Market Commentary: Wednesday 18th February

S&P 500 and Nasdaq 100 futures posted modest gains, while Asian shares rose for the first time in four days, despite several regional markets remaining closed for the Lunar New Year.

The dollar strengthened against its Group-of-10 peers, with the New Zealand dollar leading declines after its central bank held rates steady.

Meanwhile, investors monitored Federal Reserve signals, with minutes from its late-January meeting due for release. Fed officials indicated rates may remain steady until inflation moves closer to the 2% target, though some see room for cuts later this year.

Treasury yields ticked higher, precious metals rebounded, and oil held recent losses amid positive US-Iran nuclear talks.

After months of AI-fuelled gains, equities have turned volatile as investors weigh fears of widespread business disruption against doubts that massive spending by major tech firms will generate near-term returns. This tension has led to sharp market swings, even as indexes hover near record highs.

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