Chaos in Markets – North American session Market wrap for February 5

Ben Graham · February 5

Log in to today's North American session Market wrap for February 5

Today is a bloodbath for global markets.

Bitcoin and cryptocurrencies are taking center stage in the selloff, with BTC plunging 10% to $63,000 and altcoins suffering even steeper losses of 20% or more.

The technology sector looks increasingly fragile, with price action bearing a haunting resemblance to the 2021 decline that sidelined the Nasdaq for nearly 18 months.

We are undoubtedly entering a turbulent period.

Equities bled red today, overshadowing what should have been a celebratory moment for Alphabet.

According to recent reports, while Google posted record profits in yesterday's earnings, the stock was hammered as investors and brought with it some rough selling waves for the rest of the Market.

Metals are also crashing with Silver dropping 10% back to $73, casting doubt on their role as sensible risk assets following the parabolic runs and massive repricings of the last few years.

In a flight to safety, US Treasuries and the US Dollar have emerged as the only sanctuaries, bouncing back while everything else burns.

The narrative is shifting darker – Morning rounds of surprisingly soft US labor data, combined with advancements in Claude's latest plug-ins, are fueling fears that AI could begin to materially displace the workforce.

This grim reality is dragging the tech and particularly software sectors down, with some leveraged ETFs dropping 30% in a single session.

The velocity of this selloff suggests things won't calm down immediately.

Keep a very close eye on the action in the coming days and manage risk aggressively—volatility is likely just getting started.

Discover:

Chaos in Markets – North American session Market wrap for February 5 - ExpertFX School — Market Close Heatmap – Source: TradingView – February 5, 2026

Today's session in Stocks wasn't even about rotation anymore.

Only the distribution services sector closed higher while the rest dropped and Tech/Softwares puked.

Cross-Assets Daily Performance

Today was a rough session for virtually everything except for the US Treasuries and the US dollar.

Silver is extending to almost down 20% as the session ends – This is looking quite ugly.

A picture of today's performance for major currencies

You can see how when things turn sour, the US dollar is never too far.

The Greenback closes at the top of the FX performance list in today's chaotic session.

Risk-on currencies (GBP, AUD and NZD) actually got sold off the hardest as flows rotated back to traditional risk-off currencies.

Major Earnings in Tomorrow's session

A look at Economic data releasing throughout today and tomorrow's sessions

Today's evening focus on RBA Governor Bullock’s speech, which should add clarity to Tuesday’s rate hike.

Markets will watch for guidance on whether policy stays restrictive and how much further the RBA may go. AUD remains sensitive. NAB business confidence later on will show how firms are coping with tighter conditions.

Friday should turn into a heavy macro day.

Canada jobs report (employment, unemployment, wages) are releasing on time at 8:30 A.M compared to the US NFP which are only releasing on next Wednesday.

In the US, Michigan sentiment and inflation expectations will be on the dock at 10:00 A.M.

But traders will surely be looking at what has been going on today and flows will need to be watched closely. Tomorrow will be a wild session, get ready.

Safe Trades, keep a close eye on Middle East headlines and flows!

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