Morning View
U.S. stock indexes fell on Tuesday
International
Yesterday, the main US stock indices suffered widespread declines. The S&P 500 fell -0.8%, while the Nasdaq fell -1.4% and the Dow Jones -0.3%. So far this year, they have accumulated variations of +1.1%, +0.1%, and +2.5%, respectively.
Meanwhile, the US Treasury bond yield curve remained largely unchanged. The 1-year bond yield closed at 3.48%, down from 3.49% on Monday, while the 3-year bond remained unchanged at 3.64%. The 10-year bond closed at 4.27%, slightly below the previous 4.28%.
As for commodities, movements were positive across the board. WTI and Brent crude oil rose +1.7% and +1.6% respectively, reaching values of USD 63.2 and USD 67.3 per barrel. Gold advanced +6.1%, recovering from Monday's decline, and is trading at USD 4946.8 per ounce. Finally, soybeans gained some ground with a +0.5% rise and closed at USD 391.6 per ton.
In terms of corporate results, AMD yesterday reported results that exceeded market expectations, with revenues of USD 10.3 billion (compared to the USD 9.64 billion forecast) and earnings per share (EPS) of USD 1.53 vs. the USD 1.32 projected. This morning, Eli Lilly reported revenues of USD 19.3 billion, exceeding the expected USD 17.87 billion, and EPS of USD 7.54 (compared to the estimated USD 7.20). Finally, at the close of today's session, reports from Alphabet and AbbVie are expected: for Google's parent company, revenue of $111.33 billion is projected with EPS of $2.64, while for AbbVie, analysts' consensus expects revenue of $16.39 billion and EPS of $3.19.
Source: PUENTE Hnos, Bloomberg
In the United States, activity data surprises on the upside in January
International
Yesterday, the Purchasing Managers' Indices (PMIs) for January were published in the United States. The manufacturing measurements from both S&P Global and ISM were surprisingly positive. In the first case, 52 points were expected, and the index stood at 52.4, while for ISM, 48.5 was expected, and it stood at 52.6.
The main US stock indices advanced at the beginning of the week. The S&P 500 gained +0.5% compared to Friday, while the Nasdaq closed at +0.6% and the Dow Jones also advanced +1.1%. Thus, so far this year, the indices have accumulated gains of +1.9%, +1.5%, and +2.8%, respectively.
Meanwhile, the yield curve on US Treasury bonds widened. The yield on the 1-year bond rose from 3.46% to 3.49%, while the 3-year bond rose from 3.59% to 3.63%. The 10-year bond closed at 4.28%, up from 4.24% previously.
In terms of corporate results, Walt Disney and Palantir exceeded expectations for the fourth quarter of 2025 yesterday. Disney reported revenues of USD 25.98 billion (compared to the USD 25.62 billion forecast) and earnings per share (EPS) of USD 1.63 (vs. USD 1.57 expected), while Palantir reported revenue of USD 1.41 billion—higher than the projected USD 1.32 billion—and EPS of USD 0.25 (vs. USD 0.23 estimated). This morning, PepsiCo and Pfizer also reported figures above consensus: the former posted revenues of $29.34 billion and EPS of $2.26 (exceeding the $28.98 billion and $2.24 expected), while the pharmaceutical company reported revenues of $17.58 billion and EPS of $0.66 (compared to the expected $16.91 billion and $0.58). Finally, after the close of today's session, AMD's results are expected, for which the market projects revenues of $9.64 billion and EPS of $1.32.
Source: PUENTE Hnos, Bloomberg
