The three major indices closed lower this week. Nvidia (NVDA.US) continued to fall by 4.16%. Spot silver rose over 6.2%.

On Friday, the three major indices closed lower, recording declines for the week. The Dow fell 1.31%, the Nasdaq dropped 0.95%, and the S&P 500 declined 0.44%. The U.S. Bureau of Labor Statistics reported that the January U.S. wholesale price index rose faster than expected, dampening hopes that inflation is easing. Excluding volatile food and energy prices, the core Producer Price Index (PPI), seasonally adjusted, increased 0.8% month-over-month, higher than December’s 0.6% gain and well above the 0.3% forecast by Dow Jones.

Friday is the last trading day of February. The three major indices had mixed performance this month: the Dow rose slightly by 0.17%, marking its tenth consecutive month of gains. The Nasdaq fell 3.38%, and the S&P 500 declined 0.87%.

【U.S. Stocks】At the close, the Dow Jones Industrial Average fell 521.28 points, or 1.05%, to 48,977.92; the S&P 500 dropped 29.98 points, or 0.43%, to 6,878.88; the Nasdaq Composite declined 210.17 points, or 0.92%, to 22,668.21. Nvidia (NVDA.US) continued its decline from yesterday, closing down 4.16%. CoreWeave (CRWV.US) fell 18.51%, while Dell Technologies (DELL.US) rose 21.93%.

【European Stocks】Germany’s DAX 30 rose 12.44 points, or 0.05%, to 25,290.14; the UK FTSE 100 gained 63.13 points, or 0.58%, to 10,909.83; France’s CAC 40 declined 40.18 points, or 0.47%, to 8,580.75; the Euro Stoxx 50 fell 26.71 points, or 0.43%, to 6,134.85; Spain’s IBEX 35 dropped 160.52 points, or 0.87%, to 18,336.08; Italy’s FTSE MIB decreased 313.44 points, or 0.66%, to 47,112.50.

【Asian Markets】Nikkei 225 rose 0.16%, KOSPI fell 1%.

【Cryptocurrency】Bitcoin dropped over 2.5%, trading at $65,765.18; Ethereum fell over 5%, trading at $1,924.81.

【Oil】WTI April futures rose 2.8%, settling at $67.02 per barrel; Brent April futures increased to $72.4 per barrel.

【U.S. Dollar Index】Affected by the decline in U.S. stocks, the dollar index retreated to near flat levels at the end of the month trading on Friday. The dollar erased its gains after the unexpectedly high January Producer Price Index. The Bloomberg U.S. Dollar Spot Index, after a less than 0.2% gain, approached flat, with February essentially unchanged.

【Metals】Spot gold rose 1.84%, to $5,280.30; spot silver surged over 6.2%, to $93.784.

【Macro News】

Trump issued a statement calling for the Supreme Court to reconsider or rehear his tariff policy case. Former President Trump posted on social media that the Supreme Court’s recent ruling on tariffs could send hundreds of billions of dollars back to countries and companies that have “exploited” the U.S. for years, and that under this ruling, they might continue doing so, even at higher levels. He believes the Supreme Court did not consider this! Those countries and companies that have benefited from decades of our policies and received billions of dollars they shouldn’t have are now eligible for an unprecedented “unjust fortune,” which is very disappointing, to say the least. Is there a possibility for a rehearing or reconsideration?

U.S. companies disclosed $233 billion in buyback plans in February, reaching a record high for the month. According to data compiled by Birinyi Associates, U.S. companies announced $233 billion in stock buyback plans in February, the highest for the month on record and the third-highest monthly total ever. About 205 companies approved buyback plans. Jeffrey Rubin, president of Birinyi Associates, said that the total announced buybacks so far this year have reached $327 billion, surpassing the same period in 2025 and setting a new record for the first two months of the year.

UBS Downgrades U.S. Stock Ratings, Warns of Multiple Risks Including Policy and Valuation. UBS has downgraded U.S. stocks in its 100% equity portfolio to a neutral stance, while maintaining an overweight position in emerging market equities. The bank notes that the U.S. market faces multiple headwinds, including lower operating leverage compared to other regions, downside risks to the dollar, tepid buyback yields, and high valuations. “In dollar terms, the U.S. market’s pullback relative to global markets is the largest in nearly 15 years,” said Andrew Garthwaite’s strategy team in a client report on February 27. “Despite the rise of AI, stronger-than-expected U.S. economic growth, and President Trump’s rollback of some tariffs…”

【Stock News】Tesla (TSLA.US) CEO Elon Musk’s space exploration company SpaceX is considering submitting a confidential U.S. IPO application as early as March. Reports indicate that SpaceX may seek a valuation exceeding $1.75 trillion in its IPO. Based in Texas at the Starship launch site, the company plans to file a confidential draft registration with the SEC in March, aiming for a June listing, potentially becoming another major IPO after OpenAI and Anthropic. Details are still being finalized, and the timeline may shift. Some sources suggest the IPO target valuation could exceed $1.75 trillion. After acquiring Musk’s AI company xAI in February, the overall valuation has reached $1.25 trillion. Confidential filing allows the company to receive regulatory feedback before public disclosure. SpaceX has not responded to requests for comment. The IPO could raise up to $50 billion, surpassing Saudi Aramco’s $290 billion record in 2019. An internal memo states that the 2026 listing aims to fund Starship, space AI data centers, and lunar bases.

Paramount (PSKY.US) to acquire Warner Bros. Discovery (WBD.US) at $31 per share. Paramount announced that it has reached a final merger agreement to acquire Warner Bros. Discovery at $31 per share. The deal values WBD at approximately $110 billion, based on a valuation multiple of 7.5 times its 2026 EBITDA on a fully synergized basis. The agreement has been approved unanimously by both boards and is expected to close in Q3 2026. Paramount will issue $47 billion in Class B shares at $16.02 per share, with full investment commitments from the Ellison family and RedBird Capital Partners.

Trump Media & Technology Group considers spinning off “Truth Social.” Trump Media & Technology Group (DMTG.US) is exploring a plan to spin off its assets, including the social media platform “Truth Social,” into a new publicly traded company. The company previously completed a merger with nuclear tech firm TAE Technologies valued at $6 billion. The spun-off company’s shares would be distributed to DMTG’s registered shareholders before the TAE merger, then merge with a special purpose acquisition company, “Texas Ventures Acquisition III.” The spin-off aims to separate DMTG’s social media business from its investments in commercial nuclear fusion, as the company seeks to leverage the AI boom and energy demand to grow. Negotiations are ongoing, and no final agreement has been reached.

【Major Bank Ratings】

Bank of America raises Dell (DELL.US) target price from $135 to $155.