Stock market today: Dow, S&P 500, Nasdaq jump to kick off February as gold, silver, bitcoin remain volatile

NEW YORK — Wall Street began the new month on a powerful upswing, with major indexes rallying Monday to recoup sharp losses from the end of last week. The bullish sentiment persisted even as investors navigated a complex landscape of jitters in the artificial intelligence sector, a significant leadership change at the Federal Reserve, and persistent volatility in commodities and cryptocurrencies.

The market's advance was underpinned by surprisingly robust manufacturing data and a newly announced trade pact between the United States and India, providing a dose of optimism amid a busy week of corporate earnings.

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The Big Picture: A Rebound Fueled by Data and Deals

U.S. equities shook off a late-week slump to post broad-based gains. The Dow Jones Industrial Average led the charge, surging over 500 points, or approximately 1%. The benchmark S&P 500 added 0.5%, while the tech-heavy Nasdaq Composite climbed 0.6%, overcoming early weakness in some of its largest components.

This positive start to February marks a sharp reversal from Friday's session, which saw a market-wide downturn. Monday’s rally suggests investors are focusing on positive macroeconomic signals while selectively digesting mixed corporate news.

Tech Sector Navigates AI Uncertainty

The technology sector, the primary engine of the market's rally throughout early 2026, found itself at a crossroads. While the Nasdaq ended in positive territory, a key player in the AI space faced significant headwinds.

• Nvidia's Pledge in Question: Shares of chipmaking giant Nvidia (NVDA) fell more than 2% during the session. The decline followed a report from The Wall Street Journal suggesting the company’s ambitious plan to invest $100 billion in OpenAI was now "on ice."

• CEO Downplays Report: Investor anxiety was compounded after CEO Jensen Huang publicly played down the scale of the previously touted investment pledge. This created uncertainty around one of the most significant capital commitments in the burgeoning AI industry, rattling confidence in the so-called "AI trade."

• Earnings Watch: The focus for the tech sector now shifts squarely to a wave of quarterly reports. Results from industry titans Amazon (AMZN), Alphabet (GOOG), and Advanced Micro Devices (AMD) are due later this week, with their performance expected to set the tone for the market. AI software firm Palantir (PLTR) was also set to report after Monday's closing bell.

A Mixed Corporate Landscape

Beyond the tech sphere, the corporate earnings season has produced a divergent set of outcomes, highlighting an uneven economic recovery.

• Disney's Decline: Shares of The Walt Disney Company (DIS) provided a stark counterpoint to the day's rally, tumbling more than 7%. The entertainment conglomerate reported that profits fell compared to a year ago, citing rising costs across its diverse business units, from theme parks to streaming services. This performance underscores the challenges non-tech companies face in the current environment.

Volatility Shakes Commodities and Crypto

While equities found their footing, other asset classes continued a pattern of wild price swings, unwinding a significant portion of what had been a "rip-roaring" rally to start 2026.

• Precious Metals Seesaw: Gold (GC=F) and silver (SI=F) experienced another volatile session on Monday. The choppy trading followed a dramatic "Friday wipeout" that saw silver post its largest single-day percentage drop on record, signaling deep instability in the metals market.

• Bitcoin Breaches Key Level: The cryptocurrency market extended its recent losses. Over the weekend, Bitcoin (BTC-USD) fell below the psychologically important $80,000 mark for the first time since April. The world's largest digital asset was last seen trading just above $78,000 per token, reflecting sustained selling pressure after a volatile end to last week.

Macro Forces: Policy, Politics, and Production

Monday's market action was heavily influenced by major developments on the macroeconomic and geopolitical fronts, offering both fresh uncertainty and clear catalysts for optimism.

• A New Fed Era: Investors are now contemplating a major shift at the U.S. central bank after President Trump announced Kevin Warsh as his nominee to serve as the next Federal Reserve Chair. The nomination introduces a significant new variable for monetary policy, and markets will be watching closely for any signals regarding his stance on interest rates and inflation.

• Manufacturing Rebound: A key driver of Monday's stock market gains came from fresh economic data. Two separate readings of manufacturing sector activity—the Purchasing Managers' Indexes from S&P Global and the Institute for Supply Management—both unexpectedly improved in January. The reports indicated the sharpest increase in factory production since May 2022, suggesting resilience in the industrial economy.

• U.S.-India Trade Pact: The White House provided another boost to sentiment by announcing a comprehensive trade agreement with India. Under the deal reached between President Trump and Indian Prime Minister Narendra Modi, the U.S. will lower its baseline tariff on Indian goods from 25% to 18% and eliminate an additional 25% "secondary" tariff. In return, India has agreed to halt its purchases of Russian oil, marking a significant geopolitical realignment.

What's Next: A Clouded Outlook

Looking ahead, investors face a complex and somewhat contradictory environment. The market must balance strong economic data and positive trade developments against corporate-level challenges and political uncertainty.

• Earnings Remain Paramount: The immediate direction of the market will likely be dictated by the upcoming earnings reports from Big Tech. Strong results from Amazon, Alphabet, and AMD could reinvigorate the tech-led rally, while any weakness could vindicate recent concerns about the sustainability of the AI trade.

• Key Data Delayed: A critical piece of the economic puzzle will be missing this week. The all-important monthly jobs report, typically scheduled for the first Friday of the month, is set to be postponed. The delay comes after the U.S. government entered another partial shutdown, depriving the Federal Reserve and investors of crucial labor market data needed to gauge the health of the economy.

With a new Fed nominee, a government shutdown, and a pivotal earnings season underway, the market's path forward remains fraught with both opportunity and risk.