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Wall Street experienced a sharp downturn in the final hour of trading as investors grappled with mixed economic data and heightened fears over tariffs. The sell-off was led by major tech giants, with chipmaker Nvidia tumbling after reporting earnings that, while strong, failed to impress investors. Taiwan Semiconductor $TSM also saw a steep decline.
The dollar strengthened after Donald Trump announced that a 25% tariff on Canadian and Mexican imports would take effect on March 4, alongside an additional 10% tax on Chinese imports. The U.S. president also avoided questions regarding American support for a peacekeeping force in Ukraine, adding further uncertainty to the markets.
Despite demonstrating resilience in late 2024 with a 2.3% annual growth rate in Q4, the U.S. economy faces persistent inflation concerns. Consumer spending, the primary growth driver, rose by 4.2%, but inflation remained stubbornly above initial forecasts, heightening market anxiety ahead of the next inflation data release.
Jobless claims surged to 242,000 last week, the highest in three months, surpassing expectations of 220,000. This sharp increase casts doubt on labor market strength, particularly in light of widespread public sector layoffs under the Trump administration. Economists caution that seasonal volatility, including weather and holiday effects, may distort short-term employment trends. However, a sustained weakening of job figures could pressure the Federal Reserve to accelerate rate cuts, especially as inflation remains above target. Meanwhile, futures markets reflect a more cautious outlook on the pace of rate cuts in 2025.
Amazon entered the quantum computing race with the unveiling of its cutting-edge Ocelot chip, designed to tackle error correction challenges. The timing is significant, following recent breakthroughs from Microsoft, which introduced the Majorana 1 chip, and Google’s release of Willow.
Stock movements were mixed at the close of trading, with the Nasdaq shedding 1.4%. Tesla tumbled 8%, while Allot Communications soared 17%. Viatris saw a dramatic 15.2% drop after posting disappointing earnings and a weak outlook. The company, a key competitor to Teva in the generics market, has struggled to maintain market share due to manufacturing and regulatory issues. While Teva has gained ground, the generics sector remains highly competitive, with profitability driven largely by upcoming product launches.
Nvidia latest earnings report placed the semiconductor giant in the spotlight. The company posted earnings of $0.89 per share on $39.3 billion in revenue, surpassing Wall Street expectations of $0.84 per share and $38.04 billion in revenue. Additionally, Nvidia forecasted $43 billion in revenue for the upcoming quarter. Despite the strong guidance, concerns over declining profitability weighed on sentiment. Management insists this trend is temporary, but some investors fear it may signal the beginning of long-term margin erosion as newer products compete with older-generation offerings.
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