SaaS companies took major hits: Microsoft closed down 2.87%, SAP was down 3.29% this morning on the German market, Salesforce lost 6.85% yesterday and was further down in overnight trading, ServiceNow was down 6.97% yesterday and was marginally lower overnight, also.

On Feb. 4, 2026, AMD’s AI-chip stumble rattled the Nasdaq while defensive Dow names steadied a suddenly nervous Wall Street.

Major stock indexes finished sharply lower Tuesday, dragged by technology shares, although the Dow Jones Industrial Average hit a new all-time high before reversing course. Meanwhile, gold and silver futures resumed their ascent.

Here are some factors driving the S&P 500 and Nasdaq composite indexes lower today: Investors are reconsidering the AI trade. Anthropic’s recently unveiled AI legal tools spurred people to reconsider how quickly the technology might advance—and what industries will be disrupted as a result.

Investors see weak ROI ahead as they also see AI adoption so pervasive that it makes whole business models obsolete. Both can’t be true, BofA says.

Major equities indexes mostly fell on a busy earnings Wednesday, with technology shares again pulling the Nasdaq and S&P 500 lower.

Stock Market Today: The Dow Jones index rose Wednesday after surprise jobs data. AMD stock plunged on earnings.

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Momentum and valuation grades are given on a scale from A+ to F. An A+ momentum grade represents the highest flyer stock with the best momentum, while an A+ valuation grade indicates the most undervalued or “cheapest” stock. A lower valuation grade suggests the stock may be more overvalued relative to its peers.