CNBC Business News Update Market Close: Stocks Lower, Walmart Joins Trillion Dollar Club, Pepsico To Cut Snack Prices 2/3/26
Feb 3, 2026
Markets pulled back with major index moves and a big name weighing on returns. Chipotle traffic and same-store sales trends drew attention. A retail titan hit trillion-dollar status. Novo Nordisk announced U.S. price cuts and a revenue warning. French authorities probed X over alleged algorithm and data issues. PepsiCo plans sizable price cuts on major snack brands.
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Indexes Near Records Despite Pullback
- Major U.S. indexes opened after a losing day with the Dow, S&P 500, and Nasdaq all lower from prior highs.
- Market remained within about 2% of all-time highs despite recent weakness, indicating resilience.
Divergence Between Mega Caps And Smallers
- Salesforce led the Dow's decline, falling nearly 7% and dragging the index down 166 points.
- One in 12 Nasdaq stocks hit a 52-week low while large caps held near highs, highlighting internal market divergence.
Crypto Down, Metals Up
- Bitcoin fell below $73,000 to levels not seen since Thanksgiving 2024 amid heavy selling.
- Precious metals like gold and silver gained substantially, up 7% and 11% respectively as investors sought alternatives.