Risk assets experienced a rebound, which boosted the major equity indices on February 6, 2026, after a large sell-off in the technology sector made investors skeptical about short-term returns from high AI investments. Tech and semiconductor shares led the recovery, while investors reassessed capital plans from the largest platforms.

S&P 500 Rally Driven by Tech-Stock Dip Buying

US stocks opened higher as buyers returned to large-cap technology and software after huge losses in the previous week. The S&P 500 rose 1.1% by 10:28 a.m. New York time, while the NASDAQ 100 added 1% and the Dow Jones Industrial Average climbed 1.6%.

Broader participation supported the move. The Russell 2000 gained about 2.2%, suggesting renewed demand for smaller companies. At the same time, chipmakers outperformed, with the Philadelphia Semiconductor Index rising about 3.7%.

AI Spending Scrutiny Grows as Markets Price Profitability Timing

Investors focused on the timing of AI payoffs rather than long-term potential. Several large US technology companies have signaled capital expenditures that imply a steep rise in data center and AI infrastructure investment. This shift has increased sensitivity to guidance and free-cash-flow expectations.

Consumer data added support to the day’s rebound. The University of Michigan’s preliminary consumer sentiment index rose to 57.3 in February from 56.4 in January, marking its highest level since August 2025. The report also showed a decline in one-year inflation expectations to 3.5% from 4.0%.

Amazon shares also fell sharply after the company projected about $200 billion of capital spending in 2026, a level that exceeded many market forecasts. Investors focused on execution risk and the path to returns, given the scale of planned investment across AI infrastructure.

The announcement landed during a period of increased volatility in crowded trades. Market commentary has linked the recent software drawdown to rising competition in AI tooling and automation, which has intensified concerns about pricing power and product differentiation across parts of the sector.

Bitcoin Rebound and Gold Price Jump Signal Stabilizing Risk Appetite

Crypto prices recovered after heavy forced selling earlier in the week. Bitcoin made its way toward the $70,000 price level after a sharp decline on February 5 that marked its largest one-day fall since November 2022.

Precious metals also recovered as the dollar softened and bargain hunters returned. Spot gold rose above $4,900 per ounce in Friday trading, reversing part of Thursday’s drop, while silver climbed after a steep weekly slide. CME Group also increased margin requirements again for key gold and silver futures contracts, showing high volatility.

Corporate Highlights and Company-Specific Moves

Markets also tracked a fresh set of company headlines as earnings season and policy signals shaped sector leadership. Several updates centered on investment plans, guidance changes, and regulatory risk.

Corporate highlights

• Amazon outlined about $200 billion in 2026 capex for data centers, chips, and related infrastructure.

• Bank pay trends drew attention after reports that bonus pools at major US banks had increased due to strong activity.

• Tesla evaluated multiple US sites for potential solar cell manufacturing, according to people familiar with the matter.

• Exxon Mobil and Chevron explored production expansion in OPEC-linked countries amid shifting deal dynamics.

• ConocoPhillips focused on recovering amounts owed in Venezuela, rather than near-term drilling expansion.

• Biogen issued 2026 profit guidance that exceeded many expectations, supported by cost reductions.

• Philip Morris reported stronger profits due to demand for smoke-free products, including Zyn nicotine pouches.

• Molina Healthcare forecasts 2026 profit well below expectations amid higher medical costs and reimbursement pressure.

• Carlyle posted results that beat estimates and cited progress on fee-related earnings and asset growth targets.

• Stellantis announced more than €22 billion in charges tied largely to changes in its EV strategy.

• ByteDance’s TikTok faced an EU warning to revise its product design due to concerns about addictive features. 

Investors also monitored financial conditions. The 10-year US Treasury yield rose to about 4.22%, as risk sentiment improved and markets absorbed the consumer data.

Also Read: US Stock Market Today: S&P 500 & NASDAQ Slide as AMD Outlook Disappoints and AI Risk Concerns Grow