Dow surges 1,200 points for first close above 50,000 in sharp rebound from tech rout: Live updates

The three leading U.S. indexes finished solidly higher on Friday.

The Dow Jones Industrial Average surged 1,206.95 points, or 2.47%, to close at 50,115.67 — its first close above 50,000. The S&P 500 gained 1.97% to end at 6,932.30, while the Nasdaq Composite advanced 2.18% to 23,031.21.

— Sean Conlon

Wharton professor emeritus Jeremy Siegel is bullish on artificial intelligence, even as fears mount over spending for the technology.

“This is probably one of the greatest technological revolutions that we’ve ever experienced. It’s going to change the world in many ways that we don’t know,” Siegel said on CNBC’s “Closing Bell” Friday. “It’s going to be for the better, because we can produce more and do more with less effort.”

“The demand is is astronomical,” he added.

Siegel also said that the Dow hitting 50,000 is a sign that there’s “a lot of fundamental strength in this economy,” forecasting that the recent broadening out is “just the beginning.”

— Sean Conlon

Shares of software companies have come under considerable pressure this week amid heightened concerns that artificial intelligence could pose a threat to traditional software models, but some in the industry could still prevail, according to Bob Savage, head of markets macro strategy at BNY.

“Software companies that adapt toward client-specific solutions and integrate AI as an enabler rather than a replacement should regain investor confidence, particularly outside the U.S., where valuations remain more compelling,” he said.

In terms of equity markets overall, Savage believes they’re positioned well for the remainder of 2026, saying that they look capable of navigating a “more complex investment regime defined by diversification, valuation discipline, and geopolitical realities.”

While Savage noted that AI will continue to be a “structural growth driver” for the year, investors are shifting their attention “from broad-based enthusiasm toward differentiated business models, capital efficiency, and defensible revenue streams,” he continued.

— Sean Conlon

Post-earnings market volatility may not signal that bull market is ending — but it can indicate that forecasts are overstretched, according Clark Bellin, investing chief at Bellwether Wealth.

“The bull market is not dead, but it is aging,” Bellin said. “We are not be surprised to see investors paying more attention to corporate earnings and profitability.”

“Early in bull markets, expectations are low,” he added. “But as this bull market progresses into its fourth year, expectations for earnings are rising.”

Bellin said he isn’t surprised to see rocky trading this month following January’s gains. He said investors should “remain opportunistic” when stocks dip, but don’t need to feel like they have to buy every pullback.

“2026 should still be a positive year, with plenty of opportunities to buy stocks on sale,” he said.

— Alex Harring

Cases of Coca-Cola are displayed at a Costco Wholesale store on July 12, 2025 in San Diego, California.

Kevin Carter | Getty Images

On Friday, 66 stocks in the S&P 500 traded at new 52-week highs.

Tickers that hit this milestone included:

• Hilton Worldwide trading at all-time highs back to its IPO in December 2013
• Coca-Cola Co trading at all-time high levels back to its IPO in 1919
• Exxon trading at all-time highs back to when it was listed on the NYSE in 1920
• Johnson & Johnson trading at all-time high levels back to its IPO on the NYSE in 1944
• Delta Air Lines trading at all-time highs back to its IPO in March 2007
• Northrop Grumman trading at all-time highs back to the merger between Northrop Aircraft and Grumman Aerospace in 1994
• Steel Dynamics trading at all-time highs back to its IPO in November 1996
• PNC Financial Services Group trading at all-time high levels back through our records to 1983
• Hershey trading at levels not seen since August 2023
• Merck & Co. trading at levels not seen since July 2024

Just 11 stocks in the benchmark reached new 52-week lows on Friday, including:

• Molina Healthcare trading at lows not seen since March 2020
• Axon Enterprise trading at lows not seen since October 2024
• Salesforce.com trading at lows not seen since March 2023
• ServiceNow trading at lows not seen since May 2023
• VeriSign trading at lows not seen since February 2025

— Christopher Hayes, Lisa Kailai Han

The Roku logo is displayed on a smartphone.

Omar Marques | Lightrocket | Getty Images

Roku has many upcoming catalysts including an Amazon partnership and the Winter Olympics that make it a buying opportunity, according to Oppenheimer.

Analyst Jason Helfstein upgraded the stock to outperform from perform, and established a $105 price target implying more than 22% upside.

“We see numerous catalysts: AMZN DSP partnership just went live, interest in the Winter Olympics seems elevated and ROKU will offer Peacock SVOD service, culminating with midterm political ads,” Helfstein wrote. “We currently estimate 2026/2027 Platform revenue +15%/16% y/y expolitical/606/Frndly, 2% above Street, however we see a potential bull case for +17%/ +16%.”

— Sarah Min

Deutsche Bank has moved off the sidelines on Ares, upgrading the alternative assets manager to buy from hold on Friday.

The stock, along with others with significant private-credit market holdings, has taken a hit lately due to fears about exposure to industries being disrupted by artificial intelligence. On Thursday, Ares tumbled 11% following its miss on his fourth-quarter after-tax realized income.

However, Deutsche Bank believes the concerns about private credit fundamentals and potential disruption from AI are “overblown” relative to the likelihood of strong fee-related earnings growth remaining intact across its forecast horizon.

“Solid trends around fundraising and deployment point to a strong and durable FRE growth trajectory that should remain near 20% in 2026 and also on a 3-year CAGR [compound annual growth rate] basis,” analyst Brian Bedell wrote in a note to clients. “Relative to this outlook, we think the sell-off post earnings (and underperformance recently) have created a compelling entry point.”

Bedell lowered his price target to $155 from $182, which still implies 27% upside from Thursday’s close. The stock is down almost 20% year to date.

— Michelle Fox

Traders react as the Dow Jones Industrial Average surpasses the 50,000 mark on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Feb. 6, 2026.

Brendan McDermid | Reuters

The Dow Jones Industrial Average rose more than 1,000 points, or more than 2%, on Friday to cross the 50,000 threshold for the first time on record.

In afternoon trading, the 30-stock index gained 1,106 points, or about 2.3%, to reach a fresh high of 50,015.07. That puts its week-to-date jump at more than 2% and its year-to-date climb at around 4%.

— Sean Conlon

Shares of Monolithic Power Systems rose 5% after the chip company reported fourth-quarter results that impressed Wall Street.

Monolithic makes chips that help regulate power for industrial customers including artificial intelligence data centers. It is the main supplier for all the major companies accelerating AI, according to Oppenheimer.

Its revenue jumped about 21% year over year to $751 million led by data center and cloud demand. The company increased its dividend to $2 per share from $1.56 previously. It expects revenues of $770 million to $790 million in the first quarter of 2026.

“MPWR sets up well to outperform the broader semiconductor market with both an improving margin profile and an accelerating top-line outlook, in our view,” Oppenheimer analyst Rick Schafer told clients in a Thursday note.

Oppenheimer rates Monolithic as outperform with a price target of $1,300 per share, suggesting about a 12% upside from Thursday’s close.

— Spencer Kimball

The Dow and S&P 500 are on pace for their best days since May amid Friday’s market rally.

The blue-chip Dow rose around 2.2% in afternoon trading. The broad S&P 500 last climbed around 1.7%.

The Dow and S&P 500, 1-year chart

The New York Stock Exchange welcomes Once Upon a Farm, PBC (NYSE: OFRM), on Friday, February 6, 2026, to celebrate its Initial Public Offering. To honor the occasion, Jennifer Garner, Co-Founder & Farmer Jen, and Cassandra Curtis, Co-Founder & Chief Innovation Officer, joined by Lynn Martin, President, NYSE Group, rings The Opening Bell®.

NYSE

The actress Jennifer Garner’s Once Upon a Farm children’s food company climbed as high as $21.41 on the New York Stock Exchange, up 19% from its initial public offering price of $18 a share that raised almost $200 million.

At the original offering price, the IPO valued Once Upon a Farm, where Garner is co-founder and chief brand officer, at roughly $725 million. The IPO was led by Goldman Sachs and JPMorgan.

Once Upon a Farm is headquartered in Berkeley, Calif. and led by chief executive officer and fellow co-founder John Foraker, who led Annie’s, a natural food brand that went public in 2012 and was sold to General Mills in 2014.

Once Upon a Farm PBC pouches during the company’s initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Friday, Feb. 6, 2026.

Michael Nagle | Bloomberg | Getty Images

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, on Friday, Feb. 6, 2026.

Michael Nagle | Bloomberg | Getty Images

Small caps surged Friday, with the iShares Russell 2000 ETF (IWM) up by more than 3% as investors bid up parts of the market aside from large-cap tech.

The IWM is now up more than 7% this year.

IWM, 1-day performance

Big gains in cyclical stocks helped power aided the market’s rebound on Friday.

Manufacturing equipment producer Caterpillar surged more than 6%, while engine installer GE Aerospace climbed more than 5%. Both are on track for their biggest one-day gains since April.

Plane maker Boeing rose more than 3%, while airlines Delta and United rallied more than 7% and 8%, respectively. The U.S. Global Jets ETF (JETS) jumped roughly 5%, on pace for its best day since August.

— Alex Harring

Chip stocks popped on Friday.

The VanEck Semiconductor ETF (SMH) was last trading 5% higher. However, the exchange-traded fund was still down nearly 1% on the week.

SMH 5D chart

Wall Street’s fear gauge dipped back below 20 after spiking earlier this week.

The CBOE Volatility Index dropped to 19.03 Friday as the selloff in tech and bitcoin stabilized. On Thursday, it had topped the 20 handle to its highest level since November.

VIX, 1-day

A shopper carries a Victoria’s Secret and Garage bag in Walnut Creek, California, US, on Thursday, Feb. 5, 2026.

David Paul Morris | Bloomberg | Getty Images

Consumer sentiment brightened a bit to start February as near-term inflation expectations plunged, according to a closely watched gauge.

The University of Michigan Survey of Consumers showed a headline reading of 57.3, up 1.6% from January and better than the 55.0 Dow Jones consensus estimate. The current conditions index rose 5.2% to 58.3. Both gauges were off more than 11% from their same levels a year ago.

On inflation, the one-year outlook came in at 3.5%, down half a percentage point from January and the lowest since January 2025. The five-year view nudged higher to 3.4%.

“Sentiment surged for consumers with the largest stock portfolios, while it stagnated and remained at dismal levels for consumers without stock holdings,” survey director Joanne Hsu said.

— Jeff Cox

Futures-options traders work on the floor at the New York Stock Exchange’s NYSE American (AMEX) in New York City, U.S., Feb. 5, 2026.

Brendan McDermid | Reuters

Dow Jones Industrial Average, 1-day

The iShares Expanded Tech-Software Sector ETF jumped nearly 3% in early trading Friday, clawing back some of its losses for the week.

Fears of artificial intelligence disrupting software companies’ business models have sent the ETF down more than 24% to start 2026. The sell-off intensified this week after AI-startup Anthropic announced new legal and finance capabilities for its Claude Cowork agent. 

Despite Friday’s bounce, the ETF remains down more than 9% for the week. 

IGV 5-day chart

The three major averages moved higher on Friday morning.

The S&P 500 rose 0.6% shortly after the opening bell, while the Nasdaq Composite advanced 0.3%. The Dow Jones Industrial Average climbed 450 points, or 0.9%.

— Sean Conlon

Check out the companies making headlines before the bell:

• Amazon — Shares tumbled 7% after the ecommerce giant reported $1.95 in earnings per share in the fourth quarter, narrowly missing the consensus forecast of $1.97 per share from analysts polled by LSEG. Amazon also said to expect $200 billion in capital expenditures for 2026.
• Molina Healthcare — The health insurance company plunged 28% after posting an adjusted loss per share of $2.75, weighed down by premium adjustments in Medicaid and cost pressures in Medicare. Molina said full-year revenue should come in at $44.5 billion, under the prediction for $46.55 billion from analysts surveyed by LSEG.
• Reddit — The social network’s stock popped 13% after its fourth-quarter earnings came in ahead of expectations. Reddit additionally gave upbeat guidance for 2026 and announced a $1 billion share buyback program.

Read the full list here.

— Liz Napolitano

Wall Street analysts remained overwhelmingly bullish on Amazon, although most cut their price targets, after the technology giant’s shares fell Friday amid lower first-quarter profit guidance and higher capital expenditure plans.

Amazon also missed its fourth-quarter earnings estimates. The e-commerce giant earned $1.95 per share versus the $1.97 analysts polled by LSEG had forecast. On the other hand, its $213.39 billion revenue beat expectations of $211.33 billion.

But shares of Amazon plunged 8% on Friday morning, in part due to investors weighing a lower first-quarter margin guidance.

“The 1Q sales guide for $173.5 [billion]-$178.5bn bracketed Street at $176bn and suggests 13% growth at the midpoint (a 1ppt deceleration vs 4Q), while the profit outlook at $16.5bn-$21.5bn was below Street at $22.2bn, with investments in [international] retail pricing, lower FBA fees, and a $1bn y/y increase in project Leo costs pressuring margins,” wrote Bank of America analyst Justin Post.

CNBC Pro subscribers can read more here.

— Lisa Kailai Han

The Estee Lauder section of the Nordstrom flagship store is seen during a media preview in New York, U.S., October 21, 2019. 

Shannon Stapleton | Reuters

After Estee Lauder sunk more than 19% Thursday, shares of the beauty company got a boost by Citi on Friday.

The bank upgraded its rating on the stock to buy from neutral and maintained its price target of $120, implying 24% upside from Thursday’s close. However, that price would take it to levels only barely above the stock’s close Wednesday before its crash the next day.

Estee Lauder in its earnings report Thursday said it expects to take a $100 million tariff hit in its full-year profitability. But Citi analyst Filippo Falorni in a Friday note said there were other parts of the report to like. 

EL 5-day chart

“We see a clear improvement in EL topline & market share trends in Mainland China, Hainan, and in the US, which could lead to upside to the LSD% company guidance in 2H26 and beyond,” Falorni wrote.

The company is in the midst of a multi-year turnaround plan, which Falorni said has improved the fundamental outlook for the stock. Therefore, Falorni said there’s an opportunity to buy the dip in Estee Lauder.

— Davis Giangiulio

The logo of Stellantis is seen next to the logos of other car brands during the Automotive Industry Day summit in Paris, France, November 4, 2025.

Sarah Meyssonnier | Reuters

Shares of automaker Stellantis plunged 27% in European trading on Friday, after the company said it expects to take a 22-billion-euro ($26 billion) hit from a business reset and hinted at a pull-back from its electrification push.

By 12:57 p.m. in Milan, the company’s Italian shares were 27% lower. In premarket trading on Wall Street, the transatlantic firm’s New York-listed stock plummeted 26.5%. Read more.

STLA, 1-day

The stock of Hims & Hers dropped in premarket trading early Friday after a legal threat from Novo Nordisk.

The online teleheath company announced on Thursday plans to launch a cheaper, copycat version of Novo’s weight loss pill, prompting Novo to take legal action.

Hims stock spiked as much as 15% on the news in Thursday trading, but quickly pared gains and ended the session down 3.8% at a 12-month low after Novo said the action was “illegal.” Shares fell another 6.7% in premarket trading Friday. Read more.

HIMS, 1-day

Across the Atlantic, European markets were trading lower on Friday, with the pan-European Stoxx 600 down almost 0.1% in morning trade, with most major bourses and sectors in the red.

Among the region’s big movers were automaker Stellantis, which tumbled 20% after announcing a wide-ranging business reset costing $26 billion, and Danish offshore wind developer Orsted, which advanced almost 5% after reporting fourth-quarter earnings.

A trader works at the Nasdaq on Feb. 4th, 2026 in New York.

Adam Jeffery | CNBC

The Roundhill Magnificent Seven ETF (MAGS) finished trading at $62.82 Thursday, its lowest close since Oct. 10.

In a post on X, Bespoke Investment Group noted $62.94 had previously been where the ETF found support, touching that level on both Jan. 20 and Nov. 20 before bouncing higher. Since its 52-week high on Oct. 29, the ETF is now down more than 9%.

More pain could be ahead for the portfolio, as Magnificent Seven darling Amazon fell more than 8% in after hours trading following an earnings miss.

MAGS six-month chart

These are some of the companies making headlines in extended trading:

• Amazon — Shares tumbled 9% after the ecommerce giant reported $1.95 in earnings per share in the fourth quarter, narrowly missing the consensus forecast of $1.97 per share from analysts polled by LSEG. Amazon also said to expect $200 billion in capital expenditures for 2026.
• Reddit — The social network’s stock popped 4% after its fourth-quarter earnings came in ahead of expectations. Reddit additionally gave upbeat guidance for 2026 and announced a $1 billion share buyback program.
• Amtech Systems — Shares of the semiconductor parts manufacturer cratered 28%. Amtech reported 3 cents earned per share on an adjusted basis and $19 million in revenue for the first fiscal quarter, lower than the 6 cents a share and $24.4 million seen in the same period a year prior.

See the full list here.

— Alex Harring

Thu, Feb 5 20266:03 PM EST

Stock futures are down shortly after 6 p.m. ET.

Futures tied to the Dow and S&P 500 lost 0.2% and 0.5%. Nasdaq 100 futures sank 1%.

— Alex Harring