Alternative Investing Report - February 2, 2026

*as of 2/1, Sources: S&P, BTC, FTSE, DJRE, GOLD

After months of speculation on who President Trump would pick to succeed Jerome Powell as the chair of the Federal Reserve, he announced Friday he would nominate Kevin Warsh, a former member of the Fed’s board of governors. The nominee will have to face Senate confirmation, which should not be a roadblock as long as Trump and the DOJ stop investigating Powell, a prerequisite for Republican senator Thom Tillis to advance any Fed Chair nominee. The markets reacted negatively to the announcement, with the S&P 500 down for the third straight day, and futures showed further negative movement. Crypto and precious metals also declined significantly.

➨ TAKEAWAY: With the economy flagging, persistent inflation, a soft labor market, a stagnant housing market, and the stock market and crypto falling, Warsh has his work cut off for him. President Trump will surely pressure him to cut interest rates, particularly with the midterms coming in November, and the market’s negative reaction to this pick may signal that they believe that Warsh is likely to push back and be independent. For those hoping for a slew of rate cuts, those hopes were somewhat dashed for now, and there may be further to fall.

In the newest episode of Smart Humans, Slava Rubin talked with Augment CEO and co-founder Noel Moldvai about the vision behind Augment, predictions for 2026, and practical advice for investing in pre-IPO companies.

🪙 Crypto price collapse: The crypto market fell drastically over the past week, with total market cap dropping more than 13% to its lowest level since last April, and Bitcoin dropping below $75,000 to its lowest level since 2024. Secondary tokens like Ethereum (-20%), XRP (-14%), and Solana (-15%) have taken even harder hits as investors rush to the exits. A long-term concern is that Strategy, the digital asset treasury company that holds 700,000 BTC, is hovering around its break-even point of $76,000 per coin, and a further drop could force sell-offs. The company is likely to see its stock price drop again today.

💰 Gold and Silver price collapse: After surging to unprecedented levels last week, gold and silver both fell steeply over the weekend, with gold dropping 20% and silver falling more 40%, with its 30% drop on Friday the worst day since 1980.

🤖 XAI moves: Elon Musk’s companies are getting closer to becoming one entity after news that Tesla is investing $2 billion into xAI and that SpaceX and xAI are in discussions to merge before the former’s planned 2026 IPO.

🏡 New listings edge up: New listings of U.S. homes are up 1% year-over-year, the first uptick in 2026, and mortgage purchase applications are near their highest level since 2023 as the housing market is starting to show a little life.

🏢 Co-working expansion: There are now 158.3 million square feet of co-working space in the U.S., up from 115.6 million three years ago, as more companies adopt hybrid work models and require less full-time office space.

🎨 Big Singapore sale: As Singapore’s Art week wrapped up, Sotheby’s Modern and Contemporary auction hit its highest total in the past three years, a good sign for both the Asian art market and a strong way to kick off 2026.

This week: Alphabet, Amazon, and Disney, among others, will report quarterly earnings.

Wednesday: ADP private employer job report released; Christie’s Old Masters auction in New York, featuring a number of seven-figure items.

Thursday: The NBA’s trade deadline, with a number of superstars rumored to be switching teams.

Friday: The Milan-Cortina Winter Olympics Opening Ceremonies begin at 2 PM ET; U.S. employment report released.

Saturday: PSA’s Super Bowl Spotlight auction on eBay, ending at 8 PM ET.

Sunday: Super Bowl LX between the Seattle Seahawks and New England Patriots will be played in Santa Clara, CA, with kickoff at 6:30 PM ET.