S&P 500 and Nasdaq fall as tech stocks slide; Walmart hits $1 trillion market value

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The S&P 500 software index dropped 3.3%, logging its fifth consecutive day of losses, while small- and mid-cap indices saw gains of around 0.6–0.9%. Investors are wary of the crowded AI-driven rally and its impact on long-term growth.

The S&P 500 software index dropped 3.3%, logging its fifth consecutive day of losses, while small- and mid-cap indices saw gains of around 0.6–0.9%. Investors are wary of the crowded AI-driven rally and its impact on long-term growth. | Photo Credit: JEENAH MOON

The S&P 500 and the Nasdaq dropped on Tuesday as a broad selloff in software and cloud stocks blunted upbeat results from Palantir and kept investors on edge ahead of earnings from Alphabet and Amazon later this week.

Microsoft fell 2.3%, while Intuit and Atlassian slid more than 8% each. Adobe and Datadog dropped 6% each and Oracle slipped 2%.

CrowdStrike sank 3.8% and Snowflake dropped 8.2%, while Salesforce lost 5.6% and Accenture was down 8.6%.

Palantir, however, bucked the trend, rising 4.4% on strong results that reinforced investor enthusiasm for demand tied to AI.

The S&P 500 software and services index dropped 3.3%, on pace to log its fifth consecutive day of losses.

The retreat in high-flying software names followed fresh unease about how quickly newer, more capable artificial intelligence models could disrupt established businesses – reviving questions over whether ⁠today’s perceived AI winners can protect pricing power and long-term growth.

“We’ve got an expensive market and expectations are really high. Many areas, especially around AI, are priced for perfection. That’s just got us in a skittish environment,” said John Campbell, senior portfolio manager, Allspring Global Investments.

Of late, concerns that the AI-driven rally has become crowded have ⁠sparked a rotation into small caps and other overlooked pockets of the market.

The Russell 2000, which beat the S&P 500 in January, was up 0.9% on the day, while the mid-cap S&P 400 gained 0.9% and the small-cap S&P 600 added 0.6%.

Ben Falcone, managing director at Kayne Anderson Rudnick, said the small-cap lens offered a compelling counter-narrative – less about capex arms races and more about who quietly turns AI into durable earnings growth.

Investors were also still digesting a sharp selloff in gold and silver following the nomination of former Federal Reserve Governor Kevin Warsh, a development traders viewed as hawkish.

Away from technology, Walmart became the first retailer ever to hit $1 trillion in market valuation, with its shares rising 2.2%.

Among mega-cap movers, Alphabet edged up 0.1%, while Amazon dropped 2.4%.

Both the companies – members of the “Magnificent Seven” – are due to report later this week. Their results are another gauge of the race to commercialize AI and whether companies can show clearer, tangible returns on surging capital spending that can support their lofty price tags.

Advanced Micro Devices and server maker Super Micro Computer, both due to report after the close, fell over 0.5% each.

Meanwhile, Walt Disney named theme parks head Josh D’Amaro as CEO, placing a longtime insider at the helm and ending succession uncertainty. Its shares dipped 1.8%.

PayPal forecast 2026 profit below estimates, sending its shares plunging 18.4%.

At 11:12 am ET, the Dow Jones Industrial Average rose 41.07 points, or 0.08%, to 49,448.73, the S&P 500 lost 31.21 points, or 0.45%, to 6,945.23 and the Nasdaq Composite lost 240.62 points, ⁠or 1.02%, to 23,351.49.

EARNINGS DELUGE

With one quarter of the S&P 500 set to report quarterly results this week, analysts expect companies to have grown their earnings nearly 11% in the December quarter, up from an estimate of about 9% at the start of January, according to LSEG data.

Pfizer shares ⁠fell 3.6% despite posting fourth-quarter profit above estimates, while Merck rose 1.4% after quarterly results.

PepsiCo shares gained 3%, with the brand announcing a price cut on core brands such as Lay’s and Doritos.

Markets were also watching for a deal that is due to be passed by the House of Representatives later in the day to end the latest shutdown that has again thrown economic releases off schedule, delaying the ⁠closely watched January jobs report that had been due on Friday.

Tuesday’s JOLTS report has also been postponed.

Published on February 3, 2026

Walmart becomes first retailer to reach $1 trillion market valuation

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    Despite challenges including inflation, a cooling job market, tariffs, and uncertainty from the US government shutdown, the Bentonville-based retailer has outpaced the S&P 500, which rose 16% over the same period, underscoring its resilience in a challenging economic environment.

Despite challenges including inflation, a cooling job market, tariffs, and uncertainty from the US government shutdown, the Bentonville-based retailer has outpaced the S&P 500, which rose 16% over the same period, underscoring its resilience in a challenging economic environment. | Photo Credit: Brendan McDermid/Reuters

Walmart became the first retailer ever to hit $1 trillion in market valuation on Tuesday, riding on a year-long rally that has seen its shares rise nearly 26%.

The latest milestone for the company came just two weeks after Walmart replaced British drugmaker AstraZeneca in the tech-focused ⁠Nasdaq-100 Index, home to the most valuable non-financial companies listed on the index.

The ⁠Bentonville, Arkansas-based chain has cashed in on wealthier consumers choosing the convenience of ⁠faster deliveries and flocking to the retailer for discretionary categories, such as apparel and furniture.

US households, particularly low- and middle-income earners, have been under mounting financial strain for some time due to persistent inflation and a cooling job market. Tariffs and uncertainty surrounding the recent US government shutdown have also weighed on spending.

Despite the challenging backdrop, Walmart’s stock has outpaced the 16% ⁠rise in the benchmark S&P 500.

Published on February 3, 2026

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Mumbai will get a new mayor on February 11, both BJP and Shiv Sena are pushing, whose lottery will be held?

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Mumbai will get a new mayor on February 11, about a month after the Brihanmumbai Municipal Corporation (BMC) elections. This post has been reserved for women councilors of the general category. Officials gave this information on Tuesday (03 February). He said that eligible candidates can file nomination papers for this post on February 7, while the last date for withdrawal of nominations is February 11 and elections will be held for the 78th Mayor of Mumbai at 12 noon on the same day.

Registration process of councilors has been completed

The BMC commissioner has been serving as the administrator of the municipal body appointed by the Maharashtra government since March 7, 2022, when the tenure of the councilors of the previous House ended. A senior official said that the registration process of all the 227 councilors elected in the elections held on January 15 has been completed.

BJP is the largest party in BMC

There are 227 wards in BMC. BJP has emerged as the largest party in the new House, winning 89 seats, while its ally Shiv Sena of the Shinde faction has won 29 seats. In this way the alliance (118 seats) has easily crossed the majority mark (114). Both the parties are in a position to get their candidates elected to the post of the next mayor.

Uddhav faction got 65 seats

Whereas Shiv Sena (Thackeray) had to be satisfied with 65 seats and MNS with only 6 seats. Voting for the Mumbai Municipal Corporation elections was done on January 15 while the results came after counting on January 16.

The post of mayor in BMC is reserved for women.

Let us tell you that this time the post of Mayor in BMC is reserved for a woman. In such a situation, this time only a woman will sit on the mayor’s chair in BMC. BJP has appointed its senior leader Ganesh Khankar as the party leader in BMC. At the same time, Shiv Sena has elected Amay Ghole as the leader of its party.

T20 World Cup 2026 Warm up Match Result: Zimbabwe, Nepal and Sri Lanka A won in the warm up matches of ICC T20 World Cup 2026.

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Last Updated:

T20 World Cup 2026 Warm up Match Result: ICC T20 World Cup 2026 is starting from 7th February, but before that all the teams are playing warm up matches. Zimbabwe won against Netherlands in the warm-up match played on 3 February. Apart from this, Nepal and Sri Lanka A also won their respective matches.

T20 WC: Zimbabwe played brilliantly in the warm-up match, Nepal also won.Zoom
ICC T20 World Cup 2026 warm up match results

Colombo/Chennai: Zimbabwe defeated Netherlands by 29 runs in the warm-up match before the start of the ICC T20 World Cup 2026. In this match, Ryan Burl played a strong half-century for Zimbabwe. Apart from this, fast bowler Richard Ngarava took three wickets. This match between the two teams was played at Premadasa Stadium in Colombo. Batting first, Zimbabwe made a respectable score of 178 runs for nine wickets in which Burl scored 50 runs in 31 balls with the help of six fours. Dion Myers contributed 32 runs.

For Netherlands, fast bowler Logan van Beek took three wickets for 22 runs in three overs. While chasing the target of 179 runs, the Netherlands team could score only 149 runs and was all out on the last ball of the match. Ngarava was the most successful bowler with three wickets for 11 runs. Leg spinner Graeme Cremer took two wickets for 15 runs. After an impressive performance with the ball, Van Beek played a struggling innings by scoring 40 runs in 31 balls with three sixes but could not take the team closer to the target.

Nepal defeated UAE by 7 wickets

In another warm-up match played in Chennai, Nepal defeated UAE by 7 wickets. Deependra Singh Airi (50 not out in 31 balls) and Arif Shaikh (61 not out in 37 balls) played half-centuries for Nepal in the match. There was an unbroken partnership of 103 runs between the two for the third wicket. Batting first, UAE scored 145 runs for six wickets in which Soheb Khan scored the highest score of 38 runs. Leg spinner Sandeep Lamichhane and fast bowler Karan KC took two wickets each.

In response, Nepal was in trouble after losing three wickets for 45 runs including the wickets of experienced batsman Kushal Bhurtel and captain Rohit Paudel. However, Ari and Sheikh, who made the world record of the fastest half-century in nine balls in T20 International, together hit 12 fours and three sixes and took the team to the target in just 17 overs.

Sri Lanka A beats Oman

In another match at the Colombo Colts Club ground, Oman defeated Sri Lanka A by five wickets with two overs to spare. Batting first, Sri Lanka A scored 145 runs for nine wickets. For Oman, Shah Faisal, Shakeel Ahmed and Jai Odedara got two wickets each. In response, Oman achieved the target in 18 overs. On behalf of the team, Aamir Kaleem scored unbeaten 80 runs with the help of eight fours and three sixes in 47 balls.

About the Author

Jitendra Kumar

Working as Chief Sub Editor in Network 18 Group since October 2025. 9 years experience in journalism. Started career with sports beat in ABP News Digital. Reputable institutions like India TV and Navbharat Times Group…read more

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T20 WC: Zimbabwe played brilliantly in the warm-up match, Nepal also won.

‘India-US trade deal done, but…’, Trump administration’s response to Piyush Goyal’s statement, know what was said?

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A day after the announcement of the trade deal between India and America (3 February 2026), the Trump administration has said that the exact information related to this deal is still being prepared in paper form. US Trade Representative Jamieson Greer said that what is to be done under the trade deal has been decided, but it is still being finalized. He supported the statement of Union Commerce and Industry Minister Piyush Goyal.

Trump administration’s statement on India-US trade deal

According to CNBC report, Jamieson Greer said that we know about the specifics of the India-US trade deal. He said that India is maintaining some safeguards regarding agricultural products. Union Minister Piyush Goyal praised the trade deal between India and America. He said, ‘We will soon issue a joint statement from both the countries, which will contain all the information that will soon be signed between America and India.’

Interests of agriculture and dairy sectors will be protected: Piyush Goyal

The Union Minister assured that this agreement will provide immense opportunities for the people of the country and will completely protect the interests of our sensitive areas, agriculture and dairy sectors. Piyush Goyal said that this agreement will open up a lot of opportunities for Indian labour-intensive sectors like plastics, textiles, leather and footwear, jewellery, organic chemicals, rubber products, machinery and aircraft. Import duty on most of these sectors will soon be reduced to 18 percent from the current 50 percent in American markets.

The Minister said that India is a fast growing and huge economy and the demand for commodities like Communication Technology (ICT) products, Data Center equipment, Technology and Innovation products and raw materials is continuously increasing.

How will the tariff on Indian goods be reduced?

India has agreed to provide duty concessions in some sectors on the lines of concessions given under other free trade agreements (FTAs). Import duties in some areas will be eliminated from the day the agreement comes into force, while in other areas they will be gradually reduced. Tariffs will be reduced in some areas, while quota based concessions will be given in other areas.

India has always kept sensitive sectors like dairy, rice, wheat, meat, poultry, cereals, genetically processed foods, soya flour and maize out of the scope of its trade agreements.

Also read: The world is headed for nuclear war! What is the ‘New START’ treaty, after the end of which the nuclear arms race between America and Russia will increase?

‘Railways got Rs 2911 crore, Sukhu government is creating hindrance in development’, Jairam Thakur attacked

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Former Chief Minister and Leader of Opposition Jairam Thakur on the central government allocating a budget of Rs 2,911 crore for the expansion of railways in Himachal. Narendra Modi Has expressed gratitude. In a statement issued in Shimla he said that this Budget This is 27 times more than during the UPA regime, which shows the Centre’s seriousness towards the connectivity of Himachal.

Taking aim at Chief Minister Sukhwinder Singh Sukhu, Jai Ram Thakur said that despite full support from the Centre, the state government is affecting the projects due to its negligence. He alleged that the Sukhu government is not contributing its share in the expansion of the rail network. Due to delays the cost of projects is continuously increasing. The Chief Minister should leave aside political animosity and cooperate in development works so that the dream of better rail connectivity can be realized.

‘Government violating constitutional rights’

Jairam Thakur also raised sharp questions on the delay in preparations for Panchayat elections. He said that even after the deadline has passed, the voter list has not been published in 10 out of 12 districts. Despite the order of the Honorable High Court, the election process is being deliberately delayed. The Chief Minister should clarify whether the court orders are being disobeyed on his instructions or are his subordinate officers doing their own thing?

‘US tariff cut is PM Modi’s diplomatic victory’

Jairam Thakur described America’s decision to reduce tariffs on Indian products as historic. He said that reducing the duty on Made in India products to 18% is a diplomatic success of Prime Minister Modi. This will not only provide global market to Indian small scale industries and startups, but will also give new identity to Indian talent on the international platform.

Condolences on Uttarakhand bus accident

Jairam Thakur has expressed deep condolence over the accident of HRTC bus going from Chaupal to Paonta Sahib in Kwanu, Uttarakhand. Praying for the peace of the departed souls, he urged the Himachal and Uttarakhand governments to provide prompt and better health facilities to all the injured.

Ban on railway expansion in Kashmir! Decision taken regarding protection of apple orchards and environment

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Taking a major policy decision, the Central Government has banned the expansion of railway lines in Kashmir Valley with immediate effect. According to official sources, this decision has been taken keeping in mind the interests of local communities, environmental protection and potential threats to the important horticulture economy of the region.

The central government has put on hold the ambitious plan to construct additional railway lines along the Baramulla-Srinagar corridor. Apart from this, three other major projects, where preliminary survey work had already started, have also been put on hold indefinitely. Jammu and Kashmir administration and local public representatives had expressed strong objection to these proposals, after which the Center took this step.

Cooperative federalism and respect for farmers: Ashwini Vaishnav

Railway Minister Ashwini Vaishnav described this stance of the government as a victory of ‘cooperative federalism’. He said that the projects have been stopped respecting the concerns of the state government and local MPs. Initial assessments had revealed that the railway expansion could cause huge damage to the apple orchards of Kashmir, which are the backbone of the economy there. The minister clarified that the government is committed to sustainable development and will not take any step that would jeopardize the livelihood of local farmers.

Big relief to agricultural economy: Mehbooba Mufti

People’s Democratic Party (PDP) President Mehbooba Mufti has strongly welcomed this decision of the Centre. They said that Pahalgam And blocking railway lines in areas like Shopian will save millions of rural families from uncertainty.

Mufti asserted, “Development that displaces farmers is not progress. Protecting the scarce fertile land from destruction was imperative to protect the social fabric of Kashmir.” He demanded that farmers and local communities should be included in any future plan in a transparent manner.

Environmental and local sensitivity paramount

Sources say that considering the geographical sensitivity and environmental risks of the valley, these projects will now be reviewed in depth. This decision of the government indicates that now priority will be given to ‘eco-friendly’ and cooperative model for the development of Kashmir.

Case of breach of privilege in Delhi Assembly, Minister Kapil Mishra sent formal complaint to the Speaker

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A case related to the proceedings of Delhi Assembly has gained momentum. Delhi Government Minister Kapil Mishra has written a formal letter to the Assembly Speaker making serious allegations of breach of privilege. The minister says that there has been interference in the assembly proceedings by the Punjab Police, which is not only unconstitutional but also against democratic traditions.

Minister Kapil Mishra said in his complaint that an FIR was registered for sharing a video related to the proceedings of the Delhi Assembly on social media, which he considers an attempt to intimidate and put pressure on an MLA. He alleged that the complainant Iqbal Singh and some officers of Punjab Police have taken this step together.

Article 361A and the logic of constitutional protection

In his letter, Minister Kapil Mishra has specifically mentioned Article 361A of the Indian Constitution. Under this article, it has been made clear that neither civil nor criminal action can be taken against any person for true and factual reporting of the proceedings of Parliament or any State Assembly, unless it is proved that the report has been published with malicious intent. That is, if the report is true and is not made with bad intentions, then it enjoys constitutional protection.

However, Article 361A also makes it clear that this protection does not apply to reporting related to secret meetings. But the minister claims that the video on which action was taken was related to general assembly proceedings and not to any secret session.

Position clear on form of proceedings

Minister Kapil Mishra has called this entire matter an attack on the dignity and rights of the Assembly. He has demanded that this matter be sent to the Privilege Committee of the Assembly, so that the entire matter can be investigated impartially. He also appealed to identify the guilty officers and the complainant and take strict action against them.

Demand for investigation from privileges committee

It is noteworthy that in India, the Legislative Assembly and Parliament have been given special powers so that the public representatives can raise the public’s concerns without fear. Interference by any external agency in matters related to the proceedings of the Assembly is always viewed seriously. Even before this, controversies related to assembly privileges have been coming up in many states of the country, which were later investigated by committees.

Debate on legislative rights and expression

This case has once again intensified the debate on constitutional rights, freedom of expression and the limits of democratic institutions. Now all eyes are on the next step of the Assembly Speaker and the decision of the Privileges Committee.

Sensex surges over 2,000 points on India-US trade deal, posts biggest single-day gain since November 2024

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Markets witnessed a sharp rally on Tuesday, with the Sensex soaring 2,072.67 points or 2.54 per cent to close at 83,739.13, marking its biggest single-day gain in terms of points since November 22, 2024, when it had jumped 1,961.32 points, FPIs returned as big buyers on Tuesday, thanks to Indo-US trade deal.

The Nifty 50 surged 639.15 points or 2.55 per cent to settle at 25,727.55, driven by a landmark India-US trade agreement that significantly eased tariff concerns. The Nifty, in fact, opened higher at 26,308.05 and rose further to 26,341.20, almost near its all-time high of 26,373.20, before turning weak from the peak.

Ravi Singh, Chief Research Officer at Master Capital Services, said for a prolonged period, uncertainty over delay in trade negotiations and the risk of elevated tariffs acted as an overhang for Indian equities, particularly for export-oriented sectors. That overhang now appears largely tackled. Lower tariffs now improve the competitiveness of Indian exports and enhances visibility of earnings across sectors such as engineering goods, fisheries, textiles, chemicals and auto ancillaries, he said.

According to exchange provisional data, FPIs pumped in ₹5,426.24 crore worth shares on Tuesday after pulling out nearly ₹30,000 crore in 2026 so far.

The breakthrough came as the US agreed to reduce reciprocal tariffs on Indian imports from 25 per cent to 18 per cent and fully withdrew the additional 25 per cent punitive levy linked to Indo-Russian oil trade, implying a sharp 32 per cent reduction in the overall tariff burden. “The development has significantly improved sentiment, as expectations of stronger trade flows and potential FII inflows have boosted confidence in the domestic currency,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

Broad participation

Market breadth turned decisively positive with 3,279 stocks advancing against 1,015 declines on the BSE, while 121 stocks touched 52-week highs and 117 hit 52-week lows. The Nifty Midcap 100 surged 1,639.50 points or 2.84 per cent to 59,307.10, while the Nifty Smallcap 100 jumped 465.60 points or 2.82 per cent to 16,988.95, reflecting strong broad-based participation.

The market capitalization of BSE-listed firms surged around ₹12.10 lakh crore to ₹467.03 crore..

Sectoral gains were led by realty stocks, which rallied nearly 4.8 per cent, followed by infrastructure, energy, pharma and banking. The Nifty Financial Services index gained 875.05 points or 3.27 per cent to 27,674.05, while the Nifty Bank rose 1,422.30 points or 2.43 per cent to 60,041.30 after touching a fresh all-time high of 61,764 during the session.

Top gainers

Among Nifty 50 constituents, Adani Enterprises emerged as the top gainer, surging 10.58 per cent to close at ₹2,206.50, followed by Adani Portswhich jumped 9.19 per cent to ₹1,532. Jio Financial Services climbed 8.15 per cent to ₹264, Bajaj Finance advanced 6.67 per cent to ₹964, and InterGlobe Aviation gained 5.57 per cent to ₹4,948. “Adani Group stocks attracted buying on hopes of gains from stronger energy trade ties and infrastructure opportunities linked to deeper bilateral relations,” noted Bajaj Broking in its market commentary.

Only four stocks in the Nifty 50 ended in the red, with Tech Mahindra leading losses with a marginal decline of 0.66 per cent to ₹1,712.70, followed by Bharat Electronics (-0.16 per cent to ₹438.40), SBI Life Insurance (-0.08 per cent to ₹1,999.40), and Nestle India (-0.07 per cent to ₹1,307.40).

The Indian rupees strengthened sharply, appreciating by ₹1.28 or nearly 1.40 per cent following the trade deal announcement. “At present, USDINR is quoting near 90.25. The immediate resistance for the rupee is seen around 89.90, while 90.50 now acts as an important base support,” Trivedi added.

Despite the strong opening, both indices witnessed sharp intraday volatility. “The Nifty opened over 1,200 points higher but saw sharp volatility in early trade. After correcting around 700 points from the high of 26,341.20, it found support near 25,641 and rebounded 223 points to close at 25,727, indicating buying at lower levels,” said Hitesh Tailor, Research Analyst at Choice Equity Broking. The India VIX declined 7 per cent to 12.89, signaling easing market anxiety.

“This materially improves the competitiveness of Indian exports in the US and is likely to lift market sentiment, with a multi-layered positive impact on the economy and export-facing sectors,” said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services. “Key beneficiaries include Auto Ancillaries, Defence, Textiles, EMS, Consumer Durables, IT Services, and Utilities, while Financials could see second-order gains through improved growth visibility.”

In commodities, gold and silver showed early signs of stabilization after last week’s selloff. “Gold and silver are showing early signs of stabilization after last week’s historic selloff, with both metals rebounding modestly as investors reassess whether the downturn was structural or simply an overshoot,” said Hareesh V, Head of Commodity Research, Geojit Investments.

Looking ahead, market participants expect continued positive momentum in the near term. “With the deal-related uncertainty now being lifted, we believe that multiple positives will accrue in the form of reversal of FII outflows, INR recovering its lost ground and general improvement in sentiments towards Indian equities,” Khemka said. However, analysts cautioned that holding the 25,400-25,500 zone will be critical for the Nifty, with the upcoming RBI monetary policy announcement likely to keep volatility elevated.

Published on February 3, 2026