U.S. equity markets rallied decisively on February 6, with the Dow Jones Industrial Average closing at a record 50,115.67 — its first settlement above the 50,000 mark. The S&P 500 rose 1.97% and the Nasdaq climbed 2.18%, while Chinese ADRs also strengthened: the Nasdaq Golden Dragon China index jumped 3.71% and other China-focused tech proxies posted notable gains.
Large-cap technology names moved the tape but did not all head in the same direction. Nvidia led gains with a rise of more than 7%, Tesla climbed over 3% and Microsoft and Apple advanced nearly 2% and 0.8% respectively; Amazon, Alphabet and Meta weighed on the sector with declines. A Wind index of the seven biggest U.S. tech names rose about 1.02%, underscoring a market that is buoyed broadly but internally mixed.
Precious metals experienced unusually large moves, with London spot gold up 3.98% to $4,966.61 per ounce and COMEX futures near $4,988.60 per ounce, while London spot silver surged 9.70% to $77.78 per ounce. Those price leaps point to a concurrent demand for safe-haven or inflation-hedge assets, even as risk appetite lifted equity indices.
Oil markets were comparatively calm: New York light crude for March delivery gained $0.26 to settle at $63.55 per barrel, while April Brent rose $0.50 to $68.05. The modest uptick in crude contrasts with the dramatic moves in metals and suggests that market participants are parsing a mix of economic optimism and geopolitical caution rather than reacting to a single headline.
Diplomatic developments in Muscat may have helped shape the risk backdrop. Iran and the United States held indirect talks on February 6 that were limited to nuclear issues; Iran’s foreign minister, Araghchi, said the initial round had been positive but that Tehran would not accept a condition forbidding uranium enrichment. The U.S. delegation included special envoy Witkoff, Jared Kushner and CENTCOM commander Cooper, a composition that underscored Washington’s seriousness while respecting a controlled, indirect format.
The juxtaposition of a milestone equity rally with sharp precious-metal advances and cautious oil moves encapsulates a market balancing act. Investors appear willing to reward earnings and large-cap leadership while still seeking protection against geopolitical and policy uncertainty. Near-term direction will hinge on earnings, central-bank signals and whether talks in the Gulf reduce or amplify regional risk premiums.