Tech Stocks Pull Wall Street Lower as Gold and Silver Prices Bounce Back

U.S. stock markets fell in mixed trading as weakness in major technology stocks weighed on key indexes, while gold and silver prices rebounded sharply after recent sell‑offs, highlighting investor caution and sector rotation amid ongoing volatility.

By Robert Kim – Staff Correspondent

Last Updated: Feb. 2, 2026

Major Indexes Fall With Tech Shares Under Pressure

On Tuesday trading, the U.S. stock market saw notable declines as technology stocks exerted downward pressure on major benchmarks. The S&P 500 lost 0.8%, pulling further back from recent record highs, while the Nasdaq composite — heavily loaded with technology companies — sank 1.4%. The Dow Jones Industrial Average also dipped 0.3%, reflecting broad market unease. Key tech giants such as Nvidia and Microsoft each fell roughly 2.8%–2.9%, underscoring the profit‑taking and investor skepticism that have gripped the sector amid questions about stretched valuations and future growth prospects. :contentReference[oaicite:1]{index=1}

Software Sector and AI‑Linked Stocks Slide

Beyond the megacap names, stocks in the software sector and those perceived as vulnerable to competition from artificial intelligence also struggled. ServiceNow, for example, saw its shares plunge approximately 7%, widening its losses for the year and contributing to the broader tech sell‑off. This segment’s weakness has intensified concerns among market participants about how rapidly evolving AI technologies might disrupt traditional business models and corporate revenue streams, prompting investors to reassess risk exposure. :contentReference[oaicite:2]{index=2}

Gold and Silver Rebound Sharply

In contrast to equities, precious metals experienced a significant rebound. Gold climbed more than 6%, settling near $4,935 per ounce, while silver surged over 8% following steep losses in prior sessions. These rebounds reflect a renewed appetite among investors for perceived safe‑haven assets as broader market volatility persists and concerns about economic growth and currency fluctuations remain in focus. The metals rally followed sharp profit‑taking after a year of dramatic price increases, illustrating how markets can rapidly shift risk preferences. :contentReference[oaicite:3]{index=3}

Selective Strength Amid Broader Weakness

Despite the pressure on tech shares and the overall market decline, some individual stocks bucked the downward trend. Palantir Technologies, for instance, reported strong earnings and forecasted significant growth, driving its stock higher by more than 6%. Other companies outside the technology sector also showed resilience, highlighting the market’s uneven performance and the rotation out of high‑valuation tech names into more fundamentally solid or defensive areas. :contentReference[oaicite:4]{index=4}

Investor Sentiment and Market Outlook

The juxtaposition of tech losses and commodities gains illustrates a market grappling with uncertainty. As investors weigh concerns about tech valuations, interest rates, and the implications of ongoing economic data, many are seeking refuge in tangible assets like gold and silver. Market analysts suggest that this divergence could persist if volatility continues or if upcoming earnings reports fail to buoy confidence in major technology companies. This environment underscores caution among traders, with portfolio rotations and risk management strategies shaping market dynamics moving forward. :contentReference[oaicite:5]{index=5}