Stocks Diverge, Precious Metals Soar as Tech Earnings and Shutdown Impact Markets - 02/03/2026

The S&P 500 (^GSPC), Nasdaq (^IXIC), and Dow Jones (^DJI) experienced downturns on Tuesday, February 03, 2026, as investors processed a surge of tech company earnings and the ongoing government shutdown. The Nasdaq Composite fell 2.1%, the S&P 500 lost 1.3%, and the Dow dropped 0.9% or more than 400 points. Tech stocks, particularly those in the Nasdaq, experienced a mixed day. Palantir (PLTR) reported robust earnings, signaling potential for the AI sector to continue its upward trajectory. However, this positive momentum was short-lived as several tech giants, including Nvidia (NVDA) and Amazon (AMZN), saw their stocks decline amid concerns over AI chip demand and software stock sell-offs. Microsoft (MSFT) also saw its shares drop. PayPal (PYPL) reported earnings and forecast below expectations, leading to a significant drop in its stock. The company also announced Enrique Lores as its new CEO. Pepsi (PEP), Pfizer (PFE), and Chipotle (CMG) are scheduled to release their earnings reports later in the week. Meanwhile, precious metals experienced a volatile day, with gold (GC=F) rising over 6% and silver (SI=F) surging over 13%. This surge in precious metals is attributed to increased buying as investors seek safe-haven assets amidst market volatility and geopolitical tensions.