This Week
Markets are expected to face renewed volatility later this week as major geopolitical events shape investor sentiment. U.S. and Iranian delegations are set to meet in Geneva, Switzerland, on Tuesday, with talks hosted by Oman. Russian and Ukrainian delegations are also expected to meet in Geneva this week in U.S.-mediated discussions. U.S. stock markets will be closed on Monday for Washington’s Birthday, while most commodity markets will close early the same day. Investors will also focus on key U.S. economic data later this week, led by the first reading of Q4 GDP (Gross Domestic Product), which will provide fresh insight into the state of the U.S. economy.
Stocks
NETFLIX
Netflix shares fell 6.68% last week, closing Friday at their lowest level since November 2024 near $76. The stock has declined for seven consecutive weeks as its proposed acquisition of Warner Bros Discovery continues to drag on. Netflix’s latest all-cash bid of $82.7 billion remains under review, with a decision expected in March 2026. Paramount Global continues to argue that its competing offer is superior, while the tender deadline is set for March 2, 2026.
APPLE
Apple shares closed the week down 8.03% at $255.78. Shares weakened after reports that the U.S. Federal Trade Commission sent a letter to CEO Tim Cook warning that the Apple News app could potentially violate consumer protection laws by misrepresenting terms of service. The development may strain relations between Apple and U.S. regulators, despite the company’s stated plans to invest more than $500 billion in the U.S. over coming years.
Commodities
Crude Oil
Crude oil declined 1.04% last week after falling 2.55% the previous week. Prices remain under pressure near the $60 level as geopolitical tensions eased ahead of renewed U.S.–Iran nuclear talks and further Russia–Ukraine negotiations. Traders will monitor U.S. weekly oil inventories data, which will be released one day later than usual due to Monday’s holiday. The American Petroleum Institution will publish data on Wednesday at 21:30 GMT, while the US government (EIA) will publish its weekly data on Thursday at 17:00 GMT.
Gold
Gold ended the week above $5,000, showing resilience despite easing geopolitical tensions. Prices briefly fell below that level following strong U.S. labor data but recovered after U.S. headline CPI came in at 2.4%, below expectations of 2.5%. Later this week, investors will watch a new round of talks between the U.S. and Iran, as well as negotiations involving Russia and Ukraine. China’s Lunar New Year holidays also begin this week, lasting until February 23, which could boost demand for physical gold. On Friday, the first reading of U.S. Q4 GDP will be released.
COCOA
Cocoa prices fell 13.54% last week, closing at their lowest level since October 2023. Prices dropped near $3,600 for the first time in more than two years as supply continued to outpace demand. Markets are awaiting fresh monthly data from the International Cocoa Organization later this week, followed by its quarterly report next week, which will provide a more detailed supply-and-demand outlook.
USD/JPY
USD/JPY dropped 1.35% last week, extending declines from the prior week. The Japanese yen strengthened following the landslide victory of the Liberal Democratic Party (LDP) led by Prime Minister Sanae Takaichi in the February 8 snap election, securing a supermajority in the Lower House. Meanwhile, the U.S. dollar weakened after inflation data showed U.S. CPI slowing to 2.4% in January. Investors will now look to Friday’s U.S. Q4 GDP release for further direction.
Recap
Last week, S&P 500 futures fell 1.47%, Nasdaq 100 futures declined 1.43%, and Dow Jones futures dropped 1.27%.
U.S. equities came under pressure as stronger-than-expected U.S. labor data and a lower January unemployment rate pushed Federal Reserve rate-cut expectations further out. At the same time, recent AI-related disruption concerns weighed on software, logistics, transportation, and selected financial stocks.
Crude oil prices moved lower as investors assessed developments in U.S.–Iran talks ahead of a new negotiation round scheduled for this week. Gold initially weakened following strong U.S. jobs data but later rebounded after U.S. inflation came in below expectations on Friday. Silver and other precious metals ended the week lower as geopolitical risk sentiment eased, with new rounds of talks planned between the U.S. and Iran, as well as between Russia and Ukraine.