U.S. stocks surged then pulled back, storage concept stocks collectively plummeted, Chinese concept stocks defied the trend and rose, major data releases are upcoming.

On February 10th, U.S. stock indices surged then pulled back, closing with mixed gains and losses. The Dow Jones rose 0.1%, continuing to hit new closing highs, the S&P 500 fell 0.33%, and the Nasdaq declined 0.59%.

The Dow briefly reached a third consecutive record high during the session, after first surpassing 50,000 points last Friday.

U.S. retail data was released, and the 10-year Treasury yield dropped sharply by 6 basis points to its lowest level in nearly a month. The dollar index fluctuated between gains and losses, ending with little change.

The market’s support mainly came from gains in the software sector: Datadog and ServiceNow rebounded approximately 14% and 4%, respectively, and Unity’s stock also rose 5%.

According to China Fund News, Datadog exceeded expectations with fiscal year 2025 revenue of $3.43 billion, up 28% year-over-year; operating cash flow reached $1.05 billion, and free cash flow was $915 million. Goldman Sachs CEO David Solomon believes that last week’s sharp decline in software stocks, driven by fears of AI competition, may have been an overreaction by the market.

Most large U.S. tech stocks declined, with the MSCI US Tech 7 Giants Index down 0.59%. Among individual stocks, only Tesla rose nearly 2%, while Facebook, Amazon, and Nvidia fell close to 1%. Oracle gained over 2%, and Broadcom declined over 1%.

Google fell 1.77%. According to Caixin, Alphabet, Google’s parent company, will issue nearly $32 billion in bonds within 24 hours. After raising $20 billion through seven types of dollar-denominated bonds on Monday, Alphabet continued issuing bonds in pounds and Swiss francs, breaking records in both markets. The pound bonds include a rare 100-year maturity, the first such extreme-term bonds issued by a tech company since the dot-com bubble era.

Storage sector performance was weak, with Western Digital dropping over 8%, SanDisk over 7%, Seagate Technology over 6%, and Micron Technology over 3%.

Most Chinese concept stocks rose, with the Nasdaq Golden Dragon China Index up 0.87%. Among popular stocks, Dingdong Maicai gained over 7%, Sohu over 4%, Tencent Music 3.75%, Li Auto 2.94%, Alibaba 2.15%, JD.com 1.21%, NIO 1.43%, and XPeng Motors 1.60%.

In commodities, international gold experienced increased volatility on February 10. As of the report, spot gold fell 0.78% to $5,019.46 per ounce, spot silver dropped over 3% to $80.57 per ounce, and the gold-silver ratio remained around 60. In futures, COMEX gold futures declined 0.62%, and COMEX silver futures fell 2.15%.

Economic data showed that December retail sales unexpectedly stagnated, boosting bets of a rate cut by the Federal Reserve this year, and U.S. Treasury yields declined. According to Xinhua Finance, the U.S. Department of Commerce reported on Tuesday that December 2025 retail sales month-over-month was 0%, versus an expected 0.4% and a previous 0.6%.

CME’s “FedWatch” indicates a 19.6% chance of a 25 basis point rate cut by March, with an 80.4% chance of holding rates steady. The probability of a 25 basis point cut by April is 36%, with a 58.8% chance of no change, and a 5.3% chance of a 50 basis point cut. By June, the chance of a 25 basis point cut is 49.3%.

Investors are awaiting the key employment report due Wednesday and the Consumer Price Index (CPI) release on Friday.