Market Summary - February 6, 2026

The trading session on Wall Street concluded with a notably positive sentiment, primarily driven by significant gains in technology stocks. The Nasdaq Composite Index rose by 1.93%, while the S&P 500 increased by 1.72%. The Russell 2000 index, which tracks small-cap stocks, experienced the most substantial intraday gain, soaring by 3.42%.

Key Stock Movements

• NVIDIA (NVDA.US): Shares surged by 7.3% following CEO Jensen Huang's remarks about the expansion of AI infrastructure being a "once-in-a-generation opportunity."
• MicroStrategy (MSTR.US): The stock rebounded dramatically by 24%, recovering to approximately £132, after a previous decline of 18%. This recovery was closely linked to Bitcoin's rise, which jumped 10% to £70,000 from a low of £60,000.
• Amazon: Shares fell by 9% after the company reported Q4 earnings with an EPS of $1.95, slightly below the consensus estimate of $1.97, despite exceeding revenue expectations. Concerns arose from an increased capital expenditure forecast for 2026, projected at $200 billion, primarily for investments in AWS and AI, which raised worries about short-term returns on invested capital (ROIC).
• Stellantis (STLAM.IT): The company’s shares plummeted over 24% on the Milan stock exchange due to the announcement of substantial write-downs amounting to €22.2 billion related to a revision of its electric vehicle (EV) strategy.

Market Sentiment and Economic Indicators

A survey from the University of Michigan indicated that US consumer sentiment improved to 57.3 in February, surpassing the forecast of 55 and the previous month's 56.4. The assessment of current conditions rose sharply to 58.3 from 53.7, while the expectations index saw a slight increase. Annual inflation expectations decreased to 3.5%, down from 4% expectations and 4% in January, although 5-year expectations edged slightly higher than anticipated at 3.4% versus 3.3%.

Commodity Market Movements

In the commodities market, silver prices rebounded significantly, rising over 9%, while gold prices increased by 4%, nearing $4,970 per ounce, reflecting improved global market sentiment. Energy commodities showed mixed results, with WTI crude oil prices up by 1.5%, while natural gas prices fell nearly 3%. The positive sentiment surrounding oil may indicate a defensive positioning in light of escalating tensions regarding Iran's nuclear program.

Currency Performance

On the Forex market, the New Zealand dollar and the Australian dollar performed strongly, while the Japanese yen and the US dollar experienced notable declines.

Geopolitical Concerns

The geopolitical situation concerning Iran remains tense, with increased military activity from the US and its allies suggesting a potential escalation of conflict in the region. Market participants appear to be underestimating the risks associated with this situation.