A Skeptically Positive Session – North American Market Wrap for February 9, 2026
By Elior Manier
Date: February 9, 2026
Market Overview
This week opened on a broadly positive note, driven by the Debasement Trade flows. The US Dollar experienced a sell-off, leading to rebounds in Tech Stocks, Commodities, and FX Majors after a challenging previous week. Notably, the Nasdaq led US indexes for the first time since January 28, indicating potential mean-reversion flows and position closures ahead of a significant US data calendar.
US Equities and Commodities
US equities are undergoing a rebalancing, with the Dow Jones maintaining its position above 50,000, although it faces challenges ahead of upcoming Retail Sales data. The DJIA closed the session flat. Commodities, including Gold, also saw rebounds but are expected to face hurdles. Gold reached $5,100, needing to push above this level to maintain momentum, supported by safe-haven demand following recent Chinese Gold accumulation data.
Currency Movements
In the FX market, the Japanese Yen finished strong, benefiting from a significant political shift in Japan following Sanae Takaichi's election victory. The session reflected relief rallies in undersold assets, but caution is advised as markets may flatten ahead of key economic events.
Key Economic Events
Looking ahead, the focus will shift to crucial economic data releases, particularly Retail Sales and the Employment Cost Index, which are vital for understanding inflation and growth dynamics. The market is also keeping an eye on potential FX interventions by the Japanese Ministry of Finance.
Geopolitical Considerations
Geopolitical tensions, particularly in the Middle East, remain a concern, with US military assets amassing in the region. This situation could influence commodity prices and market sentiment.