2 February 2026 | Weekly Snapshot

Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 2 February 2026

Did you know?

BHP regained the position as the largest listed company in Australia last week. BHP’s market value now stands at $250bn. Their share price made a strong rally last year from $40 to $50 on the back of rising copper prices and rising investors interest in stocks with inflation protection and lower valuations. CBA in contrast saw its share price fall from $160 to $150, which reflected an investor rotation from stocks with higher valuations.

Market Movements

The ASX market was lower by 0.3% last week, led by tech stocks (down 5.5%). Resources were higher by 0.9% but this masks some large divergence between the different resource groups. Copper stocks were higher (Capstone up 10%) alongside a higher copper price (up 3.5%). Illuka (Rare Earths, down 23%) and Liontown (Lithium, down 15%) were among the significant losers. Uranium prices were higher by 17%. Gold and silver were the big story however, with gold down 7% last week as at close of Australian trade. The US session included a spectacular sell-off where gold fell a further 7% with silver lower by almost 30% on Friday night alone. Driving this volatility was 1) steep gains in prices over previous weeks with markets naturally digesting some profit taking and 2) rumours that the US senate would not support ‘price floors’ for the rare earth’s industry, a policy move that has negative implications to other commodity prices when extrapolated more broadly.

Australia’s December CPI data was higher than expected with annual headline inflation jumped to 3.8% from 3.4% in November. Odds of RBA rate hike this week have risen to 70% (from 60% prior).

In the USA, the main index (S&P500) was higher by 0.3% with materials lower by 2.3% and energy higher by 3.8%. Meta was a standout, higher by 9% after a strong quarterly profit result.

Trump nominated Kevin Warsh for the next Fed Chair. The initial market reaction was negative for markets (being USD higher / precious metals lower), implying expectations for higher interest rates and allaying some of the concerns of Fed independence.

US eco data was solid with December Factory Orders rising a more than expected (up 2.7% for the month), the sharpest increase in 6 months. The weekly initial unemployment claims remain historically low at 209K.

Reporting season in the USA is also underway. Q4 earnings growth has been improving vs the same time last year with 33% of S&P 500 companies having now reported actual results. The blended (year-over-year) earnings growth rate has jumped to 11.9%, from 8.2% and now well ahead of the 8.3% growth expected at the beginning of the reporting season. Valuations remain historically higher with the forward 12-month P/E ratio for the S&P 500 at 22.2, above the 5-year (20.0) and 10-year (18.8) averages.

Portfolio Movements

Apple beats Q1 estimates on iPhone sales – Upgrades Q2

Apple reported a solid Q1 on Friday with Q1 EPS of $2.84 ahead of the $2.67 expected on a nice revenue beat with Q1 revenue of $143.76B well ahead if the $138.39B expected. IPhone revenue of $85.27B ahead of the $78.56B expected.
The company also upgraded Q2 revenue guidance to the +13-16% range vs +10.0% expected.
Analyst’s sentiment was largely positive on the iPhone sales beat and better-than-expected China results up 37.9%. Margins were also a bright spot. While iPhone and Wearables supply constraints and the durability of China demand and memory pricing were the main concerns.

Honeywell beats Q4 estimates

Leading Industrial conglomerate Honeywell had a good Q4 report with Q4 EPS of $2.59 ex-items ahead of the $2.54 expected. Q4 revenue of $9.8B was up 6% year on year.
Q4 orders up 23% organically were strong, driving the backlog to over $37 Billion with the company expecting 2026 Adjusted EPS of $10.35 – $10.65, or up 6% – 9% on 2025.
The company also provided an update on the anticipated timing for the spin-off of Honeywell Aerospace into an independent publicly traded company, now expected to be completed in Q3 of 2026, ahead of the company’s prior expectations.

Mixed initial reactions to early big tech reports (Meta higher, Microsoft lower)

The first of the big tech Q4 results are out with mixed reactions in after market trading with Meta (Facebook) up 9% after market but Microsoft down 5%.
Meta has reported Q4 EPS of $8.88 ahead of the $8.21 expected. Capex was a bit lower, and ad impressions were strong. Q1 guidance for revenue in the $53.5-56.5B range is also a decent beat on the $51.37B expected.
Microsoft has reported Q2 EPS of $4.14 ahead of the $3.91 expected and with several beats across segments.

The Week Ahead

Tuesday 3 Feb: USA S&P Global US Manufacturing PMI (Jan F) 52.0 (prior 51.9). Australia RBA Cash Rate Target 3.85% (current 3.60%), Building Approvals (Dec) -6.4% (prior 15.2%)
Wednesday 4 Feb: USA JOLTS Job Openings (Dec) 7,250k (prior 7,146k).
Thursday 5 Feb: USA ADP Employment Change (Jan) 15.3m (prior 16.02m), S&P Global US Services PMI (Jan F) 52.5 (prior 52.5), ISM Services Index (Jan F) 53.5 (prior 54.4).
Friday 6 Feb: USA Initial Jobless Claims (Jan 31) 212k (prior 209k).
Saturday 7 Feb: USA Change in Nonfarm Payrolls (Jan) 68k (prior 50k), Unemployment Rate (Jan) 4.4% (prior 4.4%), University of Michigan Sentiment (Feb P) 55.0 (prior 56.4).

More Weekly Snapshots

Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice

The information presented in this publication is general information only, and is not intended to be financial product advice. It has not been prepared taking into account your investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. Before making any investment decision you need to consider (with your financial adviser) your particular investment needs, objectives and financial circumstances.

Some numerical figures in this publication have been subject to rounding adjustments. Akambo Pty Ltd (including any of its directors, officers or employees) will not accept liability for any loss or damage as a result of any reliance on this information. The market commentary reflect Akambo Pty Ltd’s views and beliefs at the time of preparation, which are subject to change without notice.