Market Rebound or Tech Trap? S&P 500 Futures Steady as Amazon and Stellantis Face AI-Driven Earnings Turmoil

Share the knowledge

Morning Market Snapshot – February 6, 2026

The Friday morning session opens under a cloud of cautious optimism as major U.S. index futures attempt a recovery following a brutal three-day selloff. As of 7:30 AM EST, S&P 500 futures have edged up by 0.6%, while Nasdaq 100 futures are leading the bounce with a 0.7% gain. This stabilizing action follows the Nasdaq and S&P 500’s third consecutive losing sessions on Thursday, leaving the benchmarks down 4% and 2% for the week, respectively.

Traders are currently navigating a complex environment where “Magnificent Seven” earnings are no longer a guaranteed catalyst for upside. The primary focus this morning remains on the divergent paths of tech giants. While Nvidia and Tesla have gained roughly 3% and 2% in pre-market trading, Amazon is weighing heavily on sentiment. The e-commerce and cloud leader saw its shares sink 7% after a disappointing earnings report that highlighted a massive $200 billion capital expenditure plan for AI infrastructure. This aggressive spending outpaced cloud revenue growth, sparking fears that the “AI payoff” remains a distant horizon.

Beyond the tech sector, a significant “risk-off” mood has permeated other asset classes. Bitcoin, which plunged toward the $60,000 mark overnight, has staged a modest recovery to trade near $65,800. However, the cryptocurrency remains down approximately 15% on the week, marking its lowest levels since late 2024. In the automotive sector, the mood is decidedly more somber. Stellantis has sent shockwaves through the market with a 23% pre-market plunge after announcing a “business reset” that includes a $26 billion charge.

As the opening bell approaches, investors are also bracing for the University of Michigan Consumer Sentiment report due at 10:00 AM ET. This data will be vital for assessing how the recent market volatility and news of surging layoffs, the highest for January since 2009, are impacting the American consumer. The session ahead is expected to test whether the broader market can successfully rotate away from tech, or whether the weight of AI-related capital expenditure will continue to pull indices lower.

Pre-Market News Catalysts

Stellantis (STLA): Shares plummeted 23% after the automaker announced a massive business “reset” that includes a $26 billion charge, signaling deep structural challenges in the global automotive market.
Amazon (AMZN): The stock dropped 7% after a disappointing quarterly report, as investors reacted negatively to plans to boost capital spending to $200 billion for AI, a figure that exceeded cloud growth expectations.
Roblox (RBLX): Shares surged 15% in pre-market trading after the company delivered an earnings beat and strong forward guidance, proving that digital engagement remains a bright spot.
Reddit (RDDT): The social media platform saw a 10% jump after-hours as quarterly results surpassed analyst estimates, fueled by robust advertising revenue and data-licensing agreements.

The Day’s Debate (The Bull vs. Bear Case)

The Bull Case: Optimistic strategists argue that the current selloff is a healthy and necessary “cleansing” of overextended valuations. According to analysts at IG and SCFR, the broadening of the market is a positive sign for long-term stability. The S&P 500 Equal Weight Index has recently outperformed the market-cap-weighted version, suggesting that the “other 493” stocks are finally catching a bid as capital rotates out of expensive tech.

Sourced commentary suggests that earnings season is actually tracking a healthy path, with a blended year-over-year growth rate of approximately 11% for the S&P 500. Bulls point to the resilience of sectors such as Materials and Industrials, which have performed well despite tech volatility. Furthermore, Bitcoin’s stabilization above $60,000 and the Nikkei 225’s 0.8% overnight gain suggest that global liquidity remains sufficient to support a dip-buying narrative once the initial shock from AI spending plans subsides.

The Bear Case: Pessimistic interpretations focus on a potential “AI bubble” that is finally deflating. Experts cited by Bloomberg and Reuters note that the massive capital expenditures announced by Alphabet, Microsoft, and now Amazon are not yielding immediate, proportional revenue gains. This “capex creep” is viewed as a threat to profit margins across the software and semiconductor sectors. Additionally, the labor market is flashing yellow lights: jobless claims rose to 231,000 for the week ending January 31, and January layoffs reached their highest levels since 2009.

The “risk-off” sentiment is further exacerbated by the nomination of Kevin Warsh for Fed Chair, whom many perceive as less dovish than his predecessor, Jerome Powell. Bears argue that if today’s consumer sentiment data come in weak, it will confirm that the U.S. economy is slowing while inflation expectations remain sticky, creating a “stagflationary” backdrop that could lead to a further 15% correction in the coming months.

The Strategic Takeaway

The single most important factor for investors this morning is the divergence between AI-driven hype and tangible fiscal reality. For nearly two years, the market rewarded any mention of Artificial Intelligence. Today, the bill is coming due. When a titan like Amazon announces a $200 billion investment, the market no longer cheers for the innovation; it scrutinizes the return on investment. Traders should watch the $60,000 level in Bitcoin and the Nasdaq 24,500 support zone closely. If these levels hold during the initial volatility of the open, we may see a “sell the news, buy the fact” stabilization.

However, if high-volume selling in Stellantis and Amazon spreads to the broader consumer-discretionary sector, it would indicate that market concerns have shifted from “tech valuation” to a “macroeconomic slowdown.” In this environment, the Calm Strategist remains patient, looking for confirmation of a bottom rather than racing to catch a falling knife.

Upcoming Session Outlook with Directional Bias

The market open is expected to be volatile, with a tug-of-war between tech-led recovery efforts and heavy selling in the automotive and e-commerce sectors. While futures are currently green, the massive “reset” in Stellantis and the capital expenditure shock from Amazon suggest that early gains may be sold into as the day progresses.

Bias: Neutral/Sideways with a Bearish Tilt.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. The information provided is a synthesis of publicly available data and expert analysis and should not be considered a recommendation to buy or sell any security. Investing in the stock market involves risk, including the possible loss of principal. Past performance is not indicative of future results. Readers should consult with a qualified financial advisor to determine an investment strategy that is suitable for their own personal financial situation and risk tolerance.

Sources: