Michael Jordan #23 dribbles towards the net circa the 1990's during a game.

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Stocks close near record highs as strong manufacturing data boosts economic outlook

Due to the partial government shutdown, this week’s expected jobs data will be delayed.

2/2/26 4:01PM

Stocks climbed as the January ISM manufacturing index blew past analysts’ expectations, indicating manufacturing growth. All major US indexes rose, while gold and silver resumed their sell-off after Friday’s meltdown. Bitcoin recovered a bit after this past weekend’s bloodbath, where the price dipped below $75,000. Due to the partial government shutdown, tomorrow’s expected jobs openings data for December and Friday’s expected January jobs report will be delayed.

Stocks that moved higher:

Gaming stock Roblox rebounded from Friday’s sell-off as analysts said that investors’ fears about the impact of Google’s Project Genie on the broader gaming market may have been an overreaction.
Southwest Airlines, American Airlines, JetBlue, United Airlines, Frontier Airlines, Alaska Airlines, and Delta Air Lines took off as oil prices retreated and US-Iran tensions eased.
Critical minerals stocks NioCorp and United States Antimony Corp. surged on a report that President Trump will launch a $12 billion critical minerals stockpile.
GameStop rallied after CEO Ryan Cohen said the retailer is aiming to acquire a company bigger than itself.

Stocks that moved lower:

Tesla stock fell as a new Chinese safety rule effectively bans the car door handles for which Tesla is famous. Lucid and Rivian, which also adopted the flush door handles, fell as well.
Disney dropped despite posting better-than-expected Q1 sales and earnings.
Strategy tumbled as the value of its bitcoin was briefly less than its cost basis.
BitMine Immersion Technologies also fell as the company acquired more ethereum despite being underwater amid the token’s price decline.

Max Knoblauch7h

Alaska Air expects higher fuel costs to add $600 million in expenses in Q2

Alaska Airlines on Monday kicked off a big week for airline earnings, reporting its first-quarter results after the bell. The stock ticked down after hours.

Alaska Air reported:

An adjusted loss of $1.68 per share, compared to Wall Street estimates of a loss of $1.65 per share.
$3.3 billion in revenue, compared to estimates of $3.29 billion.
A 17% year-over-year increase in fuel costs to $796 million.

Looking ahead, Alaska said it expects a second-quarter loss per share of $1, deeper than the Wall Street consensus (-$0.15). The company expects April fuel costs of $4.75/gallon and for fuel across the second quarter to add $600 million in expenses.

“Absent the fuel price spike, we would have guided to a solidly profitable quarter,” the airline said in its release.

Alaska Air, like the rest of the commercial airline industry, has been pummeled by fuel costs since the beginning of the war in Iran. Along with Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, and JetBlue, the carrier recently hiked its bag fees to offset higher fuel costs.

Luke Kawa

Amazon to invest up to $25 billion more in Anthropic; Claude developer to spend more than $100 billion on AWS AI technology

This is the latest edition of a frenetic dash for AI compute to power Claude, which is undergoing some problems of success.

Tasha Matsumoto

Stocks close lower as Trump says Strait of Hormuz will remain closed until deal is signed

Oil raillied and stocks closed lower, paring steeper losses.

Luke Kawa

COUNTERPOINT

12h

The stock market makes just as much sense as it usually does right now

Does the stock market make sense right now? I don’t know. But it doesn’t not make sense.

J. Edward Moreno16h

Fermi plunges after CFO, CEO depart

Fermi is down more than 18% in premarket trading after it disclosed in regulatory filings that its now former CEO, Toby Neugebauer, and its CFO, Miles Everson, departed on Friday and Monday, respectively.

The company dubbed its executive shake-up as “Fermi 2.0.” In addition to ousting Neugebauer and Everson, Fermi added Marius Haas as chairman of its board and Jeffrey S. Stein as director of the board.

Fermi, which was cofounded by former Energy Secretary Rick Perry, plans to build nuclear energy infrastructure to power data centers. But the cost to build out its power site is mounting while it still doesn’t have any customers secured, according its annual report released on March 30.

In September, Fermi announced that it had entered into a nonbinding letter of intent with a tenant to lease a portion of its Project Matador power grid site in Amarillo, Texas. That contract was terminated in December.

The company, which went public in October, is down about 75% from its IPO through Friday’s close.

Stocks close near record highs as strong manufacturing data boosts economic outlook

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Alaska Air expects higher fuel costs to add $600 million in expenses in Q2

Fermi plunges after CFO, CEO depart

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