Morning View
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
After the holiday, U.S. markets resume trading today
Internacional
In the United States, bond and stock markets resumed trading today after the holiday commemorating the birth of Martin Luther King Jr. Japanese sovereign bonds saw their yields rise amid concerns about the Asian country's fiscal situation. This dragged down US Treasury bonds, which are seeing higher yields in early trading today. Futures on the major US stock indices are trading lower.
Gold, silver, and copper traded higher yesterday, continuing their upward trend. Gold advanced +1.6% to USD 4671 per ounce, while silver rose +4.7% and copper +1.3%. Gold is hitting new all-time highs and has accumulated a +8.1% rise this year, while silver has accumulated a +31.7% variation in 2026.
Finally, retail inflation in the Eurozone was published yesterday. The overall measurement for December stood at +0.2% compared to the previous month and +1.9% year-on-year, slightly below the expected +2.0%. The core measurement, which excludes food and energy, stood at +2.3%, in line with projections.
Source: PUENTE Hnos, Bloomberg
