S&P 500 rises, led by tech; Dow climbs to fresh record: Live updates

The “Magnificent Seven” could be left behind as the market rally broadens, according to JPMorgan.

“In the US, the broadening macro recovery creates room for the equal-weighted S&P 500 to outperform the Mag7,” Fabio Bassi, head of cross-asset strategy at JPMorgan, said in a note Friday.

— Michelle Fox

Bitcoiners need not be bearish, even as the world’s oldest cryptocurrency continues to trade more than 40% off its record high, according to Bernstein.

In a recent note to clients, tinvestment firm pointed to several factors, including U.S. government support for the asset, spot bitcoin ETFs and growing institutional adoption of cryptocurrencies as bullish for bitcoin.

“The Bitcoin bear case is the weakest in its history,” Bernstein analysts said in the note. “The current Bitcoin price action is a mere crisis of confidence. Nothing broke, no skeletons will show up.”

Their analysis comes just a few days after bitcoin lost plunged about 15%, sinking last Thursday to below $61,000 — its lowest level in roughly 16 months. Since then, the token has rebounded to $70,918.

The analysts added that they expect bitcoin to hit $150,000 by the end of this year.

— Liz Napolitano

The small cap leadership investors are seeing this year will continue to have legs, according to BTIG.

Small caps have hit all-time highs, outperforming large cap indexes this year. The Russell 2000 is higher by more than 8%, while the higher quality S&P Small Cap 600 is up by 10%.

By comparison, the S&P 500 is up about 2%, while the Nasdaq Composite is marginally higher.

BTIG’s Jonathan Krinsky said he expects that trend will continue. He pointed out that the Mag7 ETF has broken key relative support, while the broader market has outperformed, as investors rotate out of megacap tech.

“We continue to think small-cap leadership is a new and sustainable trend for 2026,” Krinsky wrote. “After a brief pullback, small > large looks to be resuming including a new all-time high for the S&P 600 on Friday.”

— Sarah Min

Investors hoping for a broadening of the bull market rally continued to get welcome news in Monday trading. 

The Equal-Weight S&P 500 moved into slightly positive territory midday after being down in earlier trading. If it closes in the green Monday, it would be the index’s third record close in its last four sessions. 

For 2026, The Equal-Weight S&P 500 is up more than 5%, while the S&P 500 is up about 2%. Similarly, the Nasdaq Composite is little changed on the year, while the Russell 2000 is up more than 8% as investors have at times in 2026 rotated out of tech and into small caps.

.SPXEW vs. .SPX year-to-date chart.

Sopa Images | Lightrocket | Getty Images

Investor Jim Lebenthal is taking advantage of the current sell-off in Cleveland-Cliffs to add more to his position in the steel manufacturer.

Lebenthal, the chief market strategist at Cerity Partners, joined CNBC’s “Halftime Report” on Monday afternoon to share his thoughts on the stock. He attributed Cleveland-Cliffs’ Monday move lower to it being overbought heading into its latest earnings report.

Shares of Cleveland-Cliffs were last trading 17% into the red. The company reported a narrower-than-expected fourth-quarter earnings loss on Monday morning. Its revenue for the last quarter also came in below expectations.

CLF 5D chart

Despite this revenue miss, Lebenthal is optimistic on the stock this year.

“You got to look forward. What we’re seeing is prices on hot rolled coil steel going up. You see volumes going up, you’re seeing costs going down. 2026 is going to be a good year,” Lebenthal said.

He added that five years ago, Cleveland-Cliffs’ sales sat at around $2 billion, versus $20 billion today. Lebenthal attributed this increase to the company “taking the cash flows and investing it in acquisitions.”

“And those acquisitions that they have now digested are going to show the free cash flow generation this year,” he added.

— Lisa Kailai Han

Kyndryl Holdings, an information technology infrastructure services provider spun out from IBM in late 2021, plunged a record 54% Monday on the second-largest trading volume ever. More than 38 million shares changed hands in early afternoon trading, against usual daily volume of just 2.3 million over the past month.

Kyndryl disclosed in a regulatory filing that its audit committee is reviewing the company’s cash management practices, and said chief financial officer David Wyshner and general counsel Edward Sebold had left their positions, effective immediately. Kyndryl also reported third-quarter results.

Monday’s slump pushed Kyndryl’s loss just since New Year’s to 60%, after the New York-based company, with 73,000 employees, dropped more than 23% in 2025.

With Monday’s decline, Kyndryl now sells for some 60% below its closing price of $26.38 the day of spinoff from IBM a little more than four years.

Kyndryl is down almost 75% in the past year.

Monday.com‘s stock plummeted more than 21% on Monday after the project management platform issued weak guidance as it grapples with rising concerns that artificial intelligence is disrupting the software business model.

The Israel-based company called for revenue between $338 million and $340 million in the current quarter, short of the $343 million expected by analysts polled by FactSet. For the full year, Monday.com forecasted between $1.452 billion and $1.462 billion in revenue, versus a FactSet estimate of $1.48 billion.

Software stocks have sold off in recent weeks on rising AI disruption fears and worries that new agentic tools can replace them. Read more.

MNDY, 1-day

The logo of Robinhood Markets is seen at a pop-up event on Wall Street after the company’s initial public offering in New York City on July 29, 2021.

Andrew Kelly | Reuters

Wolfe Research upgraded Robinhood to outperform as the firm sees growth in prediction markets compensating for pressure in cryptocurrency.

Robinhood’s 2027 earnings per share estimates have been revised more than 60% higher over the past 12 monts, Wolfe analysts led by Sharon Leung told clients in a Sunday note.

“We view most of the sources of EPS improvement as fairly durable, with higher prediction market volumes offsetting pressures in other areas such as crypto,” Leung wrote.

Wolfe sees “ample room” for Robinhood’s revenue stream from prediction markets to grow, despite risks from state restrictions and an uptick in litigation against prediction market venues.

“While we still have mixed feelings about HOOD leaning into sports betting in Prediction Markets, the heads of the regulatory agencies have a more lax stance here,” Leung said.

— Spencer Kimball

Check out some of the companies making the biggest moves midday:

• Kyndryl Holdings — The IT infrastructure services provider spun out from IBM tumbled 55% after Kyndryl disclosed in a regulatory filing that its audit committee is reviewing the company’s cash management practices. It also reported CFO David Wyshner and General Counsel Edward Sebold have left their positions, effective immediately. Kyndryl also reported third-quarter results.
• Nexstar Media Group, Tegna — TV and digital media provider Nexstar jumped 12% and Tegna climbed 8% after President Donald Trump in a social media post Saturday reversed his earlier position by saying he now supports their merger.
• Oracle — Shares advanced 9% as the enterprise software developer was upgraded to buy from neutral at DA Davidson. ″We believe that a revamped OpenAI will return to its position as Google’s top challenger and with a fresh stack of capital be able to live up to its obligations this year, including to Oracle,” DA Davidson analysts wrote in a note to clients. 

Read more here.

— Scott Schnipper

Shoppers in San Francisco, California, US, on Thursday, Feb. 5, 2026.

David Paul Morris | Bloomberg | Getty Images

Consumer are growing more optimistic about near-term inflation, according to a New York Federal Reserve survey Monday.

The central bank’s monthly Survey of Consumer Expectations for January showed the outlook at the one-year horizon dipping to 3.1%, down 0.3 percentage point from December and the lowest level since last summer. Expectations at the three- and five-year time spans were unchanged at 3%.

Sentiment also improved on the labor market, with the mean perceived probability of losing one’s job in the next 12 months declining to 14.8%, a 0.4 percentage point decrease. The expected quit rate, a reading on worker mobility, increased to 18.7%, up 1.2 percentage points.

— Jeff Cox

Traders react on the floor after the closing bell as the Dow Jones Industrial Average surpasses the 50,000 mark 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 100 points, or 0.2%, on Monday to reach a new all-time high of 50,219.40.

That marks its seventh high of the year, and the move was propelled by gains in Goldman Sachs, Caterpillar and Microsoft.

Dow Jones Industrial Average, 1-day

The Roblox logo is displayed on a screen on the floor at the New York Stock Exchange in New York City, U.S., July 15, 2025.

Jeenah Moon | Reuters

After the gaming company beat estimates in its fourth-quarter earnings report, Roth is upgrading its rating on Roblox to buy from neutral.

The investment firm also hiked its price target to $84 from $78, indicating a more than 26% from Friday’s close.

Roblox on Thursday reported fourth-quarter revenue and losses that were better than consensus estimates, along with a better-than-expected bookings forecast for the current quarter. The company also said it had more than 144 million daily active users, higher than analysts’ projection for 138 million users. 

Roth analyst Eric Handler wrote in a Monday note Roblox’s efforts to expand its presence among adults is working, with 18-year-old and older users seeing 50% year-over-year growth. New games, he added, have had a strong return on investment.

“We are increasingly appreciative of the underlying mechanics of the platform having created a strong, sustainable virtuous circle where continuously improving creator/development tools are producing higher quality games, which enhances the user experience, and drives higher engagement,” Handler wrote.

Roblox shares are down more than 44% in the last six months, but were up 7% in morning trading.

RBLX 6-month chart

The three major averages opened in negative territory.

The Dow Jones Industrial Average shed 128 points, or 0.2%. The S&P 500 traded down 0.2%, while the Nasdaq Composite lost 0.4%.

— Sean Conlon

Here are some of the stocks making moves before the bell:

• Oracle — Shares rose 2% after the technology firm received an upgrade to buy from neutral from DA Davidson. “We believe that a revamped OpenAI will return to its position as Google’s top challenger and with a fresh stack of capital be able to live up to its obligations this year, including to Oracle,” DA Davidson analysts wrote in a note to clients.  
• STMicroelectronics — The semiconductor firm gained 7% after announcing an expanded, multi-billion-dollar partnership with Amazon Web Services to support infrastructure for cloud and AI data centers. 
• Kroger — Shares jumped nearly 5% after the Wall Street Journal reported the grocery store chain is preparing to name former Walmart executive Greg Foran as its next CEO.

Read more.

— Liz Napolitano

D.A. Davidson says that OpenAI is back on track after correcting several strategic missteps, a shift the firm believes could lift key beneficiaries in its ecosystem such as Oracle.

The investment firm sees a brighter future ahead for the artificial intelligence company, upgrading it in a Monday note.

Analyst Gil Luria wrote that OpenAI has “corrected several missteps” since September, with the company refocusing on ChatGPT and its core frontier model.

“This includes going down the path of turning on ads, which will be critical for increased monetization and reduced cash burn. Management also appears to have realized that they need to align with NVDA, MSFT and AMZN, instead of trying to compete with them,” Luria wrote.

ORCL, 1-year

CNBC Pro subscribers can read more here.

— Lisa Kailai Han

Piotr Swat | Lightrocket | Getty Images

Novo Nordisk said Monday it is suing Hims & Hers Health for making cheaper copycat versions of its new Wegovy obesity pill and injections in the U.S.

This comes after Hims said over the weekend that it’s pulling its copycat weight-loss pill after threats of legal action from Novo and the U.S. Food and Drug Administration.

The latest developments sent shares of Hims & Hers Health down around 20% in early trading, while Novo Nordisk shares gained more than 5%.

HIMS, 1-day

The Nikkei 225 Stock Average, left, and the rate of the yen against the US dollar displayed outside a securities firm in Tokyo, Japan, on Monday, Feb. 9, 2026.

Kiyoshi Ota | Bloomberg | Getty Images

Japanese stocks surged to a record high, leading gains in the region after Japanese Prime Minister Sanae Takaichi won a landmark election victory.

The ruling Liberal Democratic Party captured a two-thirds supermajority in the 465-seat lower house, public broadcaster NHK reported.

Japan’s Nikkei 225 jumped over 4% to cross 56,000 for the first time, while the Topix added 2.27%, also notching a record high.

— Lee Ying Shan

U.S. equity futures moved slightly higher on Sunday night.

S&P 500 futures traded up 0.1% shortly after 6 p.m. ET, alongside Nasdaq 100 futures. Dow Jones Industrial Average futures climbed 100 points, or 0.2%.

— Sean Conlon