U.S. Stocks Open Lower Amid Weaker Jobs Data, Risk-On Rotation to Defensive Sectors

U.S. major indices opened sharply lower on February 5, 2026, as investors shifted from tech to Treasuries amid疲弱 labor data, revised Alphabet capital expenditures, and cautious guidance from Qualcomm. The Nasdaq Composite and S&P 500 each fell more than 0.4% in early trade, with the Dow industrials down over 220 points or 0.58%. The labor picture worsened: ADP nonmanufacturing jobs added 22,000 in January versus a 46,000 consensus and 37,000 prior; Challenger data showed layoffs in January reached a 2009-era同期 high. This K-shaped recovery dynamic—robust tech growth alongside softening broader employment—deepened risk-off sentiment, sending gold and silver lower and Bitcoin under $70,000 for the first time since 2024. Key Indices (2:00 PM EST): - Dow Jones: -0.58% to 49,213.41 - NASDAQ Composite: -1.43% to 22,576.94 - S&P 500: -0.98% to 6,814.96 - S&P Semiconductor: -1.45% to 7,508.49 - Taiwan Semiconductor ADR: -1.44% to $321.05 - 10-Year U.S. Treasury Yield: 4.23% - NY Crude: -2.79% to $63.32/bbl - Brent Crude: -2.74% to $67.56/bbl - Gold: -2.19% to $4,842.60/oz - Dollar Index: 99.185 Focus个股: - Qualcomm (QCOM-US): -8.50% to $136.24 after a softer Q1 outlook - Arm (ARM-US): -1.14% to $103.71 as CEO downplays AI-driven software revenue erosion - Alphabet (GOOGL-US): -4.98% to $316.44 on a partnership with Apple to co-develop a next-gen foundation model Macroeconomic implications include expectations of further U.S. rate cuts as Treasuries gained strength, with a 25-bp drop in the 2-year yield to 3.51% and the dollar retreating to 99.185.