The week was full of events that moved global markets, with emphasis on Nvidia’s results, new signals about trade tariffs by Donald Trump and significant fluctuations in the technology and commodities sector. Inflation in the United States and trade prices between major economies were also on traders’ radar.

Below is a detailed overview of the main day-to-day events.

Monday: Nvidia on the radar and big moves in AI

The week began with US stock markets operating higher, driven by expectations surrounding Nvidia’s results, which would be released on Wednesday. The semiconductor giant has been the main bellwether of the market’s excitement about artificial intelligence, and traders awaited the numbers to gauge the impact of Chinese competition, especially DeepSeek’s low-cost AI model.

In Europe, the election in Germany brought political uncertainty, with the conservative party securing the majority of votes, but without a clear definition of the formation of the new government. Fiscal stability and investment in the German economy were central themes.

Meanwhile, in Asia, Alibaba announced an investment of US$52.4 billion in cloud infrastructure and artificial intelligence, reinforcing the technological race between the Chinese and American giants. The group’s shares soared to their highest level since November 2021.

Gold prices maintained their upward trajectory, driven by the search for security assets in the face of global instability, while oil fell with the possibility of resuming exports from oil fields in Kurdistan.

Tuesday: Uncertainty with US tariffs and fluctuations in Bitcoin

U.S. stock futures traded close to flat as traders weighed Donald Trump’s statements about the possibility of imposing 25% tariffs on products from Canada and Mexico. The previous deadline had been postponed to March, but new statements by the president indicated that the measure was within the “schedule”, raising concerns about the commercial impacts of these fees.

US economic data showed a drop in consumer confidence for the third consecutive month, reflecting fears about inflation and new trade tariffs. This scenario put even more pressure on the markets and increased the search for defensive assets, such as gold, which reached a new historical record at the beginning of European trading.

Bitcoin had a difficult day, pressured by risk aversion. The cryptocurrency fell to a level close to US$80,000, influenced by the tightening of Trump’s tariff policy and uncertainty about upcoming regulations in the sector.

Wednesday: Nvidia presents results and Trump’s tax package advances

The most anticipated day of the week brought Nvidia’s results, which exceeded market expectations and boosted US futures indices. The company projected revenue of $43 billion for the first quarter, above forecasts, showing that growing demand for high-performance technology remains strong.

Despite the impressive numbers, the company warned of a reduction in profit margin, due to the increase in operating costs and payroll. This detail limited the positive impact on the market, which expected a more solid recovery from the company after the shock caused by Chinese competition at the beginning of the year.

In the US, the House of Representatives approved a US$4.5 trillion package of tax cuts and border security measures, boosting the economic scenario but raising concerns about the fiscal impact of the decision.

Bitcoin continued to fall, testing support at $90,000, while gold wavered slightly after a sustained rally in recent days.

Thursday: Trump suggests new postponement of tariffs and markets rise

Global markets were boosted by Donald Trump’s signal that tariffs on Canada and Mexico could be postponed again, now until April. This brought temporary relief to operators, who were concerned about the commercial impacts of the measure.

The technology sector continued to be the big highlight of the day. Nvidia shares soared in pre-market trading after the company released its optimistic outlook for the coming months, despite lower profit margins.

Dell was also on the radar, with operators paying attention to the impact of growing demand for AI servers and the possible recovery of the hardware sector. The company reported solid growth but warned that margins could fall next year due to rising operating costs.

Oil rose after Trump announced the reversal of a license granted to Chevron to operate in Venezuela, which raised concerns about a possible supply shortage in the global market.

Friday: Inflation in the US and agreement between the US and Ukraine

The last day of the week brought a rise in US index futures, with traders focused on the release of the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation metric. The report pointed to a slight slowdown in inflation, but traders are still monitoring the central bank’s next steps in relation to interest rate policy.

Another highlight of the day was an agreement between the US and Ukraine to share strategic mineral resources, reinforcing Washington’s role in the region’s security. The measure, however, also raised fears about possible retaliation from Russia.

In the cryptocurrency market, Bitcoin fell below $80,000, reflecting regulatory pressure and weakening risk appetite.

Conclusion of the Week

The week was marked by intense volatility in the markets, driven by Nvidia results, uncertainty over trade tariffs and mixed US economic data.

Traders remained attentive to the Federal Reserve’s monetary policy and the impacts of tariffs on global trade, while artificial intelligence remained a dominant theme in the technology sector.

Gold maintained its upward trajectory, while oil fluctuated as geopolitical events unfolded. Bitcoin, on the other hand, had a difficult week, reflecting traders’ greater caution in the face of economic uncertainties.

Next week will be crucial to determine whether the recovery trend in technology markets continues and whether the US moves forward with its trade policies, factors that could continue to impact global markets.