IGA Capital Weekly Market Update

Feb 13th, 2026

Joshua Hawley

Markets last week shifted into a pronounced "risk-off" mode, driven by AI-related tech stock selling and a cascade of weaker-than-expected U.S. labor market data. This led to a brief "flight to safety" into U.S. Treasuries, driving yields sharply lower before markets found their footing on Friday, resulting in a broad relief rally.

U.S. indices endured significant volatility during the week of February 9, 2026:

• The S&P 500 slid 2.6% from Monday through Thursday, while the Nasdaq bore the brunt of the action, plummeting 4.6%.

• Both indices rallied roughly 1.5% on Friday.

• The Dow Jones Industrial Average broke above the 50,000 level for the first time.

• The overall current values for key indices are: S&P 500 at 6,932; Dow Jones at 50,115.7; and Nasdaq at 23,031

Federal Reserve & Rate Expectations

A series of gloomy-looking U.S. jobs data points pushed traders to pull forward expectations for the next Fed rate cut to June from July, with a second reduction potentially coming by early Fall. The Implied Overnight Rate is currently at 3.639%.

U.S. Treasury Yields

Yields on the benchmark 10-year Treasury fell 10bps over the course of the week, settling at 4.18%.

SOFR and UAE EIBOR Pricing

1M Term SOFR |3.67%

30d Avg SOFR | 3.65%

1-Month UAE EIBOR | 3.571980%

3-Month UAE EIBOR | 3.617150%

Commodities, along with cryptocurrencies, sold off aggressively as the risk-off trend took hold during the week.

• Gold is currently priced at $4,994.16, marking a 74.8% increase over the last year

• Silver is at $79.31, with a 1-year change of 146.5%

• Oil is at $63.79, reflecting a -4.4% change over the last year