The IRS faces significant operational challenges during the 2026 tax filing season due to a 27% workforce reduction since 2025, leadership instability, and complex retroactive changes from the “One Big Beautiful Bill” enacted in July 2025. These factors may delay refunds, affecting household cash flow and fiscal policy transmission.

The agency has 1,000 fewer customer service staff than planned, and training was disrupted by a six-week government shutdown. Experts urge taxpayers to file electronically and use direct deposit to avoid weeks-long delays. New provisions like the “no tax on tips” rule and U.S.-assembled car loan interest deductions apply only to narrow groups—fewer than 3% qualify for the tip exemption. The IRS recommends using online tools like “Where’s My Refund” and the Interactive Tax Assistant before calling, and opting for callback services to reduce hold times.

Flexsteel Industries Inc. (FLXS) reported fiscal second-quarter net income of $6.6 million, or $1.18 per share, on February 2, 2026.

The Dubuque, Iowa-based furniture manufacturer recorded revenue of $118.2 million for the quarter. The results reflect the company’s ongoing operational performance amid evolving demand in the home furnishings sector.

OpenAI has grown dissatisfied with Nvidia’s AI chips for inference tasks and has pursued alternatives since 2025, eight sources say, signaling a strategic shift that could challenge Nvidia’s dominance in the AI hardware market. The issue centers on latency in handling specific workloads like coding assistance, where faster response times are critical.

OpenAI is exploring chips with dense on-die SRAM memory—such as those from Cerebras and Groq—to accelerate inference, which demands more memory bandwidth than model training. While Nvidia remains OpenAI’s primary inference provider, the startup aims to source about 10% of future inference capacity from alternatives. Talks with Groq stalled after Nvidia signed a $20 billion non-exclusive licensing deal and hired key Groq engineers. Meanwhile, OpenAI struck a commercial agreement with Cerebras. Nvidia maintains its chips offer superior performance and cost efficiency at scale.

DaVita HealthCare Partners Inc. (DVA) reported fourth-quarter net income of $234.2 million, or $3.29 per share, on revenue of $3.62 billion for the period ended December 31, 2025. Adjusted earnings came in at $3.40 per share.

For full-year 2025, the company posted net income of $746.8 million, or $9.84 per share, on revenue of $13.64 billion. DaVita issued 2026 full-year adjusted earnings guidance in the range of $13.60 to $15.00 per share.

Gold prices plunged on February 2, 2026, as investors scaled back expectations for Federal Reserve rate cuts and geopolitical risks in the Middle East subsided. Spot gold fell more than 2.5% to $1,985 per ounce, its sharpest single-day drop in over three weeks.

Market-implied odds for a March rate cut dropped below 40%, down from nearly 70% a week earlier, following stronger-than-expected U.S. economic data. Concurrently, diplomatic efforts reduced fears of regional conflict, diminishing gold’s appeal as a safe-haven asset. The CME FedWatch Tool now shows traders pricing in fewer than two rate cuts for all of 2026.

Swiss equities closed sharply higher on February 2, 2026, propelled by robust economic indicators that signaled resilient domestic growth. The SMI Swiss Market Index rose 1.8%, its strongest single-day gain in over a month.

January’s manufacturing PMI came in at 52.4, surpassing consensus forecasts of 50.1 and marking the third consecutive month of expansion. Additionally, unemployment fell to 2.1% in January from 2.3% in December, reinforcing investor confidence in the Swiss economy’s stability amid global uncertainty.

Crude oil prices fell sharply on February 2, 2026, amid growing signs of de-escalation in Middle East geopolitical tensions, reducing fears of supply disruptions. Brent crude dropped 4.2% to $82.30 per barrel, while U.S. West Texas Intermediate (WTI) settled at $78.15, down 4.5%.

The decline follows diplomatic overtures between regional powers and a reduction in military posturing, which had previously driven a risk premium into oil markets. Analysts note that any sustained easing of conflict could accelerate inventory builds, particularly if OPEC+ maintains current output levels beyond its March 2026 policy review. Traders are now recalibrating positions ahead of the U.S. Energy Information Administration’s weekly supply report due February 5.

DaVita Inc. (NYSE: DVA) will host its fourth-quarter 2025 earnings conference call today, February 2, 2026, at 5:00 PM Eastern Time. The dialysis services provider plans to discuss financial results for the period ended December 31, 2025.

The company will issue its earnings release prior to the call. Investors and analysts can access the live webcast through DaVita’s investor relations website. A replay will be available following the conclusion of the event.

U.S. Treasury prices declined on February 2, 2026, after the Institute for Supply Management reported a sharper-than-forecast rebound in manufacturing activity. The ISM Manufacturing PMI rose to 52.8 in January from 49.5 in December, surpassing the consensus estimate of 50.5 and signaling a return to expansion.

The upbeat data fueled expectations that the Federal Reserve may maintain higher interest rates for longer, reducing demand for fixed-income securities. The yield on the 10-year Treasury note climbed 8 basis points to 4.32%, while the 2-year yield rose to 4.58%. Bond markets had previously priced in a high likelihood of rate cuts in early 2026, but stronger economic indicators are prompting a reassessment of that outlook.

Exchange Bank (OTC: EXCH) reported a drop in fourth-quarter net income for 2025, citing higher provisions for credit losses and rising operating expenses. The Santa Rosa, California-based lender posted net income of $8.2 million, down from $9.6 million in the same period a year earlier.

Total revenue reached $34.1 million, a 3% increase year-over-year, driven by growth in net interest income. However, non-interest expenses rose 7% to $22.4 million, and the bank set aside $1.8 million for loan loss reserves, compared to $1.1 million in Q4 2024. CEO David L. Sands noted the bank remains well-capitalized despite near-term headwinds from a cautious economic outlook.

Eldorado Gold Corp. (TSX: ELD, NYSE: EGO) shares fell 11% on February 2, 2026, after the company announced an all-stock deal to acquire Foran Mining Corp. (TSX: FOM), valuing the target at approximately C$1.3 billion. The transaction aims to consolidate Eldorado’s position in Canada’s McIlvenna Bay copper-zinc project, which Foran owns.

Under the agreement, Foran shareholders will receive 0.285 Eldorado shares for each Foran share held. The implied offer price represents a 22% premium to Foran’s closing price on January 31, 2026. Eldorado expects the deal to close in the second quarter of 2026, subject to shareholder and regulatory approvals. The company said the acquisition aligns with its strategy to diversify into base metals but warned of near-term dilution from the share issuance.

Wall Street rose on February 2, 2026, buoyed by stronger-than-expected U.S. manufacturing data that signaled resilient economic activity. The Institute for Supply Management’s (ISM) Manufacturing PMI registered 52.8 in January, surpassing the 50.0 mark that separates expansion from contraction and exceeding consensus estimates of 51.5.

The upbeat report eased concerns about a sharp economic slowdown, supporting gains across major indices. The S&P 500 climbed 0.9%, while the Dow Jones Industrial Average added 285 points. Analysts noted the data reinforced expectations that the Federal Reserve may hold rates steady in the near term, given persistent but stable inflation pressures in the industrial sector.

Rambus Inc. (RMBS) reported increased fourth-quarter sales on February 2, 2026, driven by strong demand for its memory interface chips and IP licensing. The company also raised its full-year revenue outlook, citing sustained adoption of its DDR5 and HBM3 solutions in AI and data center markets.

Q4 revenue rose to $132.5 million, up 18% year-over-year and above prior guidance of $120–$130 million. GAAP net income was $28.1 million, or $0.25 per share, compared to $0.19 per share a year earlier. For fiscal 2026, Rambus now expects total revenue of $510–$530 million, up from its previous range of $490–$510 million.

Palantir Technologies Inc. (NYSE: PLTR) reported higher-than-expected fourth-quarter profit on February 2, 2026, driven by robust demand from both U.S. government agencies and commercial clients. The data analytics firm posted adjusted earnings of $0.12 per share, surpassing analyst estimates of $0.09.

Revenue rose 28% year-over-year to $732 million, with government segment revenue up 31% and commercial revenue growing 25%. The company also raised its full-year 2026 revenue guidance to $3.35 billion, above consensus forecasts. Palantir attributed the momentum to expanded adoption of its artificial intelligence platform, AIP, across defense and financial sectors.

Opera Ltd. (OPRA: NASDAQ) shares rose over 13% on February 2, 2026, after its MiniPay wallet integrated Tether’s USDT stablecoin, the largest by market cap. The stock opened at $12.42 and peaked at $14.87 before closing at $14.10.

MiniPay, a self-custodial wallet built on Celo and embedded in Opera’s mobile browser, now supports both USDT and Tether Gold. Murray Neil Spark, MiniPay’s Head of Commercial, called the integration a “logical step” given Tether’s dominance. USDT, with $185 billion in circulation, is primarily backed by U.S. Treasuries. Tether recently expanded U.S. operations under the GENIUS Act, launching the Anchorage Digital-issued USAT stablecoin.

Opera reports over 12 million activated wallets, with strong adoption in Africa, Latin America, and Southeast Asia. However, the company has not disclosed how MiniPay contributes to revenue, raising questions about long-term monetization despite the market’s bullish reaction.

U.S. equities rose on February 2, 2026, reversing a three-day decline amid global market volatility that saw sharp losses in Asian markets followed by European gains. The S&P 500 gained 0.5% to 6,976.44, just below its all-time high, while the Dow Jones Industrial Average surged 1.1% to 49,407.66 and the Nasdaq composite added 0.6% to 23,592.11.

Commodities swung wildly: silver pared an overnight 9% drop before retreating again, and gold briefly dipped below $4,500 per ounce. Oil prices fell, and Treasury yields rose after a stronger-than-expected U.S. manufacturing report. Year-to-date, the Russell 2000 leads with a 6.4% gain, followed by the Dow (+2.8%), S&P 500 (+1.9%), and Nasdaq (+1.5%).

Kforce Inc. (KFRC) reported fourth-quarter net income of $5.2 million, or 30 cents per share, on revenue of $332 million, the Tampa-based staffing firm announced on February 2, 2026.

Adjusted earnings excluding non-recurring costs were 43 cents per share. For the first quarter ending March 2026, Kforce projects revenue between $324 million and $332 million.

GameStop (GME) is pursuing a transformative acquisition of a large publicly traded consumer company, potentially marking an exit from its bitcoin holdings. CEO Ryan Cohen described the target as "very, very, very big" and said the deal could elevate GameStop’s valuation into the hundreds of billions, calling it unprecedented in capital markets.

The announcement lifted GME shares more than 8% on February 2, 2026, extending its year-to-date gain to 25%. This rebound follows a May 2025 disclosure that GameStop had bought 4,710 BTC for $428 million—a stake now worth $368 million. Last week, blockchain data showed the entire holding was moved to Coinbase Prime, fueling speculation of an imminent sale. Cohen declined to confirm if bitcoin would fund the deal but stated the new strategy is “way more compelling than bitcoin,” targeting firms with undervalued stock, strong fundamentals, and “sleepy management.”

Capital Southwest Corp. (CSWC) reported fiscal third-quarter net income of $32.9 million, or 54 cents per share, on February 2, 2026. Adjusted earnings came in at 64 cents per share, excluding investment-related costs.

The Dallas-based business development company posted revenue of $61.4 million, surpassing the consensus estimate of $57.5 million from three analysts polled by Zacks Investment Research.

Microsoft (MSFT) shed approximately $381 billion in market value over two trading days following its fiscal Q2 earnings release on January 30, 2026—the worst weekly performance since March 2020—despite reporting revenue of $81.3 billion (+17% YoY) and EPS of $4.14, both above estimates.

Investors focused on two red flags: Azure cloud growth slowed to 39% from 40% the prior quarter, and capital expenditures surged 66% to $37.5 billion, with full-year spending projected to exceed $100 billion, primarily for AI infrastructure. Analysts question the sustainability of outpacing revenue growth with ballooning costs. GuideStone Funds’ Josh Chastant noted markets now demand “proof of monetization, not promises.”

Further concern stems from Microsoft’s reliance on OpenAI: 45% of its $625 billion remaining performance obligation (RPO) is tied to the still-unprofitable startup. Broader tech selloffs, including Meta and Oracle, reflect a sector-wide shift toward profit discipline as active funds rotate into cyclical sectors.