Daily summary: Silver plunges 9% 🚨Indices, crypto and precious metals under pressure

A string of relatively strong US economic data has helped halt the dollar sell-off, while US equity indices and precious metals are sliding. Silver is down as much as 9%, testing $76 per ounce, while gold is off nearly 3% to around $4,950 per ounce.
Nasdaq 100 (US100) futures are down nearly 1.5%, while declines in S&P 500 (US500) futures exceed 1%. Tech is being weighed down by Apple, which is falling more than 5% on disappointment over its latest AI upgrade for Siri. Data from Counterpoint Research also pointed to weaker handset demand in China; while Apple has held up better than some Chinese brands in that market, the outlook remains uncertain.
The weakest stocks on the US stock market today are Cisco Systems, AppLovin and DoorDash with singificant weakness seen across IT services, semiconductors, banking & financials, precious metals & commodity miners sectors.
Today’s US initial jobless claims came in at 227k versus 223k expected, with continuing claims edging slightly higher. Home sales also disappointed, falling by more than 8% versus roughly 4% expected, although the drop follows a strong increase in the prior month.
Futures on cocoa plunge 4% today falling to the lowest level since September 2023, near $3700 per tonne amid rising supply from the West Africa and falling Cote d’Ivoire’s figures showing that, as of February 8, cumulative port arrivals/shipments since the start of the 2025/26 crop season on October 1 have fallen 4.5% y/y to 1.263 million tonnes.
Change in U.S. natural gas inventories according to the EIA report (in billion cubic feet – bcf): -249 bcf (Forecast: -258 bcf, Previous: -360 bcf) and NATGAS is slightly down today, but futures on Brent Oil falls almost 3%. Trump and Netanyahu signalled that the deal between the Iran and the US is still possible.
Bitcoin fell 2% today to $65.5k range amid software stocks sell-off on Wall Street and strenghtening US dollar. Markets are pricing longer than expected 'Fed pause' which may be not helpful for crypto assets. Ethereum is down almost 1% today, falling to $1.9k. Standard Chartered now expects Bitcoin to fall to $50k this year, ending 2026 at $100k level, with Etheruem 'bottoming' at $1.4k and $4k until the year-end.

(summary in progress)

Source: xStation5

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