The S&P 500 is up +0.25%, Dow Jones down -0.38%, and Nasdaq up +0.62%. E-mini S&P futures are up +0.21%, and E-mini Nasdaq futures up +0.64%. Tech stocks rallied, helping the market recover from early losses caused by Intel’s 15% drop due to manufacturing issues.

The University of Michigan revised the US Jan consumer sentiment index to a 5-month high, boosting stocks. Inflation expectations eased as the Jan inflation expectations were revised lower. US Jan S&P manufacturing PMI rose to 51.9, slightly below expectations of 52.0.

Gold, silver, and platinum prices hit record highs due to a weaker dollar and geopolitical risks. WTI crude oil jumped over +2% to a 1-week high, driven by President Trump’s threats against Iran. The US is reportedly pressuring Iraq to exclude Iran-backed groups.

Supreme Court delays ruling on Trump’s reciprocal tariffs. Markets anticipate a 3% chance of a -25 bp rate cut at the FOMC meeting. Overseas markets mixed, with Euro Stoxx 50 down -0.19% and Shanghai Composite up +0.33%.

T-notes up +2 ticks as yields fall to 4.239%. European bond yields rise, with German bund yield at 2.907%. UK manufacturing PMI at 51.6, retail sales up +0.3% m/m. Swaps predict no rate hike by the ECB in February.

Magnificent Seven tech stocks lift the market, with Microsoft up +3%. Energy stocks rise with WTI crude up over +3%. Mining stocks climb as precious metal prices surge. Booz Allen Hamilton and Fortinet lead gainers in the S&P 500.

Intel plunges -15% on manufacturing issues. Capital One falls -6% on weak Q4 earnings. Safehold down -4% after downgrade. Earnings reports today include Booz Allen Hamilton and SLB Ltd. Sherwin-Williams downgraded by Deutsche Bank.

Read more at Nasdaq: Stocks Recover on Strength in Megacap Tech and Consumer Sentiment