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Happy Thursday. This is TheStreet’s Stock Market Today for Feb. 5, 2026. You can follow the latest updates on the market here in our daily live blog

Update: 9:51 a.m. ET

Opening Bell

Kicking off the day, large cap indexes are continuing a recent trend: going down. The Dow (-0.73%) is reversing yesterday’s gains, while the Nasdaq (-0.91%) and S&P 500(-1.01%) are off closer to one percent. These declines also seem to be accelerating out of the gate.

Still, it’s worth a little reality check: the S&P 500 is now at a two-week low. The Nasdaq remains at its lowest price of 2026. It’s hardly the end of the world, but the bleakness measured in recent days has feel especially heavy.

Meanwhile, the Russell 2000 (-0.28%) is saddling slim declines. With 54.5% (3,027) U.S. issues declining this morning against 40.9% (2,270) advancing, per data from FinViz. That ‘declining’ figure also seems to be steepening.

Speaking of steepening, volatility is also on the rise. The Cboe Volatility Index just hit two-month highs at 22.53.

What’s Causing the Decline?

Today, the narrative still seems to be centered on tech companies. Alphabet’s massive AI spending in its latest quarterly report (and its forecast going forward) points to a troubling industry trend where tech giants are spending well beyond expectations. Whether that spending can drive earnings results soon is increasingly a more pervasive question than, “What will AI disrupt?”

However, there is another note souring the market today: labor market data. We’ll touch on the specifics below, but bad layoff data, higher unemployment claim filings, and a tepid JOLTs survey point to more trouble in Labor Land.

That said, here’s what else to know so far this morning:

Heatmap: S&P 500

As aforementioned, tech is leading the declines this morning as mega caps like Amazon (-3.47%), Alphabet (-2.94%), and Microsoft (-2.72%) are weighed down by the market mood. The rest of the market, by contrast, is in slightly better shape. Here’s the S&P 500 after a few minutes of trading:

Earnings Today: Amazon, Linde, Shell

This morning, we had a few reports to pick from, mostly in non-tech fields. Reports from Linde, Shell, ConocoPhillips, and Sony kicked off during the A.M. session:

This evening, we’ll also be getting Amazon earnings, along with a number of smaller reports like Fortinet, Digital Realty Trust, and Monolithic Power System Inc. Here’s the full slate:

Economic Data: Challenger Job Cuts, Jobless Claims, JOLTs

This morning, economists and investors alike got a look at a few labor market reports. None of them were particularly positive-looking.

The Challenger Job Cuts more than tripled in the month of January, rising from 35,553 to 108,435. Initial Claims for the latest week also rose from 209,000 to 231,000. Continuing Claims also crept up from 1,819,000 to 1,844,000. And last, data from JOLTs showed Job Openings hit a new low in December, while quits came in hotter than expected.

Here’s the full list of economic events and reports today through 10 a.m. ET: