US Stocks Drift After Asia Rally Fades

Wall Street takes a breather following its own big gains last week

Published on Feb. 9, 2026

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U.S. stocks are drifting in early trading, a comedown following bursts higher for stocks in Asia earlier in the day and Wall Street's own rally to close last week. The S&P 500 slipped 0.2% in its first few minutes of trading, while the Dow Jones Industrial Average was down 0.1% and the Nasdaq composite was 0.4% lower.

Why it matters

The modest moves on Wall Street follow a 3.9% surge higher for Japan's Nikkei 225 to a record, driven by a landslide victory for the prime minister's political party in a parliamentary election. However, U.S. stocks are taking a breather after their own big rally on Friday, which was their best day since May. Concerns remain over whether stocks have become too expensive and if the huge spending on AI by tech companies will produce enough profit.

The details

Several other markets that have been seeing volatile swings have also shown more relative calm, with Bitcoin dipping back below $69,000 after climbing above $71,000 over the weekend. Gold added 1.2% to climb back above $5,000 per ounce, while silver rose 3.0%. In the U.S. stock market, Kroger climbed 6.1% after naming a former Walmart executive as its new CEO, while Workday fell 5.9% after its CEO announced he is stepping down.

  • The U.S. stock market took a breath following its own big rally on Friday.
  • The U.S. government will offer the latest monthly update on the job market on Wednesday, along with data on inflation at the consumer level on Friday.

The players

Nikkei 225

Japan's main stock market index, which surged 3.9% to a record high.

Kroger

A U.S. grocery store chain that climbed 6.1% after naming a former Walmart executive as its new CEO.

Workday

An AI platform that fell 5.9% after announcing its CEO is stepping down.

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What’s next

The U.S. government will offer the latest monthly update on the job market on Wednesday, along with data on inflation at the consumer level on Friday. These reports could sway expectations on what the Federal Reserve will do with interest rates.

The takeaway

Despite the modest moves on Wall Street, the U.S. stock market remains close to record highs, buoyed by the expectation that the Federal Reserve will continue cutting interest rates later this year. However, concerns remain over whether stocks have become overvalued and if the massive investments in AI by tech companies will pay off.