NFP Clears its Test and Iran Heats up – North American Session Market Wrap for January 9

Ben Graham · ontem às 22:03

Log in to today's North American session Market wrap for January 9

The session welcomed a decent NFP report. While the headline number missed expectations by a marginal 10K, the unemployment rate decreased to 4.4%, effectively easing concerns regarding the downward revisions seen in previous months.

Following the release, the US Dollar rallied, but this didn't dampen risk appetite. Stocks pushed higher to conclude the "Freedom Trade" week, with the Nasdaq leading the charge, up 1% on the session.

For participants seeking certainty on the US Supreme Court ruling regarding tariffs, patience is still required. Today's "decision day" proved to be a non-event; the market now looks to January 19 in hopes of removing the lingering uncertainty around trade policy.

In geopolitics, the situation in Iran is deteriorating rapidly. The regime has severed internet and phone communications for over 24 hours in a desperate bid to calm gigantic protests that could be morphing into a full-blown revolution.

Escalation: Unofficial reports suggest casualty numbers have unfortunately surpassed those of the "12-Day War."
Regime Stability: Iran President Araghchi has fled to Lebanon with his family, and major carriers like Turkish Airlines have cancelled flights to Tehran.
US Stance: The Trump Administration has signaled it is monitoring events closely. Given the rhetoric, a potential intervention over the weekend or early next week cannot be ruled out.

This turmoil has put a significant bid under Oil, gapping up to $59 to close the week. With Iran's 5M+ barrels per day capacity at risk and infrastructure potentially compromised, energy markets are pricing in a supply shock.

Discover:

Stock Market Heatmap – Widespread Rally except for Healthcare and Softwares

Screenshot 2026-01-09 at 4.40.59 PM — Market Close Heatmap – Source: TradingView – January 9, 2026

Cross-Assets Daily Performance

Screenshot 2026-01-09 at 4.49.09 PM — Cross-Asset Daily Performance, January 9, 2026 – Source: TradingView

Oil gapped up at the session open as Iran's events have added even more uncertainty for the commodity, ceding its 1st place to Metals yet again.

Gold and Silver are closing very near their huge milestones of $4,500 for the yellow metal and $80 for Silver.

Apart from this, EU Stocks have rallied quite strongly as flows head back to other global indexes. The EU 50 (EuroStoxx Index) is trading close to the 6,000 mark – US benchmarks had been leading throughout the week.

The Nikkei is actually leading other indexes, up a huge 3.80% to close the week.

Cryptos are on the other side of the spectrum, really struggling despite their rally in the beginning of the week.

A picture of today's performance for major currencies

Screenshot 2026-01-09 at 4.57.41 PM — Currency Performance, January 9, 2026 – Source: OANDA Labs

The US Dollar took the lead after the very-decent NFP report and is looking quite strong after this week's trading.

On the other side, the Japanese Yen is still struggling after PM Takaichi's call for Snap Elections in Mid-February.

A look at Economic data releasing throughout this weekend and Monday's sessions

Screenshot 2026-01-09 at 4.59.16 PM — For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

The week will start with a calm Sunday/Monday session but as the Earnings season comes back and US inflation data is expected to release, it surely won't be the norm.

Starting with Asia-Pacific releases, with Australia’s TD-MI inflation gauge offering an early read on price pressures, followed by New Zealand business confidence later on Monday—useful signals for regional growth and RBNZ expectations.

Europe then takes the baton with ECB commentary from de Guindos and the Sentix investor confidence survey, providing insight into sentiment at the start of the year.

In the U.S., Fed speakers (Bostic and Williams) will be watched for any guidance after recent data volatility.

The session rounds out with Japan’s current account figures and UK retail sales, giving a final pulse check on global demand and consumption as markets position for a busier macro week ahead.

Safe Trades and a Restful Weekend!

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