CNBC Business News Update Market Close: Stocks Sell Off, The S&P 500 Index Is Negative For The Year, Bitcoin Drops Near $64,000 Wiping Out All Trump Election Gains 2/5/26
Feb 5, 2026
A fast rundown of a broad market sell-off and the S&P 500 slipping into negative territory for the year. Big tech and major indexes suffer sharp declines while Amazon’s after-hours shock fuels profit-taking. Bitcoin tumbles near $64,000, wiping out post-election gains. Reports of weak jobs data, record layoffs, and rising searches for cash advances signal consumer and labor stress.
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Market Sell-Off Sends S&P Negative
- U.S. stocks sold off after weak jobs data and crypto declines that shook investor confidence.
- The S&P 500 turned negative for the year as major indices and big tech fell sharply.
Tech Names Drive The Downturn
- Tech names led the decline, with the Dow down 592 points and Nasdaq falling harder.
- Microsoft and NVIDIA were notable drags as investors rotated away from recent winners.
Investor Nerves Around MAG-7 Profits
- Michael Farr described investor behavior as profit-taking and growing nervousness around MAG-7 stocks.
- He said many holders are on "tender hooks" waiting for a crack in these big winners.