Wall Street drifts as tech stocks sink again

NEW YORK (AP) — Wall Street is drifting through mixed trading on Wednesday, as technology stocks sink again.

The S&P 500 slipped 0.2%, coming off its fourth modest drop in the last five days. The Dow Jones Industrial Average was up 389 points, or 0.8%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 1% lower.

Most stocks within the S&P 500 are rising, but falling technology stocks are weighing on the index for a second straight day. Advanced Micro Devices dropped 15.7% even though the chip company reported a stronger profit for the latest quarter than analysts expected. It also gave a forecast for revenue for the start of 2026 that topped analysts’ expectations, but that may not have been enough for investors after its stock had doubled over the last 12 months.

Tech stocks are broadly feeling pressure, even when they deliver stronger-than-expected profits. Big Tech stocks are facing criticism that their prices shot too high following their yearslong dominance of the market. Companies like software makers, meanwhile, are struggling with questions about whether they’ll lose in the future to competitors powered by artificial-intelligence technology.

Uber Technologies also dragged on the market after falling 3%. The ride-hailing company reported results for the latest quarter that fell short of analysts' expectations. It also gave a forecast for profit in the current quarter that was below analysts' expectations, while naming a new chief financial officer.

Some tech stocks nevertheless climbed, including a 14% rise for Super Micro Computer. The company, which sells AI servers and other equipment, delivered a stronger profit for the latest quarter than analysts expected.

Eli Lilly rallied 9.2% after topping analysts’ expectations for profit in the latest quarter. It’s been riding big growth created by its Mounjaro and Zepbound products for diabetes and weight loss.

Match Group added 5.7% after reporting better results than analysts expected and increasing its dividend. The company credited early signs of success from efforts to improve outcomes for users. It said a new facial verification feature for its Tinder service, for example, led to a sharp drop in interactions with “bad actors” where it’s been rolled out.

Walmart edged up 0.2%, a day after its total market value topped $1 trillion for the first time. The retailer has broken into a small club dominated by Big Tech companies like Nvidia and Apple, which are each worth more than $4 trillion.

Gold and silver prices trimmed earlier gains, and their moves remain tentative following their sudden washouts over the last week. Gold was nealry flat at $4,935.60 per ounce after earlier climbing back above the $5,000 mark. It’s been swinging sharply after roughly doubling in price over 12 months. After nearing $5,600 last week, it fell below $4,500 on Monday.

Silver’s price, which has been on an even wilder ride, rose 3.7%.

Their prices had surged as investors looked for safer places to keep their money amid worries about everything from tariffs to a weaker U.S. dollar to heavy debt loads for governments worldwide. But critics said their prices rose too far, too fast and were due for a pullback.

In the bond market, Treasury yields held relatively steady following a couple mixed reports on the U.S. economy.

One from ADP Research suggested that U.S. employers outside of the government hired fewer workers last month than economists expected. A second from the Institute for Supply Management said that growth for health care, construction and other U.S. services businesses continued in January at the same pace that economists expected.

That second report, though, also indicated that prices paid by U.S. services businesses rose at a faster rate in January, which could be a discouraging signal for inflation.

The yield on the 10-year Treasury edged down to 4.27% from 4.28% late Tuesday.

In stock markets abroad, indexes were mixed across Europe and Asia.

Japan’s Nikkei 225 fell 0.8% from its all-time high. Nintendo sank 11%, even as the video game company reported strong profits. Investors and analysts are concerned about whether sales momentum can be maintained for the Switch 2 game console that was rolled out last year.

South Korea’s Kospi, meanwhile, climbed 1.6% to another record.

AP Business Writers Chan Ho-him and Matt Ott contributed

Traders Michael Smyth, left, and Neal Catania work on the floor of the New York Stock Exchange, Tuesday, Feb. 3, 2026. (AP Photo/Richard Drew)

Traders Sean Spain, left, and Chris Lagana work on the floor of the New York Stock Exchange, Tuesday, Feb. 3, 2026. (AP Photo/Richard Drew)

Phil Fracassini, center, works with fellow options traders on the floor of the New York Stock Exchange, Tuesday, Feb. 3, 2026. (AP Photo/Richard Drew)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Feb. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)

Trader Jonathan Mueller works on the floor of the New York Stock Exchange, Tuesday, Feb. 3, 2026. (AP Photo/Richard Drew)

The logo for Gold.com is displayed above a trading post on the floor of the New York Stock Exchange, Tuesday, Feb. 3, 2026. (AP Photo/Richard Drew)

MADISON, Wis.--(BUSINESS WIRE)--Feb 4, 2026--

Moxe Health, the leading EHR-agnostic partner for clinical data exchange, has been awarded the inaugural 2026 Best in KLAS award for Payer-Provider Data Exchange by KLAS Research. This recognition validates Moxe’s commitment to building a trusted, interoperable solution that serves the unique needs of both health plans and health systems.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260205574123/en/

"This award is a reflection of the trust our partners place in us," said Dan Wilson, Founder of Moxe Health. "Since the inception of our business, we’ve worked to build a network that is rooted in trust and backed by clinical expertise. Our mission is to not just move data—but to move the industry forward. Being named Best in KLAS proves that our EHR-agnostic approach is the standard for secure, accurate, and scalable exchange."

The Payer-Provider Data Exchange category evaluates vendors on their ability to improve collaboration and reduce administrative friction. Moxe’s top ranking highlights its excellence in:

“The Best in KLAS winners have earned the trust of their customers over the past year. With this recognition, they set the standard for excellence through partnership in healthcare technology and services in the months to come,” shared Adam Gale, CEO, KLAS Research.

To determine this year’s winners, KLAS conducted surveys and evaluated vendors based on culture, loyalty, operations, product, relationship, and value. Among the reasons customers agreed Moxe was Best in KLAS was that they avoid charging for every little thing and consistently provide a high quality of support. As one Manager interviewed by KLAS Research in May 2025 shared, “The support from Moxe is outstanding. The [team] is very responsive, transparent, and willing to help and support us if we have needs or questions.”

The Best in KLAS designation is more than an award; it is a reflection of the deep-seated trust partners place in the Moxe framework. Moxe ensures that the right data is shared with only approved requestors for authorized use cases. Every time.

Visit klasresearch.com to learn more about Moxe’s award as the 2026 Best in KLAS winner.

About Moxe

Moxe connects the healthcare ecosystem with high quality, meaningful clinical data across our trusted network. As the leading EHR-neutral interoperability solution, Moxe improves collaboration by simplifying the way providers securely share data and enabling payers to acquire the data they need, when and how they need it. Moxe’s API-first approach streamlines the acquisition, management, and delivery of precise data to support payment and operations use cases. www.moxehealth.com

About KLAS Research

KLAS is a research and insights firm on a global mission to improve healthcare. Working with thousands of healthcare professionals and clinicians, KLAS gathers data and insights on software and services to deliver timely reports and performance data that represent provider and payer voices and act as catalysts for improving vendor performance. The KLAS research team publishes reports covering the most pressing questions facing healthcare technology today, including emerging technology insights, that provide early insights on the future of healthcare technology solutions. KLAS also fosters measurement and collaboration between healthcare providers and payers and best practice adoption. Learn more at klasresearch.com.

Moxe receives Best in KLAS for Payer-Provider Data Exchange