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US500 (SP500) UPDATE
- Given the weak close in equities yesterday, technical traders are likely scratching their heads over the overnight bounce back in stocks that is trying to build some upward momentum.
- It is not clear whether equities are getting a lift from expectations of Fed rate cuts after signs of cracks in the labor market or uncertainty whether employment was impoacted by the harsh winter weather hitting large parts of the country.
- In any case, attention will be looking ahead to next week’s release of the delayed January jobs report and January CPI.
- In any case, the pause above our next target atv6715 has seen a bounce back above 68090, which remains pivotal in setting the tone going forward.
- Support below 6800 as long as 6774 holds.
- On the upside, 6848-68 is the obstacle to putting 6900 back on the radar.
US500 1 HOUR CHART
CDA jobs report
- Headline miss but due to drop in part-time jobs, full-time rose
- Unemployment rate drops (participation rate falls)
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DAX Rises After Flat Start; Rheinmetall, Bayer Among Top Gainers
After a flat start, Germany stock market’s key index DAX moved up smartly on Friday, with stocks from several sectors gaining in strength on sustained buying interest. Concerns about AI-related risks and somewhat mixed earnings updates rendered the mood cautious at the start.
The DAX was up 178.05 points or 0.73% at 24,626.63 a little while ago.
Rheinmetall climbed up more than 4%. Bayer gained about 2.1%, while Siemens Energy moved up nearly 2%.
Siemens gained 1.8%, while E.ON and RWE advanced by nearly 1.5%. MTU Aero Engines, Deutsche Bank, Heidelberg Materials and Fresnius Medical Care gained 1%-1.2%.
Bitcoin, XRP, Ether Rebound from Lows. Why the Crypto Crisis Isn’t Over
Bitcoin tumbled to around $60,000 early Friday, wiping out all of its gains since President Donald Trump’s election win 15 months ago. However, the world’s largest cryptocurrency has rebounded to above $65,000 — maybe the selling has stopped, at least for now.
Bitcoin was trading at $65,750 early in the day, down 8% over the past 24 hours but up from lows of $60,057.00 — the lowest level since Oct.11, 2024. The crypto slump has been brutal in recent days, exacerbated by a recent selloff artificial intelligence-linked companies. Bitcoin has now fallen 48% from its record high of above $126,000 in October last year.
The world’s second largest crypto, Ethereum, was down 10% to $1,921 early Friday. Elsewhere, popular altcoin XRP slipped 6.1% to $1.32. Both also rallied off lows overnight.
ETHUSD Monthly
Newsquawk US Pre-Market Movers
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EURUSD 4 h
Currently EUR is kind of neutral, moving last 4 days within bracket of 1.17650 & 1.18500 roughly.
Intraday pressure is slowly moving to the donwside and as always Close of this bar will give us an idea where to this afternoon.
Close below 1.17850 would signal a test of 1.17650 – which if taken out of the picture would open a way for 1.17400
1.18200 is capping ( for now) any move Up.
FX option expiries for 6 February 10am New York cut
EUR/USD at the 1.1800 level. Similar to the day before, this isn’t one that ties too closely to any technical significance. However, we are seeing price action weave in and around the figure level in the past few days and so the expiries will provide another magnet to keep things more sticky until we get to US trading.
If anything, just be wary that the 100-hour moving average is also narrowing in at 1.1808 currently. So, that will help to limit some topside momentum in case of any price extensions in the session ahead. However, push above that and it can free up some scope for price action to keep above 1.1800 more comfortably before the weekend.
Preview: Japanese Snap Elections (Feb 8)
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US-Iran talks update
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Newsquawk Daily US Opening News
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XAUUSD (GOLD) UPDATE
As noted at this time yesterday, it is hard to discuss technicals in an asset that can move 5% or more intra-day (even more in double digits in XAGUSD). Today’s range: 4794 => 4655 => 4903 => 4875 last
Chart points worth noting:
- 4655 low paused 5 pips above the “:50” level (4650) and 4644 support
- High at 4903 is a near double top.
- 4800, meanwhile, remains pivotal in setting its intra-day tone
Watch US-Iran talks due to start today
XAUUSD 1 HOUR CHART
Forex Market Snapshot
- TGIF for metals traders after a wild overnight session that saw prices plunge initially and then rebound sharply
- US stocks have rebounded sharply as well, US500 is back above 6800 while NAS100 remains well below 25000
- The dollar, meanwhile, is back to square one by rebounding after trading firmer earlier on.
- EURUSD had printed 1.18 for the 5th day in a row, so acting as a resistance.
- USDJPY is holding its bid ahead of weekend elections.
- GBP is up on the day and recover some vs the EUR (EURGBP lower)
- AUD and NZD outperforming, helped by a flip to risk on and bounce in mETALS
- The US January hobs report had been delayed and will not be released today.
Market Update; Metals claw back
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February 5 Earnings Release
Amazon’s shares fell 7.7% to $205.05 after revealing a 2026 capital expenditure forecast of $200 billion, up from $144.67 billion, and a disappointing first-quarter income outlook. AMZN stock currently down -11.08% post market.
Iris Energy (IREN) posted a net loss of $155.4 million in Q2 2026, down from a net income of $384.6 million in Q1, causing a 10% drop in stock price after-hours.
My market summary: tech stocks are mostly down after a week of major tech stocks earnings releases, with movements mostly driven by AI demand.
AUDUSD (1HR)
AUDUSD has eased from recent highs as the pair was flat around $0.7000 after dipping roughly 0.3% overnight, pulling back from its three-year peak near $0.7094. The move appears more corrective than impulsive, as the market digests strong prior gains. While near-term momentum has cooled, broader sentiment toward the Australian dollar remains supported. JPMorgan analysts expect the pair to trade toward the $0.7150 level, suggesting there is still some room for upside although gains may be limited
From a technical perspective, the current outlook is looking weak having the pair trading below the EMA200 placing the pair under renewed negative pressure. Price is now hovering above the critical $0.6900 support zone, aligned with longer-term moving averages, making this area significant in deciding the direction of the pair. A hold above this region could validate the pull-back as corrective, while a clean break below it would likely open the door for a deeper retracement.
Newsquawk US Market Wrap Part
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Newsquawk US Market Wrap Part 1
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Stocks take late hit following Amazon earnings
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