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News Today(2/4): Pfizer, PepsiCo, Spotify and PayPal earnings before Market Open, US JOLTS Job Openings at 10:00 AM, AMD, Google(GOOGL + GOOG – 4.24% of S&P500) earnings after Market Close

Highlights:

• No further tariff-related developments led to a full reversal of USD appreciation, bringing it back to pre-tariff levels. While the tariffs remain on the table, they have merely been postponed by one month, and the market consensus is that a deal will likely be reached before they take effect.
• For the first time, signs of weakness in the U.S. labor market emerged, with JOLTS job openings coming in lower than expected (7.6M vs. 8M). This aligns with the Fed’s commentary on slowing growth, providing some relief to front-end yields and supporting other currencies against the USD, as the odds of an earlier rate cut edged higher.
• Equities regained momentum following the shift in rate cut expectations, with the Magnificent 7 once again leading the rally.
• Google reported weaker-than-expected earnings, with both total revenue and cloud revenue missing estimates. The company also announced plans to invest $75 billion in AI over the next year. Following the earnings miss, the stock dropped 9% in after-hours trading, translating to a 0.36% decline in the S&P 500.

News Tomorrow(2/5): Eurozone PPI at 5:00 AM; US ADP Employment Change at 8:30 AM; US Services PMI at 10:00 AM; Uber, Disney, and Toyota earnings before Market Open; Qualcomm and Ford Motor after Market Close

Sources: Marketwatch(https://www.marketwatch.com/), Reuters(https://www.reuters.com/), finviz(https://finviz.com/), fedwatch-tool(https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html), Tradingview(https://www.tradingview.com/)