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Newsquawk Daily US Opening News – 24th February 2026
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- European bourses slip as AI concerns hit European Banks; US equity futures rebound slightly.
- JPY dragged on reports PM Takaichi raised reservations about rate hikes to BoJ Governor Ueda; DXY slightly firmer.
- Gilts notch a fresh contract high into the TSC, USTs rangebound heading into heavy speaker docket.
- WTI and Brent mildly gains; Spot gold retreats from Monday’s best while Copper gains as mainland China returns.
- Looking ahead, highlights include US ADP Weekly, House Prices (Dec), Consumer Confidence (Feb), Dallas/Richmond Fed (Feb), Atlanta Fed GDP, NBH Policy Announcement, Speakers including ECB’s Lagarde, BoE’s Bailey, Greene, Taylor & Pill, Fed’s Goolsbee, Collins, Bostic, Waller, Cook & Barkin, Supply from the US, Earnings from Home Depot & Keurig Dr Pepper.
XAUUSD (GOLD) UPDATE
- I always pay attention to the price action around the ”50” level, such as today’s 5249 high that was followed by profit-taking that has seen it trade back below the pivotal 5200 level.
- Low so far 5145 vs 5141 support, key level 5122.
- Bottomline, less of a bid while below 5200 but only sub-5122 shifts the focus from this level.
XAUUSD 1 HOUR CHART
USDJPY UPDATE
- Sharp move up not yet fatal with a pause 1 pip shy of key 156.29 resistance. A firm break would put 156.63 on the radar.
- Keeps a bid while above 155.50-63 but only sub-155 would turn the risk back to the downside.
- Reports of possible political pressure on the BoJ to hold off raising rates undercuts the threat of intervention,
USDJPY 4 HOUR CHART
Forex Market Snapshot
- The dollar has traded a quiet session except for the JPY, which is down sharply vs the USD and on its crosses. This has seen USDJPY not only move above 155 but spike through 156 before pausing just shy of key 156.29 resistance.
Elsewhere,
- US stocks are up slightly after holding off a run at the downside yesterday
- XAUUSD has slipped below 5200 after rising sharply yesterday
- BTCUSD has made a firm break below 65K to put 60K on the radar.
US Data Duel ADP Weekly, House Prices (Dec), Consumer Confidence (Feb), Dallas/Richmond Fed (Feb)
February 23 Post-Market Earnings Release Stocks
(KEYS) Keysight Technologies reported a 27% revenue increase in its Communications Solutions Group and a 15% rise in the Electronic Industrial Solutions Group, driven by strong sector performance.
(HIMS) Hims & Hers Health, Inc. slid nearly 10% after-hours as the company’s 2026 revenue outlook came in below Wall Street expectations, reviving investor concerns around regulatory risk tied to compounded GLP-1 weight-loss drugs.
(BWXT) BWX Technologies, Inc. revenue grew 18% to $3.2B in 2025, with net income of $329M and strong backlog of $7.26B. Major acquisitions and new debt financing supported expansion, while government contracts and nuclear market demand remain key drivers.
Newsquawk Market Wrap 3
Meanwhile, on trade, Trump lifted his Section 122 tariffs to 15% from 10% over the weekend. Nations like Mexico announced they will now be paying less tariffs on non-USMCA-compliant goods, while the EU has frozen trade talks with the US and is not seeking to alter the pre-existing deal at this stage. Trump has warned that those who decide to play games will be met with a higher tariff than what they recently agreed to. ‘
The risk-off sentiment around AI disruption and also the lifting of tariffs saw T-notes catch a bid throughout the US session to settle around peaks, with eyes turning to supply in a data-light week. However, several central bank speakers are on the docket for Tuesday. Waller spoke today, noting it is almost a coin toss for a cut or a hold in March.
In FX, the Dollar was mixed vs peers while activity currencies lagged in the risk-off trade. Crude prices ultimately settled slightly lower while eyes turn to the US/Iran talks on Thursday. On this, reports suggest the Pentagon has been pushing Trump to go for a diplomatic resolution, warning about the risks of striking Iran. Trump has apparently been leaning towards strikes, but has agreed to give Witkoff and Kushner more time to negotiate for diplomacy. Gold and Silver rallied on the risk conditions, while Bitcoin slumped.s.
Newsquawk Market Wrap 2
was a risk-off session on Monday with equities sliding on fears of further AI disruption, while US President Trump hiked tariffs. The AI fears seemingly sparked from a research piece from Citrini Research exploring severe downside risks if AI exceeds expectations. This is not the firm’s base-case scenario, but it highlighted how unemployment could spike to 10% with the SPX down 38% from late-2026 peaks (which it pencilled in at 8,000) with a recession in 2027. It largely highlighted payments, software and private credit stocks as highly exposed to such a scenario. All of which sectors tumbled on Monday, while IBM also took a chunky hit as Anthropic announced that Claude can now automate COBOL modernisation efforts – further adding to the AI disruption fears.
Newsquawk US Market Wrap 1: Risk-off trade as AI disruption fears mount while Trump hikes tariffs
SNAPSHOT: Equities down, Treasuries up, Crude down, Dollar mixed, Gold up
REAR VIEW: Research firm raises AI disruption fears; Trump raises Section 122 tariffs to 15% from 10%, threatens even higher tariffs; EU Parliament agrees to postpone vote on EU-US trade deal; Fed’s Waller says March decision is a coin toss; Witkoff and Kushner to meet Iran on Thursday; Pentagon pushing Trump for diplomatic approach; US’s Rubio weekend visit to Israel postponed to Monday; Hungary said it will block EU Ukraine decisions until the Druzhba pipeline flow resumes; Novo Nordisk CargriSema trial disappoints; PYPL reportedly attracts takeover interest.
US500 UPDATE
- Risk turning back to the downside after a break of 6915 ran into selling rather than stops.
- This leaves the downside more at risk as that is where stops are likely resting (i.e. below 6774) but so far, repeated attempts at 6820 have run into support.
- This leaves US500 consolidating within 6774-6917 where back above 6856 is needed to ease the risk.
US500 1` HOUR CHART
Novo lost share value like it was on its weight loss drug
Feb 23 (Reuters) – Novo Nordisk (NOVOb.CO) shares slumped by more than 16% on Monday, wiping away the remaining gains brought by its blockbuster weight-loss drug Wegovy, after the drugmaker said its next-generation obesity drug CagriSema underperformed Eli Lilly’s (LLY.N) rival.
Novo, which in 2024 was worth more than $650 billion, has since shed around $475 billion, with the shares back at levels last seen before Wegovy transformed it into Europe’s most valuable drugmaker…. Reuters
BTCUSD (BITCOIN) UPDATE
- What should continue to concern bulls is seeing XAUUSD rally as a safe haven while BTCUSD is being shunned in this regard.
- Big picture trend: Down and bearish if sub-65K break holds but still consolidating while above the 59881 low.
- In any case, 65K is clearly pivotal and will dictate whether there will be a fresh run at 60K.
BTCUSD DAILY CHART
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