Morning View
Focus of the week in the US on the release of January inflation and employment data
International
This week in the United States, attention will be focused on the publication of January inflation figures, with expectations of a year-on-year increase of +2.5% in both traditional and core measurements. Likewise, the evolution of the labor market in January will be revealed, with an estimated 70,000 new jobs created and unemployment at 4.4%. At the same time, the corporate earnings season for the fourth quarter of 2025 continues. In other news, the Eurozone will release its fourth-quarter gross domestic product (GDP), with a year-on-year increase of +1.3% expected, and in Latin America, January inflation figures will be released in Brazil and Mexico, with year-on-year increases of +4.4% and +3.8% projected, respectively.
The major U.S. stock indexes posted broad gains on Friday. The Dow Jones stood out, rising +2.5% to a new all-time high, followed by the Nasdaq with +2.2% and the S&P 500 with +2.0%. However, they closed the week with mixed performances, with the Dow Jones advancing +2.5%, while the Nasdaq fell -1.8% and the S&P 500 -0.1%.
Meanwhile, the US Treasury bond yield curve traded higher on Friday. The yield on the 1-year bond closed at 3.43%, while the 3-year bond advanced to 3.56% and the 10-year bond closed at 4.21%. In terms of weekly performance, yields showed slight compression across all maturities.
Sources: PUENTE Hnos, Bloomberg
U.S. stock indexes fell on Thursday.
International
The main US stock indices fell yesterday. The S&P 500 fell 1.2%, the Nasdaq fell 1.6%, and the Dow Jones also fell 1.2%. So far this year, the indices have accumulated variations of -0.7%, -3.0%, and +1.8%, respectively. It should be noted that yesterday the JOLTS survey data was released, showing that there were 6,542,000 job vacancies in December, below the 7,250,000 projected by the consensus of analysts. The January employment data from the Bureau of Labor Statistics (BLS) will be released next Wednesday.
Meanwhile, the US Treasury bond yield curve compressed yesterday. The 1-year bond yield closed at 3.40%, down from 3.48% on Wednesday, while the 3-year bond fell from 3.63% to 3.52%. The 10-year bond closed at 4.18%, down from 4.27% previously.
In terms of corporate results, Amazon reported revenues of USD 213.4 billion yesterday (exceeding the USD 211.27 billion forecast) and earnings per share (EPS) of USD 1.95, slightly below the USD 1.96 expected by the market. This morning, Friday, February 6, Toyota reported revenues of USD 85.81 billion (compared to the estimated USD 82.84 billion) and EPS of USD 6.15 (vs. USD 4.36 projected), while Philip Morris reported revenues of USD 10.4 billion and EPS of USD 1.70, exactly in line with analysts' consensus forecasts.
Sources: PUENTE Hnos, Bloomberg
