.com
- ISM Manufacturing (Jan): Headline 52.6 vs 47.9 in Dec and 48.4 expected — first expansion in nearly a year, led by new orders and production; employment remained soft. Equities may welcome breadth improvement while staying sensitive to price sub‑indices. wsj.com
- ISM Services (Jan): 53.8 (unchanged m/m); Business Activity 57.4; prices remained elevated. Takeaway: services growth steady; sticky input prices argue for a patient Fed. ismworld.org
- Inflation — PPI (Dec): +0.5% m/m (consensus +0.3%); +3.0% y/y as services prices firmed. Upward pressure at the pipeline can filter into PCE in coming months. apnews.com
- Inflation — CPI (Dec): Headline +2.7% y/y; core +2.6% y/y, broadly in line with expectations, keeping the disinflation trend intact but uneven. finance.yahoo.com
- Fed policy (Jan 28): FOMC held the federal funds rate at 3.50%–3.75%; two dissents favored a 25 bp cut. Chair Powell emphasized data‑dependence; markets price a prolonged pause. cbsnews.com
- PCE inflation (Dec): Officials flagged headline PCE near ~2.9% y/y and core near ~3.0% — progress but not yet at target; supports “restrictive for longer” guidance. barrons.com
- GDP: With 4Q25 estimates delayed by the recent federal shutdown, Treasury pointed to a strong 3Q25 (+4.4% annualized) and set Feb 20, 2026 for the 4Q25 advance release. home.treasury.gov
- Employment data timing: The January jobs report release has been postponed due to the partial government shutdown; private forecasts had clustered around +80,000. Expect elevated volatility around rescheduling headlines. apnews.com
Market implications: A firmer ISM‑manufacturing print offsets softer claims at the margin, but sticky PPI and still‑elevated PCE tilt the Fed toward patience. The delayed jobs report heightens uncertainty; rates and the dollar will key off any updates on data timing. wsj.com
Hot News
- Fed leadership and policy watch: Kevin Warsh’s nomination to succeed Chair Powell injects policy‑path uncertainty as Capitol Hill scrutiny intensifies; officials including Atlanta Fed’s Bostic argue for keeping rates steady until inflation is durably closer to 2%. theguardian.com
- Yield curve steepens to 4‑year high: The 2s/10s spread reached ~73 bp amid heavy Treasury issuance and leadership uncertainty; steeper curve aids banks’ NIMs but reflects supply concerns. barrons.com
- AI CapEx “arms race” escalates: Alphabet outlined $175–$185B in 2026 capital spending and Amazon telegraphed ~$200B, signaling sustained demand for data centers, chips and power — a broad tailwind for infrastructure suppliers, with near‑term valuation volatility. constellationr.com
- Oil reprices as geopolitical risk premium ebbs: Crude fell this week on signs of U.S.–Iran tension de‑escalation and ample supply expectations, keeping gasoline disinflation in focus. ft.com
U.S. Stock Focus
- Amazon (AMZN) — Shares sank as management guided for an unprecedented ~$200B in 2026 spending across AI infrastructure, robotics, custom chips and satellites; Q4 revenue was ~$213.4B with net income ~$21.2B, but the outsized CapEx spooked investors near term. ft.com
- Alphabet (GOOGL) — CapEx surges to $175–$185B: nearly doubling 2025 levels, with Google Cloud revenue up 48% y/y to $17.7B in Q4; the buildout could pressure near‑term FCF while reinforcing a long‑term moat. constellationr.com
- Broadcom (AVGO) — Seen as a beneficiary of Google TPU ramp; Alphabet’s CapEx path buoyed sentiment for AVGO’s custom silicon and networking despite margin mix headwinds. barrons.com
- Estée Lauder (EL) — Stock tumbled on restructuring costs and tariff headwinds; despite an adjusted EPS beat, heavy charges and a tightened FY26 margin outlook pressured the shares. barrons.com
- Peloton (PTON) — Shares plunged after a revenue miss and weaker guide: FQ2 revenue of ~$656.5M missed expectations, paid subs fell ~7% y/y and the CFO announced a departure. barrons.com
- PayPal (PYPL) — Earnings/revenue miss knocked shares as Q4 EPS of $1.23 missed consensus and guidance implied near‑term EPS pressure. nasdaq.com
- Uber (UBER) — Solid Q4 and upbeat Q1 outlook: guided Q1 gross bookings to $52.0–$53.5B and EPS $0.65–$0.72, highlighting demand resilience across Mobility and Delivery. investor.uber.com
- Apple (AAPL) — Record fiscal Q1 revenue and EPS: posted $143.8B in revenue (+16% y/y) with iPhone and Services at all‑time highs; installed base surpassed 2.5B active devices. Focus turns to product cycle durability and Services margin. apple.com
- Nvidia (NVDA) — Gaming GPU refresh reportedly delayed as Nvidia prioritizes AI chips amid supply constraints, highlighting AI allocation over gaming. theverge.com
- Tesla (TSLA) — China sales started the year higher with January China‑made sales up ~9% y/y; investor debate centers on capital allocation between autonomy/robotics and broader vehicle lineup. investors.com
Notes on Today’s Setup
With futures modestly higher, traders will watch for any update on the rescheduling of the January Employment Situation report, while oil and the dollar set the tone for cyclicals and rate‑sensitives. Elevated AI‑related CapEx plans continue to reshape expectations for semiconductors, power and data‑center supply chains, even as near‑term equity reactions remain mixed. apnews.com
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