The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1347 ET - Operators of natural-gas pipelines, processing stations and liquefaction plants accounted for four of the 10 largest infrastructure deals announced worldwide last year, with total deal value in the subsector rising 36% compared to 2024 despite a drop in the number of transactions, according to Guggenheim Securities. That reflected a "flight to scale" by natural gas-infrastructure operators in response to rising demand for the fuel from power producers and LNG exporters. Unlike the shale booms, this cycle is driven by "demand pull...underpinned by multi-decade offtake contracts and geopolitical realities," Guggenheim says. Large operators also benefit from increased interest from insurers and credit providers looking to form joint ventures, it adds. "No longer are infrastructure funds the lowest cost form of equity capital for these large corporates." (luis.garcia@wsj.com; @lhvgarcia)

1334 ET - The number of rigs drilling for oil in the U.S. rose by one this week to 412, and was down by 68 from a year earlier, oil services company Baker Hughes reports. The U.S. has maintained record oil production despite the lower number of rigs, although output fell last week by an average of 481,000 barrels a day to 13.2 million b/d due to freeze-offs caused by winter storm Fern, according to the latest EIA data. Rigs directed at natural gas rose by five this week to 130, the most since November and 30 more than a year ago.(anthony.harrup@wsj.com)

1333 ET - Under Armour's footwear business is still a stain on the business. "I want to be very direct about it," CEO Kevin Plank says on a call with analysts. "Year-to-date sales are down about 14%, reflecting structural issues we are actively unwinding." For years, Under Armour tried to grow its footwear business by launching more styles, price points and incremental updates without the demand or scale to support it, Plank says. He adds that the actions diluted volume, pressured margins and increased inventory risk. "We are addressing each of these," Plank says, noting Under Armour will exit low-productivity styles, reduce SKUs and retool its pricing strategy. (connor.hart@wsj.com)

1324 ET - Under Armour is scooping up share within the crowded athletic-apparel market. "Brand health in the U.S. continues to improve," CEO Kevin Plank says on a call with analysts. "Awareness, consideration and engagement are trending higher, particularly among younger athletes." The company's HeatGear and ColdGear baselayer products stand out as top performers and remain a steady engine for the business, Plank says. Beyond those staples, the company is seeing a positive consumer response to new launches, and it plans to bring more "elevated products" to the market this year in new silhouettes and colors. Shares climb 15%. (connor.hart@wsj.com)

1316 ET - Under Armor CEO Kevin Plank says the company's turnaround is bearing fruit. Since reassuming the company's top role nearly two years ago, Plank has worked to simplify the company's operations, narrowing the company's focus, moving decisions earlier and reducing friction across the system. As a result, he says, inventory is down year-over-year, assortments are tighter and planning is more precise. "We're not declaring all the work finished yet, but are making real progress with a disciplined strategy, structure and team now in place," Plank says. "Progress is becoming more consistent." Shares climb 17%. (connor.hart@wsj.com)

1252 ET - Investors don't seem to grasp that Amazon's $200 billion capital expenditure target in 2026 will drive acceleration of the Amazon Web Services segment, BMO analyst Brain Pitz writes in a note. The company's CapEx target sent shares sliding Thursday afternoon and into Friday. "While investors continue to question the massive levels of CapEx, we do not believe AMZN would invest at these levels if the ROI were unclear," Pitz writes. "Additionally, we do not understand why investors would argue that AI will displace the software industry, while also punishing those who lean into AI the hardest." He says the CapEx will drive meaningful returns over time and position the company as a long-term AI winner. Amazon is down 5.6%. (elias.schisgall@wsj.com)

1219 ET - Live cattle futures on the CME are up 1.7% in morning trade, this after closing yesterday down 2.5%. Yesterday's hit was some profit-taking in cattle, as well as a reaction to a strike authorization action at the JBS meatpacking plant in Greeley, Colo. While the labor union has not started to strike, market-watchers are waiting to see if they proceed. "The union said workers are working faster, that increases risk for injuries and JBS has reduced work hours," says ADM Investor Services in a note. Lean hog futures are up 0.3% today. (kirk.maltais@wsj.com)

1156 ET - Strategy's 4Q results, which included a net loss of $12.6 billion, "landed on a day when markets were in no mood to entertain nuance: bitcoin was sliding hard, risk assets were buckling, and the company's share price fell 17%," Benchmark analyst Mark Palmer writes in a note. But the company had disclosed the loss in a regulatory filing a month ago, and management emphasized on the earnings call that the company's capital structure was designed to survive a drop in bitcoin prices without being forced to sell assets. "What has changed for Strategy, and what the market has seemed to overlook during the selloff, is the degree to which the company has fortified its capital structure with tail risks in mind," Palmer writes. Shares are up 21% after the Thursday sell-off. (elias.schisgall@wsj.com)

1123 ET - Coffee prices have plunged since last week, with ICE Arabica futures on track for a weekly drop of nearly 10%. "In addition to external factors such as general market sentiment and the stronger U.S. dollar, the price setbacks are likely due, among other things, to the prospect of a strong coffee crop in Brazil, which is expected to reach a record high this year," says Norman Liebke from Commerzbank. Brazil's total crop of the Arabica and Robusta coffee varieties is forecast to rise 17.1% from 2025, the commodity analysts says, citing forecasting agency Conab. Robusta production is projected to increase by 6.4%, while Arabica production is expected to jump by 23.3%. (giulia.petroni@wsj.com)

1111 ET - Precious metals remain volatile, with silver taking another hit amid a broader shift toward defensive positioning across commodities. Gold prices rise in afternoon trading, with futures in New York up 1.7% to $4,973.70 a troy ounce, while silver falls 1.7% to $75.40 an ounce. "The phase of exceptionally high volatility in precious metals is not yet over," analysts at Commerzbank say. "However, the picture is not clear-cut." Some participants appear to have used price gains to exit positions, while others are showing renewed buying interest after the recent slump. Overall, uncertainty remains high and short-term price swings are expected to persist, the analysts say. (giulia.petroni@wsj.com)

1104 ET - Recent gains across metal markets have underscored the influence of positioning, leverage and momentum in short-term moves, says Ewa Manthey from ING. Speculative activity on the Shanghai Futures Exchange has risen broadly across metals, shaping global prices through positioning rather than physical arbitrage and amplifying moves on the LME. Regulatory steps have tempered volatility at times but haven't reversed this trend. "Metals markets are undergoing a structural shift--Chinese speculative flows are becoming a defining force in short‑term price discovery," the commodities strategist says. "While longer-term fundamentals still anchor prices, the growing influence of positioning means sharper moves, higher volatility and a greater risk of abrupt corrections as sentiment or policy shifts." (giulia.petroni@wsj.com)

1050 ET - Oil prices continue to trade higher as investors monitor developments in the Middle East after talks between the U.S. and Iran took place earlier on Friday. Brent crude rises 0.7% to $68.06 a barrel, while WTI is up 0.5% to $62.75 a barrel. Tehran stuck to its refusal to end enrichment of nuclear fuel, a core U.S. requirement, but signaled a willingness to keep working toward a diplomatic solution. Markets, however, remain on edge, as any potential escalation between the two countries could disrupt energy flows in the oil-rich region. Despite the uptick, crude benchmarks are still headed for a weekly decline. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

February 06, 2026 13:47 ET (18:47 GMT)

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