Market Quick Take - 24 February 2026

Market Drivers and Catalysts

• Equities: Stocks fell in the U.S. and Europe due to concerns over AI disruptions and tariff issues, while Hong Kong saw a rebound driven by optimism regarding China.
• Volatility: The VIX index rose above 21, reflecting tariff uncertainty and risks to consumer confidence.
• Digital Assets: Cryptocurrencies experienced outflows, with institutional investors de-risking amid a macro-driven market tone.
• Fixed Income: U.S. Treasuries rallied as risk sentiment weakened.
• Currencies: The U.S. dollar strengthened while the Japanese yen weakened.
• Commodities: Gold and silver prices cooled after a rally on Monday.

Macro Events

• The EU has paused trade talks with the U.S., maintaining the current deal. President Trump warned of higher tariffs if negotiations are not handled properly.
• U.S. manufactured goods orders fell by 0.7% in December 2025, with durable goods down 1.4% primarily due to lower transportation equipment orders.
• The Dallas Fed's Texas manufacturing index rose to 0.2 in February 2026, indicating stable conditions and optimism among manufacturers.
• Mexico's economic activity index grew by 3.3% year-on-year in December 2025, rebounding from a previous dip.

Macro Calendar Highlights

Key economic data releases include:

• 1315 – U.S. Weekly ADP Employment Change
• 1330 – U.S. February Philadelphia Non-Manufacturing Activity
• 1400 – U.S. December House Price Index
• 1415 – UK Bank of England officials to speak
• 1500 – U.S. February Richmond Fed Manufacturing
• 1500 – U.S. February Consumer Confidence
• 1800 – U.S. Treasury to auction 2-year notes
• 0030 – Australia January CPI

Earnings This Week

Notable earnings reports include:

• Today: Home Depot, Mercado Libre, EOG Resources, and others.
• Wednesday: Nvidia, HSBC Holdings, and others.
• Thursday: Deutsche Telekom, Salesforce, and others.
• Friday: BASF, Holcim, and others.

Equities Overview

USA

U.S. stocks fell on Monday, with the Dow Jones down 1.7%, the S&P 500 down 1.0%, and the Nasdaq down 1.1%. Concerns over AI disruptions and tariff uncertainties drove the sell-off.

Europe

European shares mostly declined, with the Stoxx Europe 600 down 0.5%. Tariff uncertainties and AI disruption fears weighed on software and payment sectors.

Asia

Hong Kong's Hang Seng Index rose 2.5% as traders anticipated a lower tariff burden for China. Major tech stocks like Alibaba and Tencent saw gains.

Volatility

Volatility remains high, with the VIX closing at 21.01. Markets are navigating a mix of softer risk sentiment and policy uncertainty, particularly regarding U.S. tariffs.

Digital Assets

Cryptocurrency markets are softer, with Bitcoin and Ether experiencing declines. Institutional flows are under pressure, reflecting caution in the market.

Fixed Income

U.S. Treasuries rallied amid weak risk sentiment, with the 10-year yield testing recent lows. High-yield debt faced pressure as spreads widened.

Commodities

Gold and silver prices pulled back after a rally, while crude oil remains volatile amid geopolitical tensions related to Iran.

Currencies

The U.S. dollar strengthened, while the Japanese yen weakened. Key currency pairs are showing mixed signals ahead of important economic data releases.