**Global Market Snapshot: February 3, 2026** **US Equities Rebound, Asia Stumbles** US markets opened February on a high note, snapping recent losing streaks as investors digested positive manufacturing data and earnings. The **Dow Jones** surged **515 points (+1.05%)** to close at **49,407**, while the **S&P 500** added **0.54%** to reach **6,976**, finishing just shy of record highs. The tech-heavy **Nasdaq** rose **0.56%** to **23,592**, buoyed by gains in Alphabet and Amazon ahead of earnings. Contrastingly, Asian markets faced severe turbulence. South Korea's **Kospi** crashed **5.26%**, marking its worst single-day performance since April 2025. In India, the **Nifty 50** and **Sensex** plunged nearly **2%** following the Union Budget 2026 announcement, which hiked taxes on derivatives and share buybacks. **Commodities: Historic Volatility** Precious metals are witnessing extreme volatility following record rallies. **Silver** crashed approximately **30%** on February 1—its worst daily drop since 1980—before stabilizing near **$80.50** per ounce. **Gold** also faced heavy selling pressure, dipping below **$4,500** per ounce briefly before settling near **$4,780** (Global Spot). Oil prices pushed higher, with **WTI Crude** climbing above **$65** per barrel, driven by winter storms disrupting US output and renewed geopolitical risks in the Middle East. **Crypto Markets: Liquidity Crunch** Digital assets remain under pressure. **Bitcoin** slumped to **$74,000**—its lowest level since April 2025—before staging a mild recovery to trade around **$76,000**. **Ethereum** faced sharper declines, sliding over **8%** as major holders ("whales") liquidated **$371 million** in assets to repay DeFi loans, triggering widespread liquidation cascades. **Macro Drivers & Key Events** * **US Manufacturing:** Factory activity expanded for the first time in a year, with the ISM Manufacturing PMI hitting its highest level since August 2022, signaling economic resilience. * **Fed Leadership:** Markets are adjusting to President Trump's nomination of **Kevin Warsh** to succeed Jerome Powell as Federal Reserve Chair, keeping bond yields steady. * **Data Delays:** The highly anticipated January US Jobs Report, originally scheduled for Friday, has been delayed due to a partial government shutdown.