Morning View

In the US, the Dow Jones stock index reaches a new all-time high

International

The main US stock indices traded higher in the first session of the week. This trend was led by the Nasdaq, which posted a daily gain of +0.9%, followed by the S&P 500 with +0.5%, and at a slower pace by the Dow Jones, which rose slightly by +0.04% to reach another all-time high. With these performances, so far this year, the Nasdaq remains unchanged, while the S&P 500 and the Dow Jones have accumulated increases of +1.7% and +4.3%, respectively.

Meanwhile, the US Treasury bond yield curve showed slight changes in yesterday's session. The yield on the 1-year bond closed at 3.42% versus the previous 3.43%, while the 3-year bond compressed to 3.56% from Friday's 3.57%. For its part, the 10-year bond ended at 4.20% compared to the previous 4.21%. 

Regarding the 4th quarter 2025 corporate earnings season, Coca-Cola reported this morning, presenting earnings per share (EPS) of USD 0.58, above expectations, and revenues of USD 11.8 billion, below expectations. This mixed performance was replicated at Barclays, with EPS of $0.09 and revenue of $7.08 billion. On the other hand, AstraZeneca reported EPS of $2.12 and revenue of $15.5 billion, both above projections.

In Latin America, January inflation figures were released in Mexico, which were in line with analysts' consensus expectations across all measures. Specifically, it rose +0.4% month-on-month and +3.8% year-on-year, while the measure that excludes food and fuel (core) rose +0.6% month-on-month and +4.5% year-on-year. It is worth noting that there was a slight acceleration compared to December's figures in all cases.

Source: PUENTE Hnos, Bloomberg

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