The IBEX 35 Index Extends Decline to 1%, Falls Below 17,500 Points Amid Negative Wall Street Opening
Madrid, January 23, 2026 – The IBEX 35, Spain’s benchmark stock index, deepened its losses on Friday afternoon, sliding approximately 1% to fall below the 17,500-point threshold. By 15:45 local time, the index had dropped 177.4 points, settling at 17,486.2. This decline trims the IBEX’s year-to-date gains to just 1.03%.
The downward movement in the IBEX followed a broad negative tone from the US markets after Wall Street opened in the red, with the Dow Jones Industrial Average, S&P 500, and Nasdaq all registering losses in early trading.
Key Contributors to the IBEX Decline
Among the leading contributors to the IBEX’s slip were shares of IAG and Mapfre, both falling around 3%. IAG’s decline is attributed to profit-taking after a strong rally this week, during which its share price approached 5 euros. Mapfre’s shares also retreated 3%, pressured by investor sell-offs intensified after Swiss banking giant UBS issued a downgrade recommending the sale of its stock.
Steel producer Acerinox shed over 2% after posting gains the previous day and on the same day paying a dividend of 0.31 euros per share, which may have spurred some selling.
In the sector of large-cap stocks, Banco Santander led the losses with a 1.43% fall, followed by BBVA down 1.17%, Iberdrola off 0.79%, and Inditex retreating 0.40%.
Top Gainers on the IBEX
Despite the broader negative trend, some stocks bucked the trend with gains. Energy company Repsol led the risers, advancing 1.82%, followed by Amadeus (up 1.25%), solar energy firm Solaria (up 0.74%), and technology firm Indra (up 0.73%).
In the broader continuous market, after the declines in IAG and Mapfre, Montebalito and Vocento both recorded gains exceeding 2.8%. Adolfo Domínguez saw the highest jump in the session, climbing more than 4.4%. Other notable risers included Nueva Expresión Textil (+4.04%), Berkeley (+2.91%), Reig Jofre (+2.91%), and Nyesa (+2.86%).
Commodities and Bond Markets
Commodity markets saw mixed activity. Gold prices increased by around 0.34%, trading near $4,953 per ounce, close to its record high of $4,967 seen recently. Silver gained sharply, up approximately 3.56%, nearing a historic peak at $99.78 per ounce.
Crude oil prices surged significantly with Brent crude rising 2.86% to $65.90 per barrel, and West Texas Intermediate (WTI) increasing by 3.07% to $61.18 per barrel.
In bond markets, the yield on the 10-year German Bund increased to 2.894%, while Spain’s 10-year bond yield declined slightly to 3.262%. The Spanish risk premium held steady just below 37 basis points, around levels last witnessed in September 2008. Cryptocurrency
Bitcoin experienced a modest pullback, down about 0.41%, trading near $88,799. Market Outlook
The IBEX’s performance reflects caution among investors amid global uncertainty, led by losses on Wall Street and sector-specific pressures such as profit-taking and analyst downgrades of key stocks. Market participants will likely await further cues from international markets and economic indicators as they look for signs of sustained momentum.
This article was produced based on information provided by EFE and Investing.com.