Trading Day: Bears barge bulls aside

Steep selloff in U.S. stocks, precious metals, commodities and cryptocurrencies as investors seek safety in Treasuries, dollar and Swiss franc

Published on Feb. 12, 2026

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Market sentiment soured rapidly on Thursday, sparking a steep selloff across various asset classes including U.S. stocks, precious metals, commodities, and cryptocurrencies. Investors flocked to the relative safety of Treasuries, the dollar, and the Swiss franc amid the market turmoil.

Why it matters

The sudden shift in market sentiment and the broad-based selloff highlight the fragility and volatility of the current market environment. The flight to safety in government bonds suggests growing concerns about wider market turbulence and the potential impact of factors like inflation and U.S.-China tensions.

The details

The main U.S. stock indices fell 1-2%, with the tech sector down 2.7% and financials and energy both down 2%. Cisco Systems dropped 12% and Apple fell 5%. In the commodity space, precious metals like silver, platinum, and palladium plunged, while oil and copper also declined. The 30-year U.S. Treasury yield tumbled 9 basis points, reflecting strong demand for the long-dated bonds.

  • The market selloff occurred on Thursday, February 12, 2026.

The players

Donald Trump

The former president of the United States.

Xi Jinping

The president of China.

Scott Bessent

The U.S. Treasury Secretary.

Luis de Guindos

A member of the European Central Bank's governing board.

Huw Pill

The chief economist of the Bank of England.

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What they’re saying

“U.S.-China relations are "in a very comfortable place.”

— Scott Bessent, U.S. Treasury Secretary

What’s next

Presidents Donald Trump and Xi Jinping are expected to meet in Beijing in early April, and if current signals are accurate, it will be a cordial summit that could thaw tensions between the two superpowers and ease global trade pressures.

The takeaway

The sudden market selloff highlights the fragility and volatility of the current market environment, with investors seeking the relative safety of government bonds amid concerns about wider market turbulence and the potential impact of factors like inflation and U.S.-China tensions.