S&P 500 flirts with record high; chipmakers and small caps jump
By Noel Randewich and Pranav
Kashyap
Mon February 2, 2026 6:05 AM
Ahead of Q4 reports due later this week from stalwarts Alphabet and Amazon, all the indexes shot straight up and way up and stayed there today. Recent concerns about tech overvaluations and disappointing earnings seemed to have vanished today as AI is once again in the front seat and going strong. Small caps continue to outperform tech but with AI dominating the S&P, the index is already up 2% this year with its first gains in three sessions, though the Russell is up about 6% as the rotation into small caps continues, something very much viewed as confidence in the economy.
