Squawk on the Street Inflation Watch, Tech Sell-Off and Nvidia's Fall from $3T, China vs. Trump on Tariffs 2/28/25
Feb 28, 2025
Market reactions to inflation data reveal a potential downturn in consumer spending. The tech sector faces a steep sell-off, highlighted by Nvidia dipping below $3 trillion, as Nasdaq struggles for stability. China vows to retaliate against U.S. tariff threats, emphasizing rising tensions. Meanwhile, Chinese tech stocks soar even as American indices falter. The complexities of mergers and acquisitions add to the economic uncertainty, alongside significant fluctuations in cryptocurrency and energy markets.
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PCE Data and Consumer Spending
- January's PCE inflation data met expectations, suggesting disinflation continues.
- Consumer spending, however, saw its worst decline in three years.
China's Tariff Response
- China vows to retaliate against President Trump's planned tariff increases.
- The timing coincides with China's National People's Congress.
Bitcoin Decline
- Bitcoin has dropped significantly, erasing most gains made since the election.
- This decline mirrors a broader trend in risk-on assets like tech stocks.