**Global Market Wrap: Tech Pullback & Commodity Surge** **February 4, 2026** **Equity Markets: Tech Sector Weighs on Indices** Global equities faced a mixed session as a sharp rotation out of technology stocks dragged major US indices lower. The **S&P 500** retreated **0.84%** to **6,917.81**, while the tech-heavy **Nasdaq Composite** shed **1.43%** to close at **23,255.19**. The **Dow Jones Industrial Average** saw a modest decline of **0.34%**, settling at **49,240.99**. In contrast, Asian markets showed resilience, with Japan’s **Nikkei 225** surging **4%** to a new record high, driven by strong earnings and a rebound in exporter confidence. European indices remained flat to slightly lower as investors digested corporate earnings and broader economic cues. **Notable Corporate Moves** * **Walmart** defied the broader downturn, hitting a historic **$1 trillion** market valuation as it continues to expand its tech and convenience capabilities. * **Apple** reported record quarterly revenue of **$143.8 billion**, driven by surging iPhone sales in China, though broader tech sentiment remained weak. * **PayPal** plummeted over **20%** following disappointing earnings, while **Nvidia** slipped nearly **3%** amid the sector-wide sell-off. **Commodities: Historic Rebound in Precious Metals** Gold and silver staged a massive recovery following recent volatility. **Spot Gold** surged over **2%** to trade around **$5,048** per ounce, posting its biggest daily gain since 2008. Silver outperformed even more aggressively, jumping over **12%** to reclaim the **$87** level. Oil markets remained relatively stable but leaned positive, with **Brent Crude** trading near **$67.90** per barrel (+0.12%) and **WTI** hovering around **$63.79** (+0.92%). **Crypto & Currency: Bitcoin Slips, Dollar Stabilizes** The cryptocurrency market remained under pressure, with **Bitcoin** falling **2.11%** to trade near **$76,332**. The digital asset has struggled to regain the **$80,000** mark amid heavy liquidations and renewed regulatory caution. In forex, the **US Dollar Index (DXY)** held steady at **97.43**, showing little movement as traders assess the implications of President Trump’s nomination of **Kevin Warsh** as the next Federal Reserve Chair. The **Indian Rupee (INR)** logged its best single-day gain in seven years, strengthening to **90.26** against the dollar following a landmark US-India trade deal. **Key Drivers to Watch** * **Fed Leadership:** Markets are closely monitoring Kevin Warsh’s nomination, with early speculation pointing toward a potentially hawkish shift in monetary policy. * **Earnings Season:** Continued volatility is expected as major tech and retail giants release quarterly figures. * **Geopolitics:** The newly secured US-India trade pact is boosting sentiment in emerging markets, potentially influencing global trade flows.