Morning View
The major U.S. stock indices rose at the start of the week
International
The week began with broad gains across the major U.S. stock indices. The S&P 500 rose +1.0%, while the Nasdaq gained +1.2% and the Dow Jones +0.8%. Thus, year-to-date, the indices have posted returns of -2.1%, -3.7%, and -2.3%, respectively.
Regarding economic data, yesterday saw the release of U.S. Industrial Production for February, which showed a monthly increase of +0.2%, exceeding the expected +0.1%, and representing a year-over-year increase of +1.4%. We remind you that tomorrow will see the release of the producer price index and the Federal Reserve’s interest rate decision.
Finally, U.S. Treasury yields narrowed yesterday. The 1-year Treasury yield fell from 3.63% to 3.61%, while the 3-year Treasury yield fell from 3.74% to 3.68%. Meanwhile, the yield on the 10-year bond fell from 4.28% to 4.22%.
Source: PUENTE Hnos, Bloomberg
Major U.S. stock indexes fell on Friday
International
In the United States, major stock indices fell last Friday following the release of Personal Consumption Expenditures (PCE) inflation data and Gross Domestic Product (GDP) figures. As a reminder, inflation stood at +2.8% year-over-year, and the core measure—which excludes food and energy—came in at +3.1% year-over-year, while GDP grew at an annualized rate of +0.7% in the fourth quarter of 2025, below the +1.4% projected by the consensus of analysts. The S&P 500 fell -0.6%, while the Nasdaq dropped -0.9%, and the Dow Jones -0.3%. Thus, so far in 2026, the indices have accumulated changes of -3.1%, -4.9%, and -3.1%, respectively.
This week, the focus will be primarily on the Federal Reserve’s (Fed) monetary policy meeting and the release of its benchmark interest rate decision this Wednesday, along with an update to its macroeconomic projections. February’s wholesale inflation data will also be released, projected at +0.3% month-over-month and +3.0% year-over-year, while the core measure—which excludes food and energy—is expected to come in at +0.3% month-over-month and +3.7% year-over-year.
Finally, U.S. Treasury bond yields saw mixed movements on Friday. The 1-year bond yield fell from 3.64% to 3.63%, while the 3-year bond yield fell from 3.76% to 3.74%. In contrast, the 10-year bond yield rose from 4.26% to 4.28%.
Source: PUENTE Hnos, Bloomberg
