CNBC Business News Update Market Close: Stocks Mixed, AMD Shares Down 17%, Alphabet Out With Better Than Expected Quarterly Results 2/4/26
Feb 4, 2026
Market movers and major index shifts set the scene. Chip stocks take a beating with steep drops for NVIDIA and AMD. Big tech earnings and AI spending spur mixed reactions for Alphabet. Investors debate AI-driven disruption in software and sentiment-driven sell-offs. Crypto retreats while oil and gold climb amid geopolitical tension. Labor data and upcoming corporate reports round out the headlines.
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Mixed Market Moves Driven By Sector Rotation
- Markets were mixed after a volatile session with the Dow up and the S&P and Nasdaq down due to sector rotations.
- Chip stocks hit hard, driving much of the Nasdaq decline and weighing on market sentiment.
Good Results Can Still Trigger Selloffs
- Alphabet beat quarterly expectations but warned of much higher AI spending ahead.
- Even positive results can trigger selloffs when companies forecast big cost increases tied to AI.
Alphabet Finally Gets Its Due
- Daniel Newman praised Alphabet's long-term execution and rising appreciation for its AI work.
- He framed the company as finally getting credit for strategies it executed well over time.