US stocks spent Thursday behaving like a slightly over-caffeinated, negative economist: plenty of motion & an overall negative conviction, as investors digested another wave of tech volatility, macro cross-currents, and a busy new-issue calendar heading into Friday’s jobs data. As evidence the markets “fear gauge” the CBOE Volatility Index (VIX) closed at $21.77, +16.79%.
Major indexes
The S&P 500 extended this week’s pullback, slipping 1.23% further to 6,789.40 after Wednesday’s tech-led selloff left the benchmark nursing its worst back‑to‑back decline since last fall and flirting with year‑to‑date red. The Dow Jones Industrial Average, already hit hard by Wednesday’s nearly 600‑point slide, continued to trade heavy falling 1.20% to 48,908.72 as investors rotated out of richly valued growth and into cash with uncharacteristically few complaints.
The Nasdaq, still the market’s high‑beta mood ring, underperformed again falling 1.59% to 22,540.59 as software and AI favorites stayed under pressure, reinforcing the sense that 2026’s opening act is about valuation discipline rather than speculative euphoria. The Russell 2000, which had enjoyed a strong start to the year on hopes of easier financial conditions, has lately been caught between falling rate‑cut expectations and lingering growth worries, leaving small caps volatile but not decisively broken nd fell 1.79% today to 2,577.65.
Macroeconomic backdrop and the Fed
Today’a report of Weekly Jobless Claims (Week Ending Jan 31) confirmed that Initial Claims advanced, unadjusted claims rose to 251,651, an increase of over 20,000 from the previous week. The trend is showing that the data indicates a distinct softening in the labor market, contributing to a “risk-off” sentiment in financial markets.
The Federal Reserve remains in a higher‑for‑longer posture, with markets pricing a steady policy rate near term and only gradual easing later this year if growth softens more visibly. FOMC communication this week has broadly reinforced that playbook: inflation progress is “good, not done,” wage growth is being watched like a hawk, and any cuts will be delivered on the Fed’s schedule, not Wall Street’s wish list.
On the yield curve, longer‑term Treasury yields have drifted modestly higher from January levels as term premia rebuild and investors reassess how quickly policy might normalize, leaving the curve still distorted by years of aggressive tightening but less dramatically recession‑priced than in 2023–24. That combination—sticky real yields and a Fed in no hurry—has been enough to reintroduce two‑way risk into both equities and duration trades.
Trade, tariffs and policy noise
Tariff and trade headline risk continues to simmer rather than boil, with corporate dealmakers and boardrooms still planning against an “unsteady tariff and geopolitical outlook” that complicates long‑term capital allocation. While no blockbuster new tariff package grabbed the tape today, the backdrop of shifting US–China policy, election‑year rhetoric, and sector‑specific levies remains a key input into valuation spreads between domestically focused names and global cyclicals.
That uncertainty has also seeped into M&A planning, where strategics and sponsors alike are building tariff and supply‑chain scenarios into deal models, even as improving CEO confidence and the prospect of lower rates encourage a gradual reopening of the transaction pipeline.
Sector and single‑name color
The tech complex stayed at the center of the market’s identity crisis, with mega‑cap AI and semiconductor leaders still digesting outsized gains from 2025 as investors rotate selectively rather than abandon the theme. Analyst traffic this week again highlighted bellwethers such as Nvidia, Apple, Tesla, and Palantir, underscoring how crowded positioning and elevated expectations can make even good news feel merely adequate to a market priced for greatness.
Across software and high‑growth tech, skepticism has risen noticeably, with frequent references to “ultra high” negativity around the group—an environment in which any wobble in guidance or bookings can earn a punitive response. In contrast, more traditional cyclicals and value sectors have benefited on the margin from relative flows, even if absolute performance remains hostage to macro and policy clarity.
Phibro Animal Health Corporation (Nasdaq: PAHC, $50, +21.95%) announced (Feb. 4) financial results for its second quarter ended December 31, 2025, and its updated financial guidance for the year ending June 30, 2026. The highlights included the following: Net sales of $373.9 million, an increase of $64.6 million, or 21%, Net income of $27.5 million, an increase of $24.3 million, & Diluted earnings per share of $0.67, an increase of $0.59.
Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC, $66.40, +19.27%), announced (Feb. 4) financial results of its first fiscal quarter ended January 3, 2026. The Company reported first quarter net revenue of $199.6 million, net income of $16.8 million, representing EPS of $0.32 per fully diluted share, and non-GAAP net income of $23.1 million, representing non-GAAP EPS of $0.44 per fully diluted share.
M&A, SPACs and deal flow
Dealmakers are edging back out of their foxholes, with 2026 shaping up as a year of gradual M&A recovery rather than an exuberant boom, particularly in the middle market. Large‑cap transactions and private‑equity platform deals have shown the most momentum, helped by stronger balance sheets, easier access to capital, and a more permissive antitrust stance from Washington that has allowed notable 2025 deals to clear scrutiny.
In the SPAC corner, SPACSphere Acquisition Corp. priced a $150 million IPO at $10 per unit, with trading scheduled to begin on Nasdaq under the symbol SSACU, keeping the blank‑check niche alive if not exactly fashionable. Iron Horse Acquisition II Corp. also moved along the SPAC lifecycle, with its units’ ordinary shares and rights set to begin separate trading on Nasdaq starting February 6, giving arbitrage desks at least something to talk about over coffee.
IPO pipeline: NYSE and Nasdaq
The primary IPO market showed genuine signs of life, with several growth stories lining up to test investor appetite. Once Upon a Farm, a producer of fresh organic foods for children, plans to list on the NYSE on February 6, offering just under 11 million shares at an indicative range of 17 to 19 dollars for roughly 198 million dollars in proceeds at the midpoin.
On Nasdaq, Liftoff Mobile, an AI‑driven mobile advertising and user‑acquisition platform, is slated to debut the same day with a 25.4 million‑share offering at 26 to 30 dollars, targeting around 711 million dollars in proceeds and a valuation near 4.8 billion dollars. Biotech remains in the mix as well: Belgium‑based AgomAb Therapeutics is aiming for a February 6 Nasdaq listing, marketing 12.5 million ADS at 15 to 17 dollars for about 200 million dollars in fresh capital and a roughly 780 million‑dollar market cap at the midpoint.
Commodities and crypto
The precious‑metals market has been living its own soap opera, with silver whipsawing violently—surging to a new all‑time high near 120 dollars before crashing more than 25 percent in a single day—as speculative froth met the laws of gravity. Silver closed at $67.80/oz., -11.62% today. Gold closed at $4,738.70/oz., -3.08% traced a similar arc with less drama, retreating from recent strength but showing more resilience at the lows, leaving traders debating whether the metal is pausing before another leg higher or simply catching its breath after a sprint.
In energy, crude oil closed at $62.65/bbl, -1.01% after it pushed higher in recent sessions as geopolitical tensions and fears of supply disruption in the Middle East supported prices and took the benchmark to multi‑month highs, re‑injecting an inflationary wild card into the macro conversation. The digital‑asset complex, by contrast, has been moving in the opposite direction: Bitcoin has broken down below key long‑term support and recently traded under the 70,000‑dollar area and even beneath 61,000 in intraday action, underscoring a broader crypto risk‑off phase even as traditional assets had previously rallied.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.4420, +1.35%) 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, $8.46), 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, $2.58%), 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, $.4477) and M2i Global, Inc. (MTWO, $.0498) 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, $2.47), 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, $29.40) 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 $9.46. 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, $2.33), 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
- WSJ – Growth Scare Hits Markets Edgy From Tech Selloff
https://www.wsj.com/finance/stocks/growth-scare-hits-markets-edgy-from-tech-selloff-9a5a0da8[wsj] - WSJ – Stock Market Today: Nasdaq Slumps Again as Jobs Data Collides…
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-05-2026[wsj] - WSJ – Weak Hiring, Layoff Plans Paint a Gloomy Labor-Market Picture
https://www.wsj.com/economy/jobs/weak-hiring-layoff-plans-paint-a-gloomy-labor-market-picture-cfda129d[wsj] - WSJ – The Software Rout Is Spreading Pain to the Debt Markets
https://www.wsj.com/finance/investing/the-software-rout-is-spreading-pain-to-the-debt-markets-d6dd1397[wsj] - WSJ – Finance and Markets section (broad market, Fed, rates)
https://www.wsj.com/finance[wsj] - MarketWatch via Morningstar – S&P 500 turns negative for 2026 as investors add job market to worries
https://www.morningstar.com/news/marketwatch/20260205462/sp-500-turns-negative-for-2026-as-investors-add-job-market-to-a-growing-list-of-worries-facing-wall-street[morningstar] - WSJ Archive – February 2026 News (for broader context and additional articles)
https://www.wsj.com/news/archive/2026/february[wsj] - SteelPeak Wealth – Weekly Economic Update: February 02, 2026
https://blog.steelpeakwealth.com/news-insights/weekly-economic-update-february-02-2026[blog.steelpeakwealth] - FinancialJuice – Week Ahead: Economic Indicators 2nd–6th February (US)
https://features.financialjuice.com/2026/01/30/week-ahead-economic-indicators-2nd-6th-february-us/[features.financialjuice] - GoDo CM – The Week Ahead: Key Economic Events Feb 2–6, 2026
https://www.godocm.com/the-week-ahead-key-economic-events-and-market-insights-feb-2-6-2026/[godocm] - Stock Analysis – IPO Calendar (Liftoff Mobile, Once Upon a Farm, AgomAb, etc.)
https://stockanalysis.com/ipos/calendar/[stockanalysis] - Yahoo Finance – IPO Calendar (daily NYSE/Nasdaq listings)
https://finance.yahoo.com/calendar/ipo?day=2026-02-06[finance.yahoo] - Yahoo Finance – IPO Calendar (alternate view)
https://sg.finance.yahoo.com/calendar/ipo?day=2026-02-06[sg.finance.yahoo]
