Traders work on the floor of the New York Stock Exchange (NYSE) in New York City.
Spencer Platt | Getty Images
U.S. equities rose on Monday as Wall Street began a new month of trading, with investors looking past the recent losses in silver and bitcoin.
The S&P 500 was up 0.7%, helped by rise in Oracle shares after the data center company announced it’s going to raise up to $50 billion to build additional capacity for cloud customers. The Dow Jones Industrial Average advanced 566 points, or 1.2%, while the Nasdaq Composite gained 0.8%.
Bitcoin dropped below $80,000 for the first time since April, a sign investors were taking more risk off the table following Friday’s sharp declines in gold and silver. Silver, which has more than doubled over the past 12 months, plunged around 30% on Friday. That marked the metal’s worst one-day performance since 1980. Gold also dropped around 10%.
The cryptocurrency, as well as the two metals, later came off their respective lows Monday, which helped trim losses in equities and ease risk-off sentiment. Bitcoin last traded above $78,000, while spot gold and spot silver were down 3% and 4%, respectively. Bitcoin proxy Strategy also saw losses, falling 4%.
Wall Street also turned its attention to Nvidia as questions over the artificial intelligence loomed. The Wall Street Journal reported, citing people familiar with the matter, that Nvidia’s plans to pour $100 billion into OpenAI had stalled, with chipmaker execs expressing doubt about the deal. Nvidia shares were down 1%.
“It seems to us that the bigger trends, which are mostly positive, are still in place,” said Tim Holland, chief investment officer at Orion. “What matters right now is still earnings, the fiscal policy backdrop – which is still constructive even with the temporary shutdown – and seasonality.”
Big earnings
More than 100 S&P 500 companies are due to report this week. That includes Amazon and Alphabet — shares of both names were higher Monday. The overall reporting season has been strong thus far, but there have been some high-profile post-earnings sell-offs, including Microsoft.
Disney kicked off this week with reporting earnings that beat analyst expectations. However, the stock fell 7% after the company warned of headwinds from international travelers attending domestic parks.
Nonetheless, Deutsche Bank strategists noted this weekend that earnings growth is on track to be the strongest in four years. So far, about one-third of S&P 500 companies have reported, and roughly 78% of them have beaten expectations, per FactSet.
“If you think about sort of what’s had folks worried about equity prices here at home, it would be valuations, especially up the cap spectrum,” Holland said. “Double-digit earnings growth … for the fifth consecutive quarter would go a long way to assuage those valuation concerns that we’ve all lived with for the last couple years.”
Microsoft is an AI winner currently trading at an attractive price, investor David Katz says
Investor David Katz believes that Microsoft is an artificial intelligence stock that is currently trading at an attractive price, offering investors a good entry point.
“The key to success in the last year is sort of buying a long-term winner at an attractive price. Microsoft is a winner in AI. Period. They had a very good quarter. The stock sold off very sharply. It’s under 23 times earnings today. That’s the lowest valuation in the last eight years,” Katz, chief investment officer at Matrix Asset Advisors, said on CBNC’s “The Exchange” on Monday.
Shares of Microsoft are down 12% on the year.
MSFT YTD chart
Two other stocks that Katz shared he currently favors are Generac and Starbucks.
— Lisa Kailai Han
JPMorgan downgrades Best Buy on difficult comparison periods ahead
Despite higher tax refunds set to increase consumer spending, JPMorgan downgraded Best Buy to a neutral rating from overweight on Monday.
The bank worries that difficult comparison periods ahead for the company — following the release of the Nintendo Switch 2 in June 2025 and the end of support for Microsoft 10 in October — will limit upside for the stock.
JPMorgan cut its price target for the retailer to $76 from $99, implying nearly 17% upside from Best Buy’s Friday close.
“While (very) crowded shorting and tax stimulus could put the stock back into the $70s on a stock squeeze, our view of “sellers higher” and a potential forest vs. the trees moment on the stock compel us to step back,” wrote analyst Christopher Horvers.
He added that an AI-driven memory shortage, leading to increasing prices, “will likely diminish computing sales,” a major revenue engine for the company.
BBY 1-year chart
— Davis Giangiulio
Wall Street mixed on Disney earnings
Walt Disney Co. signage on the floor the New York Stock Exchange (NYSE) in New York, US, on Monday, Feb. 2, 2026.
Michael Nagle | Bloomberg | Getty Images
Wall Street analysts had a mixed reaction to Walt Disney‘s earnings on Monday.
The media and entertainment giant topped expectations for its fiscal first-quarter on both the top and bottom lines. However, its adjusted earnings of $1.63 per share is down 7% from the year prior. Shares slipped about 7%.
Goldman Sachs, which has a buy rating on the stock, said it believes shares should trade higher after Disney reported results that were better than feared and reiterated full-year guidance.
“In our view, the downside risk case largely failed to materialize which included concerns around domestic parks attendance and per caps and limited SVOD disclosures,” analyst Michael Ng said in a note Monday. “We continue to see DIS shares as attractive, trading at <17X F2026 P/E with EPS growing at an 11% CAGR (F2025-2030E).”
He believes earnings should accelerate through 2026.
However, KeyBanc Capital Markets views the earnings report “mixed” and the guidance “negative.”
Total revenue and operating income beat expectations. However, below the surface, Disney’s entertainment and sports segments came below consensus, analyst Brandon Nispel said in a note Monday.
Its second-quarter guidance also calls for entertainment’s operating income that is below consensus and expects domestic attendance headwinds from international visitors, he noted. Nispel has a sector weight rating on the stock.
Meanwhile, Bank of America believes succession has been an overhang on shares recently. Disney’s board is meeting this week and is expected to vote on a successor to Bob Iger, people familiar with the matter told CNBC. They are close to picking Josh D’Amaro, chairman of Disney Experiences, Bloomberg reported.
“[G]iven the importance the Experiences segment has to the total consolidated earnings of DIS, we believe this announcement will be well received by the investment community,” said analyst Jessica Reif Ehrlich, who has a buy rating on the stock.
— Michelle Fox
January jobs report will be delayed due to partial government shutdown
The Bureau of Labor Statistics will not be releasing the January jobs report as scheduled Friday due to the government shutdown, a department spokesman confirmed Monday.
“The Employment Situation release for January 2026 will not be released as scheduled on Friday, February 6, 2026. The release will be rescheduled upon the resumption of government funding,” Emily Liddel, associate commissioner of the BLS, said in a statement. Read more.
— Jeff Cox
Transports stocks hit new intraday all-time high
A United Airlines plane lands at the San Francisco International Airport (SFO) in San Francisco, California, United States on Jan. 15, 2026.
Tayfun Coskun | Anadolu | Getty Images
On Monday, transports stocks hit a new all-time high, with the Dow Jones Transportation Average last up last trading around 2% higher on the day.
The move was led higher by United Airlines, Old Dominion, Delta Air Lines and American Airlines. United Airlines and Old Dominion were both up more than 5%, while Delta Air Lines and American Airlines rose almost 5% and almost 4%, respectively.
Shares of FedEx also hit a new all-time high back to the company’s IPO in 1978, while Matson was trading at new 52-week highs.
— Gina Francolla, Lisa Kailai Han
Natural gas tumbles
Natural gas plunged on Monday, with the March contract dropping more than 20% in midday trading. The U.S. Natural Gas Fund (UNG) also tumbled more than 20%.
Natural gas, 1-day
— Alex Harring
ISM manufacturing index hits best level in a year
A worker arc welds a metal door at the Metal Manufacturing Co. facility in Sacramento, California, on May 27, 2025.
David Paul Morris | Bloomberg | Getty Images
U.S. factory activity in January expanded for the first time in a year, boosted by surges in new orders and production, the Institute for Supply Management reported Monday.
The ISM manufacturing index showed a reading of 52.6 for the month, representing the percentage of surveyed companies reporting expansion. The level represented a 4.7-point increase from December and was well ahead of the Dow Jones consensus estimate for 48.4. Prior to the last expansion reading, the index was in contraction territory, or below 50, for 26 straight months.
Within the survey, the new orders index jumped 9.7 points to 57.1, while production surged 5.2 points to 55.9. Both were the highest since February 2022.
There also was good news on the employment front, with that index rising 3.3 points to 48.1, though it was still below the 50 cutoff indicating growth.
The Dow Jones Industrial Average rose more than 100 points following the release.
— Jeff Cox
Volatility continues in metals
Metals continued to see heightened volatility Monday after a violent sell-off at the end of last week.
Gold futures hit a low of $4,423.2 Monday, its lowest level since Jan. 8. The contract last traded 0.5% lower to $4,720.20. The bullion traded below the 50-day moving average level of $4,480.4 on an intraday basis for the first time since Aug. 22.
Silver futures gained nearly 3% to trade around $80.68 after reaching a low of $71.20, its lowest level since Jan. 2. Silver briefly traded below the 50-day moving average level of $73.916 on an intraday basis for the first time since Nov. 21.
Copper futures hit a low of $5.564, reaching its lowest level since Dec. 30. Copper traded below the 50-day moving average level of $5.605 on an intraday basis for the first time since Nov. 24.
— Yun Li, Gina Francolla
Stocks open lower
The three major averages began Monday’s session in the red.
The S&P 500 fell 0.3% just after the opening bell, while the Nasdaq Composite dropped 0.4%. The Dow Jones Industrial Average slipped 140 points, or 0.3%.
— Sean Conlon
Oracle, Nvidia, Critical Metals among the stocks making premarket moves
Check out the companies making headlines before the bell:
- Oracle—The software giant traded more than 3% higher, reversing an earlier decline. Oracle on Sunday announced a plan to raise up to $50 billion to increase AI capacity for its customers. A TD Cowen analyst alsopredicted the firm would consider layoffsease free up cash flow pressures.
- Nvidia— The stock edged down 1% after a Wall Street Journal reported said the company’s$100 billion OpenAI investmenthad stalled. Nvidia CEO Jensen Huang said a “huge investment” is still planned, however.
- Rare earths companies – U.S. President Donald Trump is set to invest $12 billion in a critical minerals stockpile to counter China,per Bloomberg. The report sent shares of several rare earths firms higher.Critical Metalsadvanced 8%, whileEnergy FuelsandIdaho Strategic Resourcesgained 5% and 1%, respectively.
Read the full list here.
— Liz Napolitano
Gold and silver extend sell-off
Gold and silver bars of various sizes at the precious metals dealer Pro Aurum in Munich.
Sven Hoppe | Picture Alliance | Getty Images
Gold and silver extended their sell-off Monday, deepening losses from last Friday’s rout as a firmer dollar and profit-taking drains momentum from a rally that had propelled the precious metals to record highs just days earlier.
Spot goldslipped more than 1% on Monday, making up ground from earlier lows. The yellow metal dropped nearly 10% on Friday, when prices plunged below $5,000 an ounce.
Silver, which had surged alongside gold on safe haven demand and speculative inflows, also remained under pressure after last Friday’s 30% nosedive that saw the metal log its worst day since March 1980.Spot pricesof the metal were last down more than 3% on Monday, also cutting losses as the day went on. Read more.
— Lee Ying Shan
JPMorgan upgrades Autodesk
JPMorgan believes that accelerating cloud adoption and artificial intelligence integration could boost shares ofAutodesk.
The bank upgraded the design software maker to overweight from neutral. JPMorgan’s newly established target price of $319 implies that shares of Autodesk could rise 26% from here.
Analyst Alexei Gogolev applauded Autodesk’s modern technology stack, calling it the clear leader in design software for the architecture, engineering and construction industries. He also highlighted its rapid adoption of cloud and AI technologies, with CEO Andrew Anagnost recent emphasizing “how he wants to enable his customers to do more with less.”
ADSK, 1-year
CNBC Pro subscribers can read more here.
— Lisa Kailai Han
Disney rises on earnings beat
Arches in the shape of Mickey Mouse’s ears at Walt Disney Co.’s Shanghai Disneyland Resort in Shanghai, China, on Wednesday, Sept. 25, 2024.
Qilai Shen | Bloomberg | Getty Images
Disney shares were up more than 3% after the media giant posted fiscal first-quarter results that beat expectations.
The company earned an adjusted $1.63 per share on revenue of $25.98 billion. Analysts polled by LSEG expected a profit of $1.57 per share on revenue of $25.74 billion. Strength in parks and streaming drove the results.
— Fred Imbert
Oracle announces plan to raise $50 billion
Oracle on Sunday announced it plans to raise up to $50 billion in 2026 to “build additional capacity to meet the contracted demand from our largest Oracle Cloud Infrastructure customers, including AMD, Meta.”
The raise will be conducted through a combination of debt and equity financing. Shares were down more than 3%.
ORCL 5-day chart
— Fred Imbert
Nvidia-OpenAI deal stalls, report says
Sam Altman, CEO of OpenAI (L), and Jensen Huang CEO of Nvidia.
Reuters
The Wall Street Journal reported, citing people familiar with the matter, that Nvidia’s plans to pour $100 billion into OpenAI had stalled, with chipmaker execs expressing doubt about the deal.
Despite the $100 billion deal being stalled, Nvidia plans to move forward with another investment in OpenAI.
Nvidia CEO Jensen Huang also said Saturday he is happy with OpenAI. He said: “We are going to make a huge investment in OpenAI. I believe in OpenAI, the work that they do is incredible, they are one of the most consequential companies of our time and I really love working with [OpenAI CEO Sam Altman.”
— Fred Imbert
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