Market Wrap Summary - February 24, 2026

On February 24, 2026, the North American session experienced a notable mean-reversion day in market sentiment, with US indexes and risk assets showing signs of recovery. This rebound followed the Supreme Court's decision to block the IEEPA tariffs, which is expected to lower duties for major exporting nations, particularly benefiting China, Brazil, and India.

Market Overview

Despite the positive sentiment, equity markets remain in a tight consolidation range, indicating that a clear upward trend is not yet established. Geopolitical tensions persist, particularly with renewed US-Iran talks scheduled for Thursday, raising questions about potential outcomes—whether they will lead to conflict or diplomatic resolutions.

Commodity and Currency Movements

Gold prices retraced slightly, allowing silver, platinum, and copper to gain traction. The commodity market remains technically complex, with volatility suggesting that a definitive bullish trend may still be premature. The US Dollar has shown resilience, hinting at a possible upside reversal despite the ongoing tariff discussions.

Oil Market Insights

Oil prices have stabilized between $66.30, awaiting further developments from the US-Iran situation. A significant address from President Trump is anticipated, which could impact market sentiment further.

Stock Market Performance

US stock markets provided a brief respite for bulls, although the overall market picture remains mixed. Investors are cautious, seeking a decisive trend amidst uncertainty. The performance of cross-assets was generally positive, with equities leading the way, while precious metals experienced a slight pullback.

Currency Performance

The Japanese Yen faced challenges following comments from the Bank of Japan's Ueda and Prime Minister Takaichi, who expressed opposition to further rate hikes. This has led to increased volatility in the Yen, contrasting with the overall positive risk sentiment in the markets.

Looking Ahead

Traders are advised to monitor upcoming economic data releases, including Australian CPI and European GDP figures, which could influence market dynamics. The evening's White House address is also expected to provide critical insights into the political landscape.

In conclusion, while the market showed signs of recovery, the path forward remains fraught with uncertainty, particularly in light of geopolitical developments and economic data releases.