Are we back to risk-on? – North American session Market wrap for February 25

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Bulls are back in action after today's almost ecstatic price action, particularly among higher beta and tech-related assets.

Nasdaq closes higher by 1.42% as Markets await Nvidia earnings. As a matter of fact, it seems participants have anticipated stronger revenues for the firm, which, honestly, wouldn't be surprising given their recent streak.

The results should be out soon.

The bounce in Semiconductors and Tech has also relieved Cryptocurrencies, up in a second consecutive session for the first time since Early January.

Generally, it seems to have been a general Middle East protection (slight) unwinding, with Oil and Gold seeing minor corrections, while the riskier Silver exploded back above $90.

Investors could be preparing for better-than-priced outcomes in US-Iran talks tomorrow, but it is still too early to tell.

President Trump insisted that he would still prefer diplomacy over war. The military masses in the Middle East would say the contrary, but in any case, it's too difficult to predict what will really happen in that event.

In the meantime, risk aversion seems to have stalled, and despite a second consecutive bull session in Stocks, Markets will have to confirm with another positive day tomorrow.

Thursday has been especially bearish since the beginning of 2026. Let's see what they have for us.

Watch your headlines at the event for any political or geopolitical news related to the overnight meeting between US and Iranian diplomats in Geneva.

Read More:

• Tariffs and doubts – North American Mid-Week Market update
• Bitcoin (BTC) and Altcoins catch a breather after Jane Street lawsuit – $70,000 coming?
• Gold (XAU/USD) bulls eye acceptance above $5200/oz, can NVIDIA earnings impact haven demand?
• Nasdaq and Tech lead a Market rebound – Dow Jones and US Index Outlook

Nvidia eased towards the end of the session but overall led a verdant session in Financials, Tech, and Semiconductors all around, at the cost of the more solid HALO (defensive) stocks.

Tomorrow will be an important test to see if this shall continue. Another positive session should relaunch the Green Giant.

Today surely marked the unwinding of some risk-off positioning when looking at the Asset Performance board.

Oil, US Dollars and Treasuries all close lower, along with a very muted performance from Gold.

On the other hand, more risky Silver, Cryptocurrencies and Global Stocks have all exploded higher. I can't insist enough on how important tomorrow is for sentiment.

The rout in the Yen restarted like it never ended.

With risk-assets bouncing higher, traditionally risk-on currencies largely outperformed and this hurt the Japanese currency further.

This comes amid the recent communications between Takaichi and Bank of Japan's Ueda regarding the Prime Minister's discontent with the potential further rate hikes.

Watch out for a Ministry of Finance Yen intervention around 160 if USD/JPY gets there!

Tomorrow will brings some more important economic figures and appearances, including Madame Lagarde's speech at 3:30 A.M. in the overnight session and followed by European consumer confidence.

The North America session will welcome the weekly jobless claims and lead the spot to another full round of Fed Speakers (they have been on a rant lately).

Tomorrow evening will also be interesting with the Tokyo CPI. We'll see if it's the end of the world for the Yen.

Keep a close eye on sentiment and Middle East news.

Safe Trades!

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