Were There Any Surprises in Markets Monday Morning?

Energies Sector - The spot-month WTI contract closed $1.81 higher due to buying from both noncommercial and commercial interests, indicating strong market activity [1] - The global Brent market surged by $9.24 (12.7%) and WTI reached a high of $75.33, up $8.31 (12.4%) at the opening [1] - High trade volume was noted with over 405,000 WTI contracts traded, and the backwardation in the market has strengthened through at least September 2026 [1] - The spot-month distillates contract increased by 45.25 cents (17.4%) and RBOB gasoline gained 21.0 cents (9.2%) [1] - The US dollar index firmed by 0.96, reflecting expectations that interest rates will remain high [1] Metals Sector - The Metals sector followed the Energies sector higher, with gold (GCJ26) gaining as much as $186.20 (3.5%) and remaining $150 (2.9%) higher [4] - Foreign central banks now own more gold than US Treasuries for the first time in nearly 30 years, indicating a lack of confidence in the US as a global leader [4] - Silver (SIK26) increased by $4.00 (4.3%) before halving its gains, while copper (HGK26) initially rose by 3.6 cents (0.6%) but was in the red later [4] Equities Sector - US stock index futures were lower, with signs of cracks forming in the three major US stock indexes [5] - The S&P 500 was down 60.15 points for February, while the Dow opened discussions on a potential bearish spike reversal [5] - Early Monday saw S&P 500 futures down 120.5 points (1.75%), Dow futures down 834 points (1.7%), and Nasdaq futures down 527.75 points (2.1%) [5] - The spike in inflation is expected to hinder rate cuts, with the Fed fund futures curve pushing back the next move to July [5]