Market Recap: Stocks Slide, Commodities Weaken, and Investors Eye Economic Data

Image Source : Krish Capital Pty Ltd

Index Update

US stocks fell sharply Thursday, with the Dow and S&P 500 hitting six-week lows and the Nasdaq dropping 2.78% to a four-month low. A tech selloff, led by Nvidia’s 8.5% decline, drove losses. Sentiment worsened as Trump confirmed 25% tariffs on European cars and new levies on Mexico and Canada, amid rising economic concerns.

Market Movers

On Thursday, the top gainers were Xunlei Limited (+64.14%), followed by Core Scientific, Inc (+25.8%). On the contrary, Digimarc Corporation (-31.21%) and Tandem Diabetes Care, Inc. (-28.55%) declined the most the same day.

Commodities Update

Brent crude oil futures fell to around $73 per barrel, facing their biggest monthly drop since September due to US economic concerns and uncertainty over energy demand. Hopes for a Ukraine peace deal pressured prices, while Trump’s tariffs on China added caution. Supply risks limited losses as sanctions on Iran and Venezuela tightened supply, and OPEC+ reconsidered its April output plans.

Macro Update

Breaking: President Trump to double tariffs on Chinese imports to 20% & impose 25% tariffs on Canada & Mexico, effective March 4. The move aims to address fentanyl smuggling & trade imbalances. Global trade tensions escalate with reciprocal tariffs set for April 2.

Futures Update

US stock futures steadied as investors awaited the Personal Consumption Expenditures price index, the Federal Reserve’s key inflation measure. Bitcoin traded at $80,492 on February 28, down 5.00% from the previous session. It declined 22.47% over the past four weeks but remained 31.00% higher year-over-year.

On Thursday, stocks struggled to maintain an early upward trend and faced increasing pressure, resulting in a significant decline for major indices. The Nasdaq dropped 530.84 points (2.8%) to a nearly four-month low of 18,544.41, while the S&P 500 fell 94.49 points (1.6%) to a one-month low of 5,861.56. The S&P 500 has breached its rising channel support levels, indicating possible near-term consolidation with a bearish outlook. The 14-period RSI is below the midpoint, reflecting negative sentiment. Key technical levels to monitor include 5,790, which may act as both resistance and support.