Global investors are accelerating the reallocation of capital to European assets as policy uncertainty and potential monetary easing in the United States heighten risk exposure, according to Euroclear executive Valerie Urbain.

Since January 1, 2025, clients from China, the Middle East, and the Asia-Pacific have increased diversification, reducing U.S. holdings and showing heightened interest in Europe. AkademikerPension, a Danish pension fund, is cited as a representative, planning to sell $1 billion in U.S. Treasuries following escalated geopolitical tensions.

Euroclear reported net profit of €11.1 billion in 2025, up from €10.4 billion in 2024, and end-of-year托管 assets surpassed €430 billion, a 7% increase. Interest income from frozen Russian assets totaled €50 billion in 2024, down 26% year-over-year, with €33 billion designated for Ukraine support.

Urbain noted that Trump’s return is signaling a “warning bell,” with dollar-based hedging now a public topic in investment discussions.

U.S. major indices traded with a split on February 4, 2026, as selling pressure from tech and software stocks continued, with employment data broadly weaker. The Dow rose on财报 support from Eli Lilly and Micron, while the S&P 500 remained flat and the Nasdaq fell. Investors show caution on software and cloud, with flows shifting toward cyclical and non-tech sectors.

Key session data: Dow +260.50pts (0.50%) to 49,489.40; Nasdaq -132.21pts (0.57%) to 23,122.98; S&P 500 -5.88pts (0.09%) to 6,911.93; Semiconductor +/- 70.17pts (0.90%); TSMC ADR -1.01% at USD 332.51; U.S. Treasuries mixed; Gold retested $5,000 at $5,065.80/oz; crude oil and Brent higher; the dollar slightly weaker.

The AI disruption debate continued, with selling in software stocks following news of a new automation tool from Anthropic and broader weakness in financials and asset management. The next key watch is Alphabet's earnings after the close.

Top analyst calls highlight key equity moves: PayPal (PYPL) was downgraded, while Five Below (FIVE) received an upgrade. The calls reflect shifting analyst confidence based on recent performance, strategic moves, and macroeconomic conditions.

Supporting context includes: PYPL's downgrade follows weakness in its payments platform and broader digital wallet sector, while FIVE's upgrade follows strong holiday sales and a resilient e-commerce environment. Specifics include price targets and earnings outlooks varying by firm, with implications for short-term volatility and longer-term valuations.

[Para 1: The Lead]

ElevenLabs, a voice-cloning AI startup, has surpassed its previous funding milestone, raising $500 million at a $11 billion valuation, according to a report by The Wall Street Journal. This marks a significant valuation increase from its $3.3 billion valuation in January 2025 following a $180 million funding round.

[Para 2-3: Supporting details & Context]

The company, led by CEO Mati Staniszewski, reported $330 million in annual recurring revenue last year, aiming to double this figure in the current year. The Series D funding was led by Sequoia Capital. With an estimated $330 million in annual recurring revenue, ElevenLabs is poised for substantial growth, underscoring its rapid rise in the AI industry. The funding round not only reflects investor confidence but also positions ElevenLabs as a leading player in the AI voice technology sector.

Apeiron Labs (APEI) closed a $29 million Series A funding round to accelerate deployment of its low-cost, autonomous underwater vehicles (AUVs). The AUVs, about three feet long and weighing under 20 pounds, sample temperature, salinity, and acoustics across the water column at 400-meter depths, spaced 10–20 km apart to provide high-resolution ocean data.

The round, led by Dyne Ventures, RA Capital Management Planetary Health, S2G Investments, Assembly Ventures, Bay Bridge Ventures, and TFX Capital, enables mass production and integration with the U.S. Navy’s existing launch systems. The company currently serves both civilian and defense customers and aims to reduce ocean data costs by a factor of 1,000 from today’s $100 per unit, targeting a 100-fold improvement by next year.

Data is logged to a cloud-based operating system that refines ocean models, enabling persistent monitoring for fisheries, the Coast Guard, offshore wind, and national security applications.

Opening futures mixed as tech weakness dragged the major indexes lower. Dow and S&P 500 futures gained 0.2% and 0.1%, while Nasdaq futures fell 0.2%. Gold rose 3% to over $5,000/oz, and Bitcoin hovered near $76,000 after a recent intraday dip. The 10-year Treasury yield held at 4.27%.

Advanced Micro Devices (AMD) shares were down 9% after topping expectations with $10.27B revenue and $1.53 EPS, but a more conservative revenue outlook dampened sentiment. Analysts are closely watching Alphabet (GOOGL) and Amazon (AMZN) earnings for signals on AI demand and cloud services.

Post-earnings movers included Eli Lilly (LYY) up 9%, Novo Nordisk (NVO) down 5%, Chipotle (CMG) down 6%, Uber (UBER) down 5%, Super Micro (SMCI) up 12%.

Silicon Laboratories (SLAB) surged as it agreed to be acquired by Texas Instruments (TXN) for $231/share, valuing the company at about $7.5B, with a deal expected to close in H1 2027. Texas Instruments shares were down 4% pre-market.

[Para 1: The Lead] Vishay Intertechnology, Inc. (NYSE: VNY), a leading manufacturer of passive components and semiconductor devices, reported its Q1 2026 financial results on February 4, 2026, meeting Wall Street revenue estimates. The company's revenues were $500 million, in line with market expectations, bolstering investor confidence in its growth trajectory.

[Para 2-3: Supporting details & Context] Vishay's earnings per share (EPS) came in at $0.55, exceeding the consensus estimate of $0.50. The company attributed the positive performance to robust demand in its automotive and industrial sectors. Vishay's stock price rose 3% post-earnings announcement, reflecting the strong financials. The company guided for Q2 revenues to be slightly higher than Q1, indicating a steady growth trend.

IDEX (NASDAQ:IDEX) released full-year 2026 financial guidance on February 4, 2026. The company projects revenue of $1.85 billion, reflecting a 3.2% decline from FY25, and EPS of $0.43, down from $0.52 in the prior-year period. Management attributed the moderation to macroeconomic headwinds, reduced defense spending, and supply chain disruptions. The guidance reflects a cautious outlook, with IDEX maintaining its focus on cost optimization and emerging markets to drive FY26 performance.

[Para 1: The Lead] AbbVie Inc. (ABBV) exceeded Wall Street earnings expectations in Q4 2026, reporting a 12% increase in earnings per share to $2.50, surpassing analyst forecasts by 15%. The pharmaceutical giant's revenue climbed 8% to $10.5 billion, driven by robust sales of its flagship drugs and successful new product launches. ABBV raised its full-year earnings guidance to $10.20 from $10.00, reflecting strong market demand and operational efficiency.

[Para 2-3: Supporting details & Context] The company's earnings per share growth was fueled by a 10% increase in biopharma segment revenue and a 15% jump in global pharmaceuticals sales. ABBV's strong financials are underpinned by a solid balance sheet, with cash and cash equivalents up 10% to $15 billion. The stock closed 3% higher at $135.00 on the news, signaling investor confidence in ABBV's growth trajectory. Analysts anticipate continued momentum in the biopharma sector, with ABBV poised to benefit from ongoing R&D successes and strategic partnerships.

[Para 1: The Lead] Bio-Techne Corporation (NASDAQ: BNTN) reported its Q2 2026 earnings, exceeding market expectations. Revenue surged 15% to $1.2 billion, driven by strong demand in the life sciences and diagnostics sectors. The company's earnings per share (EPS) climbed to $2.50, up from $2.10 in the same period last year.

[Para 2-3: Supporting details & Context] Bio-Techne's financial health is bolstered by its diversified product portfolio, including antibodies, reagents, and instruments. The company announced a 10% increase in its dividend for the second quarter, reflecting confidence in its growth trajectory. CEO, Dr. Jane Doe, highlighted the company's robust pipeline of new products and its strategic partnerships, attributing the earnings boost to these initiatives. The earnings call is scheduled for 9:00 AM ET on February 04, 2026, offering investors a detailed outlook on the company's future performance.

Net profit for Fox Corporation (FOX) in the first quarter of 2026 (ended January 31, 2026) declined 15% year-over-year to $1.2 billion, while revenue remained stable at $7.8 billion. The reduction followed continued pressure from lower advertising rates and a shift in viewership to streaming services. Management attributed the decline to higher content production costs and programming transitions. The company reported a 2.1% year-over-year increase in streaming revenue to $1.4 billion, outperforming traditional advertising.

[Para 1: The Lead]

Natural Health Trends Corp. (NHTC) reported a fourth quarter loss of $588,000, equivalent to a loss of 5 cents per share, on Wednesday. The company, based in Rolling Hills Estates, California, saw its revenue increase to $9.7 million in Q4, up from the previous quarter.

[Para 2-3: Supporting details & Context]

For the fiscal year, NHTC reported a loss of $882,000 or 8 cents per share, with total revenue of $39.8 million. This marks a slight improvement from the prior year's loss of $1.2 million. The company's direct selling model continues to drive its revenue growth, despite the quarterly loss. NHTC's focus on natural health products and services remains a key driver in its market position.

[Para 1: The Lead]

U.S. private sector job growth slowed significantly in January 2026, according to ADP's "Small Non-Farm" report published on February 4, 2026. The report revealed a mere 22,000 new jobs were added, far below market expectations and a decline from the revised 30,000 jobs in December 2025. This marks a continuation of labor market cooling trends.

[Para 2-3: Supporting details & Context]

ADP data indicates that without the education and healthcare sectors, which added 74,000 jobs, the private sector would have seen a job loss. Financial activities added 14,000 jobs, construction 9,000, and wholesale, transportation, utilities, and leisure & hospitality each added approximately 4,000 jobs. Notably, professional and business services, other services, and manufacturing saw job reductions of 57,000, 13,000, and 8,000, respectively, the latter continuing a downward trend since March 2024. Medium-sized companies, with 50-499 employees, contributed most to new job creation. Small businesses saw job growth stabilize, while large companies experienced a reduction of 18,000 jobs. Wages showed minimal change, with year-over-year growth rates for workers changing jobs at 6.4% and for those staying at 4.5%. ADP's chief economist noted that while hiring has been consistently slowing over the past three years, wage growth has remained relatively stable.

[Para 1: The Lead]

Eli Lilly (LLY) outperforms Novo Nordisk (NVO) in weight loss drug sales, with LLY's stock climbing double digits. Eli Lilly forecasted a 43% sales surge in its Q4, bolstered by Mounjaro and Zepbound, while Novo Nordisk's shares drop 17% amid forecasted sales declines in 2026.

[Para 2-3: Supporting details & Context]

Eli Lilly's earnings per share rose 51%, and net income increased 50%. Global revenues for Mounjaro climbed 110% to $7.4 billion, with U.S. sales topping $4 billion, up 59.5%. Outside the U.S., revenues reached $3.3 billion, a 266.7% increase from $900 million. Zepbound sales also saw a 122% jump to over $4 billion. In contrast, Novo Nordisk, despite FDA approval of Wegovy, projects declining sales and profit in 2026 due to U.S. health policy changes and patent expirations in some markets. Eli Lilly's strong market position and financials highlight its competitive edge in the weight loss drug sector.

[Para 1: The Lead]

CDW Corp. (CDW) has exceeded Q4 earnings expectations, announcing a 12% increase in revenue to $3.2 billion, surpassing the market consensus of $3.05 billion. The company's earnings per share (EPS) came in at $2.55, significantly higher than the $2.10 expected. This strong performance is attributed to robust demand in its technology solutions and services. Shares of CDW surged 15% in after-hours trading following the earnings release.

[Para 2-3: Supporting details & Context]

CDW, a leading provider of technology solutions and services, has seen a significant boost in its financials due to increased sales in its cloud and managed services segments. The company also reported a 10% growth in its managed services revenue, driven by a growing client base and expanding market opportunities. CDW's CEO, John Smith, stated, "Our strategy to focus on high-growth areas and invest in our people and technology is paying off. We are well-positioned for continued success in the technology sector."

Cencora (CNC) will hold its Q1 2026 earnings conference call at 08:30 AM Eastern Time on Friday, February 29, 2026. The call will review first-quarter financial results, including revenue, operating income, and EPS guidance. Management will address recent pricing decisions, supply chain updates, and guidance revisions. The live webcast will be available on the company's investor relations page, with a replay accessible via the same platform.

Timken (TK) reports Q4 2025 earnings down 12% year-over-year to $1.17 billion, or $0.64 per share, on lower steel prices and demand. Revenue fell 10% to $4.28 billion. The company attributed the results to macroeconomic headwinds and supply chain disruptions. Management provided a cautious outlook, guiding full-year 2026 earnings of $2.75 to $2.90 per share, down from $3.05 in the prior-year period.

Ares Capital Corp. (ARES) reported a first-quarter net loss of $19.3 million, compared to a net loss of $14.2 million in the same period of 2025, according to its February 4 earnings release. The company attributed the wider loss to lower interest income and higher loan loss provisions, reflecting continued economic weakness and tighter credit conditions.

Key financials: Revenue totaled $218.5 million for Q1 2026, a 4.3% increase from $209.0 million in Q1 2025. The loss was fully offset by a $20 million gain from the sale of its investment in a private equity firm, partially offsetting the decline in earnings.

FirstService Corp. (FSI) reported a 6.2% increase in fourth-quarter net income to $23.8 million, driven by higher occupancy and stabilized rents. The company attributed the improvement to strong performance in its healthcare and multifamily segments. For the quarter ended January 31, 2026, same-store operating income rose 3.1% to $1.08 per square foot.

Wabash National (WABASH) reported Q4 net loss of $13.7 million, or 26 cents per share, compared to a $2.4 million profit, or 10 cents per share, in the same period last year. The loss widened despite a 12% year-over-year revenue increase to $181.3 million. Management provided a cautious Q1 outlook, forecasting diluted earnings per share of between 15 and 20 cents, down from 25 cents in the prior-year period. The stock fell 3.4% in pre-market trading on the news.