Stock Market Live February 2, 2026: S&P 500 (SPY) Red on Tech Weakness

Markets are mixed again.

The S&P 500 is down 0.32%. The SPDR S&P 500 ETF (SPY) is down 0.35%. The Nasdaq is down 0.53%, as the Dow clings to a 0.02% gain.

Not helping, shares of Nvidia (NASDAQ: NVDA) are dropping on a Wall Street Journal report that its plan to invest $100 billion in OpenAI stalled, with some expressing doubts the deal will happen at all. As noted by CNBC, “Despite the $100 billion deal being stalled, Nvidia plans to move forward with another investment in Open AI.”

Earnings are on Deck

In the days ahead, we’ll see earnings from Amazon (NASDAQ: AMZN), which is expected to post EPS of $1.97 a share for the fourth quarter. For the full fiscal year 2025, the company is expected to post EPS of $7.17, up about 30% year over year. For the full fiscal year 2026, analysts expect EPS between $7.87 and $7.91. Ahead of earnings, analysts at Wedbush reiterated an outperform rating with a price target of $340 a share.

Advanced Micro Devices (NASDAQ: AMD) will post fourth quarter earnings after the bell on Tuesday. Analysts expect the company to post EPS of 1.32 a share, which would be 21.1% year over year growth. Revenues are expected to come in around $9.67 billion, up 26.2% year over year. In its last earnings report, the company beat estimates with EPS of $1.20 on sales of $9.2 billion. 

Alphabet (NASDAQ: GOOG) will post fourth quarter and full year 2025 earnings on Wednesday after market close.

Analysts anticipate EPS of about $2.58 to $2.59, or 20% to 20.5% year-over-year growth. For the full fiscal year 2025, Wall Street expects diluted EPS to grow by 31.6% annually to $10.58, followed by a 4.4% improvement to $11.04 in fiscal 2026.

Analysts at Raymond James just upgraded GOOG to a strong buy with a price target of $400 per share. As noted by TheStreet.com, “Raymond James is making the argument that Google’s AI stack is ‘shifting to high gear,’ possibly driving “material upward revisions” to medium-term estimates.”

Bitcoin Could Drop Even More 

Bitcoin has stumbled out of the gate this year, retreating sharply after its run to record highs.

The cryptocurrency is trading below $77,610, and some market participants warn the selloff may not be over. More bearish forecasts see Bitcoin falling below $60,000, with extreme downside scenarios pointing to levels near $30,000.

Several analysts cite weakening technicals and a fragile market. Crypto commentator Crypto Bitlord recently flagged $30,000 as a key long-term support level. He argues that the latest decline—triggered by a broader global market selloff—has further to run.

Plus, profit-taking has coincided with thinning liquidity and a lack of incremental buyers, according to CoinDesk. CoinDesk added that demand has faded, leaving prices more vulnerable to forced selling and derivatives-driven liquidations.

Bitcoin’s decline has been strengthened by a stronger U.S. dollar following President Trump’s decision to tap Kevin Warsh to lead the Federal Reserve, a move that has reduced the appeal of Bitcoin as an alternative currency and inflation hedge.