Trump Says He's Still Looking 'Seriously' At Sending $2,000 Tariff Rebate Payments

Authored by Jack Phillips via The Epoch Times,

President Donald Trump has said in a recent interview that his administration is still considering sending out $2,000 payments to Americans derived from his tariffs.

During an interview with Trump on NBC News published on Feb. 4, host Tom Llamas noted that the president “floated the idea of $2,000 rebate checks for Americans from tariff revenue” and asked him, “Who’s going to get that and—when is that going to happen?”

Trump responded by saying that he is “looking at it very seriously” and that he is “the only one” who can issue such payments because his administration is “taking in hundreds of billions of dollars of money from tariffs.”

When pressed by Llamas on whether he would “promise some Americans” could get the payments, Trump said, “I can do that. I haven’t made the commitment yet, but I may make the commitment,” without elaborating.

The president then pivoted to saying that his administration provided a $1,776 dividend payment to members of the military in a move that was detailed by the IRS and the Pentagon last month.

Dividend payments derived from the administration’s sweeping tariff regime were floated by Trump in November 2025.

While some White House officials have said the $2,000 payments would need an act of Congress, Trump signaled last month he can unilaterally issue them.

He and others in the administration have indicated there would be limits on income and said that the payments would be sent to non-wealthy Americans.

“I don’t think we would have to go to the Congress, but we’ll find out,” Trump told reporters on Jan. 20, adding that “the reason we’re even talking about it is that we have so much money coming in from tariffs.”

But he added that with the tariffs, the administration “will be able to make a very substantial dividend to the people of our country.”

Last year, Treasury Secretary Scott Bessent told Fox News’s “Sunday Morning Futures” that Congress would need to pass legislation before the payments could be sent, while National Economic Council head Kevin Hassett made a similar comment in November that legislation would be needed first.

Some Republican lawmakers have said they would be willing to support legislation to send tariff rebate checks to people. Among them is Sen. Josh Hawley (R-Mo.), who introduced a measure in 2025 that would send rebates to workers, although the payment appears to be lower—$600 per adult and $600 per dependent child, totaling $2,400 for a family of four—than the checks proposed by Trump.

Trump’s tariffs are still being considered by the U.S. Supreme Court, which has yet to issue a ruling on a lawsuit challenging the legality of the import taxes under the 1977 International Emergency Economic Powers Act, or IEEPA. It’s not clear when the high court is slated to rule on the tariffs.

Tariffs could still be imposed by the administration, said Trump and Bessent, under different authorities. However, Trump has warned that imposing them would be more cumbersome and a slower process without using the 1977 law.

Last April, Trump imposed tariffs on nearly every country in the world and has argued that the United States has been victimized by other nations for decades on trade. In other instances, he’s said the tariffs can be used to end wars and to put pressure on countries that aren’t aligned with U.S. national security interests.

Democratic lawmakers have been critical of the tariff policies. During a contentious House hearing this week, Rep. Maxine Waters (D-Calif.) told Bessent that she believes the tariffs have increased “prices across the board,” including for housing and lumber, and claimed the administration has been “waging a war” against U.S. consumers.

Tyler Durden Fri, 02/06/2026 - 15:00

Pam Bondi's DOJ Is Sabotaging The Trump Coalition

Authored by John Velleco, Executive Vice President Gun Owners of America,

In November 2024, the American people decisively elected President Trump to a second term in office. After four intolerable years of controlled national demolition under the Biden autopen, the newly elected 47th President was poised to keep his promises and fulfill his mandate.

President Trump had the opportunity to stop the federal government’s leftward push, steer the government back in the right direction, and make significant and lasting progress in that new direction. That third point is the most critical. Indeed, without permanent change, President Trump’s historic election – and this nation’s generational opportunity to course-correct – will turn out to have been nothing more than a momentary pause in America’s long-term decline.

Yet inexplicably, the Trump Administration has failed to take even basic steps to effect permanent change. For example, the Administration often has taken the easy path of using temporary Executive Orders rather than insisting on permanent legislation. Of course, Executive Orders are temporary, and can be undone by any future President with the stroke of a pen.

The same dynamic exists in the world of litigation, where Pam Bondi’s DOJ has chosen the temporary fix over the permanent solution. In addition to having repeatedly bungled implementation of President Trump’s agenda, Bondi’s DOJ has deliberately avoided letting cases reach final judgment.

For example, DOJ has repeatedly attempted to moot litigation involving Biden-era policies, even after a judge seems on the verge of striking down those bad policies through a precedent-setting decision. Yet all this tactic does is ensure that a future Democrat administration will be able to put these Biden policies right back into effect.

But why would the Bondi DOJ work so hard to prevent lasting victories in court for Trump Coalition interests? Indeed, with DOJ friends like that, who needs enemies? If the Bondi DOJ’s hostility to the groups that made up the Trump Coalition in 2024 continues, it will seriously damage any chance of success in the 2026 midterms. This article will examine the Bondi DOJ’s infuriating pattern of obstruction, sabotage, and outright friendly fire against the Trump Coalition and ask one simple question: Why?

DOJ’s Failure to Implement the President’s Mandate

But first, let’s examine what DOJ could have done in service of the American people during this past year. As it turns out, DOJ has a number of legal tools available that it inexplicably has declined to use.

Consider the role litigation plays in shaping domestic policy. A court order can bind the government to a certain legal interpretation or specific course of conduct, and generally will survive a change in administrations. Thus, if the federal government is a party to a lawsuit, a court order against it can codify policy – good or bad.

So what happens when a new administration inherits an ongoing lawsuit that was originally brought by its political allies against the prior administration? Well, in the past, DOJ often has simply settled cases, either privately or via court-enforceable consent judgment. Perhaps to no one’s surprise, this tactic has been a favorite of Democrat administrations.   The Biden DOJ’s handling of a prior Trump-era lawsuit illustrates the point.

When Biden took office in 2021, his DOJ inherited a pending ACLU-led lawsuit against the first Trump Administration’s “zero tolerance” immigration enforcement policy. Rather than litigate the case any further, the Biden DOJ settled with its friends at the ACLU, barring the federal government “from reenacting the zero-tolerance policy” until 2031, and agreeing to pay the ACLU some $6 million in attorneys’ fees to boot.

In addition to settling cases, DOJ also can (and has) let its friends’ lawsuits play out. For example, if a judge appears poised to rule in favor of an outcome the administration wants, DOJ can simply wait for that ruling. Then, not only will the federal government be bound by that ruling, but also it will generate favorable legal precedent for use in future cases.

The same options would be available if new lawsuits were to be filed during the administration – settle with allies when they are right, or let the courts issue decisions on the merits. But we are not talking about using the Democrat tactic often dubbed “sue and settle.” Democrat administrations have abused this tactic to “compel government action that would otherwise be difficult or impossible to achieve.”

In fact, During the Obama years, many of the administration’s environmental regulations came about from these sorts of “sue and settle” pre-arranged consent decrees. Although we are not urging the use of such sham lawsuits, it’s worth noting that this is the tactic the Democrats use to get what they want.

In stark contrast to the Democrats’ underhanded “sue and settle” tactics, Pam Bondi’s DOJ has refused to allow Trump Coalition victories even in legitimate litigation that has been ongoing for years. Instead, Pam Bondi’s DOJ has fought tooth and nail to make suits filed by Trump Coalition groups simply go away.

Gun Rights

We at Gun Owners of America (GOA) have experienced DOJ’s inexplicable resistance firsthand. Although our Second Amendment lawsuits are by no means the only Trump Coalition causes torpedoed by Pam Bondi’s Justice Department, they are quintessential examples of this worrying trend.

During both his 2024 election campaign and when taking office in January of 2025, President Trump made a number of promises to gun owners, a massive contingent of his voters. First, President Trump promised that Biden-era ATF regulations – what he called “disasters” for gun owners – would be “ripped up and torn out” his “first week … in office.”

GOA applauded this news, since we were the only Second Amendment advocacy group to have challenged every one of Biden’s anti-gun rules in court. But we knew that merely rolling back existing infringements would do little to regain the miles of ground lost during the left’s decades-long war of attrition against the Second Amendment.

And so, much to his credit, President Trump went on offense, announcing a comprehensive Department of Justice-wide initiative to review all federal actions for consistency with the Second Amendment. Once again, GOA applauded this historic undertaking, and looked forward to working with DOJ to end unconstitutional gun restrictions for good. Key words – for good.

But sadly, DOJ has taken precisely the opposite approach. At almost at every turn, elements within the Bondi DOJ have resisted permanent victories in GOA’s cases. And without something permanent like a settlement, consent judgment, or a court order on the merits, any future leftist administration can simply reimplement Biden’s infringements at will.

Take GOA’s challenge to the Biden ATF’s “Engaged in the Business” rule. After Democrats promulgated this rule to criminalize all private gun sales, GOA secured a preliminary injunction blocking enforcement of the rule. But after taking power, rather than allow the district court to finalize its preliminary pro-gun ruling into a permanent one, the Bondi DOJ worked to undermine our pro-gun victory. For more than a year, DOJ stalled progress in our litigation, both in the district court and on appeal. Thankfully, the Fifth Circuit recently denied DOJ’s most recent request to stall the case even further.

DOJ also aggressively sought to moot GOA’s challenge to ATF’s 2020 refusal to allow Michigan Concealed Pistol Licensees to avoid redundant federal background checks. DOJ could have allowed GOA to obtain a binding ruling in court.   Instead, DOJ had ATF simply rescind its policy, and then immediately sought dismissal of GOA’s case as moot. By taking this “nothing to see here” approach, and avoiding a permanent judicial ruling or settlement, DOJ’s actions have ensured that a future Democrat administration is free to simply reimplement ATF’s old policy.

The same is true for GOA’s challenges to ATF’s Biden-era “zero tolerance” license revocation policy for gun dealers. As the Trump White House acknowledged, this policy “undermine[d] the Second Amendment” by “shut[ting] down small businesses across the Nation” over inadvertent and inconsequential paperwork errors. But rather than recognizing the need to permanently block “zero tolerance” now and in the future, DOJ just rescinded the policy and moved to dismiss. Again, this leaves a future Democrat administration free to reimplement this Biden policy at will.

But what about GOA’s challenge to the federal ban on mailing pistols using the U.S. Postal Service?   After GOA moved for summary judgment in December 2025, DOJ actually agreed in an Office of Legal Counsel memorandum that the statute violates the Second Amendment.

So, DOJ settled with GOA, right?

Wrong.

Instead, DOJ once again moved to dismiss, on the curious theory that its brand-new OLC memo meant that GOA lacked standing to challenge the statute’s constitutionality in the first place. Of course, all this tactic does is reserve the right of a future Democrat DOJ to reverse course. OLC memos are not set in stone, and many have been reversed by subsequent administrations. And left without any permanent victory, when (not if) a future Democrat administration simply rescinds OLC’s memo, GOA will have to challenge the statute all over again.

DOJ’s pattern is clear:

• First – avoid siding with gun owners even when they are clearly right.
• Second – delay, deny, and avoid pro-gun rulings.
• Third – don’t settle meritorious cases – in fact, work to prevent pro-gun decisions by mooting challenges so that gun owners can’t get permanent relief, thus preventing lasting victory for gun owners.

This begs the question: Who is the Bondi DOJ working for? It’s doesn’t appear to be the current President, and it certainly isn’t the tens of millions of gun owners who elected him. Rather, it must be the “swamp,” the “deep state,” or Permanent D.C. – whatever you want to call it.

Under Pam Bondi’s DOJ, it is the interests of the federal government – not the people – that are being protected at all costs.

That would explain why DOJ even sought to moot GOA’s First Amendment appeal of an unprecedented Biden-era gag order blocking GOA’s First Amendment right to print the news – with DOJ “intentionally” breaking the law in the process.   And it may also explain why GOA can’t even get a fraction of the attorney’s fees that Biden’s DOJ was thrilled to award its friends at the ACLU – in a case we won fair and square.

Speaking privately with GOA in recent months, the Attorneys General of two deep red states – as pro-Trump as they come – have told us that they have observed a similar pattern of Bondi DOJ resistance to litigation brought by their states and other Republican Attorneys General.

So it is not just pro-gun cases that this Bondi DOJ has resisted tooth and nail. Rather, her DOJ is actively opposing many of the groups that formed the Trump Coalition that elected her boss.   The following examples are only illustrative of the broader problems that have been shared with us, in matters where GOA does not lobby.

Undermining Trump Coalition Causes

Just last month, DOJ sought to pause the State of Louisiana’s challenge to Biden-era regulatory rollbacks on mifepristone, an abortion drug. Rather than agree with Louisiana that this abortion drug should not be accessible via mail order, DOJ sought to wait for the FDA to reverse itself, which DOJ claims will make Louisiana’s requested relief “unnecessary” and moot the case. Once again, DOJ is hoping to undermine a challenge by the President’s political allies, reserving the right of future Democrats to reverse and reimplement.

The same is true for another lawsuit led by Idaho, Kansas, and Missouri against the telehealth prescription of this same drug. In May 2025, DOJ sought to deprive plaintiffs of access to a judge who previously had ruled against the pro-choice cause. In that case, DOJ attorneys “stayed the legal course charted by [the] Biden administration,” arguing that the deep red states should sue in other, less favorable jurisdictions.

DOJ also has undermined the President’s energy agenda, defending a pretextual Biden-era national-monument designation that blocked uranium mining in Arizona. Rather than come to the aid of Republican plaintiffs challenging Biden’s designation, DOJ has argued they lack standing to sue.

Making matters worse, DOJ allowed Democrats to take a victory lap against President Trump’s order to freeze approvals of costly and unreliable wind energy projects.   When a district court ruled the President’s wind order “unlawful,” vacating it nationwide, left-wing Attorneys General from states like Connecticut and Washington celebrated.   DOJ never appealed this final ruling, allowing the Democrats to continue implementing their anti-energy agenda.

Conclusion

The pattern is clear. And it appears that gun owners are not the only group from the 2024 Trump Presidential Coalition that Pam Bondi’s DOJ has been working to undermine in court. In fact, the Bondi DOJ is resisting litigation by Trump Coalition groups almost as much as the Biden DOJ did.

This is no way for Pam Bondi’s DOJ to treat the voters who elected the same President who appointed her to office. And something needs to change.   Like a ratchet gear and pawl, this country for decades has moved to the left. By preventing rightward movement, this DOJ appears to be the pawl.

The hour grows late for President Trump to deliver on the promises he made to voters. So long as Pam Bondi’s DOJ continues to actively undermine litigation by Trump Coalition groups nationwide, there will be no permanent victories to cement the President’s agenda.  And all the next Democrat administration will have to do is reimplement old policies.  On many fronts, Bondi’s DOJ is fighting hard to empower the next Democrat to do just that.

Tyler Durden Fri, 02/06/2026 - 14:55

HGP Partners With Shaw To Deploy Navy's Nuclear Reactors On Land

HGP Intelligent Energy is partnering with the Shaw Group to deploy U.S. Navy submarine and aircraft carrier nuclear reactors at the DOE's Paducah, Kentucky facility.

Back in December, we covered their initial proposal to the U.S. government to utilize reactors from the Navy in an effort to find the quickest means of deploying new nuclear energy to support AI demand for government efforts like Project Genesis.

The U.S. Navy has operated the most successful nuclear program in history with over 7,500 reactor years of safe operation. It is abundantly clear that if there is a way to bring their technology and operational success to other efforts and venues, these possibilities should be pursued.

Shaw will be utilizing its previous experience with nuclear projects, including their involvement at Vogtle Units 3 and 4, to advance HGP’s CoreHeld Project through engineering, procurement, and fabrication services. Shaw's potential scope of work includes “balance-of-plant module fabrication, piping systems, structural components, pressure vessels, and related nuclear-grade equipment.”

The Paducah, Kentucky, site has been a hotspot of nuclear fuel chain activity over the past couple years. Formerly the site of the Paducah Gaseous Diffusion Plant, the last commercial-scale, American uranium enrichment facility that closed in 2013, is being utilized by multiple companies. 

General Matter, led by Founders Fund's Scott Nolan, is developing one of the newest uranium enrichment facilities in Paducah after being awarded $900 million from the DOE in an effort to increase domestic production capacity. Global Laser Enrichment (GLE) is also working on uranium enrichment, but with a next-generation laser technology that hopes to provide lower-cost enrichment and a smaller footprint. GLE additionally looks to re-enrich some of the byproduct of previous enrichment processes with enough material stored on-site in Kentucky for GLE to become one of the largest uranium producers in the world. 

With naval nuclear reactors now potentially being deployed at Paducah, it creates the perfect recipe for Kentucky to participate in the recently announced Nuclear Lifecycle Innovation Campuses program. This program aims to create mega-campuses and partnerships between state and federal governments to house the entire nuclear lifecycle within a single fence line. Considering the only uranium conversion facility in the United States is located just across the river from Paducah and owned by Solstice Materials, Kentucky appears to be taking shape as one of the leading candidates for the first campus. 

Tyler Durden Fri, 02/06/2026 - 14:20

White House Says Trump Has No Plans To Deploy ICE At Polls, Won't Rule Out Federal Presence

Authored by Tom Ozimek via The Epoch Times,

The White House said on Feb. 5 that President Donald Trump has not discussed any “formal plans” to deploy U.S. Immigration and Customs Enforcement (ICE) agents at polling locations during November’s midterm elections, while declining to guarantee that federal agents would not be present near voting sites.

White House press secretary Karoline Leavitt made the remarks during a press briefing in response to a question referencing a comment from former Trump adviser Steve Bannon.

A reporter asked Leavitt for comment on Bannon’s recent remark that ICE agents would “surround the polls come November,” and whether the president was considering such action. Bannon made the remarks during an episode of his “War Room” podcast released Feb. 3.

“That’s not something I’ve ever heard the president consider. No,” Leavitt replied.

Pressed on whether she can “guarantee to the American public” that ICE will not have any presence near polling locations in the November mid-term election, the press secretary declined to offer such blanket assurances.

“I can’t guarantee that an ICE agent won’t be around a polling location in November. I mean, that’s frankly a very silly hypothetical question,” Leavitt said. “But what I can tell you is I haven’t heard the president discuss any formal plans to put ICE outside of polling locations. It’s a disingenuous question.”

Earlier this week, Trump suggested that Republicans should assert greater control over elections in areas the president has claimed are affected by fraud.

Speaking on Feb. 2, Trump said Republicans should “nationalize” and “take over” voting in at least 15 unspecified locations, repeating claims that U.S. elections suffer from widespread illegal voting.

Trump has long argued that noncitizens vote illegally in U.S. elections.

A 2014 academic study found evidence of noncitizen participation—“less than fifteen percent, but significantly greater than zero” in the 2008 presidential election and “more than three percent” in 2010. By contrast, a research review by the Brennan Center for Justice found that verified cases are “vanishingly rare.”

Voting booths are set up at a polling place in Newtown, Pa., on April 23, 2024. Matt Rourke/AP Photo

Federal law prohibits the president from deploying military troops at locations holding general or special elections “unless such force be necessary to repel armed enemies of the United States,” according to 18 U.S. Code § 592, and bars any sort of interference in elections by armed forces. ICE agents are civilian law-enforcement officers and are not covered by the same prohibitions that apply to the armed forces, although other laws still limit intimidation or interference at polling places.

Lawmakers from the Democratic Party and some voting-rights groups have said that any visible presence of federal immigration enforcement near polling locations—especially in communities of color—could intimidate lawful voters and deter turnout.

The American Civil Liberties Union (ACLU), for instance, said in November 2025 that any deployment of federal immigration agents in or around polling places on Election Day would amount to “illegal voter intimidation” and an attempt to “suppress voting.”

Trump administration officials have rejected such characterizations, saying federal involvement is aimed at protecting election integrity rather than suppressing turnout.

“Interference in U.S. elections is a threat to our republic and a national security threat,” National Intelligence Director Tulsi Gabbard said in a recent letter to Congress.

She said the administration is committed to ensuring that “neither foreign nor domestic powers undermine the American people’s right to determine who our elected leaders are.”

Democrats in Virginia have advanced legislation that would bar federal immigration enforcement activity near polling places.

Senate Majority Leader John Thune (R-S.D.) said he is not in favor of federalizing elections and that he believes Trump’s remarks were limited to expressing support for the SAVE Act.

House Speaker Mike Johnson (R-La.) noted that administering elections has historically been the responsibility of the states.

The SAVE Act, which Trump and congressional Republicans have cited as a priority, would impose nationwide requirements for voter identification and proof of citizenship, steps supporters describe as critical election-integrity safeguards.

Tyler Durden Fri, 02/06/2026 - 13:40

Homebuilders Tumble On Report White House May Launch Antitrust Probe Into House Affordability

Homebuilder stocks are tumbling after Bloomberg reported that Trump administration officials are exploring opening an antitrust investigation into US homebuilders as the White House focuses on tackling the country’s housing affordability crisis.

The Department of Justice could open the probe in the coming weeks Bloomberg reported, quoting people familiar with the discussions. It adds that so far no decision has been made and the administration may abandon the effort without launching an investigation.

One potential focus is on how information is shared through an industry trade group called Leading Builders of America, according to the people. Officials have grown concerned that the trade group - whose members include Lennar and DR Horton - could be used to restrict housing supply or coordinate pricing.

The administration’s interest in homebuilders comes during a period where the cost of buying a home is at its most expensive in decades, with the Covid-era housing boom and subsequent interest rate hikes weighing heavily on buyers. It’s also a precarious time for the builders themselves, with the inventory of unsold homes hovering at high levels.

President Donald Trump put the industry on alert in October, when he used a social media post to compare big homebuilders to OPEC, a cartel which control the oil market.

“It wasn’t right for them to do that but, in a different form, is being done again — This time by the Big Homebuilders of our Nation,” Trump wrote. “They’re my friends, and they’re very important to the SUCCESS of our Country, but now, they can get Financing, and they have to start building Homes.”

Builders have been seeking ways to work with the White House to improve housing affordability. One option being discussed is a massive program — dubbed “Trump Homes” — that would seek to add as many as 1 million units of new supply, Bloomberg previously reported.

Ironically, just a few days ago, we reported that the White House is working with some of the the same homebuilders (Lennar and Taylor Morrison) which Trump is now supposedly going after criminally, as the president is working on a massive rent-to-own program to build up to 1 million "Trump Homes" in a boost to affordability. As part of the program, and which would sell entry-level homes to Americans as part of a pathway-to-ownership program funded by private investors. The drawback of this program, we said, is that such a program would be complicated to implement, and may not gain enough support to move forward as it would require substantial capital commitment from the homebuilders. 

Well, what better way to convince homebuilders it's in their best interest to participate in the program than to threaten them with criminal charges on something totally separate...

Tyler Durden Fri, 02/06/2026 - 12:43

Ukraine Says Russian Military Pace Already Slowing After Starlink Cutoff

Ukraine's military is claiming it can already see the impact of Elon Musk and SpaceX's decision to thwart Starlink access to Russian troops.

Russian military bloggers began confirming the Starlink cutoff earlier this week. For example the NY Times notes, "A Russian blogger writing anonymously under the name Military Informant in the Telegram messaging app said that both the Starlink connections on Russian drones and Starlink satellite internet communications for troops at the front had been disrupted."

Source: Ukraine Military Center

This may force the Russian side to more broadly rely on older technologies, and could greatly reduce reliance on small drone warfare - which has been a staple in this war.

On Friday, Politico has cited Ukrainian officials who say they notice a difference in Russia's operations along the front lines, however, such assertions are very far from being verified:

Two days after Elon Musk's SpaceX launched Starlink verification and blocked unverified terminals in Ukraine, the pace of Russia's offensive appears to be slowing, a Ukrainian military official told POLITICO.

“Currently, such a trend is indeed observed. But it will be necessary to monitor further whether it will continue, whether there will be other factors,” said the official, granted anonymity to discuss sensitive matters.

“However, at some places, Ukrainian military Starlinks which have not been registered yet have also been disconnected. But the registration process is ongoing,” the official added.

Starlink took action at Ukraine's request, after for many months Russian units were observed ferrying Starlink terminals to the battlefield, which in addition to providing basic reliable comms reportedly made drones less prone to jamming and more accurate.

Some reports are prematurely going so far as to call this a "catastrophe" for Russian forces. While SpaceX has not sold Starlink terminals in Russia due to long-running US sanctions, they are easily available on the black market and via neighboring regional countries.

But blocking access for the Russian side has not been so simple. Any largescale geofencing could cut off much of Ukraine itself, and so currently inside Ukraine only formally registered terminals are working. Ukraine's defense ministry has been calling on troops to immediately register their terminals under the country's DELTA battlespace management system, while all non-registered terminals will not function.

Musk has had a mixed track record and nuanced position on Ukraine. While early on he rushed Starlink assistance to the war-battered country, he has also at times directly clashed with President Zelensky, warning about uncontrollable escalation and NATO turning it into a proxy war aimed at destabilizing Moscow.

Looks like the steps we took to stop the unauthorized use of Starlink by Russia have worked. Let us know if more needs to be done.

— Elon Musk (@elonmusk) February 1, 2026

But he's increasingly weighed deep into geopolitical flashpoints where Washington has a role or interest, also for example recently proclaiming free Starlink access for anti-government protesters in Iran.

If Starlink is used by Ukraine to target Russian territory and its population, will Musk take action to limit Kiev's use of the technology as well?

Tyler Durden Fri, 02/06/2026 - 12:20

FBI, CIA Apprehend Key Suspect In 2012 Benghazi Attack, Bondi Vows To Hunt Down Others

Many mysteries still surround the 2012 attack on the American consulate and nearby CIA outpost in Benghazi, Libya which led to the deaths of four Americans, including US Ambassador to Libya Christopher Stevens.

On Friday, the Trump administration heralded a major break in one of the worst terror attacks on a US diplomatic compound in history.  Attorney General Pam Bondi announced in a press conference the arrest of a culprit allegedly behind the attack. Zubayar al-Bakoush has already been extradited to the United States, landing at Andrews Air Forces base, and is facing murder, arson and terrorism related charges.

via Associated Press

"The FBI has arrested one of the key participants behind the Benghazi attack. Zubayar al-Bakoush landed at Andrews Air Force Base at 3 a.m. this morning. He is in our custody," Bondi said at a news conference.

She disclosed that the CIA and FBI coordinated to apprehend the suspected terrorist. No details of how he was nabbed have been offered, other than he was apprehended "overseas."

"Zubayr Al-Bakoush will now face American justice on American soil. We will prosecute this alleged terrorist to the fullest extent of the law," Bondi said

The US says it is committed to hunting down others behind the large-scale attack, known as America's other 9/11, given it occurred September 11, 2012. Three others - Sean Smith, Tyrone Woods, and Glen Doherty - were killed trying to defend against the assault. 

"Let me be very clear — there are more of them out there," US Attorney Jeanine Pirro said alongside Pondi and the FBI's Patel. "Time will not stop us from going after these predators, no matter how long it takes, in order to fulfill our obligation to those families who suffered horrific pain at the hands of these violent terrorists." 

The truth about Libya is that some of the Islamist 'rebels' the US funded to overthrow Gaddafi later bit the hand that fed them. These for a time were "America's jihadists"...

Seems Dbaiba did what he do best (Again),Unlike almarimi ,it’s worth considering how the war‑hardened groups that left Benghazi will view Dbaiba going forward.
Image for Zubayr Al-Bakoush in US custody post his "disappearance" in Tripoli late Nov 2025.#Libya https://t.co/W9r7y1UIy0 pic.twitter.com/7vI12FJytK

— Mohamed Tailamun|محمد طيلمون (@MTailamun) February 6, 2026

This is actually the second arrest connected o the Benghazi attack, after back in 2020 Libyan national Mustafa al-Imam was sentenced to more than 19 years in prison for his crimes.

National security officials have long identified that Al-Qaeda-aligned Salafi Jihadist militia group Ansar al-Sharia was behind it.

In the wake of the disaster, several Congressional investigations and hearings saw Republicans clash with then-Secretary of State Hillary Clinton ahead of her 2016 presidential run as a Democrat.

However, the bipartisan political outrage was always somewhat of a limited hangout, concealing some of the deeper disturbing aspects to the Benghazi attack. For example, the US government and CIA at the time of the attack were engaged in a covert gun-running operation out of Libya, to support anti-Assad jihadists in Syria, declassified intelligence records show.

* * *

Friday's full announcement...

Tyler Durden Fri, 02/06/2026 - 11:40

Europe In Decline

By Teeuwe Mevissen of Rabobank

Not even a month ago, today’s author of the Global Daily walked through the main hall of the Musée d’Orsay, admiring its remarkable collection. Among the many sculptures, one large painting by Thomas Couture inevitably draws the eye: Romans in Their Decadence.

At first glance, it appears to depict Roman citizens engaged in an orgy, but a closer look reveals far more. Beyond the opulence on display, one sees a figure desecrating a statue resembling a former emperor or deity. Only three figures – the contemplative man on the far left and two men observing with evident disdain on the right – seem detached from the excess around them.

When the painting debuted at the Paris Salon, the exhibition catalogue included a quote from Juvenal:“Nunc patimur longae pacis mala; savior armis luxuria incubuit, victumque ulciscitur orbem.” – “Now do we suffer the evils of prolonged peace; luxury, more ruthless than the sword, broods over us and avenges a conquered world.”

A portrait of Rome in decline. And today, some argue, a portrait of Europe.

Political and economic commentators increasingly draw parallels between today’s Europe and the late Roman Empire. Those who subscribe to the decline narrative point to data showing that Europe’s share of global GDP has fallen from 25% in 1990 to roughly 14% today. Others highlight the innovation gap, demographic headwinds, and the erosion of industrial competitiveness. While these trends worry many, a Wall Street Journal report yesterday added a more urgent dimension: a recent wargame underscored Europe’s vulnerability to a potential Russian attack.

The Dutch Defence Minister noted that “Russia will be able to move large amounts of troops within one year” and that Moscow is already expanding its assets along NATO borders. This alone underscores the perceived urgency amongst European leaders to accelerate efforts to rebuild and modernize its military capabilities – and suggests that Europe’s geopolitical weight has indeed diminished.

Whether Europe is truly in decline remains subject to debate, but equity markets certainly are. And, in fact, particularly US markets this time – with the S&P500 now down 0.7% year-to-date but the European Stoxx 600 index still up 2.8%. Investor sentiment has deteriorated sharply. While the selloff had moderated at the time of writing, US tech stocks experienced steep declines, with Amazon losing 11% in extended trading. Bitcoin also continued its slide, touching lows not seen since October 2024 and barely holding above $60,000. Oil prices remain somewhat elevated, with traders watching closely to see whether the US will take action against Iran in the coming days.

In another Wall Street Journal article, China’s leadership appears to have concluded that the deterioration in U- China trade relations is irreversible and likely to lead to a messy decoupling. This raises important questions about how such a shift might affect China’s broader trade surplus. Here, we argue that China is likely to maintain significant trade surpluses for the foreseeable future. One important reason is that 2025 has demonstrated that it is not so easy to decouple from China; another is that countries like Canada and the UK reconsider their trade relationship with China because of ongoing trade tension with the US.

Turning to central banks: the ECB left rates unchanged yesterday, keeping the deposit rate at 2% for the fifth consecutive meeting. No forward guidance was provided, and the Governing Council judged that risks remain broadly balanced. The ECB struck a generally constructive tone, citing low unemployment, strong private sector balance sheets, and ongoing investment in defence and infrastructure.
However, it also warned of persistent geopolitical risks and uncertainties around global trade policy. Until the data clearly point in a particular direction, the ECB is likely to remain on hold. As expected, questions arose about the recent EUR/USD rally, which briefly pushed the pair to 1.2044 eight days ago , yet President Lagarde remained calm despite acknowledging that a stronger euro could contribute to lower inflation. A full summary of the meeting can be found here.

At the Bank of England, the meeting was more eventful. Rates were held at 3.75%, but the split vote – 5 in favour of holding, 4 pushing for a cut – was unexpectedly narrow, with Governor Bailey casting the deciding vote. This increases the likelihood of a March cut, a view we have held for some time. New guidance that “judgements around further policy easing will become a closer call” triggered a repricing in markets, with the probability of a March cut rising from 20% before the announcement to around 60% at the time of writing. Full coverage of the meeting is available here.

Tyler Durden Fri, 02/06/2026 - 11:20

Top Russian Military Intelligence Official Shot & Wounded In Moscow Apartment

A top Russian military intelligence general has been shot in a Moscow apartment building on Friday, but has reportedly survived the attack and was transported to a local hospital. But his wounds are reportedly severe.

The attack by an unknown gunman has all the hallmarks of an assassination attempt in connection to the Ukraine war, especially given the victim is a high level Russian intelligence official. Vladimir Alekseyev is the deputy head of Moscow's GRU military intelligence, and has long been sanctioned in the West for his alleged role in cyberattacks and allegations that he was behind the alleged 2018 Novichok nerve agent attack in Britain.

via Associated Press

Lt. Gen. Alekseyev was shot several times by an "unidentified individual" before that person fled the scene. The highly decorated general, who has also heavily involved in Russia's Syria campaign of the last decade, has been first deputy head of Russia’s military intelligence since 2011.

Russian Foreign Minister Sergei Lavrov soon after accused Ukraine of being behind the "terrorist act" and alleged it is trying "disrupt the negotiation process" toward forging peace. According to further details:

According to the Investigative Committee of the Russian Federation, the attack took place on the 24th floor of a building on Volokolamskoye Highway.

Petrenko said that the unknown assailant shot the general several times and then fled the scene. As a result of the shooting, Alekseyev was wounded and hospitalized.

Based on the scant information presented by Russia's Investigative Committee, it seems the assassin was easily able to gain access to the building, and that the top general's apartment was broken into.

Ukraine has remained silent on the shooting of Gen. Alekseyev - despite Kiev having in the past claimed responsibility for some other attacks. For example, to review another couple of recent assassinations of top generals:

• In December, Lt. Gen. Fanil Sarvarov, head of the Operational Training Directorate of the Russian Armed Forces’ General Staff, was killed when a car bomb detonated.
• In April, another senior officer, Lt. Gen. Yaroslav Moskalik—deputy head of the General Staff’s main operational department—was assassinated by an explosive device planted in his vehicle outside his apartment building just beyond Moscow.

Meanwhile an Azov commander is vowing that "retribution will find everyone"...

Lieutenant General Vladimir Alekseyev, First Deputy Chief of the GRU of the Russian General Staff, who was shot in Moscow this morning, was the senior Russian representative at the negotiations in Mariupol in May 2022, during the withdrawal of the Mariupol garrison from Azovstal.… pic.twitter.com/WjgcG73INh

— Denys Prokopenko (@D_Redis) February 6, 2026

These covert hits has unnerved Russia's command ranks, given they take place deep inside Russia, and even in high-secured neighborhoods which residents might otherwise think are same or immune from the events of the Ukraine war.

As for Alekseyev, it's possible he could succumb to the gunshot wounds, as Russian media has indicated he remains in critical condition in an intensive care wing.

Tyler Durden Fri, 02/06/2026 - 11:00

Why Is The Deep State Targeting DNI Tulsi Gabbard With Such Ferocity?

Authored by Sundance via The Conservative Treehouse,

Each day more and more people are starting to realize/notice there are elements of the United States intelligence apparatus that are targeting Director of National Intelligence, Tulsi Gabbard.  The need for control is a reaction to fear, and Tulsi Gabbard has the DC Intelligence Community very worried.

What you will read below is something that was written back in 2024 about the potential for the Office of the Director of National Intelligence (ODNI), if President Trump were to win the election. Subsequently, he did win; and while we are not saying this is the exact ODNI script that is being followed, we are certainly not disputing that either.

Read the roadmap below –Written in 2024– compare it to current events and decide for yourself if this is something that rings a bell and may explain the IC apoplexy.

The ODNI was created as an outcome of the 9-11 Commission recommendations.  In the era shortly after 9/11, the DC national security apparatus was constructed to preserve continuity of government and simultaneously view all Americans as potential threats.

The Department of Homeland Security (DHS) and the Office of the Director of National Intelligence (ODNI) were created specifically for this purpose.

Washington DC created the modern national security apparatus immediately and hurriedly after 9/11/01.  DHS came along in 2002, and within the Intelligence Reform and Terrorism Prevention Act of 2004 the ODNI was formed. 

When Barack Obama and Eric Holder arrived a few years later, those newly formed institutions were viewed as opportunities to create a very specific national security apparatus that would focus almost exclusively against their political opposition.

Here is the weird part.  The ODNI was formed in 2004, with the intent for the office to be the pivot point of a national security radar. The DNI was intended to provide information to domestic agencies about foreign terror networks that would prevent something like 9-11 from happening again.  However, the Office of the Director of National Intelligence has never, not for one day, operated on this intent. This is why they are such a critical position from my perspective.

The office was new, not established yet as a functioning silo, when Barack Obama and Eric Holder arrived in 2009. They quickly dispatched an idiot, James Clapper, into the operation so they could weaponize around the offices’ fulcrum point.

Prior to the DNI office existing, the CIA radar would sweep externally and then report to the Office of the President. The DNI was intended to take external radar sweep (CIA) and make it a full 360° circle, adding a sweep inside the USA that would be handled by the Dept of Homeland Security.

The DHS sweep and the CIA sweep would then be combined into a central collection hub called the ODNI. Everyone with responsibility for “national security” could access the ODNI material. Essentially and presumably, post 9-11 nothing like jihadists practicing to fly airplanes would be missed again; at least that was the intent.

The weird part is that because the DNI was immediately weaponized, the office has never functioned to the purpose of its intent.

No one truly knows what the office possibilities consist of because no one has ever seen anyone try to functionally control the hub. If you think I’m joking about the intent of Obama and John Brennan using the DNI watch this video. This is before Brennan became CIA Director, this is when Brennan was helping Barack Obama put the pillars into place.

For the intents of this outline the takeaway is how the DNI office has never been used for good.  In a strategic way, that can be used to our advantage if you are talking about leveraging silos against each other.

Example:  The DNI can assemble material from any silo. Meaning the DNI can reach into any IC silo and extract anything they want. Under the original authorities given to the DNI, this authority exists. So, let’s spread the wings on this office and do exactly what it is permitted to do, only this time extract for the purpose of showing the President what is happening in every silo.

In essence, the DNI *CAN BE* deployed like a super strong cross-silo inspector general’s office. Force the other IC silos to comply with the demands of the DNI. This has never been done. But the DNI has this unique power.

The DNI can make the FBI, DOJ, DOJ-NSD, DoD, DoS and CIA provide anything and everything they demand.  Instead of the other silos using blocks and threats against the office of the President, use the authority of the DNI to get them without confrontation.   Then use the DNI to declassify the documents (if requested by potus), instead of the originating silo.

Can you see how the DNI office can be repurposed to be a seriously strong weapon in the toolbox of the President, against the schemes of those inside the various IC silos.

The DNI becomes much more important than the CIA Director, NSA Director, FBI Director, Attorney General, etc, because the DNI can just show up and say, “give me this.”  That’s the functional purpose of the DNI office that has never been exerted; let’s flippin’ use it.

Let’s use the office of the DNI as the central information hub that takes information from inside the corrupt silos, then provides that information to the President who puts sunlight upon it.  Each corrupt silo penetrated with disinfectant.  This could begin a process to pull down the shadow operations and let the American public see what has been happening inside our IC apparatus.

To accomplish this approach the National Security Advisor to the President (NSA) [currently Marco Rubio], would be the person who tells the DNI what they are looking for. How does the NSA know what to look for?  Because the National Security Advisor is the head of the National Security Council (NSC).

Let the NSC monitor the silos with specific intent, perhaps with assistance from open-source research, then provide Trump’s NatSec Advisor with details on what appears to be happening and where.   With the approval of the President, the NSA [Rubio], then turns to the DNI [Gabbard] and says, “POTUS wants this, go get this.”

Raw, unfiltered, unredacted information.   The silo administrators end up in a fight with the ODNI, not the office of President Trump.  President Trump then uses the power of his office to support the demands of the DNI.

Under this approach the DNI has a lot more power; yet funnily, it’s power they already have – yet have never utilized.

[END of Prior Outline]

Does any of that track with what we are currently experiencing?

With DNI Tulsi Gabbard putting strategic pressure from the inside, and We The People putting accountability pressure from the outside, this Deep State intelligence nut just might begin to crack.

In fact, I might even argue that cracking is exactly what we are starting to see.

Tyler Durden Fri, 02/06/2026 - 10:40

Democrats Abandon Tariff-Flation Narrative Sending UMich Sentiment To 6-Month Highs

After January's big bounce from record lows (as Democrats began to see that the world is not the worst its ever been... and inflation is not going to explode), UMich sentiment was expected to re-dip again in February led by a drop in Current Conditions.

But February's preliminary data showed a continued rebound in sentiment (which is quite shocking given that it comes after the Davos/Greenland debacle) with a surge in Current Conditions dominating a small dip in Expectations to bring the headline sentiment to its highest since August 2025...

Source: Bloomberg

"Sentiment surged for consumers with the largest stock portfolios," said Director of Surveys, Joanne Hsu's, "while it stagnated and remained at dismal levels for consumers without stock holdings."

On net, modest increases in current personal finances and buying conditions for durables were offset by a small decline in long-run business conditions.

Inflation expectations for the next 12 months plummeted to 13-month lows (while medium term expectations rose modestly)...

Source: Bloomberg

...as Democrats and Independents come to their senses...

Source: Bloomberg

It appears mainstream media propaganda about Trump's tariffs worked on some... (is this where the term 'useful idiots' comes from?)

But, according to Democrats' prior panic, inflation is about to go vertical right about now...

...we wait with bated breadth.

Of course, UMich's reliability has been in question for a while now...

Finally, if you had any doubt that this survey was utterly biased, here is Hsu's concluding comment:

"While sentiment is currently the highest since August 2025, recent monthly increases have been small - well under the margin of error - and the overall level of sentiment remains very low from a historical perspective."

Translated: don't believe this drop in inflation fears (to 13 month lows) and rise in sentiment (to 6 month highs)... Trump's still OrangeManBad, remember!!

Tyler Durden Fri, 02/06/2026 - 10:10

Ukraine Claims Putin Is Transferring Occupied Farmland Into State Hands

Via Remix News,

Russia has begun transferring privately owned farmland in the occupied Luhansk region to Russian state hands, the Ukrainian National Resistance Center claims, according to an article by UNN, cited by Portfolio.

According to Ukrainians, the Russian authorities are now, within the framework of a complicated legal process, first officially classifying the Luhansk farmland as “abandoned” and then transferring it to the Russian state.

Russian occupiers are simply stealing the property of Ukrainian people who have fled the war, according to Ukraine.

“They are working to permanently dispossess people fleeing war, and the forced displacement is essentially a form of land grabbing disguised as legal," the report said.

Ukraine has long been one of Europe’s strongest agricultural economies, but much of the fighting is taking place on land where the country’s agricultural activities took place.

Donetsk Oblast and Luhansk Oblast make up Donbas, a territory largely occupied now by Russia and which U.S. President Trump has asked Ukraine to give up.

Luhansk Oblast is considered particularly good farmland, but the region underwent significant industrialization during Soviet times, and since 2014, a lot of bombs, mines, ammunition and contamination have been deposited in the soil.

Read more here...

Tyler Durden Fri, 02/06/2026 - 09:50

Under Armour Lifts Outlook As Kevin Plank Says "Transformation Accelerating"

We asked a perfectly reasonable question last month: Why was Fairfax Financial, under Prem Watsa (often called the "Canadian Warren Buffett"), adding significant long exposure in Under Armour equity?

Weeks later, we might know why...

Under Armour reported third-quarter results that surprised Wall Street analysts tracked by Bloomberg, posting a profit and topping revenue estimates.  

Third Quarter Results (courtsey of Bloomberg):

Adjusted EPS 9.0c vs. 8.0c y/y, estimate loss/shr 1.1c

Loss per share $1.01, estimate loss/shr 9c

Net revenue $1.33 billion, -5.2% y/y, estimate $1.31 billion

• Apparel revenue $934.0 million, -3.3% y/y, estimate $924 million

• Licensing revenue $27.2 million, +14% y/y, estimate $23.2 million

• Footwear revenue $265.1 million, -12% y/y, estimate $259.4 million

• North America revenue $756.7 million, -10% y/y, estimate $750.7 million

• Asia Pacific revenue $190.9 million, -5.1% y/y, estimate $183.6 million

• EMEA revenue $315.8 million, +6% y/y, estimate $321 million

• Latin America revenue $70.6 million, +20% y/y, estimate $60.3 million

Adjusted operating income $26.4 million, -56% y/y, estimate $5.76 million

Inventory $1.07 billion, -2.4% y/y, estimate $1.18 billion

Total location count 450, +0.4% y/y, estimate 450.33

Operating loss $149.8 million vs. profit $13.5 million y/y, estimated loss $46.7 million

Management also raised its outlook, reinforcing a view we've covered via UBS: an early-stage turnaround may be taking hold after years of the stock being beaten down.

Full Year Forecast (courtsey of Bloomberg)

• Sees adjusted EPS 10c to 11c, saw 3.0c to 5.0c, estimate 4.9c (Bloomberg Consensus)

• Sees loss per share $1.24 to $1.25, saw loss/shr 15c to loss/shr 17c

• Sees revenue -4%, saw -4% to -5%

• Sees gross margin about -190 bps

• Sees adjusted operating income $110 million, saw $95 million to $110 million, estimate $97.8 million

• Sees operating loss $154 million, saw loss $56 million to loss $71 million

UA President and CEO Kevin Plank commented on the earnings:

Our third-quarter adjusted operating results exceeded expectations, and despite a few unfortunate, non-recurring impacts, we're encouraged by the progress we're making in the business to reignite brand momentum.

In North America, we believe the December quarter marked the most challenging phase we'ver business reset, and we expect greater stability ahead as we build on this progress globally.

Our transformation is accelerating as we sharpen our focus and strengthen execution. Our strategy is gaining traction through better products, bolder storytelling, and a more disciplined market presence, positioning Under Armour to operate with greater intention and confidence going forward.

After years of reporting UA's brand losing market share. We began to change our view on UA after UBS analyst Jay Sole, in September, forecasted a major inflection point for the Baltimore-based apparel company.

At the time, Sole argued that sentiment would turn positive in FY27, setting the stage for stock outperformance.

• "We Think Sentiment Will Turn Positive": UBS Sees Inflection Point In Under Armour Shares

Then last month, what really piqued our interest was Fairfax Financial Holdings taking a monster 22% stake in UA.

• Fairfax Financial Takes 22% Stake In Under Armour As UBS Sees "Turnaround Stock" 

We even asked the question:

• Why Is "Canadian Warren Buffett" Panic-Buying Under Armour Stock

... and now we know why.

Shares moved up 3.5% in premarket trading after the earnings report. On the year, shares are up 26%, after being beaten down to 2010 levels since peaking in 2015.

We also note that Bloomberg data show UA's float is 33% short. A possible squeeze candidate for sure.

Tyler Durden Fri, 02/06/2026 - 09:35

Futures Rebound To Session High As Software, Gold And Bitcoin All Jump

US equity futures are poised to open higher with Software companies finally bouncing (as previewed here), even though Amazon continues to be deep in the red after its eye-watering capex outlook. US stocks will cap a bruising week in which a rush to unwind crowded trades - from AI shares to precious metals and crypto - triggered margin calls and amplified the market’s slide. With the S&P 500 on track for its worst week this year, S&P futures are 0.6% higher at 8:15a.m. ET while contracts on the Nasdaq 100, which just suffered its ugliest three days since Trump’s trade war sent markets into a tailspin in April, were up 0.8% after erasing an earlier decline while precious metals and cryptocurrencies climb after falling sharply on Thursday. In premarket trading, Mag 7 are mostly higher except for AMZN which is down -7% post-earnings on a staggering capex guidance ($200BN, vs $146BN est); NVDA +2.7%, MSFT +1.6%. Yields are 1-3bp higher led by the front-end overnight while the USD is at session lows. Commodities are mixed: base metals are lagging, while gold and silver added 2.0% and 4.4%, respectively; oil added 0.4% overnight. Oil trades near session lows as US-Iran nuclear talks take place. Bitcoin has bounced more than 10% from its session lows just above $60K as dip buying makes a tentative comeback. 

In premarket trading, Mag 7 stocks are mostly higher with one exception: Amazon is down 7% after the company announced plans to spend $200 billion this year on data centers, chips and other equipment, worrying investors that its colossal bet on artificial intelligence may not pay off in the long run. AI infrastructure stocks rally after Amazon’s massive capex forecast. Gainers include AMD (AMD) +2%. Other Magnificent Seven stocks: Tesla +0.6%, Alphabet -1%, Microsoft +1.3%, Apple -0.4%, Meta Platforms +0.08%

• Cryptocurrency-linked stocks rally as Bitcoin rebounded after a selloff that briefly dragged the token to a more than 50% retreat from its October peak.
• Bill Holdings (BILL) rises 12% after the payments-automation company raised its full-year forecast.
• Bloom Energy (BE) rises 13% after the manufacturer of solid-oxide fuel cells gave a forecast for 2026 revenue that beat the average analyst estimate.
• Hims & Hers Health (HIMS) falls 8% after FDA Commissioner Marty Makary said his agency will take “swift action against companies mass-marketing illegal copycat drugs, claiming they are similar to FDA-approved products.”
• Impinj (PI) falls 27% after the semiconductor device company gave an outlook that is much weaker than expected, given an inventory overbuild. The results prompted a downgrade
• Molina (MOH) tumbles 25% after the health insurer forecast 2026 profit that was less than half of Wall Street’s expectations.
• Reddit (RDDT) climbs 8% after the social-media company’s fourth-quarter results beat expectations across key metrics. It also gave an outlook that is seen as strong.
• Roblox (RBLX) jumps 8% after the video-game company reported fourth-quarter results that beat expectations on key metrics. It also gave an outlook that is seen as positive.
• Stellantis (STLA) plunges 27% after the carmaker said a business reset resulted in charges of around €22.2 billion for the second half of 2025. Akros says the charges were about double what they expected.

Investors have been spooked by developments on two fronts: the rollout of models from AI startup Anthropic that threaten to render large swaths of software services redundant, alongside the eye-watering spending plans of tech companies. Four of the biggest tech firms plan to invest around $650 billion this year in data centers and the equipment required to run them.

Amazon, almost 8% lower in pre-market trading, is the latest Mag7 member to spook investors about ballooning AI spending, projecting $200 billion for capex this year, far more than the $146 billion Wall Street had penciled in.  Taken together with plans from Meta, Google and Microsoft, capital spending by the Big Four AI “hyperscalers” is set to hit about $650 billion this year — up from $356 billion in 2025 and under $100 billion in 2020. On current trajectories, that suggests the quartet’s capex could top $1 trillion in 2027, a scale of investment that’s giving investors pause in what has long been a disinflationary tech industry.

Some investors still appear willing to open their wallets. Oracle’s record-setting bond deal on Monday is an encouraging signal for other big tech firms seeking to raise hundreds of billions of dollars for data-center infrastructure, according to Goldman Sachs’ syndicate desk. Yet if the mounting cost of building AI is rattling markets, so too is the disruption the technology threatens to unleash on other industries. Anthropic is rolling out a new model, Claude Opus 4.6, tailored for financial research - just days after its move into legal services jolted legacy software providers. Meanwhile, Blackstone-backed Liftoff Mobile postponed its IPO this week as a selloff in tech shares compounded investor concerns about AI’s impact.

Still, the week’s retreat is allowing traders to separate stocks facing genuine risk or overvaluation from those caught up in the broader risk-off rout, as the AI rally of the past three years continues to broaden beyond the largest names.

“This is an opportunity for us as active investors to take the baby that has been thrown out with the bath water, because there’s still names out there that we believe will come out very well,” said Fabiana Fedeli, chief investment officer for equities, multi-asset and sustainability at M&G Investments.

For Rory Sandilands, a fixed-income portfolio manager at Aegon Ltd., uncertainty over the disruptive nature of AI may linger as it remains too early to tell how effective the new tools are, or how quickly other software may become obsolete.

“What we’re seeing in the marketplace is fear, because nobody understands really who the winners and losers will be,” Sandilands said. “There’s not enough cushion in credit spreads in aggregate to really to help soften that blow.”

Bitcoin, another canary in the coal mine for risk appetite, touched a new 15-month low of $60,033 on Friday morning, before rallying more than 10%. The original cryptocurrency suffered its biggest daily drop since 2022 on Thursday.  Bitcoin’s plunge is intensifying the crisis rocking the digital-asset complex. Few companies are more exposed than Strategy, which confirmed in earnings announcement on Thursday a net loss of $12.4 billion for the fourth quarter, driven by the mark-to-market decline in its vast holdings. Retail investors who piled into the Trump administration’s promised crypto paradise via Wall Street-approved funds are also learning an expensive lesson in market gravity. Crypto funds had their biggest outflows since November in the week ended Feb. 4, Bank of America says, citing EPFR Global data. Money market funds attracted the most inflows, along with stocks. That said, today crypto may finally be due for a rebound: tracking the Software basket, bitcoin is more than 10% above the overnight lows of $60K, trading near session highs of $67K.

Silver has managed a modest rally from Thursday’s 17% leg lower, but remains nearly 39% down from its peak barely a week ago.

Also recall: it may be the first Friday of the month, but there are no non-farms payrolls. Earlier this week, the Bureau of Labor Statistics said the January jobs report would be delayed to next Wednesday because of the partial government shutdown. 

Turning to earnings, companies representing nearly 70% of the S&P 500’s market value have now reported in this earnings season. Of the 289 S&P 500 companies to have reported so far, more than 78% have beaten analysts’ forecasts, while 17% have missed. Next week, the calendar is much lighter, with another 8% of the S&P’s market cap reporting. Philip Morris International and Biogen are among those companies expected to report results before the market opens on Friday. PMI investors will be looking for continued strength in its smoke-free portfolio, which includes heated tobacco products and nicotine pouches, to support high-single digit sales growth in the fourth-quarter. For Biogen, all eyes will be on the performance of Leqembi, the drugmaker’s treatment for early Alzheimer’s disease.

European stocks also advance, with construction, utility and bank shares leading gains. Autos underperform as Stellantis shares tumble. Consumer products and chemicals also lag, while construction shares outperform, as French group Vinci announced strong 2025 earnings.  Here are some of the biggest movers on Friday:

• Bayer rises as much as 3.2% after the German company said its experimental drug — called asundexian — cut the risk of secondary strokes by 26% in a late-stage trial.
• Kongsberg shares soar as much as 17% after the Norwegian defense firm posted results that Morgan Stanley says delivered a strong end to the year, with all divisions recording double-digit growth in the fourth quarter.
• Vontobel shares rise as much as 6.1% after the investment management firm reported a significant trading-driven earnings beat, according to analysts at Citi.
• Renk Group shares rise as much as 10% after BNP Paribas raises its recommendation on the German defense company to outperform from neutral, citing a reassuring message from the CEO over the upcoming earnings report and the outlook for 2026.
• Stellantis shares fall as much as 24%, the steepest drop on record, after the carmaker said a business reset resulted in charges of around €22.2 billion for the second half of 2025. Akros says the charges were about double what they expected.
• SocGen shares dropped as much as 4.1% following a strong rally after the French lender reported what an RBC analyst says are mixed results as Bloomberg Intelligence notes trading revenue missed estimated and fell short of peers.
• Kering shares fall as much as 5.5% after Morgan Stanley trimmed its price target on the French luxury group ahead of next week’s earnings, saying recent channel checks point to a more difficult start to 2026 than anticipated.
• Coloplast shares drop as much as 9.6% after the Danish medical products-maker reported weaker-than-expected sales and earnings for the first quarter, hurt by its Kerecis skin substitutes business.
• Anglo American shares fall as much as 3.1% after BofA analysts cut the miner’s rating to neutral from buy, citing risks to completing its Teck Resources acquisition and uncertainty over the value of non-core businesses.
• European software and IT services stocks are coming under renewed pressure, tracking declines in Asian and US peers, after Anthropic unveiled a new version of its most powerful artificial intelligence model designed to carry out financial research.

Earlier in the session, Asian stocks pared their initial declines on Friday but still headed for a weekly slide, dragged by concerns over artificial intelligence shares and panic selling in precious metals. The MSCI Asia Pacific Index dropped as much as 1.3% before trading little changed in Friday’s session, with South Korea and Taiwan’s tech-sensitive markets overcame declines. Stocks in Hong Kong dropped and mainland China extended its retreat, while Japan’s market rebounded after opening at a loss. On the week, the regional gauge slid as much as 2.5%, set to snap its streak of advances that started in mid-December. Thailand will also be heading to the polls for a general election, with spending plans and measures to support growth among investors’ top priorities. Shares in India were steady after the central bank kept its benchmark interest rate unchanged, signaling an end to its easing cycle.

“Asian markets have fallen this week as volatility in precious metals prompted investors to reassess stretched valuations more broadly,” said Fabien Yip, market analyst at IG International. A spillover from the US tech selloff has added more pressure, although the region’s decline has been more moderate than global peers, she added.

In FX, the Bloomberg Dollar Spot Index is down 0.2% while the Norwegian krone and Australian dollar are the best performing G-10 currency, rising 0.8% each against the greenback. USD/JPY is little changed ahead of the Japanese election on Sunday.

In rates, treasuries edge lower, pushing US 10-year yields up 2 bp to 4.20%. Gilts lead a rally in European government bonds, with UK 10-year yields falling 3 bps to 4.53%. A combination of the Trump administration’s focus on affordability and a weakening employment picture could open the door to further rate cuts, said Mohit Kumar, chief strategist for Europe at Jefferies.

“Our view remains that we could get a scenario where growth is robust and yet employment is weakening due to the impact of AI,” Kumar wrote. “A Warsh-led Fed could end up being more dovish than what the market currently expects.”

Money market funds attracted the most inflows in the week ended Feb. 4 along with stocks, Bank of America Corp. said, citing EPFR Global data. Crypto funds had their biggest outflows since November, while gold funds saw their first weekly outflow since November.

In commodities, WTI crude futures are steady near $63.30 a barrel as traders eyed the outcome of talks between Iran and the US.  Spot silver rises over 5% while Bitcoin rallies back above $66,000 after dropping more than 50% from its October peak.

Looking at today's calendar, the University of Michigan’s provisional reading of consumer sentiment in February is due at 10 a.m. ET however.  

Market Snapshot

• S&P 500 mini +0.4%
• Nasdaq 100 mini +0.5%
• Russell 2000 mini +0.8%
• Stoxx Europe 600 little changed
• DAX +0.1%
• CAC 40 -0.2%
• 10-year Treasury yield +1 basis point at 4.19%
• VIX -1.3 points at 20.51
• Bloomberg Dollar Index -0.1% at 1193.65
• euro +0.1% at $1.1794
• WTI crude +0.7% at $63.73/barrel

Top Overnight News

• Oil dropped US-Iran talks got underway in Oman, with Tehran indicating that a quick deal is unlikely. BBG
• The U.S. Virtual Embassy in Iran issued a security alert early Friday urging American citizens to “leave Iran now.” The notice came as American and Iranian officials were scheduled for a new round of negotiations in Oman on Friday. CNBC
• Bitcoin is bouncing this morning (currently +525bps), rising after a selloff that briefly dragged the token to more than 50% below its October peak. BBG
• US consumer sentiment probably edged lower at the start of February on concerns about a cooling labor market and elevated prices. BBG
• BOJ board member Kazuyuki Masu highlighted the need for a higher benchmark interest rate. BBG
• Indonesia’s assets slid after Moody’s cut the country’s credit outlook to negative. The cost of insuring sovereign debt rose to around 80 bps, the biggest increase among Asian sovereigns. BBG
• Intel and AMD have notified Chinese customers of supply shortages for server central processing units (CPUs), with Intel warning of delivery lead times of up to six months. The supply constraints have driven up prices for Intel's server products in China by more than 10% generally, although pricing varies by customer contract. RTRS
• Big Tech stocks sold off heavily after the companies unveiled plans to spend $660bn this year on AI, as investors fret that the “breathtaking” capital expenditures are outpacing the eranigns potential of the new technology. Amazon, Google and Microsoft are set to lose a combined $900bn in mkt value since filing their quarterly earnings over the past week. FT
• Sweden’s core inflation slowed more rapidly than expected last month, suggesting a March rate cut may be in play. The CPIF rate excluding energy fell to 1.7% from 2.3% in December. BBG
• South Korean official said US is taking necessary steps regarding the issue of South Korea being on sensitive country lists: Yonhap.

Trade/Tariffs

• Japan and US 1st round of investment to include gas power, ports and artificial diamond, totalling JPY 6-7tln, Nikkei reported.
• Chinese Commerce Ministry said they will lead policy measures to promote travel service exports and boost inbound consumption.
• French President Macron to visit Japan at the end of March, via Nikkei.
• South Africa Trade Minister said they signed a framework economic partnership with China, while the agreement will be followed by an early harvest agreement by end of March 2026, which will then see China provide duty-free access to South African exports.
• South Korea Foreign Minister said South Korea is not intentionally delaying US investment.
• Venezuela and Qatar review bilateral agenda to strengthen cooperation.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were ultimately mixed after the global market rout rolled over into the region following the continued tech woes stateside and weak US labour market data. Nonetheless, most of the regional benchmark indices are well off their worst levels, as the early sell-off gradually stabilised. ASX 200 was among the underperformers with the index dragged lower by heavy tech losses, and with sentiment also not helped by M&A-related disappointment after the proposed Rio Tinto-Glencore merger fell through, while there were comments from RBA Governor Bullock, who noted the RBA board is not happy with inflation and the prospects of getting it down. Nikkei 225 initially declined amid the broad risk-off mood and disappointing Household Spending data, but then recovered as sentiment improved and with participants awaiting the snap election on Sunday, where the ruling bloc is widely anticipated to achieve a landslide victory. Hang Seng and Shanghai Comp were mixed amid a lack of fresh pertinent catalysts and with the mainland clawing back all of its early losses following another two-pronged liquidity operation by the PBoC utilising both 7-day and 14-day reverse repos.

Top Asian News

• Indonesian President said they signed a security treaty with Australia.
• Former Bank of China (3988 HK) Vice President was expelled from the China Communist Party for serious violations of discipline and law.
• China's Ministry of Agriculture issues implementation plan to advance rural revitalisation and agricultural modernisation.
• Japan ruling parties expected to win over 300 seats out of the 465 seats in the lower house election, according to Nikkei.

European bourses (STOXX 600 +0.1%) broadly opened on the backfoot but have gradually moved higher as the morning progressed. European sectors opened with a clear negative bias but are now mixed. Construction leads, boosted by upside in Vinci (+6.5%). To the downside, Autos has been hit by significant pressure in Stellantis (-22.3%). The Co. noted it is to take a EUR 22bln charge as it resets its business and scales back on its recent EV push.

Top European News

• Russian Ambassador said the UK and France should participate if there is a serious talk multilateral nuclear disarmament.
• UK and China working group will work towards an MOU between the PBoC and BoE.
• ECB's Escriva said there is always room for changes in monetary policy; inflation is at target and expectations are anchored.

FX

• DXY marginally pulled back since the start of the APAC session after gaining against its peers yesterday amid haven appeal and as the buck continued to nurse some of its YTD weakness, with momentum following the Warsh Fed Chair nomination remaining intact yesterday, despite the slew of weaker-than-expected labour market metrics. The European morning has seen trade within tight parameters as traders look ahead to the University of Michigan prelim survey and comments from Fed's Jefferson. DXY resides in a 97.75-97.97 range after finding support near 98.00 once again after printing a 97.60-97.98 parameter yesterday.
• EUR/USD ekes mild gains and retested the 1.1800 level, albeit with price action contained following the uneventful ECB policy announcement yesterday, with several ECB speakers offering commentary today, albeit with no obvious impact on EUR assets. Further, the ECB Survey of Professional Forecasters suggested headline and core HICP inflation expectations unchanged across all horizons, while Real GDP growth expectations unchanged except for a slight upward revision for 2026. EUR/USD currently trades within a 1.1765-1.1801, versus Thursday's 1.1775-1.1822 range.
• GBP/USD regained some composure after the prior day's underperformance, which was caused by the BoE's dovish vote split and UK political woes and calls grow for UK PM Starmer to resign. GBP/USD trades between 1.3508-1.3581 compared to yesterday's wide 1.3518-1.3654 parameter.
• USD/JPY declined overnight but trimmed losses to trade flat at the time of writing, but with price action choppy ahead of the election on Sunday and following disappointing Household Spending data from Japan, while BoJ's Masu reiterated that the central bank will raise rates if the economy and prices are in line with the BoJ's outlook.
• Antipodeans outperform across the G10 space, rebounding from a weekly trough as the early sell-off in metals and stocks gradually stabilised and then reversed.

Fixed Income

• USTs are firmer by a handful of ticks, remaining at the elevated levels seen in the prior session. As a reminder, the strength seen on Thursday was attributed to: a) risk-off sentiment, b) poor US jobs data, c) a dovish hold at the BoE. Newsflow is lacking this morning, aside from the recommencement of US-Iran talks in Oman – the key risk is that talks break down, leading to a potential US strike on Iran. Geopols aside, focus will be on the US data slate, which includes the UoM survey. Currently within a 112-06+ to 112-16+ range.
• Bunds are also firmer this morning, following peers; currently firmer by around 15 ticks and trading within a 128.31-128.58 range. Earlier, German Exports rose more than expected with Imports also topping expectations – promising data from the region, though more focus was on the Industrial Production. The metric fell sharply in December, which highlights the uncertain nature of Germany’s recovery. Following this data, Bunds rose from 128.37 to a high of 128.46, before scaling back to just under the 128.40 mark where the benchmark currently resides. Several ECB speakers have appeared throughout the day, Kazaks highlighted risks of the stronger EUR, whilst Rehn suggested that there's a real risk of lower-than-expected inflation.
• Australia sold AUD 800mln 1.00% December 2030 bonds, b/c 4.14, avg. yield 4.3641%.

Commodities

• WTI and Brent briefly dipped below USD 63/bbl and USD 67/bbl, respectively at the start of the Asia-Pac session, before steadily bidding higher as European trade gets underway. The key event traders will be looking out for today is any reporting following the US-Iran nuclear talks in Oman. As of writing, the meeting has gotten underway but there have been reports that a convoy carrying US officials has left the site where the talks have been taking place.
• Spot gold is trading stronger today and currently at the upper end of a USD 4,655.23-4,903.40/oz range, and just above its 21 DMA (USD 4,848/oz). Focus remains on geopolitical updates out of Oman as the US and Iran remain in meetings.
• Base metals hold a negative bias this morning but have gradually picked up off worst levels as the risk tone improves. 3M LME Copper currently trades in a USD 12,540-12,896.78/t range.
• China's National Gold Group to constrain precious metals repurchase business from the 7th of February.
• China's Shanghai Gold Exchange to increase margin ratios, price limits for some gold and silver contracts from the 9th of February closing settlement.
• Weekly SHFE warehouse stocks change (W/W): Copper +6.8%, Aluminium +13.1%, Zinc +8.5%, Lead +56.4%.
• Iraq's SOMO Director said they are planning to boost oil export from the south by 120k BPD.
• Thailand's TFEX announces the temporary trading halt of silver online futures.
• Mexico reportedly evaluating how to send fuel to Cuba while avoiding US tariffs.

Central Banks

• BoJ's Masu said he does not think the BoJ is behind the curve and need to monitor the impact of FX on inflation. Timing of rate hikes to neutral is not predetermined. Not suggesting food price moves need immediate action. Watching food inflation beyond rice prices. Policy should be carefully guided to keep underlying inflation around 2%. True that Japan's negative real interest rate is likely behind rises in property prices. Past pace of rate hikes will not be any guide to the future pace of hikes.
• BoJ's Masu said the central bank is closely watching FX market moves and their impact on the economy and prices, also noted that appropriate and timely rate hike is needed. said:. BoJ will raise rates if the economy and prices are in line with the BoJ's outlook. Cause of inflation also warrants close attention, in terms of whether inflation is truly caused by supply-side factors alone or by a combination of both demand- and supply-side factors. Real interest rate remains at a significantly negative level in Japan. Convinced that continuing with further policy interest rate hikes will be needed to complete the normalisation of monetary policy in Japan.
• BofA expects ECB to hold rates in 2026 (prev. 25bp cut in March), sees 25bps cuts in March and June 2027.
• ECB Survey of Professional Forecasters: Headline and core HICP inflation expectations unchanged across all horizons; Real GDP growth expectations unchanged except for a slight upward revision for 2026. Unemployment rate expectations unchanged for 2026 and 2027 but slightly lower thereafter.
• ECB's Muller said December's outlook still good for basic decision making.
• ECB's Rehn on their next meeting in March said they will be receiving new data and updates for ECB's forecast, allowing them to refine their assessment of the Euro area's growth momentum and inflation dynamic. Any changes in the key interest rates in the future, if justified and not executed. Highlights that there's a real risk of lower than expected inflation.
• ECB's Kazaks said that rapid EUR strengthening may trigger a response from the ECB.
• ECB's Villeroy said downside risks are probably more significant; the ECB has no FX target.
• ECB's Stournaras said "we are monitoring exchange rates"; have strong confidence in the economic outlook. ECB is monitoring the FX rate, but euro increase has not been dramatic. FX rate levels are not a primary focus. January inflation data should be viewed in context. Meeting-by-meeting approach has been good practice. Judges that risks are balanced. Do not think we have to take any action now.
• RBA Governor Bullock said RBA board is not happy with inflation and the prospects of getting it down.
• RBA Governor Bullock said much of the recent increase in inflation is judged to be temporary, but some of it seems to be persistent, adds Board will be monitoring closely the extent to which the strong inflation we have observed is persistent or temporary. said:Labour market is still doing very well, calling it good news.
• RBI maintains Repurchase Rate at 5.25%, as expected, via unanimous decision and maintains neutral policy stance.

Geopolitics: Russia-Ukraine

• Russian Ambassador said the UK and France should participate if there is a serious talk multilateral nuclear disarmament.
• Russia's Kremlin said Abu Dhabi talks will continue; on nuclear talks, said Russia and the US realise the need to begin talks soon.
• Deputy Head of Russian Military intelligence shot in Moscow, sources report.

Geopolitics: Middle-East

• Iranian media reported that the second round of Muscat talks does not signify the start of negotiations, and these initial sessions have been held for each party to coordinate with the Omani mediator.
• Second round of nuclear negotiations between the US and Iran have gotten underway.
• An Iranian diplomatic person said the presence of CENTCOM or any military officials can jeopardise indirect nuclear talks between the US and Iran.
• A convoy reportedly carrying American officials leaves the site of the US-Iran talks in Oman, the AP reported; details light.
• US envoy Kushner is also attending US-Iran talks, according to Iranian state TV.
• Iran and US commence nuclear talks in Oman, Iranian media reported.
• Iran's Foreign Minister said they are fully prepared to defend Iran's sovereignty and security against any transgressions.
• US-Iran talks are reportedly delayed by a few hours.
• Israeli media reported that Israeli PM Netanyahu said in closed sessions of the Knesset that political, military and economic factors brought Iran closer to a critical point, although he did not consider the fall of the government to be certain. He warned that any Iranian attack would be met with a "strong response".
• US President Trump posted "Rather than extend “NEW START” (A badly negotiated deal by the United States that, aside from everything else, is being grossly violated), we should have our Nuclear Experts work on a new, improved, and modernized Treaty". Full post: "The United States is the most powerful Country in the World. I completely rebuilt its Military in my First Term, including new and many refurbished nuclear weapons. I also added Space Force and now, continue to rebuild our Military at levels never seen before. We are even adding Battleships, which are 100 times more powerful than the ones that roamed the Seas during World War II — The Iowa, Missouri, Alabama, and others. I have stopped Nuclear Wars from breaking out across the World between Pakistan and India, Iran and Israel, and Russia and Ukraine. Rather than extend “NEW START” (A badly negotiated deal by the United States that, aside from everything else, is being grossly violated), we should have our Nuclear Experts work on a new, improved, and modernized Treaty that can last long into the future. Thank you for your attention to this matter! PRESIDENT DONALD J. TRUMP".

Geopolitics: Others

• US to resume aid to North Korea whilst outreach stalls, via the WSJ. According to a US official, the decision isn't an act of gesture but rather as a de facto block on aid to North Korea.
• Senior South Korea official said expects progress in a few days regarding the North Korea issue, according to Yonhap.

US Event Calendar

• 10:00 am: United States Feb P U. of Mich. Sentiment, est. 55, prior 56.4
• 12:00 pm: United States Fed’s Jefferson Speaks on the Economy

DB's Jim Reid concludes the overnight wrap

Risk assets came under mounting pressure over the last 24 hours, as concerns around AI and a weak batch of US data led to growing questions about the near-term outlook. Once again, software led the sell-off, with the S&P 500’s software component (-5.01%) posting a 7th consecutive fall, whilst the broader S&P 500 (-1.23%) fell for a 3rd session running. But there were clear signs of stress more widely, with the VIX index (+3.13pts) reaching a new 2026 high of 21.77pts, whilst Bitcoin (-13.14%) saw its worst daily decline since November 2022, closing at a 15-month low of $63,083 and down almost 50% from its October peak. Overnight, it even surpassed that 50% threshold, falling to just $60,033 after midnight in London, but it’s since bounced back to $65,366 again. Meanwhile, the risk-off mood drove a sharp rally in Treasuries, with 2yr yields (-10.3bps) posting their biggest decline in six months. And there’s no sign of the sell-off finding a floor just yet, as disappointing results from Amazon after the US close have meant that futures on the S&P 500 are down another -0.50% this morning. 
That latest software decline now leaves its S&P 500 component down -29.9% from its October peak. And if you’d just known that US software would be in bear market territory back then, you’d be forgiven for thinking markets would have seen a huge correction by now. However, what we’ve actually seen is a significant rotation, which Jim looked at in yesterday’s chart of the day (link here). So other sectors have taken up the baton from tech, such as energy, materials and consumer staples, meaning that the overall S&P 500 still only closed -2.6% beneath its record high from last month. 

Interestingly, that pattern echoes what we saw in 2000 as the dot-com bubble started to burst. Equities started to fall from the March 2000 as tech stocks saw significant declines. However, consumer staples, utilities and healthcare rallied significantly over the months ahead, and in September the S&P 500 actually came within a percentage point of its record high from six months earlier. So it shows that a market can absorb a prolonged rotation without obvious index-level stress for some time. But the longer and deeper the sell-off in a dominant sector becomes, the harder it is for the broader index to withstand the drag, and the continued losses for tech in 2000 ultimately meant the S&P 500 ended that year over -10% lower. 

This latest sell-off has shown no sign of easing yet, and it got further momentum as Amazon reported after the close last night. Its net sales guidance was largely in line with expectations but this was accompanied by a sharp rise in planned capex spending, which is expected to reach $200bn this year, well above expectations. That spending also weighed on the operating income guidance ($16.5-21.5bn in the current quarter vs $22.2bn estimated) and pushed Amazon’s shares down by more than -10% in after-hours trading.

All that follows a difficult session yesterday, where the S&P 500 (-1.23%) posted a fresh decline that made this its worst 3-day run (-2.55%) since November. And with tech leading the sell-off, the NASDAQ (-1.59%) is now on its worst 3-day run (-4.46%) since the post-Liberation Day turmoil last April. But whilst tech has been the main focus, yesterday also brought signs of the sell-off broadening out, with a wider range of sectors losing ground. For instance, both the equal-weighted S&P 500 (-0.6x%) and Europe’s STOXX 600 (-1.05%) fell back from their record highs on Wednesday, showing that it wasn’t just a tech story. Indeed, the defensive consumer staples (+0.25%) and utilities (+0.11%) sectors were the only ones in the S&P 500 to eke out gains and the small-cap Russell 2000 (-1.79%) saw a large pullback as well. 
The sell-off really wasn’t helped by the latest batch of US data, which helped to feed the more negative market narrative. Indeed, a crucial factor driving the market’s resilience this year despite various shocks has been the consistent data resilience. So any signs the data is softening would take away a key support that’s held things up amidst the volatility elsewhere. In terms of yesterday’s releases, the weekly initial jobless claims spiked up to an 8-week high of 231k in the week ending Jan 31 (vs. 212k expected). Then 90 minutes later, the JOLTS report showed that US job openings fell to just 6.542m in December (vs. 7.25m expected), which is their lowest level since 2020, coming in below every economist’s estimate on Bloomberg. 

Those signs of labour market weakness meant investors priced in more Fed rate cuts this year, as the data was seen as offering them more space to ease policy. For instance, the amount of cuts priced by the December meeting was up +10.0bps on the day to 60bps. And in turn, that helped to push Treasury yields lower across the curve, with the 2yr yield (-10.3bps) seeing its biggest decline since August to 3.45%, whilst the 10yr yield (-9.5bps) fell to 4.18%. 

That bond rally got further support from the latest decline in commodity prices, which eased concerns about inflation. So Brent crude oil fell -2.75% to $67.55/bbl amidst the weaker data as well as news that US-Iran negotiations are set to go ahead in Oman today. And there was a fresh rout in precious metals, with gold prices (-3.74%) down to $4,779/oz, while silver (-19.57%) saw its second-sharpest decline on record to $70.92/oz. Following on the -26% fall last Friday, that left silver down -1% YTD, having been up +62% as of Wednesday last week, although it’s bounced back a bit overnight to move back into positive territory for the year, at $73.41/oz

Earlier in Europe, there wasn’t too much excitement from the latest ECB meeting, where it kept its deposit rate at 2% as expected. President Lagarde said that inflation was in a “good place”, and as our European economists write in their reaction note (link here), there was no sense of an imminent change in policy in either direction. So market expectations continue to see the ECB holding rates for the rest of the year, with the risks skewed towards another cut, and yields on 10yr bunds (-1.7bps) and OATs (-0.2bps) only saw modest declines. 

In the UK, however, the Bank of England’s decision led to a clear market reaction, as the decision had several dovish elements. It kept rates on hold as expected at 3.75%, but this was a narrow 5-4 vote, with the other 4 preferring a 25bp rate cut. And looking forward, the statement said that rates were “likely to be reduced further”. So that led to a significant rally for front-end gilts, with the 2yr yield (-5.6bps) down to 3.64%, whilst the pound sterling weakened -0.90% against the US Dollar. Moreover, those moves were exacerbated by the latest political drama, with mounting speculation around PM Starmer’s position seeing UK assets come under fresh pressure. Indeed, long-end bond yields posted a fresh increase, with the 30yr gilt yield (+4.2bps) up to 5.37%. And the 2s10s yield curve (+6.4bps) reached its steepest since 2018, at 89.5bps. 

Overnight in Asia, we’ve seen a more mixed performance for equities. In Japan, both the Nikkei (+0.38%) and the TOPIX (+0.76%) have rallied ahead of the country’s general election this Sunday, where PM Sanae Takaichi is seeking her own mandate after becoming PM last October. However, there’s been significant weakness elsewhere, with the Hang Seng (-1.25%) and the KOSPI -1.95%) seeing sharper losses. Moreover, the latest slump for Australia’s S&P/ASX 200 (-2.03%) leaves the index in negative territory for the year so far as it stands. Otherwise, there’s been a steadier performance for the Shanghai Comp (+0.18%) and the CSI 300 (-0.11%). 

Looking at the day ahead, data releases include German industrial production for December, and in the US there’s the University of Michigan’s preliminary consumer sentiment index for February. Otherwise, central bank speakers include Fed Vice Chair Jefferson, the ECB’s Cipollone and Kocher, and the BoE’s Pill.

Tyler Durden Fri, 02/06/2026 - 08:50

Indirect US-Iran Talks To Avoid War End In Agreement For 2nd Round, Cautious Optimism

The much anticipated talks between American and Iranian officials which kicked off Friday in Oman, in order to prevent war - or rather what many would describe as staving off US unprovoked attack - are being done in indirect fashion, at least in the opening phase.

Iran’s Foreign Minister Abbas Araghchi is in Muscat for the discussions, while Trump advisers Steve Witkoff and (his son-in-law) Jared Kushner are also taking part. Iran's ministry of foreign affairs has stated the goal of the meeting is to reach "a fair, mutually satisfactory, and honorable agreement regarding the nuclear issue." Just before 6pm Oman time, Iran's state media reported the indirect talks with the US have ended "for now" - but without elaborating. Crucially, another round is set for the coming days. There are positive initial statements out of Tehran:

IRNA: INDICATORS OF AN UNDERSTANDING DURING THE FIRST ROUND OF NEGOTIATIONS WITH AMERICA

At least they bothered to put a suit on for Iran pic.twitter.com/XtSoI1RKjG

— Vanessa Beeley (@VanessaBeeley) February 6, 2026

Iran wants the negotiations to only focus on the nuclear issues, while Washington has expressed concern over the Islamic Republic's ballistic missiles and support for proxies in the region. But from Tehran's perspective, it can't discuss and negotiate away its own conventional arsenal which would be crucial in any future conflict with Israel or the US.

"We engage in good faith and stand firm on our rights," Araghchi wrote on X just before going into the talks. He said his country "enters diplomacy with open eyes and a steady memory of the past year." He added: "We engage in good faith and stand firm on our rights."

The Omanis are mediating the talks, with the country's foreign ministry describing, "The consultations focused on creating the appropriate conditions for the resumption of diplomatic and technical negotiations."

There's been a bit of a surprise addition, at a moment of the US military build-up in the region:

The commander of US Central Command (CENTCOM), Admiral Brad Cooper, was seen attending meetings on Iran in Oman.

A video posted by the state-run Oman News Agency showed Cooper participating in talks between US special envoy Steve Witkoff and President Donald Trump’s son-in-la, Jared Kushner during their meetings with Omani Foreign Minister Badr Albusaidi.

Despite talk of good faith and a conciliatory approach, the Iranian foreign ministry at the same time warned the Islamic Republic is "fully prepared to defend its sovereignty and national security" against "adventurism".

Oil immediately responded to the cautiously optimistic headlines of furthering talks beyond Friday...

Al Jazeera has meanwhile captured some of the international reaction in the following:

• German Chancellor Friedrich Merz said concerns about Iran are “very, very high” among regional leaders, calling on Tehran to return to negotiations with the US and end its nuclear program as he ended his three-day tour in the Middle East.
• Russia said that it hopes the talks between Iran and the US would yield results and lead to de-escalation.
• An Iranian diplomatic source warns against the presence of US Central Command (CENTCOM) or any regional military officials during the ongoing indirect talks in Oman, the Reuters news agency reported.

Yves Smith laid out some likely outcomes days ago, before Friday's negotiations were officially agreed to, in Trump Will TACO With Intent to Strike Later:

The most likely course is for some sort of sham negotiations to allow the US to climb down for now and for Trump to depict the mere fact of talks as a win and a proof of US domination. But don’t expect the US to relent. As Greg Stoker pointed out, the Israeli minister of defense was in Washington last week to hand over the strike packages. Israel has not given up on Project Iran. The hawks most assuredly have not.
…
Israel can be expected to do the obvious, which is to continue to engage in what is too politely called asymmetric warfare or more accurately called terrorism, both to try to destabilize Iran and to preserve credibility among the warmongers in the Beltway. How far that gets in the next few months will be an indicator of how much Iran has been able to ferret out and destroy Mossad networks in Iran after its 12 Day War decapitation attacks and its recent protest escalations.

Trump is admittedly becoming more and more erratic every day. He might wind up concluding he has too much manhood at stake to back down now or any time very soon with Iran. But as you can see, he has many many reasons to try to find a way to retreat, even if he tells himself it is only temporary.

Starting a new major conflict in the heart of the Middle East would not sit well with Americans, whether on the right or left, and certainly MAGA voters might recall the rhetoric blasting neocon foreign adventurism on the campaign trail.

These delicate talks could indeed prove the avenue for climb-down from 'military solution' - or else a launching pad toward conflict, providing an 'excuse' based on imposing demands that Iran can never live up to.

Tyler Durden Fri, 02/06/2026 - 08:45

HIMS Shares Sink After FDA Vows "Swift Action" Against Copycat GLP-1 Drugs

Hims & Hers Health's $49-a-month copycat GLP-1 pill, priced far below Novo Nordisk's $149-a-month Wegovy pill, can be seen as part of a "GLP-1 price war" between the telehealth company and Big Pharma giant.

It appears that HIMS' strategy has been an access-and-pricing arbitrage play: mass-market a copycat GLP-1 first, then address any regulatory fallout later.

In pure 'FAFO' fashion, HIMS is finding out very fast: hours after Thursday's press release touting its new GLP-1 pill for $49 per month to take on Wegovy, FDA Commissioner Marty Makary wrote on X that his agency will take "swift action against companies mass-marketing illegal copycat drugs, claiming they are similar to FDA-approved products."

Makary noted, "The FDA cannot verify the quality, safety, or effectiveness of non-approved drugs."

FDA will take swift action against companies mass-marketing illegal copycat drugs, claiming they are similar to FDA-approved products.

The FDA cannot verify the quality, safety, or effectiveness of non-approved drugs.

— Dr. Marty Makary (@DrMakaryFDA) February 5, 2026

For context, last June, Novo terminated its partnership, citing the telehealth company's "illegal mass compounding and deceptive marketing."

On Tuesday, Novo reported a disappointing full-year outlook, warning of a tough year in the GLP-1 market. Besides HIMS, the company faces competition from Eli Lilly's Zepbound, gaining ever-larger market share in the U.S.

Makary's comments on X sent HIMS shares down about 7.5% in premarket trading in New York. Shares of Novo in Europe are up about 4.5%.

HIMS bubble unwinds...

We must also note that Makary's swift comments about copycat GLP-1 drugs were likely a nudge from Novo, as shares have been obliterated this week.

Goldman's Novo superbull James Quigley stated earlier this week, "FY26 is a reset year with respect to the pricing aspect of the GLP-1 market."

Tyler Durden Fri, 02/06/2026 - 08:05

Stellantis Shares Crash On 22 Billion Euro Charge Tied To Miscalculating EV Demand

Stellantis NV shares crashed the most on record in European trading after the automaker disclosed a 22-billion-euro (about $25 billion) charge tied to its failed EV strategy.  

Management framed the charge as the cost of misreading the slope of EV adoption, effectively building a product and investment plan around an "energy transition" timeline that outpaced customers' budgets.

"The reset we have announced today is part of the decisive process we started in 2025, to once again make our customers and their preferences our guiding star," Stellantis CEO Antonio Filosa wrote in a statement.

Filosa said, "The charges announced today largely reflect the cost of over-estimating the pace of the energy transition that distanced us from many car buyers' real-world needs, means and desires. They also reflect the impact of previous poor operational execution, the effects of which are being progressively addressed by our new Team."

The writedowns include roughly 6.5 billion euros in payments, mainly for supplier compensation, as the struggling maker of Jeep and Fiat cars cancels multiple EV models and significantly reduces its battery footprint amid weaker demand.

Stellantis is revising earlier targets for EV sales in Europe and for 50% EVs in the US by 2030, while also seeking to offset rising tariff costs.

Part of Filosa's "reset" includes $13 billion in US investment, delaying some EV plans, bringing back V8s to refresh the Ram lineup, and multiple Jeep launches and refreshes this year. He also scrapped investments tied to a planned hydrogen joint venture.

Stellantis is also exiting its Canadian battery joint venture with LG Energy Solution (LG is buying Stellantis's stake in the Windsor, Ontario, plant project).

The move by Stellantis mirrors moves by industry peers, including Ford Motor, General Motors, and others. On Thursday, Volvo Cars shares fell the most on record after earnings missed, with the company citing "a challenging external environment."

Stellantis shares in Milan fell as much as 24%, the most on record in Bloomberg data dating back to 2015.

Shares return to Covid-era lows.

Here's institutional commentary from UBS analyst Patrick Hummel:

Stellantis: 'Kitchen Sinking'; Shares Plunge 19%

Shares in Stellantis plunge 19% after the carmaker accompanied news of EV-related charges with soft 2026 guidance (in line on top-line, below on AOI and FCF). Stellantis announced €22 bn one-off charges in H2 2025, including €6.5 bn cash charges spread over four years. The latter is important, said UBS analyst Patrick Hummel, who thinks about €1.6 bn per annum cash outflows can be digested from a balance sheet perspective (€46 bn gross liquidity, €5 bn hybrid bond issue and no dividend for FY 2025 announced).

While Patrick thinks the one-offs are much larger than consensus expectations (€5-10 bn), the important aspect is the cash portion that is more in line. "Negative today, but it could be the clearing event we've been waiting for," he said, repeating his 'buy' rating on the shares.

The EV push by Western automakers has become an epic disaster, just as China is flooding Europe with low-priced EV models and eyeing the same playbook for Canada. In the US, Tesla remains the dominant outlier, continuing vehicle production while moving full steam ahead with robotaxi ambitions, AI stack, and robotics.

Tyler Durden Fri, 02/06/2026 - 07:20

Climate Alarmists Are Often Wrong But Never in Doubt

Authored by Gary Abernathy via The Empowerment Alliance,

One of the most annoying things about climate doomsayers is the certainty with which they make their dire predictions, while simultaneously making excuses for all their past prognostications that failed to materialize. Let’s revisit a few.

In the early to mid-1970s, several magazine articles and a number of scientists predicted that cooling trends could usher in a new “mini-ice age” beginning within a few short years. Didn’t happen. In fact, new crystal balls went from cold to hot.

A June 1989 Associated Press story quoted “a senior U.N. environmental official” who claimed that “entire nations could be wiped off the face of the Earth by rising sea levels if the global warming trend is not reversed by the year 2000.”

Noel Brown, director of the New York office of the U.N. Environment Program, insisted that “governments have a 10-year window of opportunity to solve the greenhouse effect before it goes beyond human control.” Without action “ocean levels will rise by up to three feet, enough to cover the Maldives and other flat island nations.”

At last report, the Maldives continue to thrive – thanks largely to growing tourism! According to CBS News, in 2009 former Vice President Al Gore (always good for a chuckle) “told a U.N. climate conference that new data suggests the Arctic polar ice cap may disappear in the summertime as soon as five to seven years from now,” meaning 2016 at the latest. Didn’t happen.

In 2000, the UK Independent ran an article quoting a scientist who suggested that within a decade, thanks to global warming, British children “won’t know what snow is.” Don’t tell that to the British youngsters and others who experienced the severe winters of 2010, 2013, 2018, etc.

Enough? Let’s do a couple more.

There were numerous predictions in the early 2000s that all glaciers in Glacier National Park would disappear by 2020 or, if we were lucky, by 2030.

“Later predictions delayed the glaciers’ inevitable demise to 2050,” according to a December 2025 article in the Daily Inter Lake. “Now, researchers say there is reason to believe some of the park’s perennial ice formations will persist into the 2100s.” Glaciers are famously stubborn. Several news stories over the years have quoted scientists and climate alarmists predicting that New York City would disappear under water thanks to flooding due to climate change.

For instance, in 2011, on the heels of Hurricane Irene, The Guardian produced the headline, “Major storms could submerge New York City in next decade,” and a subhead, “Sea-level rise due to climate change could cripple the city in Irene-like storm scenarios, new climate report claims.”

Instead, the only tsunami facing New York City is the flood of debt coming under socialist Mayor Zohran Mamdani.

Despite a track record that should discourage even the most ardent true believer, the predictions keep flying, fast and furious, most centered these days around slightly rising temperatures that will allegedly increase rainfall, create more wicked storms, and lead to drought, flood (they always cover both possibilities) or other catastrophes.

“Climate change is real, it’s happening and unless we do something about it soon, the consequences will be severe,” according to Martin Krause, director of the United Nations Environment Programme’s Climate Change Division. Second verse, same as the first.

While most believers in manmade climate change are part of the “Let’s Come Up With the Worst Case Scenario and Hope it Scares Everyone Into Action” school of alarmism, it’s refreshing to occasionally come across someone with a more reasonable approach.

Fitting that bill might be Noah Kaufman, former senior economist at the Council of Economic Advisers during the Biden administration, currently a senior research scholar at Columbia University’s Center on Global Energy Policy and a co-director of the Resilient Energy Economies Initiative.

In a “let’s all calm down a minute” article appearing earlier this month in The Atlantic, Kaufman – while making it clear that he personally is firmly aboard the manmade climate change bandwagon – laments the specific time-and-date panic predictions that have helped lose respect and credibility for his cause.

“Few economists embrace these all-or-nothing views on climate policy,” Kaufman writes. Kaufman points out that “quantitative estimates of aggregated global damages over centuries lie far beyond our analytical capabilities. Small changes in assumptions … can yield results that appear tojustify virtually any policy response.”

At the end of the day, “these models can display a pessimistic worldview in which climate damages accelerate to catastrophic levels, or a more optimistic one in which human progress keeps damages relatively modest. They offer little help in determining which of these futures is coming.”

Kaufman concludes by acknowledging that “the full effects of climate change are unknowable, and a more constructive public discussion about climate policy will require getting more comfortable with that.”

I recommend Kaufman’s article. Even though I will likely remain among those who agree that the climate routinely changes but remain skeptical about the extent of mankind’s impact, I don’t mind discussing it and listening to different viewpoints. Such conversation is much more palatable with someone who is not exhibiting a holier-than-thou attitude or demeaning the intelligence of anyone who disagrees.

More manmade climate change believers who take a respectful, calmer and non-accusatoryapproach to the naysayers could go a long way in lowering the temperature – and don’t we all agree on that objective?

Gary Abernathy is a longtime newspaper editor, reporter and columnist. He was a contributing
columnist for the Washington Post from 2017-2023 and a frequent guest analyst across numerous media platforms. He is a contributing columnist for The Empowerment Alliance, which advocates for realistic approaches to energy consumption and environmental conservation.

Tyler Durden Fri, 02/06/2026 - 03:30

Abu Dhabi Talks Bearing Fruit: Over 300 Russian, Ukrainian POWs Swapped

US-brokered Ukraine and Russia negotiations in the United Arab Emirates - specifically Abu Dhabi - have already borne some fruit as the warring sides Thursday reached an agreement to exchange 314 prisoners of war.

US special envoy Steve Witkoff confirmed the prisoner deal in a post on X, explaining that while "significant work remains, steps like this demonstrate that sustained diplomatic engagement is delivering tangible results and advancing efforts to end the war in Ukraine."

Illustrative prior prisoner swap. There have been several throughout the 4-year long war.

Russian negotiator Kirill Dmitriev told state media that "things are moving forward in a good, positive direction." But he at the same time blasted European nations for seeking to "disrupt the progress" and "meddle" in the process.

Despite the positive and tangible development of a large prisoner exchange, there's no apparent progress on the big issues and questions which might actually end the war - namely territory. 

Moscow is still demanding that Ukraine cede portions of the Donbass region that Ukrainian forces still control, but Zelensky's refusal means that Moscow is ready to settle the issue on the battlefield.

President Zelensky is meanwhile pushing for more and more from Europe, including 'closing the skies': 

He said that all security guarantees given to Ukraine would strengthen the security of this part of Europe, and insisted there should be no reward for the Russian aggression.

Zelenskyy said that Kyiv was ready to swap its drones for air defence missiles and Polish MiG-29 fighter jets, Reuters reported, and that the two countries also discussed the development of power grid connectivity between them.

Responding, Poland’s Tusk said he wanted to be in Kyiv, “because this is the place on the world map where all people see very clearly, as if through a magnifying glass, what is good and what is evil.”

While Poland has yet to agree to the maximalist 'asks' - Polish Prime Minister Donald Tusk has announced his country is preparing a new €47m aid package for Ukraine, mainly focused on armored equipment.

It was starting Wednesday that American, Ukrainian and Russian representatives gathered the UAE for this current round of trilateral talks in an effort to forge a final peace. President Trump earlier this week praised Putin for agreeing to a very temporary pause on attacking Kiev.

Tyler Durden Fri, 02/06/2026 - 02:45

Socialist Spanish Mayor Vowed To Block Migrant Minor Arrivals... Then Quickly Reversed Amid Political Pressure

Authored by Thomas Brooke via Remix news,

The Socialist mayor of Cartes in northern Spain has reversed her opposition to hosting unaccompanied migrant minors after attempting to block their arrival, issuing a public apology following pressure from her party leadership.

Lorena Cueto, mayor of the Cantabrian town of around 6,000 residents, initially described the relocation of migrant minors to her municipality as “a punishment” and issued an emergency municipal order seeking to halt the reception of 18 foreign minors transferred under Spain’s national redistribution system.

The move sparked protests in the town and drew sharp criticism from both the regional government and figures within Cueto’s own Socialist party, who accused her of creating public alarm and obstructing a legally mandated relocation.

The conflict began when the Cantabrian regional government, led by the center-right People’s Party (PP), proceeded with plans to open a reception center in Cartes to relocate minors. Ironically, the move was only in compliance with the mandate issued by Prime Minister Pedro Sánchez’s government, the same Spanish Socialist Workers’ Party (PSOE) of which Cueto is affiliated.

According to Canarias7, two minors arrived at the center earlier this week, with further arrivals scheduled in subsequent days.

Cueto responded by signing a municipal order invoking alleged urban planning deficiencies at the facility and demanding an immediate halt to the arrivals.

The order reportedly threatened to seal the building and cut water and electricity supplies if the minors were accommodated.

Cantabria’s Minister of Social Inclusion, Begoña Gómez del Río, rejected the mayor’s claims, stating the facility had passed inspections and possessed the necessary licenses to operate.

She accused the mayor of attempting to obstruct the process and inflaming tensions in the town.

“The mayor of Cartes has made maneuver after maneuver to obstruct the reception and protection of the minors (…) She has created public alarm and warned all the municipalities of Cantabria to be on alert,” Del Río said at an urgent press conference.

Regional authorities moved to challenge the mayor’s order in court.

Facing mounting criticism and pressure from higher up in her left-wing party, Cueto abruptly changed position the following day, posting an apology on social media.

She expressed regret “for everything that is happening” and pledged her town’s commitment to welcoming the minors “before, now, and in the future,” as cited by Democrata.

Cueto insisted her “top priority” was the protection and well-being of the children so they could “find in our town the life opportunities they deserve.”

Pedro Casares, general secretary of the PSOE in Cantabria, publicly acknowledged that the town council had “made a mistake” and had “acted hastily,” though he indicated the party was not considering expelling Cueto.

Earlier, Spain’s Minister for Children, Sira Rego, criticized the mayor’s stance, stating that describing the arrival of minors as a punishment or threatening service cuts was “absolutely intolerable.”

“Children’s rights are not something to be trifled with,” she said, urging the mayor to rectify the situation and comply with the law.

Local residents have continued holding demonstrations, arguing the town lacks sufficient infrastructure and services to host the minors. Security concerns have also been raised, with the town’s local police reportedly operating only until mid-afternoon, leaving evenings without local patrols.

One resident told El País, “We’re not saying they’re criminals, but this isn’t a suitable place to integrate them. They have psychological problems from so much suffering, and it’s not easy.”

Read more here...

Tyler Durden Fri, 02/06/2026 - 02:00