Most Important News

1. Daly Eyes One Or Two Cuts
2. STC Wins SAR 3B Syria Project
3. Dow Hits Historic 50,000 Milestone, Nvidia Gains 8% Spark Tech Rebound

At the close of 5/2/2026, the Tadawul All Shares Index(TASI.SA) decreased by 1.34%; the Parallel Market Capped Index (NomuC)(NOMUC.SA) rose by 0.23%.

US stocks surged on Friday as technology stocks recovered following several days of heavy selling in the sector and bitcoin rebounded following a rout that took the popular cryptocurrency down more than 50% at one point.

The Dow Jones Industrial Average(DJI.US) advanced 1,206.95 points, or 2.47%, closing at 50,115.67. Friday marked the first time the Dow exceeded the 50,000 level. The S&P 500 index(SPX.US) jumped 1.97% and ended at 6,932.30, while the NASDAQ(IXIC.US) advanced 2.18% to 23,031.21. With those moves, the S&P 500 climbed back into the green for 2026.

Volatility Linked To Technical Factors

The Tadawul All Shares Index(TASI.SA) fell 1.7% for the first week of full foreign access, initially dropping 1.89% on Feb. 1. While total foreign shareholding remained unchanged, active rebalancing saw ownership decline in 120 firms and increase in 97, as experts project the reforms will unlock $10 billion in new capital. Economist Talat Hafiz attributes the volatility to technical profit-taking and sentiment rather than the market opening itself.

Saudi POS Spending Surges 28%

Saudi POS transactions surged 27.8% to SAR 16 billion for the week ending Jan. 31. Data from SAMA highlights that food and beverage spending led with SAR 2.6 billion, while jewelry outlays spiked 55.5%, signaling robust consumer activity across the Kingdom.

Daly Eyes One Or Two Cuts

San Francisco Fed President Mary Daly signals one or two more rate cuts to combat labor market fragility. With rates at 3.50%-3.75% and unemployment at 4.4%, Daly prioritizes jobs as January payroll growth is expected within the slim 60,000-80,000 range.

KSA Stocks

STC Wins SAR 3B Syria Project

Saudi Telecom Co.(7010.SA) was awarded a SAR 3 billion project by the Syrian Sovereign Fund to implement "Silklink" infrastructure. Holding a 75% stake, stc will build a 4,500km fiber network and data centers to link Arab, Asian, and European markets, boosting regional digital connectivity.

Arabian Drilling Names New CEO

Arabian Drilling Co.(2381.SA) appointed Fahad Abdullah Al-Bani as CEO, effective Feb. 10, following Ghassan Mirdad’s resignation for personal reasons. Al-Bani, an ex-Saudi Aramco VP with 30 years of experience, succeeds Mirdad.

Flynas Takes 49% Flynas Syria Stake

Flynas Co.(4264.SA) signed an agreement to establish flynas Syria, holding a 49% stake alongside the Syrian Civil Aviation Authority’s 51% share. The low-cost carrier is scheduled to begin operations in Q4 2026, targeting international routes across the Middle East, Africa, and Europe.

SARCO Subsidiary Inks UK Ammonia Deal

Saudi Arabia Refineries Co.(2030.SA) subsidiary Clean Energy Company signed a non-binding MOU with UK-based AGR to purchase 100% of green ammonia production from its proposed Jazan facility. The six-month deal advances renewable targets, though no immediate financial impact is expected from this preliminary agreement.

USA Stocks

Dow Hits Historic 50,000 Milestone, Nvidia Gains 8% Spark Tech Rebound

US stocks soared as the Dow Jones Industrial Average(DJI.US) topped 50,000 for the first time. The PHLX Semiconductor(SOX.US) jumped 5.7% on NVIDIA Corporation(NVDA.US) optimism, while Amazon.com, Inc.(AMZN.US) slid 5.6% after forecasting heavy AI spend. Bitcoin reclaimed $70,000 amid a six-month high in consumer confidence.

NVDA CEO Defends AI Spending Cycle

NVIDIA Corporation(NVDA.US) CEO Jensen Huang defended massive tech spending as “rational,” projecting a seven-to-eight-year infrastructure cycle. Despite Amazon.com, Inc.(AMZN.US), Alphabet Inc. Class A(GOOGL.US), Meta Platforms(META.US), and Microsoft Corporation(MSFT.US) losing $1 trillion in market value over capex concerns, Huang maintains that “extremely high” demand and ROI justify continued data center investment.

DOJ Probes Netflix 72B Warner Deal

The DOJ is probing Netflix, Inc.(NFLX.US) regarding its $72 billion acquisition of Warner Bros. Discovery, Inc. Series A(WBD.US) assets. Federal subpoenas sent to competitors investigate potential exclusionary tactics as the combined entity would control 30% of the U.S. streaming market, sparking significant antitrust concerns.