Wall Street closed the week ending Feb. 6, 2026 looking a bit like a trader after a rough options expiry: bruised, but suddenly energetic once the bell rang on Friday. The Dow finally cracked the 50,000 mark in a more-than-1,000‑point sprint, while the S&P 500 and Nasdaq staged a sharp rebound that still wasn’t quite enough to erase earlier damage, leaving the week as a lesson in how quickly the love affair with megacap tech can turn conditional.
S&P 500, Dow, Nasdaq, Russell
The S&P 500 rallied roughly 2% on Friday and clawed back into positive territory for the year, but was still down just under 1% for the week as earlier tech weakness lingered. The Dow, powered by cyclicals and old‑economy stalwarts, finished the week up close to 2% and in record territory above 50,000, an optics‑heavy level that will no doubt be framed on more than a few brokerage desktop screens. The Nasdaq Composite bounced about 2% on Friday after a midweek tech rout, yet remained lower for the week and for 2026, as investors briefly remembered that even artificial intelligence can get overbought. The small‑cap Russell 2000, meanwhile, quietly clocked another strong performance, rising more than 2% early Friday and tallying a solid gain for the week as investors rotated into domestically focused names.
Macroeconomic Data, Shutdown and Fed
On the macro front, the story was defined as much by what investors did not get as what they did. The ongoing partial U.S. government shutdown has delayed the January jobs report, knocking out the marquee data point of the week and forcing traders to fly without their usual Non‑Farm Payrolls altimeter. The Labor Department formally pushed back the employment report due to the shutdown, adding a fresh wrinkle to the “data‑dependent” mantra that Fed officials have been reciting since the last FOMC meeting. Other scheduled indicators—including routine labor and activity releases—are now being viewed through the prism of the data blackout, leaving markets to lean more heavily on private‑sector surveys and corporate earnings guidance for near‑term growth signals.
Yield Curve, Rates and FOMC Watch
Rates markets delivered a more subdued, if still telling, narrative. The 2‑year Treasury yield, the Fed‑watcher’s favorite, drifted down toward roughly 3.5% over the week, extending a gentle move lower from late January and suggesting expectations for at least modest policy easing later this year remain intact. At the longer end, yields around the 10‑ and 30‑year maturities continued to trade above 4%, leaving the curve still relatively flat to modestly inverted, but far less alarmingly so than in the depths of the tightening cycle. The result is a yield structure that hints at slower but not collapsing growth—an environment in which equity investors can continue to debate valuations rather than recession probabilities, at least for now.
Tariff headlines stayed in the background but not out of mind, with markets still sensitive to any fresh rhetoric around trade levies on key sectors such as autos, technology and clean energy equipment. While there were no blockbuster new tariff packages unveiled this week, references to “tariff risks” continued to dot market commentary and options flows, especially around tech and industrial names that have the misfortune of being both global and profitable. For now, tariffs remain a macro overhang rather than a live‑wire catalyst, but traders are acutely aware that a single headline can redraw supply chains and earnings estimates more quickly than any PowerPoint deck.
Macro policy watchers, meanwhile, spent the week reading between the lines of the latest Treasury and Fed communications. The Treasury Borrowing Advisory Committee’s February statement acknowledged that the shutdown has distorted key data releases, complicating the Fed’s timing calculus as it considers when to deliver its next move after the January FOMC meeting. With no new rate decision on the calendar this week, investors are now looking ahead to upcoming meetings for clarity on when the first cut might arrive, even as Fed officials continue to stress that both inflation and employment appear to have “stabilized” near acceptable levels. In practice, that has left rate‑cut odds fluctuating more on market sentiment and partial data than on the usual full economic dashboard.
Eli Lilly Steals the Show
Against that backdrop, Eli Lilly stole a sizeable portion of the week’s limelight, reminding investors that in 2026, weight‑loss drugs sometimes are the market. Shares of LLY surged roughly 7–10% over the week after the company delivered a powerful fourth‑quarter beat and issued eye‑popping 2026 guidance, forecasting revenue north of $80 billion and earnings of roughly $33.50 to $35 per share—comfortably ahead of Wall Street’s prior estimates. The engine, unsurprisingly, was its obesity and diabetes franchise: Mounjaro and Zepbound drove a 43% jump in quarterly revenue and more than 50% growth in earnings, reinforcing the idea that Lilly is becoming as much a macro factor as a single stock in health‑care indices.
AI Chips, Big Tech and Hardware
In tech and semiconductors, sentiment was volatile enough to make even veteran chip traders reach for the dramamine. Nvidia (jumped 7.92% Friday to close at $185.41), Taiwan Semiconductor, Apple, Micron, Broadcom and Intel found themselves at the center of this week’s AI rethink, with options activity in names like NVDA, TSLA, PLTR, AAPL, INTC, MU, ORCL and AVGO spiking as traders recalibrated how much AI euphoria they could justify on a single income statement. While individual weekly percentage moves varied by ticker, the group as a whole weathered a midweek selloff before participating in Friday’s relief rally, a pattern that left valuations slightly less stretched but hardly distressed. For Nvidia and TSMC, the narrative remains one of extraordinary demand tempered by equally extraordinary expectations, while Micron and Intel continue to benefit from the idea that not every AI beneficiary needs a four‑digit share price to matter.
Apple spent the week in familiar territory—under scrutiny but still central—appearing on lists of heavily traded names as investors weighed the durability of its ecosystem against a more crowded AI and devices landscape. Options and after‑hours activity suggested traders remain willing to trade both sides of the Apple story, using any pullback as a chance either to reload long positions or to hedge broader tech exposure. Corning, a less heralded but still important piece of the hardware chain, continued to ride the “picks and shovels” thesis around displays and fiber, with sentiment tied more to medium‑term infrastructure and device builds than to any single headline.
Tesla, Meta, Palantir and the High‑Beta Franchise
Tesla delivered its usual share of drama, featuring prominently among the most actively traded options as investors continued to debate whether the company is a carmaker, a software platform or simply a volatility engine masquerading as an automaker. The stock lurched with broader tech through the week but joined Friday’s rebound, as traders leaned into the idea that the EV transition may be uneven yet far from over. For Tesla bulls, the week’s message was that the market will still reward growth stories—just not at any price—while bears were reminded that betting against a cult stock often requires more patience than capital.
Among the platform and infrastructure names, Meta and Palantir both found themselves back on traders’ radar as AI‑related narratives re‑priced. Meta’s positioning around AI‑enhanced advertising and mixed‑reality platforms helped support interest despite the tech wobble, with Friday’s broader rally lifting the stock along with its megacap peers. Palantir, which featured heavily in options flow, continued to trade as a high‑beta proxy on government and enterprise AI demand, with investors treating any weakness as an opportunity to reassess whether its premium multiple remains justified in a world where every software company suddenly speaks fluent “AI.”
Old‑Guard Blue Chips: McDonald’s, Oracle, Nokia, Rio
The legacy heavyweights had their own moments. McDonald’s (MCD, $327.16, +3.86% over the last 5-days) appeared among the notable analyst calls this week, underscoring how even fast food can become a macro bellwether when investors are parsing consumer‑spending resilience. Oracle, which surfaced in options activity, continued to ride its transition narrative from legacy databases to cloud infrastructure and AI‑ready platforms, making it a favored vehicle for investors who prefer their growth stories with dividends. Nokia (NOK, $7.07, +9.95% over the last 5-days) while far from the meme‑stock spotlight, stayed tethered to the 5G and network‑infrastructure cycle, with sentiment tied more to capex trends than to daily headlines.
In the broader industrial and materials complex, Rio Tinto (RIO, $93.45, +2.61% over the last 5-days) remained a quiet beneficiary of the “soft‑landing” and infrastructure narrative, as commodity investors used the week’s volatility to reassess exposure to miners leveraged to both Chinese demand and Western reshoring. The stock’s performance reflected a balancing act between worries over global growth and optimism that metals tied to electrification and construction remain in structurally tight supply. For Rio Tinto, the week’s tape suggested that as long as the world keeps building and wiring, miners will continue to matter even when tech monopolizes the headlines.
OKLO, Opendoor and Other New‑School Stories
The week also featured some of Wall Street’s favorite newer tickers. OKLO ($71.10), the advanced nuclear player, remained part of the broader clean‑energy conversation as investors looked for scalable solutions that could support energy‑hungry data centers without inviting a climate backlash, but finished 10.70% lower over the last 5-days despite a double digit jump on Friday. Opendoor navigated the week in the context of a housing market that remains interest‑rate sensitive but surprisingly resilient, with investors watching transaction volumes and spreads as closely as the share price itself. For both names, the message was that public markets will still fund ambitious business models—provided the path to profitability is more than a slide in an investor deck.
IPOs, Deals and Capital Markets
In deal land, the IPO market showed more signs of life than it has in years, even if 2026 is shaping up as a “steady simmer” rather than a full‑on boil. As of Feb. 6, there have been 41 U.S. IPOs this year, about 21% more than at the same point in 2025, with a mix of traditional operating companies and the ever‑present crop of SPACs. This week alone saw offerings such as Bob’s Discount Furniture, Eikon Therapeutics, Forgent Power Solutions and a handful of acquisition vehicles come to market, while recent debut Veradermics (ticker MANE) continued to trade sharply above its offer price. With issuance running ahead of last year and more large‑cap names rumored in the pipeline, equity capital markets desks are finally acting as if the long post‑pandemic hangover may be easing.
Gold, Silver, Oil and Bitcoin
On the commodities and crypto front, the tape provided plenty of material for both inflation hawks and diversification enthusiasts. Gold rose over 7% after pulling back and silver spent the week in a choppy range bit managed to rise slightly after the recent significant pullback, with safe‑haven demand partially offset by firmer real yields and a renewed appetite for risk assets as equities bounced late in the week. Oil prices held in a relatively tight band but still traded up over 2% over the last 5-days to close at $63.47/bbl supported by ongoing geopolitical concerns and disciplined supply, but constrained by worries that slower global growth could sap demand. Bitcoin, on the other hand, put on its best imitation of a biotech stock, surging roughly 10% on Friday alone and trading near the psychologically important 70,000 level as risk appetite returned and speculative capital remembered why it opened those crypto wallets in the first place.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.4369), is a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps
On Feb. 4, Modular Medical, Inc. announced the start of production of validation lots for its Pivot™ tubeless patch pump’s disposable cartridge and infusion set. Achievement of this critical manufacturing milestone keeps the Company on schedule for commercial launch in Q1 2026, subject to receipt of FDA 510(k) clearance. The Pivot system – the industry’s first removable, tubeless 3ml patch pump – is designed for simplicity and affordability, addressing barriers that prevent many patients from adopting traditional pumps.
On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.
On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026.
Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $8.35, +.85% over the last 5-days), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”
GeoVax Labs, Inc. (Nasdaq: GOVX, $2.67) is a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.
On Jan. 20, GeoVax announced an update with the following key milestones for 2026 for Geo-MVA:
- Initiation of the pivotal Phase 3 immunobridging trial, expected in the second half of 2026
- Continued engagement with European and global health authorities seeking to diversify Mpox and smallpox vaccine supply in light of ongoing global demand pressures
- Advancement toward a U.S.-sourced vaccine supply model addressing both civilian public health needs and biodefense preparedness
Volato Group, Inc. (NYSE American: SOAR, $.4972) and M2i Global, Inc. (MTWO, $.0449) is a company specializing in the development and execution of a complete global value supply chain for critical minerals.
On Feb. 4, M2i Global Inc and Volato Group announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the United States, marking an early step in their collaboration focused on developing critical mineral supply chains. The initial shipment consists of titanium ore samples sourced from both mineral sands and hard rock deposits. According to the companies, the material will be distributed to selected academic institutions and a defense industrial base company for analysis, including assessments of refining processes needed to produce titanium products for various applications.
On Tuesday, Jan. 20, M2i and Volato reaffirmed expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.
On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.
Volato Group, Inc. today (Dec. 29) announced the appointment of Alan D. Gaines to its Board of Directors, effective immediately. Mr. Gaines will also serve as Chairman of the Audit Committee.
Serina Therapeutics (NYSE American: SER, $2.37), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.
On Feb. 4, Serina’s CEO, Steven Ledger presented at Tribe Public’s Webinar Presentation and Q&A Event titled “Navigating the New FDA Era: 2026 Strategic Priorities and the Future of Life Sciences”. Please view the event video now to learn more at this link.
On Jan. 29, The U.S. Food and Drug Administration cleared Serina Therapeutics’ investigational new drug (IND) application for SER‑252, the company’s POZ‑enabled formulation of apomorphine being developed for patients with advanced Parkinson’s disease. This clearance allows Serina to move ahead with a registrational‑intent clinical program under the 505(b)(2) NDA pathway, leveraging existing data on apomorphine while aiming to improve its dosing profile and tolerability for patients who need more consistent symptom control. In practical terms, the FDA’s feedback and subsequent clearance provide Serina with a more capital‑efficient route to a potential new drug application, shortening the distance between preclinical promise and commercial reality. For Parkinson’s patients and their clinicians, the stakes are high: SER‑252 is designed to offer a more predictable therapeutic profile, potentially smoothing out some of the daily volatility, patient caregiver burden that has long defined advanced disease management.
On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.
The InterGroup Corporation (NASDAQ: INTG, $30.35) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.
DoubleVerify Holdings Inc. (DV) closed at $9.35. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.
flyExclusive, Inc. (NYSE American: FLYX, $3.03, +2.36% over the last 5-days after Friday’s +30% jump), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.
The Sources
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