Editor’s Note
This Reuters market snapshot captures a moment of global divergence, with U.S. futures signaling cautious stability ahead of key earnings, while European indices navigate mixed pressures from corporate results and commodity rebounds.
February 3, 2026 (Reuters) – Wall Street is expected to open on a cautious note, while European stock markets are mixed at mid-session, caught between a rebound in precious metals and a new wave of corporate earnings, some of which, like those from Publicis, are weighing on the CAC 40.
Futures for New York indices point to a rather stable opening (-0.06%) for the Dow Jones and gains of 0.19% for the S&P 500 and 0.44% for the Nasdaq, as investors prepare for upcoming earnings from major companies like Alphabet later in the week.
In Paris, the CAC 40 is down 0.10% at 8,170.82 points around 12:19 GMT. In Frankfurt, the DAX is up 0.21%, while in London, the FTSE 100 is down 0.47%.
The EuroStoxx 50 index is up 0.27%, the FTSEurofirst 300 gains 0.11%, and the Stoxx 600 rises 0.12%.
The basic resources sector is posting the best sectoral performance in Europe, with a gain of 2.5%, following Monday’s widespread shock in financial markets triggered by the plunge in gold and silver prices.
The nomination of former governor Kevin Warsh to chair the Federal Reserve (Fed), seen as favoring a reduction of the institution’s balance sheet, followed by an increase in CME margin requirements, dealt a severe blow to the frenzied rally in precious metals during Friday and Monday’s sessions. However, on Tuesday, they recovered some of their losses, calming nerves.
Spot gold gains 5.5% to $4,924.49 per ounce, after a 13.6% drop in the last two sessions, while silver advances 9.7% to $87.11 per ounce.
Earnings season is in full swing, and investors are reacting differently to the outlooks and figures from a wide range of sectors.
Meanwhile, the technology sector is suffering on Tuesday (-1.64%), as updated artificial intelligence models have raised new doubts about companies’ ability to defend their business models.
The partial shutdown of U.S. federal agencies could be resolved as early as Tuesday with an expected vote in the House of Representatives. Although brief, the second “shutdown” since autumn has already disrupted the release of indicators, such as the JOLTS report scheduled for Tuesday, and, most importantly, the monthly employment data initially expected on Friday.
In France, preliminary data published Tuesday by INSEE shows that inflation harmonized to European standards (HICP) decelerated to 0.4% year-on-year in January, more than expected.
Renault and Stellantis fall 3.6% and 1% respectively after a downgrade from Morgan Stanley, with the broker particularly concerned about the weakening Chinese auto market leading to increased exports and heightened competition for European manufacturers.
Asset manager Amundi, which reported higher-than-expected net inflows for the fourth quarter on Tuesday, gains 3.2%.
German semiconductor wafer supplier Siltronic falls 5.2% after releasing its preliminary fourth-quarter results.
Eurozone government bond yields are slightly higher, following their U.S. counterparts, as traders assess Kevin Warsh’s future approach to the Fed’s monetary policy trajectory.
The yield on the German 10-year Bund rises 2.4 basis points to 2.8907%. The two-year yield stands at 2.1017%. The yield on the 10-year U.S. Treasury note advances 1.3 basis points to 4.2895%. The two-year yield edges up slightly to 3.5798%.
Investors are also awaiting monetary policy decisions from the European Central Bank (ECB) and the Bank of England (BoE), scheduled for Thursday, which are widely expected to leave their respective rates unchanged.
The greenback is slightly lower but largely retains the gains made after Kevin Warsh’s nomination to head the Fed and Monday’s U.S. manufacturing activity data. The dollar loses 0.01% against a basket of reference currencies.
The euro edges up 0.01% to $1.1790.
Oil prices stabilized on Tuesday after falling more than 4% in the previous session, supported by hopes of de-escalation in tensions between the United States and Iran.
Brent crude gains 0.33% to $66.52 per barrel, and U.S. light crude (West Texas Intermediate, WTI) rises 0.43% to $62.41.
(Some data may show a slight delay)
(Reporting by Diana Mandiá; Editing by Augustin Turpin)