NYSE MAC Desk
Market Update
STRAIGHT FROM THE TRADING FLOOR
by Michael Reinking, CFA
Published on 2/6/2026 (a/o 8:45 am)
Happy not jobs Friday,
The weakness in equity markets broadened out beyond tech yesterday with the S&P 500 falling 1.2% bringing losses to 2% for the week. The index closed below its 50d ma but held at its 100d which also coincided with the January low. Alphabet had very strong earnings, but investors focused on the massive increase in the company’s capex guidance, more on that in a minute. Treasury yields moved lower during the session after a trifecta of disappointing jobs data reversing the post ISM Manufacturing move higher. The big story of the day was the continued pummeling in the crypto complex. Bitcoin and Ethereum were both down >10% bringing WTD losses north of 20% - the beatings will continue until morale improves.
Well, morale is improving this morning as some delicious snacks are making their way around the trading floor ahead of Once Upon a Farm’s IPO. Futures are moving higher with the S&P 500 looking up ~0.5% while the Russell 2k is up >1%. Overnight crypto continued to be under pressure despite Strategy’s CEO Michael Saylor trying to calm the mood highlighting the supportive regulatory environment, political support and adoption by the financial sector. He also tried to calm fears of forced liquidation noting that Bitcoin would need to trade down to $8,000 before the company wouldn’t be able to service its debt. Bitcoin traded down to ~$60k last night before finally turning higher, and is currently trading around $67k. We’ll have to see if that can hold as there are some headlines hitting now that China reiterated that the crypto business is illegal in the county and RWAs tokenization activities are banned. Amazon (-7%) was the other big earnings report overnight and was the most recent mega-cap to put up very solid numbers but shock the street with the amount of Capex spending, which is expected to be $200B this year well ahead of estimates and up ~50% from last year.
With the Super Bowl just over the horizon the MAC Desk decided we should try to put the capex spending in perspective. For the record AI helped generate the below list. We have no idea how many tokens we used. The hyperscalers have guided to around $655 billion in capex spending this year. Instead of buying AI chips and nuclear power hookups, you could purchase:
• 146 million Super Bowl Tickets
• 2 million round trip tickets from NY to SF over the next month in order to use one of those tickets (some good deals right now!), or…
• About the same number of 35”-plus 4K TVs to watch the game at home
• 82,000 Super Bowl ads
• Ingredients for 66 billion guacamole bowls (serving 4-6), or 66 billion boxes of Once Upon a Farm Tractor Wheel Bar Baby Snacks
This morning was supposed to be jobs Friday, but we’ll have to wait until next Wednesday due to the short government shutdown. Workforce Wednesday has a nice ring to it. After some disappointing labor market updates this week the economic calendar is pretty light today with U of Mich. Sentiment released after the open.
Government Yields
It was a mixed overnight session. Ahead of this weekend’s election the Nikkei closed up nearly 1% despite disappointing consumer spending numbers. Most other markets in Asia closed lower. European indices have been improving throughout the session currently up ~0.5%.
Crude is slightly lower, following yesterday’s slide. It had moved up to ~$69 before heading to $67 currently, near its lows of the day as the first round of indirect talks between Iran and the US concluded but set up a second round to follow. Commod-itility is subsiding this morning, with precious metals slightly lower but silver and gold off their lows. Silver is trying to regain its 50d ma currently. Crypto is seeing a bit of bounce.
Earnings:
After-Market: AFRM, AMZN, AOSL, BE, BILL, BYD, COTY, CPT, CUZ, DLR, DOCS, EHC, EQR, ESE, FLS, FTNT, G, GEN, HUBG, ILMN, KN, MCHP, MOH, MPWR, MSTR, MTD, NVST, NWS/a, PCTY, PECO, PI, POST, POWI, PTEN, QLYS, RBLX, RDDT, REG, RGA, SYNA, UNM, VRSN, VTR, WERN
Pre-Market: AN, BIIB, CBOE, CG, CNC, MKTX, NWL, PIPR, PM, RXO, UAA
Economic Data:
US:
The weakness in equity markets broadened out beyond tech yesterday with the S&P 500 falling 1.2% bringing losses to 2% for the week. The index closed below its 50d ma but held at its 100d which also coincided with the January low. Alphabet had very strong earnings, but investors focused on the massive increase in the company’s capex guidance, more on that in a minute. Treasury yields moved lower during the session after a trifecta of disappointing jobs data reversing the post ISM Manufacturing move higher. The big story of the day was the continued pummeling in the crypto complex. Bitcoin and Ethereum were both down >10% bringing WTD losses north of 20% - the beatings will continue until morale improves.
Well, morale is improving this morning as some delicious snacks are making their way around the trading floor ahead of Once Upon a Farm’s IPO. Futures are moving higher with the S&P 500 looking up ~0.5% while the Russell 2k is up >1%. Overnight crypto continued to be under pressure despite Strategy’s CEO Michael Saylor trying to calm the mood highlighting the supportive regulatory environment, political support and adoption by the financial sector. He also tried to calm fears of forced liquidation noting that Bitcoin would need to trade down to $8,000 before the company wouldn’t be able to service its debt. Bitcoin traded down to ~$60k last night before finally turning higher, and is currently trading around $67k. We’ll have to see if that can hold as there are some headlines hitting now that China reiterated that the crypto business is illegal in the county and RWAs tokenization activities are banned. Amazon (-7%) was the other big earnings report overnight and was the most recent mega-cap to put up very solid numbers but shock the street with the amount of Capex spending, which is expected to be $200B this year well ahead of estimates and up ~50% from last year.
With the Super Bowl just over the horizon the MAC Desk decided we should try to put the capex spending in perspective. For the record AI helped generate the below list. We have no idea how many tokens we used. The hyperscalers have guided to around $655 billion in capex spending this year. Instead of buying AI chips and nuclear power hookups, you could purchase:
• 146 million Super Bowl Tickets
• 2 million round trip tickets from NY to SF over the next month in order to use one of those tickets (some good deals right now!), or…
• About the same number of 35”-plus 4K TVs to watch the game at home
• 82,000 Super Bowl ads
• Ingredients for 66 billion guacamole bowls (serving 4-6), or 66 billion boxes of Once Upon a Farm Tractor Wheel Bar Baby Snacks
This morning was supposed to be jobs Friday, but we’ll have to wait until next Wednesday due to the short government shutdown. Workforce Wednesday has a nice ring to it. After some disappointing labor market updates this week the economic calendar is pretty light today with U of Mich. Sentiment released after the open.
Government Yields
- US 2yr +2bps to 3.47%, 5yr +2bps to 3.74%, 10yr +2bps to 4.20%, 30yr +1bps to 4.86%
- USD index: -$0.08 to $97.63
It was a mixed overnight session. Ahead of this weekend’s election the Nikkei closed up nearly 1% despite disappointing consumer spending numbers. Most other markets in Asia closed lower. European indices have been improving throughout the session currently up ~0.5%.
Crude is slightly lower, following yesterday’s slide. It had moved up to ~$69 before heading to $67 currently, near its lows of the day as the first round of indirect talks between Iran and the US concluded but set up a second round to follow. Commod-itility is subsiding this morning, with precious metals slightly lower but silver and gold off their lows. Silver is trying to regain its 50d ma currently. Crypto is seeing a bit of bounce.
Earnings:
After-Market: AFRM, AMZN, AOSL, BE, BILL, BYD, COTY, CPT, CUZ, DLR, DOCS, EHC, EQR, ESE, FLS, FTNT, G, GEN, HUBG, ILMN, KN, MCHP, MOH, MPWR, MSTR, MTD, NVST, NWS/a, PCTY, PECO, PI, POST, POWI, PTEN, QLYS, RBLX, RDDT, REG, RGA, SYNA, UNM, VRSN, VTR, WERN
Pre-Market: AN, BIIB, CBOE, CG, CNC, MKTX, NWL, PIPR, PM, RXO, UAA
Economic Data:
US:
- 9:00 Manheim Used Car Index
- 10:00 U of Mich Sentiment (prelim)
- Japan Household Spending: -2.6% y/y vs. 0% cons., prior 2.9%
- India Rates: Left rates unchanged at 5.25%
- Germany Imports/Exports: 1.4%/4% vs. 0.2%/1% cons., prior 0.7%/-2.5%
- Canada Employment: -24.8k vs. 7k cons, prior 8.2k
- Canada Unemployment: 6.5% vs. 6.8% cons,. prior 6.8%
By submitting this form you hereby expressly grant permission to use the information included thereunder to contact you for the purposes of sending periodic updates about ICE and/or its affiliates. Certain indices mentioned above are administered by ICE Data Indices, LLC.
Your contact information will not be used for any purpose other than that for which your consent has been given. To learn more about our privacy policy, please click here.
© 2025 Intercontinental Exchange, Inc. All rights reserved. Intercontinental Exchange and ICE are trademarks of Intercontinental Exchange, Inc. or its affiliates. For more information regarding registered trademarks, limitations, restrictions, and other important information, please visit intercontinentalexchange.com/terms-of-use.