Morning View
In the United States, stock indices fall at the start of the week
International
The start of the week was marked by a decline in the main US stock indices. The S&P 500 fell 0.9%, the Nasdaq 0.8%, and the Dow Jones 1.2%. So far in 2025, the indices have accumulated variations of +13.4%, +17.6%, and +9.5%, respectively.
Meanwhile, US Treasury bond yields remained virtually unchanged at the start of the week. The 1-year bond closed with a yield of 3.69%, similar to Friday, the 3-year bond stood at 3.61%, also unchanged, and the 10-year bond closed at 4.13%, slightly below the previous 4.15%.
Finally, commodities saw mixed variations. Gold fell -1.0% and closed at USD 4043 per ounce. Oil contracted overall, with WTI falling -0.6% and Brent -0.5%, closing at USD 59.8 and USD 64 per barrel, respectively. Finally, soybeans continued their upward trend, rising 4.0% on the Chicago market yesterday to a price of USD 425.3 per ton.
Sources: PUENTE Hnos, Bloomberg
In the United States, stock indices ended a neutral week
International
Last week, stock indices traded with high volatility, although they ended the week with little change. The S&P 500 closed up 0.1% for the week, the Nasdaq down 0.5%, and the Dow Jones up 0.3%. In cumulative terms, so far in 2025, the indices have posted gains of +13.2%, +19.9%, and +7.8%, respectively.
This week, the focus in the United States will be mainly on the release of the Federal Reserve's minutes from its October monetary policy meeting. On the other hand, attention will also be focused on the publication of company results, notably Nvidia and Walmart, the publication of the preliminary Purchasing Managers' Indices (PMIs) for November, and the University of Michigan's Consumer Confidence Index for November.
Finally, US Treasury bond yields widened last week. The 1-year bond yield rose from 3.62% to 3.69%, the 3-year bond yield stood at 3.61%, up from 3.57%, and the 10-year bond yield closed at 4.14%, up from 4.10%.
Sources: PUENTE Hnos, Bloomberg
