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On Friday, the U.S. stock market showed mixed results, reflecting volatility as it wrapped up a turbulent trading week. The S&P 500 edged up by 2 points (+0.03%), closing at 6,915, while the Nasdaq 100 soared by 87 points (+0.34%) to reach 25,605. In contrast, the Dow dropped by 285 points (-0.58%), ending at 49,098. Most sectors posted gains, with Materials (XLB), Consumer Staples (XLP), and Communication Services (XLC) leading the way, whereas Financials (XLF), Industrials (XLI), and Health Care (XLV) underperformed the most.
Looking at the overall trading week, the S&P 500 slid 0.35% while the Nasdaq 100 rose 0.30% and the Dow slid 0.53%. The top performing sectors were Energy (XLE) and Materials (XLB) while Financials (XLF) and Real Estate (XLRE) lagged behind.
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U.S. Economic Developments: |
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The S&P Global Composite PMI increased to 52.8 in January, matching expectations and rising from 52.7 in December. In contrast, the Global Services PMI remained unchanged at 52.5, surpassing the predicted 52.3. The Global Manufacturing PMI, however, rose to 51.9 in January, slightly below the expected 52 and up from 51.8 in December.
Additionally, the final reading for the Michigan Consumer Sentiment Index surged to 56.4 in January, outpacing the anticipated 54 and increasing from 52.9 in December. This marks the second consecutive month of rising sentiment and the highest level since August 2025.
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Intel (INTC) plunged 17.03% as current guidance missed estimates as chip production costs increased. CFO David Zinsner highlighted strong demand but noted supply constraints, expecting improvements each quarter this year.
Nvidia (NVDA) rose 1.53% as Bloomberg reported that China has cleared country's tech companies, including Alibaba, to move forward with orders for Nvidia’s H200 chips.
Capital One Financial (COF) dropped 7.56% announced a 15.5 billion dollars cash and stock acquisition of fintech firm Brex.
Spotify (SPOT) increased 2.92% as it was upgraded to "Buy" from "Neutral" at Goldman Sachs.
Fortinet (FTNT) gained 5.18% after it was upgraded to "Buy" from "Hold" at TD Cowen.
CSX (CSX) climbed 2.40% as quarterly sales topped expectations.
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At the European close, the major indices in the region finished in mixed territory. Germany's Dax rose 44 points (+0.18%) to 24900 while France's Cac 40 fell 5 points (-0.07%) to 8143 and the U.K.'s FTSE 100 dropped 6 points (-0.07%) to 10143.
On the economic front, the Eurozone's HCOB Composite PMI Index remained unchanged at 51.5 in January, falling short of the expected 52.3. In a separate report, the U.K.'s retail sales rose by 0.4% in December, exceeding the anticipated decline of -0.2% and improving from the -0.1% recorded in November.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
Following today's volatile trading day, the VIX index rose 0.45pt (+2.88%) to 16.09, its first rise after two consecutive days of declines. Meanwhile, the US 10 year yield fell to 4.231%.
Precious Metals & Crude:
Gold and silver reached new all-time highs, with Gold climbing by $46.10 (+0.93%) to $4,982.39, approaching the $5,000 mark but encountering selling pressure along the way. Simultaneously, Silver surged by $6.74 (+7.01%) to $102.92, successfully surpassing the crucial $100 psychological barrier. Additionally, WTI Crude Oil also performed well on Friday, rising by $1.88 (+3.17%) to $61.24.
The Dollar & Majors:
The dollar index dropped 0.89 points (-0.91%) to 97.466.
EUR/USD rose 70 pips (+0.6%) to 1.1824.
GBP/USD advanced 139 pips (+1.03%) to 1.3636.
USD/JPY fell 268 pips (-1.69%) to 155.72. The Bank of Japan maintained its benchmark interest rate at 0.75%, aligning with expectations. Additionally, Japan's core inflation rate decreased to 2.4% year-on-year in December, falling short of the estimated 2.8%.
USD/CHF slipped 86 pips (-1.09%) to 0.7803.
AUD/USD rose 54 pips (+0.79%) to 0.6894.
USD/CAD retreated 87 pips (-0.63%) to 1.3698. A preliminary report indicates that retail sales in Canada fell by 0.5% in December, contrasting sharply with the anticipated growth of 1.5%.
Digital Assets:
Cryptocurrencies faced downward pressure and remained sidelined compared to the explosive move in metals. Bitcoin experienced some volatility but ultimately increased by $143 (+0.16%), reaching $89,331. In contrast, Ethereum declined by $2 (-0.09%), settling at $2,940.
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