NEW YORK, Feb 2, 2026, 05:57 EST — Premarket
- Dow futures dipped ahead of the cash open, while tech-heavy Nasdaq futures trailed even further behind.
- Precious metals took a sharp dive, rattling risk appetite and sparking chatter about margin-driven selling.
- Traders turned their attention to U.S. factory data set for release later Monday, seeking the latest growth signals.
Dow Jones Industrial Average futures dropped roughly 0.4% early Monday. S&P 500 e-minis fell about 0.7%, while Nasdaq 100 futures slid around 1.1%. Investors kicked off February with a cautious stance.
The selling stands out amid a sharp commodity selloff and growing scrutiny of U.S. monetary policy, just as the week kicks off with a flood of economic data and major earnings reports.
Premarket action often loses steam after the cash market opens, yet it still shapes traders’ risk appetite ahead of the bell. Today’s mood leans defensive.
The Dow closed Friday down 179.09 points, or 0.36%, at 48,892.47. The S&P 500 slipped 0.43%, while the Nasdaq Composite dropped 0.94%, setting the stage for further de-risking if the early losses persist.
Some of the selling pressure stems from another sharp drop in precious metals following last week’s plunge. Investors blame a stronger dollar, which gained ground after President Donald Trump named former Fed governor Kevin Warsh to lead the central bank. “There’s been a massive retail frenzy getting into these markets, we’ve had record turnover in options markets,” said Ole Hansen, head of commodity strategy at Saxo Bank. He noted how quickly crowded trades can unwind when prices shift. Reuters
Gold and silver took another hit on Monday. Spot gold dropped 3.2% to $4,708.19 an ounce, while spot silver fell 3.4% to $81.65. The decline followed the CME’s move to hike margin requirements on precious-metals futures. Margin—the cash traders need to maintain leveraged positions—just got pricier. “The increase in margin requirements makes holding speculative positions less appealing,” said Zain Vawda, analyst at MarketPulse by OANDA. Reuters
Oil prices tumbled sharply, weighing on commodity-linked markets. Brent crude slid $3.63, or 5.2%, to $65.69 a barrel, while U.S. crude dropped $3.60, or 5.5%, to $61.61. The declines came after Trump said Iran was “seriously talking” with Washington, easing concerns about supply disruptions. Reuters
Several investors saw the shift less as a reaction to one headline and more as a wider reset. “It’s risk off and de-leveraging—a flushing out of leverage in the system which has built up,” said Christopher Forbes, head of Asia and Middle East at CMC Markets. Reuters
The pattern remains unpredictable. When commodity volatility sparks margin calls—requests for extra cash as leveraged bets sour—equities often suffer collateral damage, with traders offloading assets to meet those demands. Yet, a calmer metals market could just as easily ease the selling pressure.
The Dow faces its next immediate hurdle at 10:00 a.m. EST, when the Institute for Supply Management puts out its manufacturing PMI. This key survey offers a snapshot of whether factory output is growing or shrinking.
