Morning View

U.S. stock indexes fell on Thursday

International

In the United States, the main stock indices fell yesterday. The S&P 500 fell by -0.6%, while the Nasdaq fell by -1.2%, and the Dow Jones remained unchanged. Thus, so far this year, the indices have accumulated variations of +0.9%, -1.6%, and +3.0%, respectively.

Yesterday, Mexico's unemployment rate was published, standing at 2.7% in January, above the 2.6% expected by the consensus of analysts. In Chile, the same data was published this morning, standing at 8.3%, up from 8% the previous month. In addition, retail sales data was also released in Japan, which surprised on the upside with +1.8% year-on-year, above the +0.1% projected.

Today, the Producer Price Index or wholesale inflation in the United States (PPI) for January will be released. The overall measurement is projected at +0.3% monthly and +2.6% year-on-year, while the core measurement, which excludes food and energy, is expected to be +0.3% monthly and +3.0% year-on-year.

Finally, with regard to US Treasury bond yields, the curve compressed yesterday. The 1-year bond yield narrowed slightly from 3.52% to 3.51%, while the 3-year bond yield fell from 3.49% to 3.44%. The 10-year bond yield also narrowed from 4.05% to 4.01%.

Source: PUENTE Hnos, Bloomberg

In the United States, indices rose yesterday ahead of Nvidia's results

International

In the United States, the main stock indices advanced on Wednesday. The S&P 500 gained +0.8%, while the Nasdaq advanced +1.3% and the Dow Jones +0.6%. So far this year, they have accumulated variations of +1.5%, -0.4%, and +3.0%, respectively.

Yesterday, semiconductor company Nvidia presented its results for the fourth quarter of 2025. In terms of revenue, the company reported USD 68.1 billion, above the USD 65.56 billion projected by the analyst consensus. Earnings per share (EPS) reported for the quarter were $1.62, also exceeding the $1.52 projected. The stock is up about 1% in pre-market trading.

As for U.S. Treasury bond yields, the curve widened again yesterday. The 1-year bond yield rose from 3.51% to 3.52%, while the 3-year bond yield rose from 3.46% to 3.49%. Meanwhile, the 10-year bond yield rose from 4.03% to 4.05%.

Source: PUENTE Hnos, Bloomberg