US Markets Close for President’s Day as Focus Shifts to US-Russia Talks

US stock markets will close on Monday for President’s Day, as investors worldwide focus on a critical meeting between US and Russian officials in Saudi Arabia over a possible Russia-Ukraine peace deal.

Walmart, for example, will report its earnings later this week, providing key insights into US consumer spending. Meanwhile, gold prices remain steady as uncertainty over US tariffs and interest rates continues to support safe-haven demand.

1. Market Closed for Presidents’ Day

US stock markets will be closed on Monday for President’s Day, while Asian and European equities start the week on a positive note.

Wall Street ended mixed on Friday as investors reacted to President Donald Trump’s move to impose broad reciprocal tariffs, despite no immediate levies being announced. Trump has ordered his economic team to prepare a proposal for these tariffs by April 1. Treasury yields retreated on hopes that the delay would ease concerns over escalating trade tensions.

Uncertainty surrounding these tariffs and their potential impact on Federal Reserve policy has weighed on markets. Economists have warned that the measures could reignite inflationary pressures and disrupt the Fed’s schedule for future rate cuts.

2. Peace Talks Between US and Russia in Saudi Arabia

US and Russian diplomats will hold talks in Riyadh on Tuesday to discuss a potential framework for ending the war in Ukraine. The US delegation includes Secretary of State Marco Rubio, National Security Advisor Mike Waltz, and White House Middle East Envoy Steve Witkoff. The composition of the Russian delegation has not been disclosed.

This high-level discussion—the first between the two countries in years—could pave the way for a potential meeting between Trump and Russian President Vladimir Putin. However, Ukrainian President Volodymyr Zelensky confirmed that Kyiv would not be part of the negotiations, raising concerns among Ukraine’s European allies that they may be sidelined in the peace talks.

A Russia-Ukraine peace deal and the subsequent easing of sanctions on Russian energy could impact global oil supply, analysts say, but current demand trends have helped keep crude prices steady.

3. Walmart Earnings in the Spotlight

Walmart is scheduled to report earnings on Thursday, and investors will be looking for clues about trends in US consumer spending.

Recent data has highlighted growing concerns over inflation and Trump’s proposed tariffs on imports. Consumer prices posted their largest increase in almost a year and a half in January, while consumer sentiment slumped to a seven-month low in February. Fears over the economic damage from new tariffs have contributed to consumer caution.

Chinese e-commerce giant Alibaba is also set to report earnings this week. The company recently partnered with Apple to introduce AI-enhanced features to the Chinese market, positioning itself ahead of domestic competitors.

4. Gold Remains Stable Amid Uncertainty

Gold held steady on Monday, hovering just below all-time highs as safe-haven demand persisted amid uncertainty over US trade policies and interest rates.

Trump’s tariff moves recently pushed gold prices to new heights, but a delay in implementing some of the duties has slightly eased upward pressure. Speculation about a potential peace agreement between Russia and Ukraine has also tempered risk aversion, curbing some demand for gold.

5. Japan’s Economy Grows Faster Than Expected

Japan’s fourth-quarter GDP growth came in at 0.7 percent quarter-on-quarter, exceeding market estimates of 0.3 percent. On an annualized basis, GDP increased 2.8 percent, up from 1.7 percent in the previous quarter.

This outperformance was driven by a recovery in capital expenditure and strong external demand. Japanese companies ramped up investment, while exporters increased shipments in anticipation of potential US trade tariffs under Trump’s administration.