**Global Market Brief | February 3, 2026** **Market Sentiment: Cautious Recovery** US equity markets are stabilizing following a session of extreme volatility driven by commodity swings and shifts in monetary policy expectations. Investors are digesting the nomination of **Kevin Warsh** as Federal Reserve Chairman, viewing the pick as a hawkish signal for inflation control. **Key Indices (Intraday/Close)** * **S&P 500:** **6,976.44** (+0.54%) — Snapped a three-day losing streak, trading just shy of record highs. * **Dow Jones:** **49,407.66** (+1.05%) — Led gains as rotational buying favored industrial and cyclical stocks. * **Nasdaq Composite:** **23,592.11** (+0.60%) — Tech remains mixed as investors scrutinize AI capital expenditure returns. **Commodities & Currencies** * **Gold:** **~$4,652/oz** — The metal is attempting to find a floor after a historic flash crash saw it drop over **$1,000** from recent highs. * **Silver:** **~$82.50/oz** — Recovering from a sharp 9% overnight plunge. * **Crude Oil (WTI):** **$61.73/bbl** (-0.66%) — Prices retreated as geopolitical tensions with Iran showed signs of easing following recent diplomatic comments. * **10-Year Treasury Yield:** **4.28%** — Yields edged higher on stronger-than-expected manufacturing data, putting pressure on rate-cut bets. **Sector & Corporate Movers** * **Tech Divergence:** **SanDisk** surged **+15%** on strong AI-driven memory demand, while **Microsoft** faced pressure (-1.6%) over cloud growth concerns. * **Semiconductors:** **Micron** rallied on bullish analyst notes; **Nvidia** slipped (-1%) amid reports of potential deal friction with OpenAI. * **Earnings Watch:** **Disney** gained (+1%) after beating revenue estimates; **Palantir** surged (+2%) ahead of its earnings report. **Macro Outlook** Data remains the primary catalyst this week. Monday’s **ISM Manufacturing PMI** signaled unexpected expansion, reducing immediate recession fears but complicating the Fed's path to easing. Markets are now bracing for Friday’s **Non-Farm Payrolls** report (consensus: +70k jobs) to gauge labor market resilience under the new policy regime. **Watchlist** * **Upcoming Earnings:** Alphabet, Amazon, Eli Lilly. * **Key Data:** JOLTS Job Openings (Tuesday), ADP Employment (Wednesday).