Led by tech stocks, the Dow Jones Industrial Average edged up 0.04% to close at 50,135.87 points, hitting a fresh all-time high intraday. The Nasdaq Composite rose nearly 1%, and the S&P 500 gained 0.5%, approaching its record peak.

 

 

Of the 11 major sectors in the S&P 500, seven advanced and four declined. The Technology and Materials sectors led gains with increases of 1.59% and 1.44%, respectively, while the Consumer Staples and Healthcare sectors led declines, both falling 0.86%.

 

Most large-cap U.S. tech stocks moved higher, with the Wind U.S. Big Tech 7 Index rising 1.02%. Microsoft jumped over 3%, Nvidia gained more than 2%, and Tesla advanced over 1%, while Apple dropped more than 1%. Oracle surged over 9%.

 

Chip stocks posted mixed performance; the Philadelphia Semiconductor Index rose 1.42%. Advanced Micro Devices (AMD) climbed over 3%, Broadcom gained more than 3%, and Marvell Technology advanced over 2%. Conversely, Micron Technology fell over 2%, Microchip Technology dropped more than 2%, and Texas Instruments declined over 1%.

 

 

The Nasdaq China Golden Dragon Index rose 0.12%, and the Wind China Concept Tech Leaders Index gained 0.14%. Among individual stocks, Everything But The House (EBTH) surged over 6%, 21Vianet advanced nearly 6%, Canadian Solar rose over 5%, Daqo New Energy gained more than 5%, and Atour Lifestyle climbed over 5%. On the downside, New Oriental Education fell over 4%, Li Auto dropped more than 3%, TAL Education Group declined about 3%, NIO Inc. fell nearly 3%, and Bilibili dropped over 2%.

 

Currently, investors are awaiting the release of key economic data. The market is focused on the U.S. January 2026 employment report, due on Wednesday this week, and the U.S. January Consumer Price Index (CPI), scheduled for release on Friday. These data points are expected to provide further clues on inflation trends, thereby serving as a basis for judging whether the U.S. Federal Reserve (Fed) can implement one to two interest rate cuts in 2026.

 

 

Europe’s three major stock indexes also closed higher across the board. Germany’s DAX index rose 1.19% to close at 25,014.87 points, France’s CAC40 index gained 0.6% to 8,323.28 points, and the UK’s FTSE 100 index advanced 0.16% to 10,386.23 points. The European stock market rally was supported by sector rotation into energy and defensive sectors, as investors sought stability amid macroeconomic uncertainty, bolstered by cautious optimism about the European economic outlook.

 

 

In the early morning of February 10 (Beijing time), precious metal prices tumbled sharply once more.

 

Spot gold broke below the $5,000 mark shortly after the opening bell, while spot silver’s intraday decline widened to 2%. As of 07:29 Beijing time, London Spot Gold traded at $5,024.1 per ounce (down 0.9%), London Spot Silver at $81.82 per ounce (down 1.86%), COMEX Gold at $5,035 per ounce (down 0.87%), and COMEX Silver at $81.48 per ounce (down 0.92%).

 

 

On February 9 (U.S. Eastern Time), Federal Reserve Governor Stephen Milan stated that the impact of the Trump administration’s tariff policies on the economy is "quite limited."

 

Milan also pushed back against the widely held view among economists that tariffs are ultimately borne by U.S. consumers in the form of higher prices, rather than by exporting countries through lower profit margins.

 

He further added that combining tariffs with other government policy adjustments will help improve the long-term outlook for government finances. Tariff revenue will play a significant role in reducing the primary deficit.

 

Currently, the legality of the Trump administration’s tariff policies is being heard by the U.S. Supreme Court, which could potentially strike down these measures. U.S. President Donald Trump has previously warned that such a ruling would be a disaster.

 

In a speech at Boston University’s Questrom School of Business on Monday, Milan noted that the current magnitude of the U.S. dollar’s decline "is not having a major impact on consumer inflation," and will only do so if the decline is extremely sharp.

 

He added, regarding the dollar’s fall, "I believe that to date, it has not had a substantive impact on monetary policy."

 

On the same day, the U.S. Dollar Index weakened significantly; the index, which measures the value of the U.S. dollar against six major currencies, plummeted 0.84% to close at 96.814 at the end of the foreign exchange trading session.

 

Also on Wednesday, Atlanta Fed President Raphael Bostic said he is starting to see signs of doubt creeping into confidence in the U.S. dollar. Volatility in employment data is another reason the Fed is maintaining a cautious stance.

 

 

Milan has previously stated that underlying inflation is not a problem, and no significant price pressures are being observed in the economy. He added that the Fed needs to cut interest rates by more than 100 basis points this year, and he is highly optimistic about Kevin Warsh’s performance after he assumes the role of Fed Chair.

 

According to the CME "FedWatch Tool," as of the time of writing, the probability of the Fed cutting interest rates by 25 basis points in March is 17.7%, while the probability of keeping rates unchanged is 82.3%. The probability of a cumulative 25 basis point cut by April is 32.4%, the probability of unchanged rates is 63.5%, and the probability of a cumulative 50 basis point cut is just 4%. The probability of a cumulative 25 basis point cut by June stands at 50.4%.