Yesterday, stock indices closed mixed. The S&P 500 fell by 0.34%, while the Nasdaq 100 added 0.14%. The Dow Jones Industrial Average declined by 0.94%.

The rise in US Treasury bond prices continued against the backdrop of weak economic data and increased geopolitical tension. Yields on Treasuries fell across the curve, sliding by nearly one basis point to 4.13%. Australian bonds strengthened after the central bank signaled that policymakers would remain cautious about future rate moves. Futures on Japanese government bonds held gains after the minimum price at the 30?year auction slightly exceeded estimates.

Asian indices also declined, as did futures on European and US equity indices this morning. Commodities weakened: platinum plunged by 3.7% and silver fell by 3.3%, topping the list of precious metals with the biggest losses. Gold eased by 1%. Oil ticked up after the United States announced new measures to tighten control over Venezuela. Nickel gave back some ground after its biggest rally in more than three years on the London exchange on Tuesday.

On Thursday, stocks declined as weak US labor data prompted traders to raise expectations for more active Federal Reserve intervention. ADP Research data showed an increase of only 41,000 versus a consensus of 50,000. The comprehensive US Labor Department employment report for December is due on Friday. It will be released in the normal format for the first time in several months after the six?week US government shutdown that disrupted data collection last year.

Clearly, markets have taken a breather after a strong start to 2026, and few participants want to add risk ahead of Friday's US jobs report. And while no one expects an interest rate cut in January, the debate around timing has not been settled.

Meanwhile, gold fell for a second straight day ahead of the annual rebalancing of commodity indices, an event that could trigger the sale of futures contracts worth billions in the coming days.

Regarding the technical outlook for the S&P 500, the immediate task for buyers today is to overcome the nearest resistance level of $6,914. Overcoming that level would signal further upside and open the path to $6,930. An equally important objective for bulls is to secure control above the $6,946 mark to strengthen their positions. In case of a downside move amid waning risk appetite, buyers should defend around $6,896. A break below this level could quickly push the index back to $6,883 and open the way to $6,871.