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Informist, Tuesday, Feb. 3, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US mkt ends up Mon as chipmakers gain; S&P 500 up after 3 days

 

MUMBAI--0741 IST--Equity indices in the US ended higher Monday, with the S&P 500 snapping a three-session losing streak and closed just shy of its record high. This was after a weekend that saw a record decline in Bitcoin and silver. The rise in the S&P 500 was helped by gains in chipmaking companies related to artificial intelligence.

 

AI-related data company Palantir ended nearly 1% higher ahead of its earnings, which were announced after the closing bell. The company beat analysts' expectations as business and the US government fuels demand, CNBC reported. The company's revenue grew 70% on year to $1.41 billion against estimates of $1.33 billion by LSEG. US revenue for the government sector rose to $570 million and revenue from the commercial sectors rose to $507 million. The earnings were "indisputably the best results that I'm aware of in tech in the last decade," Chief Executive Officer Alex Karp said in an interview with CNBC. "If you're not spending it on this, you're not spending on something that is part of keeping up with momentum," Karp added. Shares of SanDisk surged over 15% and those of Advanced Micro Devices and Micron Technology ended over 4% and 5.5% higher for the session as the chipmakers benefited from AI-related demand for their components, Reuters reported.

 

US factory activity in January grew for the first time in a year, with the Institute for Supply Management saying its manufacturing Purchasing Managers index rebounded to 52.6 for the month and was the highest reading since August 2022, Reuters reported. The index was at 47.9 in December. Economists polled by Reuters had expected the index to rise to 48.5.

 

The S&P 500 energy sector index fell 2% due to the decline in oil prices. US President Donald Trump said Iran was "seriously talking" with the US administration and indicated de-escalation that eased tensions of possible supply disruptions, Reuters said. Lower energy prices boosted shares of airline companies, with shares of Jet Blue and United Airlines rising over 8% and nearly 5%, respectively. The US House of Representatives has taken up legislation to end the partial government shutdown, which began on Saturday, as the final vote is expected on Tuesday. The Bureau of Labour Statistics said the employment report for January will not be released on Friday due to the partial shutdown. 

 

Shares of Alphabet rose to a record high, ending nearly 2% higher, and Amazon ended 1.5% higher; both companies are scheduled to report their earnings this week. This would help investors peek into the race for AI domination, Reuters reported. "Analysts expect S&P 500 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," Reuters said. The growth in earnings is led by technology companies, according to the report. 

 

Following are the closing levels of US indices Monday:  

 

Index	Level	Change in %
S&P 500	6976.44	0.54
NASDAQ Composite	23592.11	0.56
Dow Jones Industrial Average	49407.66	1.05

 

(Akshat Saksena)

 

US$1 = INR 91.51

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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