The Morning Bull - US Market Morning Update Tuesday, Feb, 3 2026

US stock futures are slightly higher this morning, with E mini S&P 500 contracts up about 0.2% to 0.3%, as investors weigh stronger factory activity against steady borrowing costs. The ISM Manufacturing PMI registered 52.6 in January 2026, its first expansion in a year, which signals factories are getting busier and hiring is improving. A similar score of 52.4 from the S&P Global US Manufacturing PMI points to firmer demand but also rising input costs and prices, meaning companies may face pressure on profit margins. The key question now is whether this healthier factory picture, together with a 4.27% 10 year Treasury yield, hurts rate sensitive areas like real estate and utilities more than it helps economically sensitive sectors such as industrials and small caps.

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Top Movers

• Sandisk (SNDK) jumped 15.44% after strong earnings, fresh guidance, and a renewed Kioxia partnership.
• Carnival Corporation & (CCL) climbed 8.09%.
• Lumentum Holdings (LITE) gained 8.06% after Morgan Stanley raised its price target on the shares.

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Top Losers

• Robinhood Markets (HOOD) declined 9.62% as traders reacted to reports on a potential Trump account trustee role.
• Venture Global (VG) fell 7.96% despite a recent bullish analyst initiation and mixed prior price target changes.
• Walt Disney (DIS) slipped 7.40% following earnings, CEO succession headlines, and analyst commentary on recent results.

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On The Radar

Earnings from mega cap tech, large pharmaceuticals, and consumer names sit alongside a closely watched Friday jobs report.

• Labor Market Data: Friday’s US jobs report will help frame rate expectations alongside the 4.27% 10 year Treasury yield.
• Alphabet (GOOGL) reports Q4 2025 results After-Market on Wednesday, a key read on digital advertising and cloud demand.
• QUALCOMM (QCOM) posts Q1 2026 results After-Market on Wednesday, spotlighting smartphone and device chip demand trends.
• Pfizer (PFE) shares Q4 2025 results on Tuesday, with attention on its revenue mix and post pandemic product pipeline.
• PepsiCo (PEP) reports Q4 2025 earnings Tuesday Pre-Market, providing a view of global snacking and beverages pricing power.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.