Bitget UEX Daily Report | Spot gold and silver continue to decline, Bitcoin plummets; Amazon's capital expenditure of 200 billion raises concerns; U.S. job vacancies drop to the lowest level since 2020 (February 6, 2026)

# 1. Hot News

Federal Reserve Dynamics

U.S. December job vacancies unexpectedly drop to the lowest since 2020, exacerbating weak labor demand

• Key Event: Job vacancies fell from 6.93 million to 6.54 million, below expectations, mainly dragged down by professional services and retail.
• Key Points: Layoff numbers slightly increased, hiring rebounded but remained overall sluggish; the ratio of unemployed to job vacancies dropped to 0.9, indicating a balance between supply and demand.
• Market Impact: Reinforces the Federal Reserve's view that wage growth is not an inflationary source, potentially supporting a gradual easing policy, but may increase stock market volatility in the short term.

Trump's nominee Walsh may face lawsuits over interest rate issues, Treasury Secretary says it's up to the President

• Key Event: Treasury Secretary Basent stated that the decision to sue Walsh is up to Trump, depending on whether he responds to calls for rate cuts.
• Key Points: Trump jokingly mentioned suing Walsh, but is expected to push for rate cuts; the Senate has not yet scheduled a confirmation hearing.
• Market Impact: Uncertainty around the nominee amplifies volatility in Federal Reserve policy expectations, potentially boosting the dollar and suppressing risk assets.

International Commodities

CME raises gold and silver futures margin requirements, gold and silver prices continue to decline

• Key Event: CME raises gold margin to 9% and silver to 18%, effective February 6.
• Key Points: The adjustment targets certain futures contracts to control leverage risk; spot gold fell 0.8%, and silver continued to drop nearly 5%.
• Market Impact: The margin increase intensifies selling pressure, erasing silver's gains for the year, and may further suppress enthusiasm for leveraged trading in the commodity market.

Silver's plunge continues, erasing all gains for the year

• Key Event: Spot silver fell 5% following a 20% drop the previous day, breaking below the $70 mark.
• Key Points: Down over 40% from the January 29 peak; platinum and palladium also fell over 1%, with market turmoil reaching levels rarely seen since 1980.
• Market Impact: The historic sell-off highlights the vulnerability of the commodity market, potentially prompting investors to shift to more stable assets, amplifying overall volatility.

Macroeconomic Policy

Trump states it's better to create a new treaty than to extend the new strategic arms reduction treaty

• Key Event: Trump emphasized rebuilding U.S. military strength, criticized existing treaties for violations, and called for a modernized new agreement.
• Key Points: Mentioned the establishment of space forces and the renovation of nuclear weapons; claimed to prevent multiple potential nuclear wars, including the Russia-Ukraine conflict.
• Market Impact: Rising geopolitical policy uncertainty may increase demand for safe-haven assets but could also exacerbate global trade friction affecting the stock market in the short term.

Canada announces new electric vehicle strategy, plans to collaborate with China

• Key Event: Prime Minister Carney launched the EV strategy, reinstated car purchase subsidies, and plans to collaborate with China to promote domestic production and exports.
• Key Points: Aims to diversify auto exports using trade agreements; targets becoming a global EV leader.
• Market Impact: Strengthening Canada-China cooperation may alleviate supply chain pressures, but trade policy uncertainty could affect volatility in related sectors.

# 2. Market Review

Commodity & Forex Performance

• Spot Gold: Down 0.42% to $4,755/ounce; continues to decline, dragged down by a rebound in the dollar and margin increases.
• Spot Silver: Down 1.93% to $69.54/ounce; continued plunge erases gains for the year, with volatility reaching record highs.
• WIT Crude Oil: Down 0.82% to $62.76/barrel; geopolitical easing and demand concerns dominate, retreating after an early morning rebound.
• Dollar Index: Up 0.02% to 97.946; nominee selection boosts hawkish expectations, ending recent weakness.

Cryptocurrency Performance

• BTC: Down 14.21% to $63,086; continues to decline, approaching the $60,000 mark.
• ETH: Down 12.96% to $1,874; key feature is dropping to August lows, influenced by overall market sell-off.
• Total Cryptocurrency Market Cap: Down 12.3% to $2.23 trillion; driven by leveraged liquidations and risk-averse sentiment.
• Market Liquidation Situation: Long liquidations dominate, with $2.314 billion in long liquidations and $305 million in short liquidations, totaling $2.663 billion.

U.S. Stock Index Performance

• Dow Jones: Down 1.2%; declines for three consecutive days, dragged down by tech stocks.
• S&P 500: Down 1.23%; key feature is entering negative territory for 2026.
• Nasdaq: Down 1.59%; driven down by the tech sector, with declines exceeding 1% for three consecutive days.

Tech Giants Dynamics

• Amazon (AMZN): Down 4.42%, with annual capital expenditure of $200 billion exceeding expectations, raising concerns.
• Microsoft (MSFT): Down 4.95%, with uncertainty over AI investment returns increasing.
• Alphabet (GOOGL): Down 0.54%, with 2026 capital expenditure of $175-185 billion above consensus.
• Meta (META): Up 0.18%, but the overall tech sector is under pressure.
• Apple (AAPL): Down 0.21%, relatively defensive but affected by the broader market.
• Nvidia (NVDA): Down 1.33%, with storage chip shortages delaying new product launches.
• Tesla (TSLA): Down 2.17%, with growth stocks under pressure amid market rotation. Core reason: AI capital expenditure exceeding expectations raises concerns over free cash flow, leading to a collective pullback in tech stocks.

Sector Movement Observation

Semiconductor Equipment Down 0.29%

• Representative Stocks: KLA Corporation up 19%, FormFactor up 17%.
• Driving Factors: Supply chain bottlenecks persist, but strong demand supports a rebound in equipment stocks.

Gold and Silver Stocks Down Over 7%

• Representative Stocks: First Majestic Silver down nearly 10%, Pan American Silver down nearly 9%.
• Driving Factors: Plummeting spot prices and margin increases trigger a wave of selling.

# 3. In-Depth Stock Analysis

1. Amazon - Annual capital expenditure of approximately $200 billion exceeds expectations

Event Overview: Amazon's fourth-quarter net sales were $213.39 billion, slightly exceeding expectations; AWS sales grew by 24%; operating profit was $24.98 billion; however, the expected capital expenditure for 2026 is $200 billion, far above the consensus of $146.1 billion. The first-quarter sales guidance is $173.5-178.5 billion, roughly in line with expectations. The performance includes expense provisions and restructuring assumptions, with EPS of $1.95 close to expectations. Strong demand for AI, chips, and robotics, but high expenditures raise market concerns, leading to a post-market drop of over 11%. Market Interpretation: Institutional views are divided; Goldman Sachs believes high expenditures reflect a commitment to AI investment but may squeeze short-term cash flow; Morgan Stanley is concerned about return uncertainty and has adjusted the target price down by 10%. Investment Insight: High expenditures may suppress stock prices in the short term, but long-term AI positioning could drive growth; it is advisable to watch for signs of cash flow improvement.

2. Novo Nordisk - Competitor launches generic drug leading to a sharp decline in stock price

Event Overview: Novo Nordisk's weight loss drug Wegovy faces competition from Hims & Hers Health, which launched a generic drug at $49 for the first month and $99 thereafter, significantly lower than the original drug's starting price of $149. The company stated this is an illegal compounding, posing significant risks to patients, and plans to take legal action. Eli Lilly also fell nearly 8%, reflecting market concerns over brand drug pricing pressure. Fourth-quarter results have not been released, but intensified competition has led to a stock price drop of over 8%. Market Interpretation: JPMorgan believes the impact of generic drugs will short-term affect pricing power, but intellectual property protection can maintain advantages; Goldman Sachs downgraded the rating, expecting a market share loss of 5-10%. Investment Insight: Increased competition may erode profits, but a legal victory could solidify the position; it is advisable to avoid in the short term.

3. Qualcomm - Second-quarter guidance falls short of expectations due to supply chain bottlenecks

Event Overview: Qualcomm's first-quarter revenue was $12.25 billion, better than expected; adjusted EPS was $3.50, exceeding expectations. However, the second-quarter revenue guidance is $10.2-11 billion, below the consensus of $11.2 billion; EPS guidance is $2.45-2.65, below the expected $2.89. The mobile chip business is constrained by storage chip shortages, with net profit in the first quarter down 1% year-on-year. The stock price continues to drop over 8%. Market Interpretation: UBS believes supply chain issues will drag in the short term, but 5G demand is strong; Barclays lowered the target price, emphasizing that shortages may persist until mid-year. Investment Insight: There is significant growth potential after supply chain improvements, but current uncertainty is high; it is advisable to wait for guidance upgrades.

4. Estée Lauder - This year's performance guidance is below expectations

Event Overview: Estée Lauder's fourth-quarter sales were $4.23 billion, in line with expectations; adjusted EPS was $0.89, exceeding expectations. However, the annual net sales growth guidance is 3-5%, below the consensus of 4.3%; EPS guidance is $2.05-2.25, below the expected $2.16. The company is reshaping its brand through marketing expenditures while facing tariff pressures, leading to a stock price drop of over 19%. Market Interpretation: Citigroup believes the conservative guidance reflects weak demand; Goldman Sachs maintains a neutral stance, expecting the reshaping to take 1-2 years. Investment Insight: Short-term performance pressure is significant, but brand reshaping could enhance long-term competitiveness; it is advisable to consider low-position layouts.

5. Nvidia - Storage chip shortages delay the release of new gaming chips

Event Overview: Nvidia is affected by a global storage chip shortage triggered by the AI boom, delaying the release of new gaming chips. Insiders reveal that this issue is worsening, affecting satellite business expansion. The stock price fell over 1%, reflecting supply chain concerns. Market Interpretation: Morgan Stanley believes the shortage is a short-term bottleneck, and AI demand will drive recovery; Credit Suisse warns that delays may impact Q1 revenue. Investment Insight: Supply chain risks suppress short-term performance, but the AI cycle supports long-term growth; it is advisable to monitor chip supply dynamics.

# 4. Cryptocurrency Project Dynamics

1. MSTR reports a net loss of $12.4 billion in Q4 2025, with stock price plummeting 17% due to Bitcoin's crash.
2. Ethereum drops to an 8-month low, with a market cap evaporation of $345 billion.
3. Equation founder Vida buys 128.28 Bitcoins at an average cost of approximately $62,363.57.
4. Vitalik plans to sell 16,384 ETH for donations, with 27.6% of the sales progress completed.
5. Gemini plans to cut up to 25% of its workforce, affecting about 200 positions.

# 5. Today's Market Calendar

Data Release Schedule

Important Event Forecast

• Federal Reserve Vice Chairman Jefferson's Speech: 12:00 - Focus on interest rate path and policy uncertainty.
• Consumer Credit: 15:00 - Focus on consumer spending trends.

Bitget Research Institute's View:

The continued decline of U.S. tech stocks by 1.2-1.6% reflects concerns over AI capital expenditures; Morgan Stanley warns of free cash flow pressure but is optimistic about long-term AI growth. Goldman Sachs raises the gold target to $5,400, viewing geopolitical risks and central bank gold purchases as support, but short-term volatility is expected to increase; silver price is expected at $79.50, with ING emphasizing that the dollar rebound suppresses it. Crude oil fell 3.53% due to geopolitical easing, with BofA viewing demand concerns as dominant. The dollar rebounded 0.75% due to hawkish nominations, while the cryptocurrency market cap fell 7% accompanied by $1.45 billion in liquidations; JPMorgan is optimistic about Bitcoin's long-term potential at $266,000, but short-term weakness persists.

Disclaimer: The above content is organized by AI search, with human verification for publication, and should not be considered as any investment advice.