U.S. stocks ended the week lower as pressure from rates and commodities weighed on risk appetite. The Dow Jones Industrial Average (DJIA) fell 0.36% to $48,892.47, the S&P 500 (SPY) dropped 0.43% to $6,939.03, and the Nasdaq 100 (NDX) declined 1.28% to $25,552.39.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Meanwhile, volatility picked up as investors reacted to policy signals and sharp moves in metals. The 10-year Treasury yield eased to about 4.24%, while in commodities, oil gained (CM:CL) 0.5% to $65.55 a barrel, while Bitcoin (BTC) slipped 1.45% to $83,914.82.
However, the biggest story of the week came from precious metals. Gold (CM:XAUUSD) fell 3.56% to $5,067.50, while silver saw one of its worst days in decades.
Fed News Triggers Metals Selloff
Turning to macro drivers, gold and silver plunged after President Donald Trump nominated Kevin Warsh as the next chair of the Federal Reserve. The move eased investor concern about central bank independence and sent the dollar sharply higher. Spot silver (CM:XAGUSD) dropped about 28% to $83.45 an ounce, while silver futures fell more than 31% to $78.53. Spot gold slid roughly 9% to $4,895.22, and gold futures settled down more than 11% at $4,745.10.
As trading continued, selling pressure intensified as crowded positions unwound. Matt Maley of Miller Tabak said, “Most of this is probably forced selling,” pointing to leverage and margin calls in silver trades.
In addition, Evercore ISI vice chairman Krishna Guha said the market was “trading Warsh hawkish,” which supported the dollar and hurt metals. At the same time, he warned against overdoing the trade and noted that Warsh is seen as a pragmatist rather than a strict hawk.
Even so, the selloff followed a strong run in 2025, when gold rose 66%, and silver surged 135%. Katy Stoves of Mattioli Woods described the move as a broad reassessment of crowded trades, similar to past swings in AI-focused stocks.
Stocks That Made the Week
In equities, several company stories stood out as investors weighed earnings and strategy. Apple Inc. (AAPL) reported record iPhone revenue in its fiscal first quarter, despite ongoing doubts around AI features. During the earnings call, CEO Tim Cook said demand was driven by hardware strengths, noting, “It’s the display. It’s the camera. It’s the performance.”
Notably, AI and Siri were absent from the list, reinforcing the view that replacement demand remains the key driver of sales.
Shares of Apple rose about 0.5% after the report, despite some investors focusing more on AI progress than near-term profits. Still, the results showed that strong product cycles can offset slower AI rollouts.
Elsewhere, Walt Disney Company (DIS) drew attention after reports that CEO Bob Iger may step down before his contract ends this year. The news added uncertainty around succession and weighed on sentiment toward the stock.
In technology, Tesla Inc. (TSLA) rose more than 3% after reports that SpaceX is considering a merger with Tesla or xAI. Investors reacted more positively to the deal talk than to Tesla’s recent earnings, which showed weaker revenue trends.
Finally, private markets stayed in focus after reports that OpenAI is planning a fourth-quarter IPO. The company is also seeking to raise up to $100 billion in private funding, with Amazon (AMZN), Microsoft Corporation (MSFT), and Nvidia Corporation (NVDA) reported as potential backers.
The Week Ahead
Looking ahead, markets will remain sensitive to Fed signals, dollar moves, and any follow-through in commodities.
Investors will also watch whether earnings strength can offset policy uncertainty as the month of February begins.
Upcoming Earnings and Dividend Announcements
The first full week of February brings another dense earnings and dividend calendar, with megacap technology, healthcare, energy, and consumer companies in focus. Investors will look for updates on demand trends, margins, and capital allocation as earnings season moves deeper into results from market leaders.
Earnings Preview
On Monday, February 2, results are due from Palantir Technologies Inc. (PLTR), Walt Disney Company (DIS), Simon Property Group Inc. (SPG), NXP Semiconductors NV (NXPI), Teradyne Inc. (TER), Tyson Foods Inc. (TSN), IDEXX Laboratories Inc. (IDXX), Aptiv PLC (APTV), Healthpeak Properties Inc. (DOC), Rambus Inc. (RMBS), Fabrinet (FN), Revvity Inc. (RVTY), Mizuho Financial Group Inc. (MFG), Woodward Inc. (WWD), Intesa Sanpaolo SpA (ISPYY), and TDK Corporation (TTDKY). Analysts expect Disney to report earnings of about $1.57 per share on $25.70 billion in revenue, while NXP Semiconductors is forecast at $3.31 per share on $3.31 billion. These reports should highlight trends in media, chips, real estate, and global manufacturing.
On Tuesday, February 3, earnings are scheduled from Advanced Micro Devices Inc. (AMD), PayPal Holdings Inc. (PYPL), Pfizer Inc. (PFE), Super Micro Computer Inc. (SMCI), Merck and Company Inc. (MRK), PepsiCo Inc. (PEP), Enterprise Products Partners LP (EPD), Chipotle Mexican Grill Inc. (CMG), Amgen Inc. (AMGN), Take Two Interactive Software Inc. (TTWO), Electronic Arts Inc. (EA), Corning Inc. (GLW), Marathon Petroleum Corporation (MPC), MPLX LP (MPLX), Archer Daniels Midland Company (ADM), Prudential Financial Inc. (PRU), Mondelez International Inc. (MDLZ), and The Clorox Company (CLX). Wall Street expects AMD to post earnings of about $1.32 per share on $9.67 billion in revenue, while PepsiCo is forecast at $2.24 per share on $28.98 billion. Results will provide insight into AI demand, consumer spending, and healthcare trends.
On Wednesday, February 4, attention turns to Alphabet Inc. Class A (GOOGL), Alphabet Inc. Class C (GOOG), Qualcomm Incorporated (QCOM), Uber Technologies Inc. (UBER), AbbVie Inc. (ABBV), Eli Lilly and Company (LLY), Snap Inc. (SNAP), Novo Nordisk A S (NVO), ARM Holdings plc (ARM), Ares Capital Corporation (ARCC), GSK plc (GSK), Phillips 66 (PSX), Boston Scientific Corporation (BSX), Novartis AG (NVS), Symbotic Inc. (SYM), Omega Healthcare Investors Inc. (OHI), Crown Castle Inc. (CCI), Align Technology Inc. (ALGN), and Coherent Corp. (COHR). Analysts expect Alphabet to report earnings of about $2.64 per share on more than $111 billion in revenue, while Eli Lilly is forecast at $6.95 per share on $17.92 billion. These results will be closely watched for updates on AI monetization, healthcare demand, and infrastructure spending.
On Thursday, February 5, earnings are expected from Amazon.com Inc. (AMZN), Strategy Inc. (MSTR), Bristol Myers Squibb Company (BMY), IREN Limited (IREN), ConocoPhillips (COP), Roblox Corporation (RBLX), Fortinet Inc. (FTNT), Sony Group Corporation (SONY), Shell plc (SHEL), Affirm Holdings Inc. (AFRM), Atlassian Corporation (TEAM), Bloom Energy Corporation (BE), Reddit Inc. (RDDT), Illumina Inc. (ILMN), TELUS Corporation (TU), Microchip Technology Incorporated (MCHP), BCE Inc. (BCE), and Cigna Group (CI). Forecasts call for Amazon to deliver earnings of about $1.96 per share on $211.42 billion in revenue, while ConocoPhillips is expected at $1.07 per share on $13.94 billion. These reports should shed light on cloud demand, energy markets, and consumer activity.
On Friday, February 6, the week concludes with reports from Philip Morris International Inc. (PM), Biogen Inc. (BIIB), Toyota Motor Corporation (TM), Centene Corporation (CNC), Plains All American Pipeline LP (PAA), Carlyle Group Inc. (CG), Ubiquiti Inc. (UI), Cboe Global Markets Inc. (CBOE), Plains GP Holdings LP (PAGP), Aercap Holdings NV (AER), Roivant Sciences Ltd. (ROIV), nVent Electric plc (NVT), Orsted A S (DNNGY), Societe Generale SA (SCGLY), and Telenor ASA (TELNY). Analysts will focus on updates around autos, asset management, and global financial conditions.
Ex-Dividend Dates This Week
Several large companies will trade ex-dividend during the week.
On Monday, February 2, Citigroup Inc. (C) will go ex-dividend with a $0.60 payment in 26 days. Kinder Morgan Inc. (KMI) follows with a $0.29 dividend payable in 16 days, while ONEOK Inc. (OKE) plans a $1.07 payment in 12 days. Ally Financial Inc. (ALLY) will distribute $0.30 in 16 days, and NRG Energy Inc. (NRG) plans a $0.47 payout in the same period.
On Tuesday, February 3, Nokia Corporation (NOK) trades ex-dividend with a $0.03 payment in 17 days. MetLife Inc. (MET) follows with a $0.57 payout next month, while Itau Unibanco Holding SA (ITUB) and NiSource Inc. (NI) will also go ex-dividend.
On Wednesday, February 4, Lennar Corporation (LEN) goes ex-dividend at $0.50 with payment in 18 days. Citizens Financial Group Inc. (CFG) follows with a $0.46 payout in 17 days, while Banco Bradesco SA (BBD) and Banco Bradesco SA Class C (BBDO) also trade ex-dividend.
On Thursday, February 5, Valero Energy Corporation (VLO) will trade ex dividend at $1.20 with payment next month. DR Horton Inc. (DHI) follows with a $0.45 payout in 11 days.
On Friday, February 6, Energy Transfer LP (ET) goes ex-dividend at $0.34, with payment in 18 days. Wells Fargo and Company (WFC) follows with a $0.45 payout in 28 days, while Howmet Aerospace Inc. (HWM), Cheniere Energy Inc. (LNG), Synchrony Financial (SYF), FirstEnergy Corp. (FE), Parker Hannifin Corporation (PH), Norfolk Southern Corporation (NSC), JB Hunt Transport Services Inc. (JBHT), SouthState Corporation (SSB), Pinnacle Financial Partners Inc. (PNFP), and Telia Company AB (TLSNF) also trade ex-dividend during the session.