2026-02-06 11:33

LONDON, Feb 6 (Reuters) - Global commodities trading house Mercuria will form a joint venture with Tata International to expand its presence in India and assist the conglomerate with trading a diversified basket of commodities, the pair said in a statement on Friday. "By combining Tata International’s reach and credibility with Mercuria’s global capabilities, we believe the joint venture is well-positioned to build a high-quality, scalable, and compliant trading platform," Noel Tata, chairman of Tata International, said. Sign up here. Tata International trades commodities across 50 countries, supporting multinational conglomerate parent Tata Group (TATA.NS) , opens new tab with trading and distribution. Tata Group is a major player in steel, infrastructure, motor vehicles and aerospace, among other industries, all of which require vast amounts of natural resources, such as metals and gas, that a commodity trader like Mercuria could help supply. “India represents a compelling long-term opportunity within global trade," Mercuria chief executive Marco Dunand said. Switzerland-based Mercuria was founded in 2004 with an initial focus on oil trading, but has in recent years expanded with a global metals trading book. The joint venture will become operational following receipt of necessary regulatory approvals. https://www.reuters.com/business/energy/mercuria-indias-tata-form-commodities-trading-venture-2026-02-06/

2026-02-06 11:33

Roblox jumps after forecasting annual bookings above estimates Molina Healthcare slumps on disappointing 2026 profit forecast Dow hits 50,000 mark for first time S&P 500 +1.97%, Nasdaq +2.18%, Dow +2.47% Feb 6 (Reuters) - The Dow Jones Industrial Average blew past the historic 50,000 mark on Friday and the S&P 500 ended sharply higher, as Nvidia and other chipmakers soared and Amazon tumbled after the cloud heavyweight forecast a sharp increase in spending on AI infrastructure. Amazon (AMZN.O) , opens new tab dropped 5.6% after saying it planned a more than 50% jump in capital expenditures this year, intensifying a race to dominate AI technology and following a similar announcement from Alphabet (GOOGL.O) , opens new tab on Wednesday. Sign up here. However, chip stocks rallied on expectations they would benefit from increased spending on AI data centers by Amazon and Alphabet. Nvidia (NVDA.O) , opens new tab, the world's most valuable company, jumped 7.8%. Advanced Micro Devices (AMD.O) , opens new tab surged 8.3% and Broadcom (AVGO.O) , opens new tab climbed 7.1%, while the PHLX semiconductor index (.SOX) , opens new tab closed up 5.7%. Friday's rallies in the S&P 500 and the Nasdaq followed three straight days of losses marked by worries about AI. Several software companies were hit this week by concerns that AI could create more competition and hurt their margins, while investors have also fretted about elevated valuations following years of steep gains in AI-related stocks. "This trade has been volatile, and there have been selloffs at times, but I think there's enough evidence that there's real demand for AI products, real promise with what they can do, and a necessity of a lot of spending to get there," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "So when there's this kind of a selloff, I think there's a floor where there's going to be a certain set of investors that steps in and starts buying these names." Software and data services companies rebounded from recent losses. CrowdStrike (CRWD.O) , opens new tab and Palantir (PLTR.O) , opens new tab both rose more than 4%. The S&P 500 Software & Services index (.SPLRCIS) , opens new tab added 2.4% and ended seven straight sessions of losses, although its weekly drop of around 8% was its poorest weekly performance since March 2020. The Dow outperformed the S&P 500 and Nasdaq this week, reflecting a recent diversification by investors away from tech stocks that have led Wall Street in recent years and toward companies that have missed out on those big gains. Reflecting the same trend, the Russell 2000 index (.RUT) , opens new tab of small-cap companies also rallied this week. The S&P 500 climbed 1.97% to end the session at 6,932.30 points. The Nasdaq gained 2.18% to 23,031.21 points, while the Dow (.DJI) , opens new tab rose 2.47% to 50,115.67 points, its highest close ever. Nine of the 11 S&P 500 sector indexes rose, led by information technology (.SPLRCT) , opens new tab, up 4.1%, followed by a 2.84% gain in industrials (.SPLRCI) , opens new tab. The S&P 500 energy sector index (.SPNY) , opens new tab hit a record high, along with industrials and consumer staples. For the week, the Dow added 2.5%, the S&P 500 lost 0.1% and the Nasdaq slid 1.9%. The S&P 500 was less than 1% below its record-high close set last week, and the Nasdaq was down 4% from its record-high close last October. The CBOE volatility index (.VIX) , opens new tab, Wall Street's fear gauge, dropped for the first time in three days. Over half of S&P 500 companies have reported their quarterly results, and roughly 80% topped analysts' expectations, according to LSEG data, well above the typical beat rate of about 67%. Molina Healthcare (MOH.N) , opens new tab slumped 25.5% after the health insurer forecast 2026 profit at less than half of Wall Street's expectations. Roblox (RBLX.N) , opens new tab rallied almost 10% after the video game platform projected fiscal 2026 bookings above estimates. Reddit (RDDT.N) , opens new tab fell 7.4%, even after the social media platform forecast first-quarter revenue above analysts' estimates. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) , opens new tab by a four-to-one ratio. The S&P 500 posted 88 new highs and 13 new lows; the Nasdaq recorded 214 new highs and 181 new lows. Volume on U.S. exchanges was steady, with 20.1 billion shares traded, compared with an average of 20.5 billion shares over the previous 20 sessions. https://www.reuters.com/business/futures-stabilize-after-tech-rout-amazon-slides-ai-capex-lift-2026-02-06/

2026-02-06 11:23

Feb 6 (Reuters) - Futures for Canada's main stock index rose on Friday, indicating a positive start to the day after a sharp selloff in the previous session, as precious metals rebounded and oil prices climbed ahead of U.S.–Iran negotiations in Oman. March futures on S&P/TSX composite index were up 0.54% as of 5:55 a.m. ET. Sign up here. Toronto's resources-heavy benchmark index (.GSPTSE) , opens new tab slumped on Thursday, dragged down by mining shares after a pullback in precious metals, while energy shares also weighed as oil retreated. But investors rushed towards safe-haven assets on Friday as tech stocks on Wall Street tumbled for the seventh straight session on Thursday. Spot gold gained 2.1%, and looked set for a modest weekly gain, while silver climbed 4.1%, though still on track for steep weekly losses. Oil prices also advanced, though they looked set for the first weekly decline in seven, with investors concerned about lack of consensus on the meeting agenda between the U.S. and Iran. Brent crude futures and U.S. West Texas Intermediate crude were up 0.25% each. On the macroeconomic front, investors will turn their attention to Canada's jobs data for January, due on Friday. In corporate news, cheese maker Saputo (SAP.TO) , opens new tab reported third-quarter revenue after the bell on Thursday that missed analysts' estimates, while energy firm Arc Resources' (ARX.TO) , opens new tab fourth-quarter revenue beat estimates. Capstone Copper (CS.TO) , opens new tab said on Friday that full operations have resumed at Chile's Mantoverde mine following an end to a labor strike. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/business/gold-oil-prices-lift-tsx-futures-ahead-us-iran-talks-2026-02-06/

2026-02-06 11:18

VIENNA, Feb 6 (Reuters) - The euro's current strength against the dollar is mainly due to weakness of the U.S. currency that may be what Washington wants, European Central Bank policymaker Martin Kocher said on Friday. "We do not currently see a strength of the euro, because growth in Europe is too weak for that. We see a weakness of the dollar, partially desired, possibly, politically desired," Kocher told reporters, adding that Europe is also seen as more of a safe haven than a year or two ago. Sign up here. https://www.reuters.com/business/ecbs-kocher-sees-dollar-weakness-rather-than-euro-strength-2026-02-06/

2026-02-06 11:07

Under new mixed contract model, Pemex retains at least 40% stake Macavil field could produce 27.5 billion barrels of oil, 393 bcf of gas by 2045, document shows Billionaire Carlos Slim's companies have signed a number of deals with Pemex MEXICO CITY, Feb 6 (Reuters) - Mexican state company Pemex has awarded a contract for a crude oil and natural gas field to a company controlled by Carlos Slim, three sources with knowledge of the matter said, as the tycoon further strengthens his presence in the energy sector. The so-called "mixed contract" for the onshore Macavil field in southern Mexico follows five contracts of the same model the state company awarded back in mid-December. Sign up here. Under this new partnership model, Pemex retains at least a 40% stake. Pemex had planned to award 11 such contracts last year but interest has so far been muted and failed to draw big international players. Reuters was unable to determine the name of the Slim-owned company that would receive the contract and its value. One of the sources said the contract was signed last week. Pemex and a spokesperson for Slim did not respond to requests for comment. The contract for Macavil is billionaire Slim's latest foray into the energy sector as he adds to his vast business empire, which already includes telecommunications, infrastructure and consumer goods. Macavil has proven reserves of 7 million barrels of condensate and 73 billion cubic feet (bcf) of gas and possible reserves of 34 million barrels of condensate and 409 bcf of gas. The goal of the joint venture contract is to produce a total of 27.5 million barrels of oil and 393 bcf of gas by 2045, according to a project document seen by Reuters. Pemex's strategic business plan for the next five years, presented a few months ago, projects peak crude production of 14,000 barrels per day at the field in 2028. Slim, one of the world's richest people, has managed to cultivate close business relationships with Mexican governments of different ideological leanings over the years and is becoming increasingly close to the highly indebted state company. In September, Slim's Grupo Carso (GCARSOA1.MX) , opens new tab agreed to finance the drilling of up to 32 wells in the Pemex-operated Ixachi onshore field, the country's most important known gas deposit. Through Talos Mexico, a subsidiary of Talos Energy (TALO.N) , opens new tab, Slim's companies have also partnered with Pemex and Harbour Energy (HBR.L) , opens new tab in the Zama offshore oil field. In 2024, Carso signed an agreement to partner with Pemex on the development of the Lakach deepwater gas project, seeking to revive a plan already abandoned twice before due to high costs. However, in October the company said it was reviewing the project's viability. Slim is also expanding his reach in Mexican energy beyond deals with Pemex. In mid-January, Carso announced the purchase of a Lukoil subsidiary to gain full control of the Ichalkil and Pokoch fields. https://www.reuters.com/business/energy/mexicos-pemex-awards-contract-gas-condensate-field-slim-company-sources-say-2026-02-06/

2026-02-06 11:05

Dow industrials hit 50,000 on Friday as stocks rebound Software swoon draws questions about AI's impact Jobs report due on Wednesday, CPI on Friday in busy data week NEW YORK, Feb 6 (Reuters) - An artificial intelligence-driven shakeout in the heavyweight technology sector is set to keep stock investors on edge in the coming week while a barrage of data could shift focus to the health of the economy. A deepening rout among software stocks commanded Wall Street's attention this week, as investors worried about the extent to which AI would upend business models throughout the industry. Further weakness in the tech sector, which holds massive weight in the major U.S. equity indexes, dragged on the market for much of the week. Sign up here. On Friday, stocks staged a strong rebound, with the Dow Jones Industrial Average (.DJI) , opens new tab crossing 50,000 for the first time, led by a surge in shares of semiconductor companies. Below the surface, investors have been encouraged about a rotation from tech to other parts of the market that underperformed for most of the bull market that began more than three years ago. While tech has struggled, energy, consumer staples and industrials have shined so far this year. "Rotation is the dominant theme this year and continues to be as we see these old-economy sectors and stocks really get some love," said Angelo Kourkafas, senior global investment strategist at Edward Jones. "At the same time, the bar of expectations seems to be so high for tech that no matter what companies report, it seems like the natural inclination from investors is to take some profits." Although the tech sector (.SPLRCT) , opens new tab bounced back on Friday, the group has slid 9% since it peaked for the year in late October. Over that period, most of the other 11 S&P 500 sectors have posted gains, including four with double-digit percentage rises. But the benchmark S&P 500 (.SPX) , opens new tab has managed to eke out only a slim increase in that time. With the tech sector still accounting for about one-third of the weight in the S&P 500, investors fear the index will struggle if tech continues to falter. "A market can absorb a prolonged rotation with large sector winners without obvious index-level stress for quite some time," Jim Reid, head of macro and thematic research at Deutsche Bank, said in a note. "However, the longer and deeper the selloff in a dominant sector becomes, the harder it can be for the broader index to withstand the drag." WHERE NEXT FOR SINKING SOFTWARE? Stress is centering on software, with the S&P 500 software and services index (.SPLRCIS) , opens new tab tumbling 15% in a little over a week. Fears about AI disruption were compounded by disappointing earnings reports including from software giant Microsoft (MSFT.O) , opens new tab. The fallout for software underscores how investors are increasingly trying to determine winners and losers from AI. "Before, it was 'AI lifted all ships,'" said Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments. "Now, there are concerns that this massive acceleration in the technology space could cause other businesses to not see the kind of growth rate they did before." The coming week will feature reports in the software industry from AppLovin (APP.O) , opens new tab and Datadog (DDOG.O) , opens new tab. Results are also due from high-profile companies including Coca-Cola (KO.N) , opens new tab, Cisco Systems (CSCO.O) , opens new tab and McDonald's (MCD.N) , opens new tab as fourth-quarter earnings season winds down. EMPLOYMENT, INFLATION DATA ON TAP Monthly reports on employment and consumer prices will be released after both were pushed back slightly due to the recently ended three-day government shutdown. January's nonfarm payrolls report, out on Wednesday, is expected to show an increase of 70,000 jobs, according to a Reuters poll. Investors are trying to assess whether weakening in the labor market has tapered off. While the Federal Reserve cited stabilization in the jobs market as it held interest rates steady last month, a survey on Thursday showed layoffs announced by U.S. employers surged in January. Meanwhile, inflation remains "somewhat elevated" in the view of the Fed, with the January consumer price index due on Friday offering the latest insight into such trends. With the Fed describing diminished risks to both inflation and employment, markets are expecting the central bank to hold off on further interest rate cuts until its June meeting. By that point, President Donald Trump's newly nominated Fed chair, Kevin Warsh, could be in charge. After the central bank cut rates at the end of last year, Fed fund futures have continued to price in roughly two further quarter-percentage-point cuts by December, expectations that generally held in the wake of the announcement of Warsh's nomination late last month. "Rate expectations have been remarkably stable over the last couple of weeks," Kourkafas said. "We'll see if any either weakness in the labor market data or any surprising cool-down in inflation accelerates a bit the timeline for when the market thinks the next rate cut may be delivered." https://www.reuters.com/business/wall-st-week-ahead-tech-stock-shakeout-clouds-market-ahead-economic-data-deluge-2026-02-06/