Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
Trump, Xi Focus on Trade and AI at White House Summit 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
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The S&P 500 closed lower Friday in a sharp reversal after the White House confirmed that tariffs on Mexico, Canada, and China would take effect Saturday. The Dow Jones fell 337 points (-0.8%), the S&P 500 dropped 0.5%, and the Nasdaq slid 0.3%, despite trading over 1% higher earlier in the day.
White House Press Secretary Karoline Leavitt confirmed the U.S. will impose 25% tariffs on Mexican and Canadian goods and 10% on Chinese imports. Investors had hoped for a last-minute reversal of the decision, which caused uncertainty in the markets. Macquarie analysts had previously speculated that tariffs on Mexico and Canada wouldn’t take effect on February 1.
Meanwhile, inflation surged in December, with the PCE price index, the Federal Reserve’s preferred measure, rising 0.3% month-over-month and 2.6% annually. Core PCE, excluding food and energy, increased 2.8% year-over-year. Personal spending also climbed 0.7%, surpassing forecasts of 0.5%, driven by a strong labor market and wage growth. The Fed, which left interest rates unchanged this week, continues to monitor inflationary trends.
In corporate news, Apple (NASDAQ: AAPL) closed lower despite forecasting sales growth in the low- to mid-single digits for Q2. Exxon Mobil (NYSE: XOM) dipped 2.5% despite exceeding Q4 profit estimates. Colgate-Palmolive (NYSE: CL) lost 4.6% after missing revenue expectations. AbbVie (NYSE: ABBV) jumped 5% on strong immunology drug sales, while Deckers Outdoor (NYSE: DECK) plummeted 20% following weak revenue guidance.
Market uncertainty persists as traders react to tariff concerns, inflation data, and earnings reports.
