Pre-market on February 5, 2026

Below is a summary of important pre-market movements for February 5, 2026, with mixed market sentiment primarily driven by tech stock concerns. You should focus on the following key information:

1. Overall Market Sentiment: Cautious Atmosphere Amid Tech Sell-off

Current U.S. stock index futures show mixed trends, but overall market sentiment is cautious due to pressure from tech stocks.

Key Index Futures Movements

· Nasdaq 100 Futures: According to multiple media sources, down about 0.68%, indicating heavy selling pressure on tech stocks. Other data shows a slight 0.3% increase, reflecting market divergence in this sector.
· S&P 500 Futures: Down approximately 0.45% - 0.52%.
· Dow Jones Futures: Down about 0.28% - 0.30%.

Core Market Sentiment
The large-scale sell-off in software stocks is the current market focus. Data shows that the U.S. software sector has lost about $1 trillion in market cap year-to-date, with Goldman Sachs' software index recording "seven consecutive declines." Concerns that AI may disrupt traditional software business models have led to capital outflows from the tech sector. Meanwhile, hedge funds are increasing short positions in software stocks.

2. Key Stock and Sector Pre-Market Movements

Below is a summary of individual stock and sector performances based on the latest news. Note that pre-market price movements are volatile, and data is as of the time of writing. Verify the latest market conditions before trading.

🚀 Pre-Market Gainers

· NIO (NIO): Up over 10% pre-market, now up about 6.5%. The company expects to achieve its first adjusted operating profit in Q4 2025, serving as the main catalyst for the rise.
· Semiconductor/Chip Equipment Sector: Broadcom (AVGO) up nearly 6%, AMD (AMD) and NVIDIA (NVDA) up over 2%. Boosted by Google's massive capital expenditure plans, the market expects increased demand for upstream chips.
· Chinese ADRs: Generally rising, with Baidu (BIDU) leading at +4.6%. Alibaba, Pinduoduo, and NetEase also saw gains.
· Memory Sector: Technical rebound, with Micron (MU) and SanDisk (SNDK) up 1-3% after a sharp decline in the previous session.

📉 Pre-Market Decliners

· Google (GOOGL): Down 4% to 4.6%. Despite beating Q4 earnings expectations, the company's projected 2026 capital expenditures of up to $185 billion (nearly double YoY) raised concerns about its "burn rate" and AI ROI.
· Qualcomm (QCOM): Plunged over 11%. While Q1 earnings beat expectations, its Q2 guidance fell short. The company cited global memory shortages and weak smartphone demand as headwinds.
· Arm (ARM): Down over 7%. Despite revenue guidance exceeding analyst estimates, it failed to meet some investors' higher expectations, sparking concerns about overvalued AI chip stocks.

3. Key Events for Today (February 5)

These events may trigger intraday volatility and warrant close attention.

· Economic Data (23:00 Beijing Time): U.S. December JOLTs Job Openings.
· Economic Data (21:30 Beijing Time): U.S. Weekly Initial Jobless Claims.
· Earnings (After-Hours): Amazon (AMZN) will report quarterly earnings after today's market close. Its results and outlook for AWS and AI investments could be pivotal for tomorrow's tech sector direction.
· Other Events: The U.S. President will speak at 03:00 Beijing Time on February 6.

Key Notes

1. Data Verification: Minor discrepancies in index futures reports reflect market uncertainty. Always check the latest real-time data before the open.
2. Sentiment-Driven: The market is highly sensitive to tech sector narratives, especially around software and AI capex. Forward guidance in earnings reports now impacts stocks more than historical performance, as seen with Google and Qualcomm.
3. Watch Amazon: As the marquee earnings report tonight, Amazon's performance will be critical in determining whether the tech sell-off pauses or intensifies.