Chile’s IPSA Snaps 4-Day Win Streak at 11050 as Nvidia Selloff Lifts Dollar to CLP 867

Key Indicators — February 26, 2026

Banks and Retailers Lead Losses as Nvidia Reaction Hits Santiago

The IPSA opened near 11,133 and traded flat through the morning as investors digested Nvidia’s blowout Q4 numbers — $68.13 billion in revenue and $78 billion guidance — before Wall Street’s afternoon session pulled the rug. By midday Santiago time, the index had slumped as much as 1.5% to 10,964 before a partial recovery into the close at 11,049.97.

This is part of The Rio Times’ daily coverage of Chilean markets and Latin American financial news.

For context on regional markets, see Brazil’s Ibovespa for the same session.

Also tracking regional peers: Colombia’s COLCAP closed the same session.

Banks bore the brunt of the selloff. BCI tumbled 2.87%, Itaú Chile fell 2.75%, and Banco Santander shed 1.63%, reflecting the risk-off rotation out of financials. Among commodity-linked names, CAP dropped 2.38% and Copec slid 1.20% as copper retreated from the previous session’s US$6.05 level.

Retail heavyweight Cencosud fell 2.54% and CencoMalls lost 2.21%, while Latam Airlines eased 0.79%. On the positive side, ECL stood out with a 2.70% gain, and Falabella managed a modest 0.34% advance. Enel Américas was essentially flat at +0.09% after reporting its annual results and proposing a definitive dividend.

Diario Financiero noted that BCI, Itaú, and CAP led the IPSA losses intraday, with analyst Dan Coatsworth of AJ Bell quoted as saying Nvidia’s AI narrative is starting to fatigue the market even as the numbers beat across the board. The session ended a four-day winning streak that had recovered roughly 3% from mid-February lows.

Dollar Surges CLP 9.5 as Copper Retreats and US Labor Data Surprises

The dollar surged CLP 9.5 on Thursday to close at CLP 866.8, its biggest daily jump in weeks. The move reversed four sessions of peso strength that had pushed the pair below 860 the day before. The session opened near 856.50 before accelerating through the afternoon, hitting an intraday high of 866.88.

Three forces converged. First, copper slipped roughly 0.7% on the COMEX to around US$5.97 per pound as Shanghai inventories rose and post–Lunar New Year demand signals softened. Second, US initial jobless claims came in 30,000 below expectations, reinforcing the resilience of the US labor market and trimming Fed rate-cut bets — the probability of a June cut fell to roughly 50%. Third, the Nvidia reaction triggered a broad risk-off move that strengthened the dollar against emerging-market currencies.

The dólar observado published for February 26 was CLP 857.58 (based on February 25 transactions), well below Thursday’s spot close. The BCCh’s TPM remains at 4.50%, with markets expecting the board to hold steady at its next meeting given persistent core inflation and the external uncertainty introduced by the evolving US tariff framework.

Pullback Tests 20-DMA as RSI Returns to Neutral

Thursday’s session produced a decisive red candle with OHLC of 11,133.28 / 11,145.17 / 10,956.62 / 11,049.69 (−83.59, −0.75%). The index pulled back sharply from the upper Bollinger Band toward the 20-day moving average cluster near 10,936–10,982. The session low of 10,956.62 tested the middle band before buyers stepped in. The 200-day SMA sits far below at 9,379, confirming the long-term uptrend remains intact.

The RSI cooled to 50.25/45.70 from elevated territory, now sitting at neutral. The MACD histogram printed −28.79, deepening the bearish crossover signal that began in early February. The signal and MACD lines are converging at −10.87/−17.92, suggesting momentum has stalled but not yet reversed decisively.

S&P IPSA Index · Daily · BCS · TradingView · Feb 27, 2026

Nvidia Sell-the-News Drags Tech, Tariff Escalation Clouds EM Outlook

The S&P 500 fell 0.54% to 6,908.89 as Nvidia dropped despite beating estimates on both EPS ($1.62 vs. $1.53) and revenue ($68.13B vs. $66.21B). The Nasdaq shed 1.18% to 22,878.38, while the Dow barely held flat at 49,499.20 (+0.03%). The market’s sell-the-news reaction reflected growing fatigue with AI valuations despite record numbers.

Defensives rallied: the US 10-year yield fell to 4.012% as capital rotated into Treasuries. The DXY firmed to 97.80 (+0.18%), while gold dipped $34 to $5,173 per ounce. Copper retreated roughly 0.7% to ~US$5.97/lb on Shanghai inventory builds and softening post-holiday demand from China.

On the trade front, USTR Jamieson Greer confirmed that the 10% global tariff imposed under Section 122 will rise to 15% “where appropriate” via an upcoming presidential proclamation. He outlined plans for Section 301 investigations into unfair trade practices, targeting industrial overcapacity, forced labor, and discrimination against US tech firms. While Chile was not named specifically, the escalation adds uncertainty to copper export channels and the US-Chile FTA framework.

US GDP Data and Copper Trajectory to Set Friday’s Tone

Friday brings the US Q4 2025 GDP second estimate and the Chicago PMI, both capable of moving rate expectations and the dollar. In Chile, the market will absorb the tariff escalation rhetoric and monitor whether the CLP 867 level holds or if the peso reclaims sub-860 territory. Copper’s trajectory around the US$6.00 per pound threshold remains the single biggest swing factor for the peso and IPSA alike.

The “permisología” debate continues to simmer domestically, with an estimated US$93 billion in investment reportedly stalled due to permitting delays — a structural drag that could limit the upside even if external conditions stabilize. Enel Américas’ earnings report and dividend proposal will be scrutinized for signals on utility-sector capital allocation in the region.

Deep Dive

For the complete picture, read our in-depth guide: Latin America Stock Markets 2026: Ibovespa, Merval, COLCAP, IPSA and IPC Guide

Read More from The Rio Times

• USA & Canada Intelligence Brief for Monday, April 6, 2026
• Europe Intelligence Brief for Monday, April 6, 2026
• Cuba Exile Leadership Battle Heats Up as Transition Hopes Rise