The IBEX 35 stock index opened Thursday with a moderate rebound after two days of slight correction, without managing to break out of the narrow range in which it has moved in the month of January, in a climate of uncertainty regarding the trade measures of the new U.S. president.

Bankinter analysts point out that the market is evolving "excessively well", while Donald Trump's promises on tariffs have not yet materialized and the US results season is going slightly better than expected by analysts.

In any case, they warn on their Telegram channel that the week could be over for the Spanish selective.

"Today and tomorrow are likely to be weak days, without relevant deterioration, but without desire because the gaze is already turned to next week, which is frankly important."

Although US giants such as General Electric and Intuitive Surgical are reporting today, investors are already looking ahead to the results of 5 of the Magnificent 7, which will be released next week and could influence the tone of equities for the rest of the season.

There will also be decisions from the U.S. Federal Reserve (Fed) and the European Central Bank (ECB) on Wednesday and Thursday, respectively.

The market has already priced in a 25 basis point (bp) cut in benchmark interest rates in Frankfurt and assigns an almost 100% probability that the Fed will leave them untouched for now, but investors will be watching closely the speeches of leaders Christine Lagarde and Jerome Powell for clues on the timing of cuts.

On the macroeconomic front, Thursday's session will see the release of Eurozone consumer confidence, US weekly unemployment and the Kansas Fed manufacturing index for December.

Against this backdrop, at 08:13 GMT on Thursday, the selective Spanish stock market index IBEX 35 was up 11.50 points, or 0.10%, to 11,894.20 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.03%.

The Spanish index has not left the range of 11,600-12,000 points so far this year, unable to surpass the upper limit due to uncertainty about the policies of the new administration in the United States.

In the banking sector, Santander rose 0.17%, BBVA gained 0.58%, Caixabank gave up 0.72%, Sabadell gained 0.38% and Unicaja Banco lost 0.45%.

Bankinter dropped 2.74%, after kicking off the Spanish results season before the opening bell and publishing that its net interest income fell by 4% year-on-year in the fourth quarter.

Among the large non-financial stocks, Telefónica gained 0.45%, Inditex lost 0.43%, Iberdrola gained 0.27%, Cellnex gained 0.25%, and the oil company Repsol lost 0.26%.

(Information by Javi West Larrañaga; edition by Tomás Cobos)