Global Markets Snapshot: Earnings Drive U.S. Equity Gains as Commodities Stabilize and Macro Signals Remain Mixed

Index Update

U.S. equities were set to open higher, with the S&P 500 above 7,000 and the Dow and Nasdaq up around 0.5%, as investor focus shifted back to earnings. Tech and AI stocks led gains, with Palantir jumping over 10% on upbeat 2026 guidance, strength across chipmakers after strong Samsung results, and rebounds in Nvidia and AMD. In contrast, pharmaceutical stocks were mixed, with Pfizer and Merck edging lower on earnings, while Lilly and AbbVie traded flat ahead of upcoming results.

Market Movers

On Monday, the top gainers were Fusemachines Inc. (+70.89%), followed by AsiaStrategy. (+58.19%). On the contrary, Phoenix Asia Holdings Limited. (-86.78%), and Atossa Therapeutics, Inc.. (-34.04%) declined the most the same day.

Commodities Update

Oil prices hovered near recent levels on Tuesday, with both WTI around $62.5 a barrel and Brent near $66.5, as markets weighed easing geopolitical risks against ongoing trade uncertainties. Hopes of renewed U.S.–Iran nuclear talks and signs of reduced military tensions in the region eased supply disruption fears, while speculation around a potential U.S.–India trade deal and declining Indian purchases of Russian crude added to supply concerns. At the same time, OPEC+ reaffirmed plans to keep output steady in March, reinforcing expectations of ample supply amid softer seasonal demand.

Precious and industrial metals rebounded sharply on Tuesday after a bout of heavy profit-taking and heightened volatility. Gold surged over 6% toward $4,950 an ounce and silver jumped more than 10% to about $87.5, recovering from historic selloffs triggered by investors locking in gains following record highs and renewed hawkish concerns after Kevin Warsh’s nomination as Fed chair. Copper also climbed back toward $6 per pound as dip buyers—particularly Chinese manufacturers—stepped in, supported by longer-term demand prospects from renewable energy and AI infrastructure, even as recent speculative excesses unwound.

Macro Updates

**Dollar Holds Firm as Rate Cut Expectations Ease and Trade Developments Unfold**

The U.S. dollar index hovered near 97.6 after a recent surge driven by Kevin Warsh’s nomination as Fed chair and strong manufacturing data, which tempered hopes for rapid interest rate cuts. While markets still anticipate two rate reductions later this year, key labor reports are delayed due to the partial government shutdown. Meanwhile, progress on a U.S.–India trade deal offered modest support to sentiment, even as the dollar softened against the Australian dollar following the RBA’s rate hike.

Bonds Commentary

The U.S. 10-year Treasury yield hovered near 4.29% after edging higher in the previous session as markets recalibrated expectations for monetary policy under incoming Fed Chair Kevin Warsh. While investors still anticipate two rate cuts later this year, upcoming labor data releases are delayed by the government shutdown, keeping near-term catalysts limited. Attention is also turning to U.S. borrowing plans, with the Treasury projecting slightly lower Q1 issuance and investors awaiting clarity on potential increases in long-term bond supply.

Futures Update

U.S. equity futures were largely flat in early Tuesday trading following recent market swings, as investors prepared for a heavy slate of corporate earnings in the days ahead. Dow Jones futures slipped about 15 points, or 0.1%, while S&P 500 futures edged up 10 points, or 0.2%, and Nasdaq 100 futures advanced roughly 108 points, or 0.4%.

After an initial move to the downside, stocks trended mostly higher throughout Monday’s trading session. The major averages all finished in positive territory, with the Dow posting standout gains. The S&P 500 advanced 37.43 points, or 0.54%, to close at 6,976.45. From a technical standpoint, the index found support at key levels and gradually drifted higher, signaling the potential for near-term upside. The 14-day Relative Strength Index (RSI) held near its midpoint and is beginning to show signs of renewed bullish momentum. Key support is seen around 6,870, a level that could spark a rebound, while resistance is located near 7,040.