Gold prices hit new record highs, breaking above $2,900 an ounce, driven by safe-haven buying as trade war anxieties escalated. This surge was particularly pronounced following Trump's tariff announcements, which spurred demand for gold as an inflation hedge and safe-haven asset. Then, it fell to 1,882 after Trump announcing the delay of some of these tariffs.

Oil

Crude oil prices saw back-to-back falls over three weeks, with the price dropping to levels not seen since December of the previous year.

Crypto

The crypto market saw considerable turmoil. Bitcoin, in particular, faced a sharp decline, dropping to a three-week low due to the broader market's reaction to trade war fears. The market cap of Bitcoin fell to $1.918 trillion, with its dominance at 61.09%. Overall, the crypto market lost over $400 billion in value, sparking panic among investors.

Forex

The DXY (U.S. Dollar Index) fell at 106.5 This correction in the dollar was a direct response to the trade policy delays.

Economic Calendar

US CPI & PPI Data: These key inflation indicators were expected to influence market trends, with a focus on how they might affect Federal Reserve policy decisions.
Jerome Powell's Testimony: Anticipated insights from the Fed Chair could set market trends, particularly regarding interest rate directions.
Retail Sales: January's retail sales data was due, providing insight into consumer spending, which could impact the dollar and commodity prices.
Tariff Announcements: President Trump's tariff policies on various countries continued to be a focal point, influencing global trade dynamics and market reactions.

This Week's Top Gainer in US Markets (excluding small caps under $2B market cap)

Company: GDS (GDS Holdings Ltd)

Gain: 43.45%

On Tuesday, GDS stock surged after Bloomberg reported that the company was planning an IPO for its DayOne international business. However, management denied this the next day, stating in a regulatory filing that there was no concrete plan for an IPO. Despite this, analysts remained optimistic—Daiwa Securities upgraded GDS to a buy, and TD Cowen raised its price target from $27 to $39 while maintaining a buy rating.

This Week's Top Loser

Company: WST (West Pharmaceutical Services Inc)

Loss: -33.22%

West Pharmaceutical Services (NYSE: WST) beat Q4 estimates with $749 million in sales and $1.82 EPS, surpassing forecasts of $740 million and $1.73. However, a weak outlook dragged the stock down. WST has dropped 43% in 2024, underperforming the S&P 500’s 28% gain, mainly due to struggles in its generics and biologics segments. For a steadier upside, consider the High-Quality portfolio, which has gained over 91% since inception.

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