In a fitting summary for the day, hard assets glittered, AI narratives wobbled, and Eli Lilly proved that in 2026, the market’s favorite growth story is just as likely to come from the medicine cabinet as from the data center. Broadly on Wednesday, the S&P 500 spent the day backing away from recent highs, closing .51% lower as investors rotated out of the most stretched growth names and into more reasonably valued fare. However, the Dow Jones Industrial Average, still hovering near record territory, added .53% today. The tech-heavy Nasdaq Composite underperformed losing 1.51% as investors took profits in the AI complex after a torrid start to the year. The small‑cap Russell 2000 also finished in the red by .90%, though its year‑to‑date advance still comfortably outpaces the large‑cap benchmarks, a reminder that Wall Street’s risk appetite hasn’t exactly gone on a diet.
Macroeconomic Data, Yields and the Fed
Wednesday’s economic calendar featured the ADP National Employment Report, the ISM Non‑Manufacturing index, and factory‑related figures, giving markets a fresh read on labor demand and services‑sector momentum. The combination keeps the “Goldilocks” debate alive: job growth remains solid enough to keep recession fears at bay, yet not quite hot enough—so far—to force the Federal Reserve into fresh hawkish theatrics. On the Treasury side, the yield curve held in inverted territory, with short‑dated yields still anchored by policy expectations while longer maturities reflected cooling inflation and modest growth, a structure that continues to whisper “late cycle” even as equities behave like it’s the opening night of a bull market.
The Fed’s policy calendar remains the central scheduling note on Wall Street’s fridge: the FOMC is slated for its next regular meeting later this quarter, one of eight on the year, and investors are busily handicapping the timing and magnitude of any eventual rate cuts. Recent Fed communications have leaned patient rather than panicked, keeping markets on watch for a “higher for a bit longer” stance that still leaves room for mid‑year easing if incoming data cooperate.
Trade, Tariffs, M&A and IPOs
Tariffs remain the ghost at the banquet: earlier in the year, new trade measures and last year’s “Liberation Day” tariff shock under President Trump were blamed for sidelining a swath of consumer and retail deal‑making before activity rebounded in late 2025. Dealmakers now see scope for more retail‑ and consumer‑focused mergers and IPOs through 2026 as companies adjust to the new tariff regime rather than hide from it. While Wednesday did not deliver a marquee, market‑moving acquisition or buyout, the tone in M&A circles is notably more optimistic than the tariff‑paralyzed backdrop of last year. IPO pipelines at the NYSE and Nasdaq are slowly refilling, particularly in consumer and tech, but the day passed without a flagship, front‑page debut, suggesting that underwriters still prefer a patient launch schedule in a data‑dependent tape.
Corporate Scorecard: Weight‑Loss, Wafers and Wires
Eli Lilly (LLY) once again played the role of market darling rising 10.33% to close at $1,107.12, while projecting 2026 profit of (33.50) to (35) dollars per share, ahead of Wall Street’s expectations, as weight‑loss drugs Zepbound and Mounjaro continued to do what few diet plans can: actually move the numbers in a hurry. The company guided 2026 revenue to roughly 80–83 billion dollars, also topping estimates, and investors rewarded the upbeat outlook with a sharp rally that left Lilly trading near the upper reaches of its already lofty range. In a market besotted with AI, it was the obesity franchise that stole the growth spotlight, reminding investors that not all transformative code is written in Python.
Across the broader mega‑cap tech and chip complex—including Taiwan Semiconductor, NVIDIA, Micron, Apple, Tesla, Broadcom, Meta, Oracle, Intel, Oklo, Opendoor and Palantir—the mood was quite sour, with investors alternating between enthusiasm for AI and autonomy narratives and fatigue with how far valuations have already run. Recent analyst calls have remained supportive for the AI bellwethers: Palantir has earned fresh upgrades after a pullback, NVIDIA and Broadcom continue to feature prominently on bullish tech lists, and Tesla still draws optimistic notes tied to its robot and autonomy ambitions. McDonald’s (MCD, $323.69, +1.32%), meanwhile, has benefited from renewed analyst enthusiasm as franchise checks point to improving traffic trends, a reminder that in a world obsessed with chips—both silicon and potato—comfort food still commands a premium multiple.
Nokia (NOK, $6.80, +1.64%), Rio Tinto Group (RIO, $96.48, +.11%), and other more cyclical or traditional names traded largely in the slipstream of macro developments and commodity prices, with investors weighing China’s demand outlook, metals volatility, and the trajectory of global capital spending. While none delivered a headline‑grabbing surprise on the day, they remained key barometers for whether the rally is broadening beyond glamour tech into the more prosaic corners of the market.
Commodities and Crypto: Glitter, Grit and Code
In commodities, gold futures climbed back above the 5,000‑dollar mark briefly, but still closed just below at $4,999.90/oz., +.99% helped by a slightly softer dollar and renewed demand for portfolio ballast as equities wobbled. Silver joined the party with outsized percentage gains of 3.95% to close at $87.32/oz., a familiar high‑beta understudy whenever gold reclaims center stage. Crude oil prices, by contrast, dropped 1.34% to $64.27/bbl.
Bitcoin futures spent the session below recent highs, with February contracts trading in the 73k‑dollar area after a steep drawdown from late‑2025 peaks north of 100,000 dollars. The digital asset’s recent slide—roughly a 25–30 percent retreat over the past several months—has turned it from cocktail‑party brag to a live‑fire test of investors’ risk tolerance, even as traditional safe havens like gold reclaim the spotlight.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.4361) 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, $8.79), 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, $2.82, +7.22%), 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, $.4750) and M2i Global, Inc. (MTWO, $.0573) 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, $2.76, +1.47%), 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, $29.90, +2.71%) 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 $9.88, +.82%. 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, $2.65), 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
- U.S. stock index performance and commentary (CommSec Morning Report):
https://www.youtube.com/watch?v=3qO64Rsl_O4[youtube] - S&P 500 technical backdrop and outlook for Feb. 3, 2026:
https://www.fullyinformed.com/stock-market-outlook-for-tue-feb-3-2026-bounce-and-higher/[fullyinformed] - U.S. equity momentum and value‑oriented commentary for February 2026:
https://finance.yahoo.com/news/february-2026s-value-picks-stocks-113805029.html[finance.yahoo] - Weekly market context around Fed, earnings, and economic reports:
https://www.murrayfinancialservices.com/february-02-2026-weekly-market-commentary/[murrayfinancialservices] - Gold, silver, crude oil, and Bitcoin macro/technical backdrop for early February 2026:
https://www.dailyforex.com/forex-technical-analysis/2026/02/weekly-forex-forecast-01th-to-06th-02-2026/240541[dailyforex] - Bitcoin technical outlook and levels for Feb. 3, 2026:
https://forex24.pro/bitcoin-forecast/bitcoin-forecast-and-btc-usd-analysis-for-february-3-2026/[forex24] - CME Bitcoin Feb 2026 futures overview and related commodities headlines:
https://www.marketwatch.com/investing/future/btcg26[marketwatch] - CME Bitcoin Feb 2026 futures prices and news:
https://www.wsj.com/market-data/quotes/futures/BTCG26[wsj] - Analyst calls on Nvidia, Apple, Tesla, Palantir, McDonald’s and others (stock‑specific news):
https://www.cnbc.com/2026/02/02/monday-stocks-from-analyst-calls-like-nvidia.html[cnbc] - AI‑related equities and Palantir/Micron/Nvidia valuation and positioning:
https://www.nasdaq.com/articles/3-artificial-intelligence-stocks-buy-2026-could-be-better-picks-palantir[nasdaq] - Broader U.S. high‑growth tech landscape including Palantir and peers:
https://finance.yahoo.com/news/exploring-us-high-growth-tech-173903244.html[finance.yahoo] - U.S. economic calendar for Tuesday, Feb. 3, 2026 (reports and events schedule):
https://x.com/marketsday/status/2017591570523111495[x]
