Market Wrap Summary - February 10, 2026
By Elior Manier
Date: February 10, 2026
Overview
The North American trading session on February 10, 2026, was characterized by low volatility as traders prepared for the upcoming Non-Farm Payrolls (NFP) report, which is anticipated to be one of the most significant labor releases since August 2025. The market showed signs of caution, with traders minimizing their positions ahead of this critical economic data.
Market Sentiment
In the lead-up to the NFP report, there were indications of reduced trading activity, as evidenced by the muted performance across various asset classes. The consensus among analysts and banks suggested a below 100K job addition, with an official consensus set at 70K. The potential for extreme outcomes was noted, with a possibility of a -10K report leading to swift asset repricing and rate cut expectations, while a figure above 140K could eliminate rate cut pricing altogether.
Equity Markets
Equities displayed a mixed performance, with the Dow Jones Industrial Average maintaining its position above 50,000, reflecting some confidence in the upcoming data. However, both the Nasdaq and S&P 500 indices experienced slight pullbacks, indicating profit-taking ahead of the NFP release.
Commodity and Currency Performance
Metals remained stable, hovering above recent lows but lacking clear upward momentum. The Japanese Yen showed signs of reversal following Takaichi's election win, with traders expressing concerns over potential intervention. Overall, the session was marked by slow movements and profit-taking across asset classes, with US Treasuries gaining interest due to softer retail sales data.
Looking Ahead
The upcoming NFP report is expected to generate significant market reactions, particularly if the results are negative. Traders are advised to remain vigilant and monitor developments closely, especially in light of geopolitical factors affecting market flows.