The weekend market malaise persists, like a tourist with a map who keeps ending up in the souvenir shop, as investors gasped at President Trump’s pick for the Federal Reserve chair.
The new Fed chair, Kevin Warsh, is seen as hawkish and not likely to whack out interest-rate cuts with the enthusiasm of a coupon hunter, given his stance on inflation.
“It’s all about the labor market and earnings this week,” mumbled the Kobeissi Letter, which also noted that “earnings season is in full swing and macroeconomic uncertainty is elevated.”
Economic Events Feb. 2 to 6
Monday kicks off the week with the January ISM Manufacturing PMI data report, a tidy bit of information about how the U.S. manufacturing world is doing, which is to say, still pretending it’s not collapsing under the weight of demand that’s taken an extended holiday.
The big week for labor-market data begins on Tuesday with the December JOLTS Job Openings data, followed by the Initial Jobless Claims report on Thursday, and the January Jobs Report on Friday.
“We haven’t really gotten a lot of clean looks at the state of the labor market and inflation because of that government shutdown last year, so we think those are going to probably be more important than usual,” Michael Reynolds, vice president of investment strategy at Glenmede, told Reuters.
Following the Fed meeting last Wednesday, markets are now pricing in the central bank to hold off on further rate cuts until June, although any surprise weakening in the labor market could sway those expectations, the report adds.
Key Events This Week:
1. January ISM Manufacturing PMI data – Monday
2. December JOLTS Job Openings data – Tuesday
3. Alphabet, $GOOGL, Reports Earnings – Wednesday
4. Initial Jobless Claims data – Thursday
5. Amazon, $AMZN, Reports Earnings – Thursday
6. January Jobs…
– The Kobeissi Letter (@KobeissiLetter) February 1, 2026
Another big batch of corporate earnings, including from the ‘Magnificent 7’ pair Alphabet and Amazon, will test stock markets this week after a disappointing report from Microsoft.
Crypto Markets Hit Yearly Lows
More than $250 billion wandered out of spot crypto markets over the weekend, leaving total capitalization at about $2.67 trillion, the lowest levels seen since April 2025, as if the crypto universe decided to downsize without notice.
All gains over the past nine months have now been erased as markets slip into bear market territory, and the familiar four-year cycle pattern seems to be doing a very good impersonation of a metronome-stuck at the same tempo.
Bitcoin tanked to a nine-month low, briefly slipping below $76,000 during the Monday morning Asia session. The fall has shaved roughly 40% from its all-time high, which is a nice way to say it hasn’t exactly been a fan of gentle declines.
Ether prices are back at bear-market lows, sliding 14% over the weekend low to $2,250, their weakest since May 2025.
The altcoins have been obliterated, with most now down 70% to 80% from their peaks as panic selling continues into another week.
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2026-02-02 09:58