The S&P 500 hovered around the flatline, the Nasdaq fell about 0.6% and the Dow Jones gained nearly 90 points on Friday, with the tech sector remaining under pressure and traders digesting the latest PCE report and escalating trade tensions. Nvidia shares dropped 2%, extending the previous session's sell-off after its quarterly results failed to impress investors. Also, Broadcom was down 0.8%, Tesla fell 0.9%, and Oracle slipped 2%.
Meanwhile, PCE price data aligned with expectations, with annual rates easing slightly. This provided some relief over inflationary pressures and reinforced market bets on approximately two quarter-point cuts to the Fed funds rate this year.
On the trade front, US tariffs on imports from Mexico and Canada, along with an additional 10% duty on Chinese imports, are set to take effect next week. For the month of February, the S&P 500 declined 2.9%, the Nasdaq plunged 5.3%, marking its worst month since September 2023, and the Dow Jones slipped 0.2%.
Source: Trading Economics
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