DBG Markets: Market Report for Feb 24, 2026

Tariff Shock & Tech Jitters Trigger Broad Aversion;US30, UT100 & Gold Outlook

The trading week has commenced with a fierce wave of risk aversion, driven by an abrupt pivot in global trade policy and sudden anxieties within the tech sector.

The primary catalyst for this risk-off environment is the Trump administration's aggressive stance on trade, compounded by AI disruption fears and the complicated U.S. GDP and PCE data carried over from last week.

The Shift to Risk Aversion: Tariffs and Tech Fears

The global market has abruptly pivoted into a severe “risk-off” environment, driven by multiple threats ranging from tariffs to growth concerns and AI fears.

· Tariff Threat: The reality of a renewed global trade war has rattled investors. The prospect of a 15% universal global tariff—which can be enforced for up to 150 days without Congressional approval—alongside potential new “Section 232” tariffs, has reintroduced massive uncertainty into global supply chains.

· Tech Sector Jitters: The tech sector is facing a sudden crisis of confidence regarding AI disruption. Anthropics launch of a new COBOL AI tool sent IBM shares plunging over 13%, sparking widespread panic that rapid AI advancements will aggressively “cannibalize” traditional IT consulting and legacy software revenues.

This combination of trade chaos and tech disruption, along with the disappointing GDP and PCE data released last week, sent the VIX volatility index spiking over 10% yesterday to breach the 21.00 level.

Looking ahead to today's trading session, heavy caution and risk-off sentiment are expected to continue dictating market direction.

US Equities Impact: Walking a Dangerous Tightrope

This sudden wave of aversion has slammed U.S. equities, with the traditionally defensive Dow Jones leading the plunge—dropping nearly 800 points (-1.52%) to close at 48,870. The tech-heavy Nasdaq also surrendered its critical 25,000-point handle.

Looking ahead, the outlook for equities is heavily skewed toward the downside. The market has yet to fully price in the inflationary impact of the tariffs or the shifting landscape of tech revenues as investors eye the upcoming Nvidia earnings report this week. Uncertainty is likely to persist.

Dow Jones Outlook

US30, Daily Chart

Technically, the Dow appears to be potentially forming a classic “Head and Shoulders” top pattern. The critical level to watch is the 48,700 neckline.

If the Dow decisively breaks below this support, it may suggest that bears have seized control of the equities market. The accumulating panic could trigger a domino effect of widespread selling, dragging the Nasdaq and S&P 500 down with it. At this point, until the tariff fog clears, equities remain highly vulnerable.

Nasdaq100 Outlook

UT100, H4 Chart

Over the Nasdaq 100 (UT100), our outlook remains the same as covered earlier. The recent pressure below the 25,000 key handle suggests that buyers remain under heavy pressure.

Meanwhile, the near-term trend on the 4-hour chart shows a bearish crossover in multiple moving averages, suggesting a shift into a bear trend. For now, if the 25,000 level continues to act as resistance, any upside is likely limited.

Outlook: For U.S. equities, the long-term trend remains bullish; unless we see a strong catalyst trigger a sustained sell-off, traders should still be cautious when shorting. However, several current threats are pointing to the downside. If these technical breakdowns are confirmed, we could see a deeper sell-off across U.S. equity markets.

Gold Outlook: The Ultimate Safe-Haven

As equities bleed, Gold has perfectly absorbed the market's panic. The precious metal surged 2.35% as investors scrambled for a reliable hedge against the ongoing trade and tech turmoil.

As long as the current wave of market aversion persists, Gold remains the undisputed safe-haven asset of choice.

XAUUSD, H4 Chart

While the metal may face some near-term technical friction around the $5,250 level, the underlying risk-off sentiment heavily favors further upside.

Moving forward, Golds bullish structure remains exceptionally intact. The $5,100 mark has successfully transitioned from a psychological barrier into a rock-solid support floor following the breakout.

XAUUSD, M30 Chart

Over the intraday outlook, the $5,150 – $5,170 zone could potentially provide immediate support for short-term moves. Technically, holding above these levels could offer an intraday dip-buying support zone for Gold.

Bottom Line: Risk Aversion May Kicks In

We are at a critical juncture where risk-off sentiment is firmly in the driver's seat. The potent mix of tariff uncertainty, AI-driven tech fears, and stagflation risks has structurally altered the near-term market landscape.

For now, defensive positioning is paramount. Watch the 48,700-neckline on the Dow and the 25,000 resistances on the Nasdaq to gauge the severity of the equity pullback, while Gold's ability to hold above $5,100 confirms its ongoing safe-haven mandate.