AMD Earnings Loom for Chip Rally 03/02/2026

HOT stories for today

Market wrap:

• U.S. stocks climbed Monday as Wall Street opened a new month, with investors looking past last week’s volatility in silver and bitcoin. The Dow rose 515 points, or 1.05%. The S&P 500 added 0.54% and the Nasdaq Composite gained 0.56%. Bitcoin briefly slipped below $80,000 for the first time since April, extending a risk-off move that followed steep declines in precious metals.
• Silver, up more than 100% over the past year, plunged about 30% on Friday, its worst one-day drop since 1980, while gold fell roughly 10%. All three trimmed losses on Monday, helping stabilize equities: Bitcoin last traded near $78,000, while spot gold and silver were down about 4% and 5%. Strategy slid 6%. NVIDIA fell 2% after a Wall Street Journal report said the chipmaker’s planned $100 billion investment in OpenAI has stalled. With earnings season accelerating, traders are watching for fresh catalysts. More than 100 S&P 500 companies report this week, and Tuesday’s JOLTS job openings data alongside AMD results after the close could help shape the market’s next move.

Software Stocks Offer Big Upside, Or a Value Trap

• Software stocks suffered a historically weak January, but some strategists say the selloff is creating selective opportunities, even as doubts persist that AI could pressure traditional SaaS models. Jefferies analyst Samad Samana expects investors to return to application software “when growth inflects alongside AI revenues,” arguing AI tools are unlikely to fully replace enterprise B2B software. He flagged ServiceNow, Shopify, and Twilio as attractive, and said Nice looks compelling on a “washed-out valuation,” with its P/E less than half its five-year average. For now, investors have favored clearer AI monetization higher up the stack, including hardware-exposed names such as ASML and Sandisk. 
• A screen of S&P 500 software companies shows how far expectations have reset: 14 of the 25 names carry buy-equivalent ratings from at least two-thirds of analysts surveyed by LSEG, with implied 12-month upside ranging from about 20% to 75%, led by Oracle (75%) and ServiceNow (67%). Still, William Blair analyst Arjun Bhatia cautioned the group may not have found a floor after the iShares Expanded Tech-Software Sector ETF fell about 15% in January, warning bargain-hunting could amount to “catching a falling knife.”

Stocks on the move:

• Disney (DIS): Shares sank more than 4%. While the company beat fiscal first-quarter expectations, it warned that fewer international visitors at its U.S. theme parks will translate into only “modest” growth in its Experiences unit. Disney also flagged higher spending tied to a new cruise ship, added attractions at its Paris park and bidding on sports rights. The results land as investors debate the leadership outlook with CEO Bob Iger nearing the end of his contract.
• IDEXX Laboratories (IDXX): The veterinary diagnostics and software maker fell 6%. On the fourth-quarter call, management said clinical visits remain pressured: U.S. same-store visits declined about 1.7% in Q4 and 1.9% in 2025. Wellness visits weakened further, down 3.6% in Q4.
• Strategy (MSTR): The bitcoin-treasury stock slid 2% as bitcoin fell back below $80,000. The token is down about 19% over the past week amid rising geopolitical uncertainty and continued setbacks for crypto legislation in Washington.
• Crypto-linked stocks: Bitcoin’s retreat weighed on Robinhood Markets (HOOD), down 8%; Mara Holdings (MARA), down 2%; Coinbase Global (COIN), down 3%; and Bullish (BLSH), off nearly 2%.
• Devon Energy (DVN), Coterra Energy (CTRA): The Permian-focused producers announced a $58 billion all-stock merger. Devon edged up less than 1% while Coterra fell more than 2%. Deal speculation had lifted shares ahead of the announcement: Coterra gained about 14% since talks surfaced Jan. 15, with Devon up about 6%.
• Rare-earths: Shares rose after a White House official said President Donald Trump plans to invest $12 billion in a critical-minerals stockpile to counter China, a move first reported by Bloomberg. MP Materials (MP) gained about 2%; USA Rare Earth (USAR) rose 3%; Critical Metals (CRML) advanced 2%; and Idaho Strategic Resources (IDR) added 3%.

Watchlist: PLTR, NXPI, AMD, NVDA, TSLA, MRK, PFE, GOOGL

Key Economic Events Today:

EST time

08:00 am: USD FOMC Member Barkin Speaks
09:40 am: USD FOMC Member Bowman Speaks
10:00 am: USD Jolts Job Openings


Earnings

BMO ( Before Market Open): Merck (MRK), Pfizer (PFE), Eaton Corp. (ETN)
AMC (After Market Close): Advanced Micro Devices (AMD), Amgen (AMGN), Chubb Limited (CB), Emerson Electric (EMR)


The TEFS Analyst team wishes you a successful day!