EconoTicker

India’s rupee and equities jumped after Donald Trump said the United States would cut tariffs on Indian goods from 50% to 18% in exchange for India halting Russian oil purchases and lowering trade barriers—though key implementation details remain limited. India assets reacted with the rupee up around ~1% and benchmark stocks posting their strongest one-day gain in years, while broader risk sentiment improved with Japan’s Nikkei up about 4%, South Korea’s KOSPI up about 5%, and S&P 500 futures slightly higher as investors looked ahead to a dense earnings slate.

Elon Musk said on Monday, February 2, 2026 that SpaceX has acquired his AI startup xAI, combining the rocket-and-satellite business with the maker of the Grok chatbot in what Reuters described as a record-scale tech tie-up. The transaction is said to value SpaceX at $1 trillion and xAI at $250 billion (combined $1.25 trillion). xAI investors would receive 0.1433 SpaceX shares per xAI share, with some executives able to take cash at $75.46 per share instead. Strategically, the deal links a capital-intensive AI developer (chips, data centers, energy) to SpaceX’s infrastructure ambitions as Musk competes with Alphabet’s Google, Meta, Amazon-backed Anthropic, and OpenAI.

Walt Disney reported EPS of $1.63 versus $1.57 expected, and revenue of $25.98B versus $25.62B expected—an upside surprise on both profit and sales. With a market cap of roughly $186.83B, the market’s next focus is typically on forward guidance, plus any commentary around streaming profitability, parks/experiences demand, and advertising/linear trends.

Verizon (VZ) reported EPS of $1.09, topping expectations of $1.06, while revenue came in at $36.4B versus $36.1B forecast. The beat across both earnings and the top line points to steady execution, with performance likely supported by resilient wireless service revenue, pricing discipline, and ongoing cost management. Verizon’s market capitalization stands at $187.74B, and investor focus typically shifts to postpaid subscriber trends, ARPU, free cash flow conversion, and guidance on capex and network investments into 2026.

American Express (AXP) reported EPS of $3.53, just below expectations of $3.54, while revenue came in at $18.98B, slightly above forecasts of $18.92B. The print suggests top-line performance held up better than expected, but profitability landed a touch under consensus—pointing to modest pressure from costs, credit provisions, or mix effects despite resilient spending/fee dynamics. American Express’ market capitalization stands at $242.59B, with investors likely focused on cardmember spending trends, net interest income, credit quality, and forward guidance on margins into 2026.

Chevron (CVX) reported EPS of $1.52, beating expectations of $1.45, while revenue came in at $46.87B, slightly below forecasts of $47.15B. The print shows stronger-than-expected profitability despite a modest top-line shortfall—suggesting better cost control and/or margin mix than the market assumed even as sales were a touch lighter. Chevron’s market capitalization stands at $356.19B, with investors likely focused on cash-flow durability, capital returns (dividends/buybacks), and guidance around upstream volumes and refining margins into 2026.

Exxon Mobil (XOM) reported EPS of $1.71, slightly above expectations of $1.68, while revenue came in at $82.31B versus $81.04B forecast. The small beat across both earnings and the top line points to steady execution through the quarter, with results modestly outperforming consensus assumptions despite a challenging commodity and refining-margin backdrop. Exxon’s market capitalization stands at $590.91B, and investor focus typically shifts to cash flow durability, capital returns (dividends/buybacks), and upstream/downstream margin guidance into 2026.

Apple (Nasdaq: AAPL) comfortably beat profit and revenue expectations for fiscal Q1 2026, driven by a sharp rebound in iPhone demand: iPhone revenue rose about 23% y/y to ~$85.27B, the strongest iPhone growth since Q4 2021. Despite the strong print, the stock was weaker in Friday trading (after being down more earlier in the session), while the company’s iPhone 17 cycle—especially higher-end Pro models—helped it capture about 20% of global smartphone market share in 2025 (up from 18% in 2024), according to Counterpoint Research.

Dow (DOW) reported EPS of -$0.34, above expectations of -$0.51, while revenue came in at $9.46B, just below forecasts of $9.47B. The print shows a meaningful earnings outperformance despite a flat-to-slightly softer top line, implying cost control, mix, and/or margin dynamics improved versus consensus assumptions even as demand remained broadly in line. Dow’s market capitalization stands at $19.48B, with investors likely focused on chemical pricing, volume trends, and margin recovery signals as 2026 unfolds.

Nokia ADR (NOK) reported EPS of $0.16, slightly below expectations of $0.17, while revenue came in at $6.13B, well under forecasts of $7.10B. The miss on both earnings and the top line signals a softer quarter than consensus anticipated, with the revenue shortfall in particular pointing to weaker-than-expected sales momentum versus market assumptions. Nokia’s market capitalization stands at $34.26B, with investors likely focused on order visibility, 5G/network spending trends, and margin resilience into 2026.

Nasdaq Inc. (NDAQ) reported EPS of $0.96, beating expectations of $0.92, while revenue came in at $1.40B versus $1.37B forecast. The modest beat across both earnings and the top line suggests steady execution, with results slightly outperforming consensus assumptions as trading, market services, and recurring data/technology revenues remained supportive. Nasdaq’s market capitalization stands at $56.01B, with investors likely focused on recurring revenue growth, market volatility/trading mix, and margin durability into 2026.

SanDisk (SNDK) reported EPS of $6.20, surging past expectations of $3.49, while revenue came in at $3.03B versus $2.67B forecast. The outsized beat across both earnings and the top line points to a sharply stronger quarter than consensus anticipated, suggesting powerful profitability upside and firmer demand/pricing dynamics versus market assumptions. SanDisk’s market capitalization stands at $79.04B, with investors likely focused on cycle sustainability, margin trajectory, and forward demand signals as 2026 unfolds.