Pre-Market Observations: What's Happening in the Stock Market?

Brief Observation Before the Market Opens

In the global stock markets, as of January 8, 2026, a cautious outlook prevails ahead of the US employment data. US indices generally completed the day with weak performance, with losses observed in the S&P 500 and Dow Jones indices. However, the Nasdaq exhibited a nearly flat positive divergence thanks to technology stocks.

Sectors with Significant Selling Pressure

The clear decline in equal-weighted indices confirms the weakness in risk appetite. On a sectoral basis, only health, communication, and to a limited extent, technology remained positive, while significant selling pressure was observed in infrastructure, industrial, raw materials, and financial stocks.

Macroeconomic Data and Its Effects

The ADP private sector employment increase for December fell below expectations, reinforcing the perception of a cooling labor market, supported purchases in the bond market, and led to a decline in US Treasury yields. In contrast, the ISM services PMI data came in above expectations, indicating that growth in the services sector continues. Statements from Fed members are another factor affecting market dynamics.

Impact of Geopolitical Developments on Markets

The US's policy towards Venezuela and comments regarding Greenland have increased perceptions of global uncertainty, leading to significant reflections in the commodity markets. After reaching record levels, gold and silver prices experienced profit-taking; however, the shift of investors towards industrial metals due to geopolitical risks has kept copper and nickel prices at high levels.

Developments in Borsa Istanbul

Following a strong start to the year, Borsa Istanbul is exhibiting a volatile trend. The BIST 100 index managed to stay above the 12,000 level during the day, but possible pullbacks can be considered a healthy correction. The strong performance of heavily weighted stocks such as ASELS and BIMAS contributes to the maintenance of high levels in the BIST 100.

Outlook for Currencies and Gold

On the currency front, the dollar/TL exchange rate is trying to hold above the 43.00 level. The euro/dollar parity is stabilizing around 1.17, showing a sideways movement in the short term. Despite corrections, gold prices continue to maintain the main upward trend.

In light of all these developments, it is expected that despite short-term fluctuations, the main trend in the BIST 100 index remains upward, and pullbacks will be limited.