IGA Capital Weekly Market Update

Joshua Hawley
Feb 24
2 min read

Good Afternoon from Dubai,

The market displayed a remarkable resilience this week, absorbing a significant confluence of macro and geopolitical volatility. Despite persistent de-risking in the AI trade, escalating tensions in the Middle East, and a market-shaping Supreme Court ruling on US tariffs, the S&P 500 closed the week up 0.7%—its strongest performance since early January—with the Nasdaq 100 also climbing 1.6%.

The bond market, however, struggled with increased uncertainty driven by the interplay between hawkish central bank signals and rising geopolitical risk. A near-5% surge in crude oil, fueled by fears of an imminent US-Iran confrontation, immediately re-ignited inflation concerns. This concern was reinforced by the latest FOMC minutes, which revealed a growing internal consensus open to the possibility of future rate hikes should inflation persist above target. This environment triggered a broad Treasury sell-off, with the long end particularly exposed to the fiscal uncertainty introduced by the Supreme Court’s tariff ruling.

Market and Commodity Data Snapshot

(Performance over the last 1 Month, as of February 23, 2026)

Index/Commodity	Current Price/Value	1 Month % Change
S&P 500	6,910	0.0%
Dow Jones	49,626.0	0.7%
Nasdaq	22,886	-2.4%
Gold	$5,153.95	4.3%
Silver	$86.65	-10.0%
Oil	$66.28	11.5%

SOFR Pricing and Debt Market Overview

The sell-off in Treasuries across the curve pushed the 10-year yield as high as 4.10% during the week. Key benchmarks and market expectations remain as follows:

Current Rates (As of February 23, 2026):