The U.S. nonfarm payrolls for January 31 showed job gains of 6.5 million, the lowest in over five years, signaling continued weakness in the labor market. The figure contrasts with December's 2018-level gains and comes as the Federal Reserve weighs further rate hikes amid soft labor data. The unemployment rate remained at 3.7% as of January 31, with average weekly hours up by 17.5 hours, seasonally adjusted.

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.

US initial jobless claims rose 22,000 to 231,000 for the week ended January 31, 2026, exceeding expectations and the largest weekly increase in about a month, according to the Department of Labor. Seasonally adjusted continuing claims climbed to 184.4K. The four-week moving average also rose to 212,000, reflecting colder weather disruptions that may have prompted short-term layoffs. Claims rose most in Pennsylvania, New York, and Missouri.

Meanwhile, Challenger, Gray & Christmas reported 108,435 job separations in January 2026, a 118% year-over-year and 205% from December, the highest since 2009. Contract loss accounted for the largest share, followed by economic conditions and restructuring. AI accounted for about 7% of January separations (7,624 roles), with roughly 80,000 AI-related separation plans tracked since 2023. New hiring in January totaled 5,306, the lowest since 2009, suggesting a transition from “not hiring, not laying off” to “not hiring, laying off.”

The January nonfarm payroll report, originally scheduled for February 5, has been postponed to February 11, with economists forecasting a gain of about 70K jobs and an unemployment rate of 4.4%.

The Federal Reserve has purchased more than $90 billion in short-dated U.S. Treasury bills since Dec. 12, 2025, according to the Treasury Department’s quarterly refunding announcement on Feb. 5, 2026. These purchases are maintaining stability in overnight funding markets and keeping short- and long-term interest rates roughly steady, easing pressure on home and business borrowing.

The Fed characterizes the activity as a technical measure to ensure smooth operation of short-term money markets. By providing liquidity and reducing volatility, it is helping to keep borrowing costs stable for consumers and businesses, with yields on Treasuries ranging from 1-month (BX:TMUBMUSD01M) to 30-year (BX:TMUBMUSD30Y) largely unchanged during trading on Feb. 5.

Economists note the Fed’s December plan to buy T-bills has calmed markets and provided central bank flexibility to purchase additional Treasurys beyond short-dated bills, reducing potential contagion to longer maturities and supporting a more stable environment for interest rates.

Employers reported 108,435 job cuts in January 2026, the largest January tally since 2009, per a report released Feb 5. January hiring plans fell to 5,306, the lowest since 2009, down from 10,496 in December. The U.S. initial claims for unemployment also rose in the most recent week, signaling market vulnerability.

“This is typically a high number for January, but the scale is record-high,” said Andy Challenger of Challenger, Gray & Christmas, which publishes monthly reports on layoffs and hiring. Economists at Pantheon Macro noted initial claims returned to trend after unusually low numbers in Q4 and January layoffs, but warned the unemployment rate is expected to gradually rise through the first half of 2026.

Market watchers are closely watching the U.S. Securities and Exchange Commission as a proposed Bitcoin exchange-traded fund nears a vote. The NASDAQ-100 component company, Digital Currency Group (DCG), has submitted a registration statement, seeking approval to list the first ETF focused on Bitcoin futures. If approved, the ETF could open for trading as early as May 2026, with an estimated initial issue size of 200 million shares, potentially valued at $2 billion. The move aims to bring institutional-grade exposure to Bitcoin's price volatility, which has driven the cryptocurrency's value to over $600 billion as of February 5, 2026.

Maersk (MRK) reported a net loss of $1.2 billion for the fourth quarter ended December 31, 2025, as weaker global container shipping demand and falling freight rates pressured revenue. The loss reflects a 22% decline from the prior-year period, with operating income down 18% to $125 million. The company attributed the results to continued softening in key trade routes and a strategic shift toward digitalization and sustainable shipping. Share prices fell 3.2% in after-hours trading on the news.

FedEx (FDX) plans a significant relocation of a major U.S. sort center, effective July 01, 2026, to consolidate operations and enhance logistics efficiency. The move is expected to reduce processing times by 10% and lower operational costs by an estimated $15 million annually. The company provided no employment impact details but noted the transition will be managed to minimize disruption to current operations.

HIMS Health (HIMS)宣布启动2.5亿美元股票回购计划，计划于2026年2月15日生效，预计在未来12个月内分批实施。The move follows the company's recent earnings report, which showed adjusted net income of $18.5 million for the fourth quarter ended December 31, 2025. Management stated the回购 is intended to strengthen shareholder value and return excess capital to investors. The stock closed at $23.45 on February 5, 2026, following the announcement.

Eddie Bauer Inc. (EDB) announced a strategic restructuring, including a proposed merger with Pizza Hut Restaurants LLC (PZZA), expected to be finalized by May 2026. The transaction is valued at approximately $2.3 billion, with EDB stockholders retaining about 40% of the combined entity's voting power.

The restructuring aims to strengthen the company's presence in the restaurant sector by leveraging Pizza Hut's global franchise network and supply chain efficiencies. Terms of the agreement were not fully disclosed, but the deal is subject to regulatory approvals and a final vote by EDB shareholders.

Futures point to a lower open as tech stocks face renewed scrutiny over aggressive AI expansion. The S&P 500 and Nasdaq down 0.5% and 0.8% pre-market, while the Dow nears a record; gold down 2% at $4,850/oz and crude oil down 2.4% to $63.65/bbl.

Alphabet (GOOGL) shares fall after reporting $91.45B in 2025 AI spending and forecasting $175B–$185B this year, more than double prior outlays, despite strong Q4 results. Amazon (AMZN) reports after the close, expected to top $200B in revenue for the first time and see EPS up 11 cents yoy to $1.97, amid AWS growth and cost management via layoffs and store closures.

Qualcomm (QCOM) shares down 10% on a weaker Q1 outlook due to memory chip shortages, with sales and EPS beating estimates but second-quarter guidance below consensus. Bitcoin (BTC-USD) hits $69,200, its lowest since November 2024, as crypto stocks including MARA, COIN, HOOD, and MSTR fall 5%–7%.

Griffon Corp. (GRIF) reported a 12% year-over-year decline in first-quarter net income to $48.7 million, driven by higher-than-expected R&D and supply chain costs. The company attributed the drop to increased investments in vaccine development and production ramp-up for a new therapeutic.

Supporting details show revenue rose 8% to $152 million, with strong performance in its biopharma segment offsetting declines in its diagnostics unit. CFO Mark Thompson stated the guidance for 2026 remains unchanged, reflecting continued focus on long-term R&D pipeline and market expansion.

ConocoPhillips (COP) announced it plans to return 45% of its capital from operations to shareholders in 2026 through dividends and share buybacks, effective with the 2026 fiscal year. The company cited disciplined capital allocation and a focus on shareholder value as reasons for the policy shift. The decision follows a 10% increase in quarterly dividends in 2025 and reflects its strategy to balance growth with shareholder returns.

Peloton Interactive (PLTN) expects adjusted EBITDA for the third quarter to rise sequentially, citing stronger digital engagement and recurring revenue growth, with the pre-market down after the release. The company revised its annual guidance to a narrower range, reflecting cautious outlook despite the positive earnings surprise. Financials: Q3 revenue guidance of $325M-$335M, up from $315M-$325M; adjusted EBITDA guidance revised to $35M-$40M vs. prior $38M-$43M. The stock fell 2.4% in early trading on the announcement.

NetScout Systems Inc (NASDAQ:NTSC) reported third-quarter net profit of $13.8 million, up 12% from $12.3 million in the same period of 2025, driven by higher software licensing and service revenue. The company posted revenue of $45.6 million for Q3, a 3% increase year-over-year. Management attributed the improvement to strong demand for its network performance monitoring solutions and successful cost optimization initiatives. The results reflect continued resilience in the cybersecurity and IT infrastructure sectors.

IQVIA (IQV) reported Q4 revenue of $2.15 billion, up 12% year-over-year, surpassing analysts' average estimate of $2.10 billion. Operating income reached $325 million, exceeding a $300 million median forecast. The company attributed growth to strong performance in digital health and pharma services. For 2026, IQV guided to revenue between $8.1 billion and $8.3 billion, above the midpoint of the $8.0 billion estimate, reflecting continued demand in health technology and managed care solutions.

Peabody Energy (BYM) reported fourth-quarter net income of $148 million, a 42% decline from $258 million in the same period of 2025, reflecting lower coal prices and higher production costs. The company generated revenue of $1.12 billion for the quarter, down 15% year-over-year. Guidance for 2026 remains unchanged at $1.65 billion to $1.75 billion in annual revenue. CEO John Martin attributed the results to continued weakness in global coal demand and supply chain disruptions.

Jan 31, 2026 — Ladder Capital Corp. (LADR) reported fourth-quarter adjusted earnings of 21 cents per share, up from 13 cents per share in the same period last year, with revenue of $50.5 million after non-recurring items. Revenue before adjustments was $96.2 million. The results missed the average estimate of 23 cents per share among three analysts surveyed by Zacks Investment Research. For the full year, the company earned 51 cents per share on revenue of $215.4 million.

UK 30-year gilt yields jumped over six basis points to 5.39% on Thursday amid fears of a leadership change following Prime Minister Keir Starmer’s struggle to retain power due to the Lord Mandelson scandal. Investors consider Angela Rayner and Andy Burnham as potential successors, with a Left-leaning administration perceived to raise fiscal risks and spending, driving up borrowing costs.

Short-term yields and the pound declined after the Bank of England signaled further interest rate cuts later this year. The 10-year gilt yield rose four basis points to 4.59%, up 0.08 percentage points since PMQ on Wednesday, reflecting heightened uncertainty about fiscal sustainability and the likelihood of a leadership transition.

Love’s Travel Stops (OTC: TBS.SF) signaled no immediate acquisitions but remains focused on expanding its factoring capabilities within Love’s Financial Services. The company closed the acquisitions of TBS Factoring Service (TBS.SF), Saint John Capital (SJCS.CO) and Financial Carrier Services (FCS.CO) in late 2025, adding to its footprint in trucking factoring amid industry consolidation.

“We have a strong value proposition and are actively evaluating additional rollup opportunities,” said Love’s President and COO Wharton during a recent media call. The company confirmed 668 travel centers to leverage its.bundle offering of products and services, differentiating it from peers that typically offer only factoring or discounts.

No specific targets are in the pipeline as of yet, though Love’s continues to pursue strategic growth in factoring. The company also highlighted its upstream renewable diesel venture, Heartwell Renewables, expected to open later this year in Hastings, Nebraska, with an anticipated 80 million gallons annual capacity and about 70 employees.

In its core business, Love’s plans to open 20 new locations and remodel 55 stores in 2026, investing $700 million to add roughly 1,500 parking spaces to its 51,000-spot network, with more remodels conducted without closing to improve customer experience.