Global Market Snapshot: February 3, 2026 **Headlines: Trade Deal Euphorias & Commodity Slump** Global equities are surging today, driven by a historic India-US trade agreement, while commodities and cryptocurrencies face sharp sell-offs. **Equity Markets** * **US Indices:** Wall Street closed higher yesterday, with the Dow Jones Industrial Average rising **1.05%** to **49,407** and the S&P 500 adding **0.54%** to reach **6,976**. The Nasdaq Composite gained **0.56%** to **23,592**, supported by strength in semiconductor and AI sectors. * **Asian Surge:** Indian markets rallied significantly in response to the US cutting tariffs on Indian goods to **18%**. The Sensex soared over **3,600 points** to trade near **85,323**, while the Nifty 50 climbed above **26,300**. * **Outlook:** Investor sentiment remains buoyant in equities as trade barriers lower, though markets are digesting the nomination of Kevin Warsh as the new Federal Reserve Chair. **Commodities Correction** * **Gold Crash:** Precious metals are under heavy pressure, recording their steepest declines in years. Gold prices dropped approximately **2%** to trade around **$4,650** per ounce, with lows touching **$4,400** earlier, as "safe haven" demand evaporates. * **Oil Weakness:** Crude prices tumbled as geopolitical tensions eased following reports of US-Iran talks. Brent Crude fell below **$66** per barrel, and WTI slid to roughly **$61**. **Crypto Volatility** * **Bitcoin Slide:** The cryptocurrency market is facing a downturn, shedding over **$120 billion** in market capitalization. Bitcoin has dropped to approximately **$77,300**, its lowest level since April 2025. * **Key Drivers:** Sentiment is weighed down by the new Fed Chair nomination (signaling potentially tighter monetary policy), ongoing ETF outflows, and new US sanctions on exchanges linked to illicit finance. **Economic Watch** * **Fed Leadership:** The nomination of Kevin Warsh is a central focus, influencing the rotation out of non-yielding assets like Gold and Crypto into equities. * **Geopolitics:** De-escalation signals in the Middle East are accelerating the sell-off in oil and defensive assets.