Morning wrap (05.02.2026)

Alphabet’s results and record CAPEX plans helped trim losses for tech stocks in after-hours trading, though U.S. index futures remain in the red. Nasdaq 100 futures have climbed back above 25,000 following yesterday’s slump (US100: -0.3%; US500: -0.3%), while Dow Jones futures are trading flat. EU50 is gaining 0.15% ahead of the European session open.

Alphabet beat expectations, reaching $113.8 billion in revenue thanks to strong AI monetization and dynamic growth in Google Cloud (+48% y/y). However, investors are still digesting the unprecedented CAPEX spending plan for 2026 ($175–$185 billion), aimed at cementing the company’s dominance in cloud infrastructure at the cost of short-term margin pressure. The data primarily benefited the company’s suppliers, such as Nvidia (+1.7% in after-hours trading). Alphabet itself is down 1.9% in pre-market.

Asian markets are following yesterday’s declines on Wall Street, driven by a major reshuffle in the tech sector as investors search for "clear winners." South Korea’s KOSPI is sliding 4% under pressure from declines in Samsung and SK Hynix (-5.8% and -6.8% respectively). The JP225 is diving 1.4%, though losses are being cushioned by positive earnings from Panasonic and Renesas. CHN.cash and HK.cash are currently in the green (+0.9% and +0.5% respectively).

The Dollar continues its advance against all G10 currencies (GBPUSD: -0.3%, USDJPY: +0.1%). Risk aversion continues to weigh on Antipodean currencies (AUDUSD: -0.35%, NZDUSD: -0.2%). Falling oil prices are pushing down the Norwegian Krone (USDNOK: +0.5%). EURUSD is losing approximately 0.15%, trading near 1.1788.

Precious metals are returning to dramatic declines: Silver is sliding 10% to $78.80, completely erasing the rebound of the last two sessions, while Gold retreats another 0.7% to $4,926; Platinum futures are losing 6%.

Brent and WTI oil are also erasing yesterday’s gains (-1%), while NATGAS gains for the third consecutive session (+2%).

The crypto sell-off shows no signs of slowing down as major tokens approach psychological support levels: Bitcoin is losing 2.1% to $70,900, while Ethereum slides another 1.3% to $2,090.