Market Update Into February 2nd: Metals Market Meltdown

3 mins read

Markets were absolutely wild last week as the Fed held rates steady and a flurry of earnings sent shockwaves through the tape. Memory names like $SNDK, $STX, and $WDC all posted strong results, but it was the tech mega caps that really moved the needle. $MSFT plunged 10% post-earnings, while $META soared the same amount. Meanwhile, metals sold off sharply, with $SLV crashing over 30% on Friday alone, erasing an entire month of parabolic gains.

Looking ahead, earnings season rolls on with $PLTR, $AMD, $GOOGL, and $MSTR all on deck. Traders will also be watching key labor market data, including the ADP report and the latest U.S. unemployment rate. Let’s see how the charts are setting up after last week’s volatility.

Weekly Analysis

SPY (SPDR S&P 500)

SPY closed the week slightly higher at $691.97 (+0.39%) as January comes to a close. On the monthly chart, price has reached a key 1.618 Fibonacci extension level, an area where trends often pause or reverse. Meanwhile, the monthly RSI remains in overbought territory, raising the stakes for bulls. Will momentum persist into February, or is a pullback imminent?

QQQ (Invesco QQQ Trust)

With several major tech earnings last week, QQQ closed flat on the week at $621.87 (-0.14%). Price continues to face resistance near the 1.618 Fibonacci extension and has yet to print a new all-time high, unlike SPY. With more tech earnings set to report this week, traders may finally see a break from the recent consolidation range.

IWM (iShares Russell 2000)

Small-caps took some heat last week, with IWM closing at $259.65 (-1.95%). However, the monthly chart remains constructive, as the ETF sits at an all-time high and still well below its 1.618 Golden Fibonacci extension level. The monthly RSI also remains below 70, giving momentum room to run. Even with rates left unchanged last week, small-caps continue to look bullish on a larger timeframe.

Earnings

Notable Results

TSLA (Tesla)

EPS: $0.50 vs $0.40 est
REV: $24.90B vs $24.89B est

META (META Platforms)

EPS: $8.88 vs $8.42 est
REV: $59.89B vs $58.50B est

MSFT (Microsoft)

EPS: $4.14 vs $3.86 est
REV: $81.27B vs $80.25B est

AAPL (Apple)

EPS: $2.84 vs $2.66 est
REV: $143.75B vs $138.1B est

CVX (Chevron)

EPS: $1.52 vs $1.44 est
REV: $46.87B vs $48.56B est

XOM (Exxon Mobil)

EPS: $1.71 vs $1.69 est
REV: $82.3B vs $82.2B est

What’s Happening Now

SLV Silver
Led by silver and platinum, precious metals staged a euphoric vertical rally into late January, with silver doubling since December. Parabolic momentum then flipped into extreme volatility as SLV fell nearly 30% from its Thursday peak. After Trump announced his relatively hawkish Fed pick, the market is left weighing whether silver marked a classic blow-off top or if the Fed signal is being misread.

XLE State Street Energy Select Sector
Energy seasonality tilts bullish into spring. Over the past 27 years, XLE has posted win rates above 60% from February through April, with average returns building into early May. Recent earnings beats from XOM and CVX reinforce the trend, while geopolitical pressure in Venezuela and Iran adds support to crude and the broader energy complex.

META (META Platforms)
META recently delivered a robust Q4 earnings beat, reporting EPS of $8.88 (+10.7% YoY) and revenue of $59.9B (+23.8% YoY). Fundamentals align with a technical recovery, as it simultaneously rebounded from a “double bottom” structure. Meanwhile, Meta’s massive CapEx at $20B+ may run the risk of outpacing Free Cash Flow, which spiked above $20B in Q3 2025 yet most recently dropped below $15B.

Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!