Morning View

The main U.S. stock indexes rebounded yesterday

International

In the United States, the main stock indices rebounded yesterday after US President Donald Trump announced a “framework for a future agreement” on Arctic security from Davos, following a meeting with NATO Secretary General Mark Rutte. As a result, the president canceled the 10% tariffs on European countries that were due to come into effect on February 1. In this context, the S&P 500 rose +1.1%, while the Nasdaq and Dow Jones rose +1.2% each.

Meanwhile, US Treasury bond yields moved in different directions. While the yield on the 1-year bond rose from 3.52% to 3.53%, yields on the 3-year bond fell from 3.68% to 3.66%. Finally, the 10-year bond closed with a yield of 4.25%, down from 4.29% on Tuesday.

Today, the US is expected to release its third-quarter GDP figures for 2025, which are projected to be +4.3% annualized, up from +3.8% in the previous period. Likewise, PCE (Personal Consumption Expenditures) inflation data for November will be released, with an estimated increase of +0.2% monthly and +2.8% year-on-year in both the general measurement and the core measurement, which excludes food and energy.

This morning, Procter & Gamble and GE Aerospace presented their corporate results. P&G reported revenues of USD 22.2 billion, slightly below the USD 22.34 billion forecast, and earnings per share (EPS) of USD 1.88 compared to the USD 1.86 estimated by the market. GE Aerospace reported revenue of $11.87 billion (exceeding the expected $11.2 billion) and EPS of $1.57 (vs. $1.43 projected). Finally, Intel's results are expected at the close of today's session, with analysts forecasting revenue of $13.41 billion and EPS of $0.0787.

Source: PUENTE Hnos, Bloomberg

U.S. stock indexes retreat in early trading this week

International

In the United States, the main stock indices fell yesterday amid rising bond yields globally. The S&P 500 fell 2.1%, the Nasdaq fell 2.4%, and the Dow Jones fell 1.8%. So far this year, they have accumulated variations of -0.7%, -1.2%, and +0.9%, respectively.

Following the jump in Japanese sovereign bond yields, mainly at the long end of the curve, US bonds also saw their yields rise. The 1-year bond closed at 3.52%, similar to Friday's 3.53%, while the 3-year bond rose from 3.65% to 3.68% and the 10-year bond rose from 4.22% to 4.29%.

Yesterday, Netflix, U.S. Bancorp, and 3M reported their fourth quarter 2025 results. Netflix reported revenue of $12.05 billion, exceeding the $11.97 billion forecast, and earnings per share (EPS) of $0.56 vs. $0.55 projected. U.S. Bancorp reported revenue of $7.36 billion (vs. $7.32 billion expected) and EPS of $1.26 (vs. $1.19 estimated), while 3M reported revenue of $6.1 billion (vs. $6.01 billion expected) and EPS of $1.83 (vs. $1.80 expected). Finally, today, Johnson & Johnson (J&J) reported revenues of USD 24.6 billion, above the projected USD 24.15 billion, although its EPS stood at USD 2.46, slightly below the USD 2.47 expected by the consensus of analysts.

Source: PUENTE Hnos, Bloomberg