[BRIEFING.COM] Stocks had an eventful end to a busy week, though today's weakness saw the major averages finish lower across the board for the week and mostly lower for the month of February. 

The S&P 500 (-0.4%), Nasdaq Composite (-0.9%), and DJIA (-1.1%) struggled against a reignition of AI disruption fears, though some rotational strength helped the indices modestly improve from earlier session lows. 

The session started with AI disruption at the forefront of media coverage after Block (XYZ 63.70, +9.17, +16.82%) announced it will decrease its workforce by around 40% as the company automates more work with AI. 

The headline weighed heavily on asset manager names that had faced weakness in recent sessions over concerns they are over-exposed to traditional software companies. The collapse of U.K. mortgage firm Market Financial Solutions added to pressure across select names such as Apollo Global Management (APO 104.58, -9.82, -8.58%). 

A hotter-than-expected January PPI (0.5%; Briefing.com consensus 0.3%) and core PPI (0.8%; Briefing.com consensus 0.3%) print further pushed out the market's expectations for Fed easing this year, undermining the bull case for leveraged deal-making, M&A, and capital markets activity that large banks and PE platforms rely on.

Goldman Sachs (GS 860.22, -68.78, -7.40%) was a particular laggard, and the financials sector ultimately finished 2.0% lower. 

Only the information technology sector (-2.2%) finished with a wider loss, with pressure across packaged software names sending the iShares GS Software ETF 1.3% lower. 

Chipmakers did little to ease the weakness, with the PHLX Semiconductor Index finishing 1.2% lower. NVIDIA (NVDA 177.10, -7.79, -4.21%) was once again a laggard, failing to draw any buying support following its earnigns report as investors reacted to the company's announcement of a $30 billion investment in OpenAI. 

Dell (DELL 147.93, +26.48, +21.80%) was a standout after earnings, though it did little to offset broader weakness in the sector. 

The other nine S&P 500 sectors closed the week at or above their baselines as rotational buying ramped up throughout the duration of the session. 

Defensive sectors stood out today amid the weakness in tech, with the health care (+1.8%), consumer staples (+1.5%), and utilities (+1.1%) sectors all charting nice gains. 

The energy sector (+1.7%) finished similarly as crude oil futures settled today's session $1.85 higher (+2.8%) at $67.06 per barrel. President Trump told reporters that he is not happy with negotiations between the U.S. and Iran, but more talks will occur. The president expressed a desire to avoid an armed conflict but reiterated his stance that Iran cannot have nuclear weapons.

Rising oil prices weighed heavily on airline names such as United Airlines (UAL 106.30, -10.13, -8.70%) and Delta Air Lines (DAL 65.70, -4.81, -6.82%). 

In other corporate news, Netflix (NFLX 96.24, +11.65, +13.77%) traded sharply higher after deciding not to raise its bid for Warner Bros. Discovery (WBD 28.17, -0.63, -2.19%), leaving Paramount Skydance (PSKY 13.51, +2.33, +20.84%) the victor of the merger battle. Reports this afternoon stated that Paramount paid the $2.8 billion termination fee that was required of Warner Bros. 

Outside of the S&P 500, the Russell 2000 (-1.7%) and S&P Mid Cap 400 (-0.8%) lagged the major averages today. 

Ultimately, the major averages entered today's session little changed on a week-to-date basis after splitting the week between two weak and two strong sessions. Today's renewed pressure across tech and financial names resulted in a lower finish across the board, with the S&P 500 moving below its 50-day moving average in the process (6,900.47). However, the market did see some solid rotational interest, which increased throughout the day and helped ease index-level losses, fitting with the 2026 theme of leadership broadening beyond the tech and mega-cap space. 

U.S. Treasuries finished February with strong gains across the curve that sent yields to their lowest settlement levels of the year. The 2-year note yield settled down seven basis points to 3.38% (-10 basis points this week) and the 10-year note yield settled down six basis points to 3.96% (-13 basis points this week). 

• S&P Mid Cap 400: +8.1% YTD
• Russell 2000: +6.1% YTD
• DJIA: +1.9% YTD
• S&P 500: +0.5% YTD 
• Nasdaq Composite: -2.5% YTD

Reviewing today's data:

• January PPI 0.5% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.5%, January Core PPI 0.8% (Briefing.com consensus 0.3%); Prior 0.6%
  • The key takeaway from the report was rooted in the worrying core-PPI component, as that will foment concerns about pass-through to consumer prices that will likely keep the Fed leery about cutting rates soon.
• February Chicago PMI 57.7 (Briefing.com consensus 52.5); Prior 54.0
• November Construction Spending 0.3% (Briefing.com consensus 0.3%); Prior was revised to -0.2% from 0.5%
  • The key takeaway from the report is that residential construction spending accounted for the entirety of the monthly increase in total construction spending.

[BRIEFING.COM] The major averages are little changed from previous levels heading into the final half hour of this week's action. 

Bloomberg reports that Netflix (NFLX 96.50, +11.91, +14.08%) has confirmed that Paramount Skydance (PSKY 13.46, +2.28, +20.35%), on behalf of Warner Bros. Discovery (WBD 28.19, -0.61, -2.12%), has paid the $2.8 billion termination fee required for Warner Bros. to exit the merger agreement. 

Additionally, Reuters reported that Paramount Skydance is expected to receive EU approval for the Warner Bros. deal. 

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.4%), and DJIA (-1.3%) remain in a relatively tight range as the market enters the final hour of trading. 

Not much has changed over the early afternoon hours, leaving the same seven S&P 500 sectors trading higher and the same four considerably lower. 

Crude oil has continued to tick higher, settling today's session $1.85 higher (+2.8%) at $67.06 per barrel. President Trump told reporters that he is not happy with negotiations between the U.S. and Iran, but more talks will occur. The President expressed a desire to avoid an armed conflict but reiterated his stance that Iran cannot have nuclear weapons. 

[BRIEFING.COM] The S&P 500 (-0.80%) is in "first" place on Friday afternoon, down about 55 points, with more aggressive losses being had elsewhere.

Briefly, S&P 500 constituents KKR (KKR 86.57, -7.05, -7.53%), Carvana (CVNA 329.67, -24.23, -6.85%), and Teradyne (TER 313.82, -18.88, -5.67%) pepper the bottom of the standings. For its part KKR slides as investors reassess private credit risk amid rising default fears, sticky inflation that could delay Fed rate cuts, and a broader risk-off move pressuring banks and alternative asset managers.

Meanwhile, AES (AES 17.28, +1.03, +6.34%) is one of today's better performers on reports that Global Infrastructure Partners and EQT AB (EQBBF 31.15, +0.95, +3.15%) are in advanced takeover talks, with investors pricing in a potential acquisition premium and validation of its AI-driven power demand exposure.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-1.31%) is in last place on Friday afternoon, down more than 300 points.

Gold futures settled $53.70 higher (+1.0%) at $5,247.90/oz, up nearly 3.3% for the week, as investors rotated into safe-haven assets amid renewed geopolitical tensions and persistent trade-policy uncertainty. Lower U.S. Treasury yields and a softer dollar further supported bullion, reducing the opportunity cost of holding the non-yielding metal and reinforcing upside momentum.

Meanwhile, the U.S. Dollar Index is down less than -0.2% to $97.61.

[BRIEFING.COM] The Dow Jones Industrial Average (-1.39%) is in last place on Friday afternoon, down about 688 points.

A look inside the DJIA shows that Goldman Sachs (GS 857.70, -71.30, -7.67%), American Express (AXP 312.01, -23.31, -6.95%), and NVIDIA (NVDA 178.87, -6.02, -3.26%) are among today's top laggards.

Meanwhile, Merck (MRK 123.33, +4.03, +3.38%) shows decent strength.

The DJIA is poised to end the week down -1.64%.

Also, at the top of the hour, Baker Hughes (BKR 65.11, +0.21, +0.32%) announced a weekly U.S. rotary rig count of 550, -1 w/w and -43 yr/yr.

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.1%), and DJIA (-1.3%) are firmly lower today, with the indices all moving back into negative territory for the week and forcing the S&P 500 back below its 50-day moving average (6.900.47). 

Renewed pressure across software stocks has select pockets of the market sharply lower, though there is a fair amount of rotational interest in the broader market, which has helped the major averages bounce off of their early session lows. 

After several days of solid gains that negated Monday's retreat, the financials sector (-2.5%) is back under considerable pressure amid fears of AI disruption. Block (XYZ 62.40, +7.87, +14.43%) announced that it will be laying off around 40% of its workforce to focus on smaller teams and more AI automation. The announcement reignited recent fears of AI disruption, affecting a number of different stocks. 

American Express (AXP 310.46, -24.86, -7.42%) and Capital One (COF 195.29, -13.18, -6.32%) lag on concerns that AI will severely diminish the need for white-collar labor and in turn cause a downturn in high-income spending. 

Meanwhile, asset managers such as Apollo Global Management (APO 104.59, -9.81, -8.58%) and Ares Management (ARES 109.05, -9.03, -7.65%) are lower amid fears that they are overly exposed to traditional software companies. 

Apollo faces weakness on multiple fronts today, as Bloomberg reports it has exposure to the recently collapsed UK mortgage firm Market Financial Solutions, a headline that also weighs on Wells Fargo (WFC 81.10, -5.20, -6.03%).

With all the concerns of AI disruption bubbling back up, it is no surprise that the information technology sector (-1.8%) is also a laggard. Packaged software names dot the bottom of the sector's leaderboard, sending the iShares GS Software ETF 2.0% lower. 

Chipmakers are not offering much support, with the PHLX Semiconductor Index (-1.7%) down similarly. 

NVIDIA (NVDA 179.58, -5.30, -2.87%) lags for a second consecutive session, with investors reacting to the company's $30 billion investment in OpenAI. 

Elsewhere, the consumer discretionary (-0.7%) and industrials (-0.7%) trade with more modest losses. Airline names such as United Airlines (UAL 105.53, -10.90, -9.36%) are particularly weak as oil prices rise sharply today amid escalating tensions between the U.S. and Iran. 

Crude oil is currently up $1.46 (+2.2%) to $66.67 per barrel, giving the energy sector (+1.2%) a nice boost. 

Meanwhile, the defensive consumer staples (+1.3%), health care (+1.2%), and utilities (+0.8%) sectors sport nice gains as investors rotate out of tech and most cyclical sectors today. 

Today's economic data has not done much to help equities. Hotter-than-expected January PPI (0.5%; Briefing.com consensus 0.3%) and core PPI (0.8%; Briefing.com consensus 0.3%) readings add to the market's hawkish outlook on Fed easing in 2026, which could contribute to the underperformance of the Russell 2000 (-2.1%) and S&P Mid Cap 400 (-1.5%). 

Reviewing today's data:

• January PPI 0.5% (Briefing.com consensus 0.3%); Prior was revised to 0.4% from 0.5%, January Core PPI 0.8% (Briefing.com consensus 0.3%); Prior 0.6%
  • The key takeaway from the report was rooted in the worrying core-PPI component, as that will foment concerns about pass-through to consumer prices that will likely keep the Fed leery about cutting rates soon.
• February Chicago PMI 57.7 (Briefing.com consensus 52.5); Prior 54.0
• November Construction Spending 0.3% (Briefing.com consensus 0.3%); Prior was revised to -0.2% from 0.5%
  • The key takeaway from the report is that residential construction spending accounted for the entirety of the monthly increase in total construction spending.

[BRIEFING.COM] The major avereages contineu to trade in a relatively stable range shortly after midday. 

Bloomberg reports that several banking names are under pressure today due to the collapse of UK mortgage provider Market Financials Solutions. 

Apollo Global Management (APO 104.86, -9.54, -8.34%), Wells Fargo (WFC 80.73, -5.57, -6.45%), and Barclays PLC (BCS 24.23, -1.06, -4.19%) are among the names with exposure mentioned. 

[BRIEFING.COM] The major averages remain lower across the board, little changed from previous levels. 

Airline stocks, including United Airlines (UAL 106.54, -9.89, -8.49%), Delta Air Lines (DAL 65.85, -4.66, -6.61%), and American Airlines (AAL 13.12, -0.82, -5.92%), are trading with heavy losses today as investors react to escalating tensions with Iran and the risk of higher oil prices.

Crude's sharp move higher is pressuring the group, as fuel represents one of the largest variable costs for carriers and can quickly erode margins if sustained. At the same time, geopolitical uncertainty is fueling concerns about softer international travel demand and potential booking hesitancy, particularly for transatlantic and Middle East routes.

The losses weigh on the industrials sector (-0.4%), which sees mixed strength across its other components. 

[BRIEFING.COM] Stocks are in the midst of another tough session, with the S&P 500 (-0.6%), Nasdaq Composite (-0.9%), and DJIA (-1.0%) modestly improved from session lows. 

Only four S&P 500 sectors trade lower, though the losses are considerably wide and dispersed across some of the weightiest sectors. 

The financial sector (-2.2%) is the biggest laggard amid renewed pressure in the software space. Block (XYZ 62.39, +7.86, +14.41%) announced its intentions to reduce its workforce by roughly 40% to focus on smaller teams and AI automation. With fears of AI disruption back at the forefront of today's action, asset managers such as Apollo Global Management (APO 106.28, -8.12, -7.09%) lag amid concerns that they are overly exposed to traditional software companies. Payment names such as American Express (AXP 313.19, -22.13, -6.60%) also lag over fears that AI disruption will weigh on white-collar labor and reduce high-income spending.

The iShares GS Software ETF is down 1.8%, which adds to the woes of the information technology sector (-1.4%). 

NVIDIA (NVDA 181.57, -3.32, -1.80%) has failed to garner any buying support following its post-earnings slide yesterday, underscoring another weak day for both semiconductor and mega-cap names. 

In other corporate news, Netflix (NFLX 93.41, +8.82, +10.43%) is sharply higher after announcing it will not increase its bid for Warner Bros. Discovery (WBD 28.30, -0.50, -1.75%), leaving Paramount Skydance (PSKY 12.76, +1.58, +14.13%) as the acquisition winner. 

The gains help boost the communication services sector (+0.4%) trade modestly higher. Meanwhile, the defensive consumer staples (+1.2%), utilities (+1.0%), and health care (+0.9%) sectors are seeing some strong rotational interest amid the weakness in growth and cyclical stocks today. 

Outside the S&P 500, the Russell 2000 (-1.8%) and S&P Mid Cap 400 (-1.2%) are underperforming, which could be somewhat attributed to hotter-than-expected January PPI (0.5%; Briefing.com consensus 0.3%) and core PPI (0.8%; Briefing.com consensus 0.3%) readings, which further weigh on the market's near-term rate cut expectations. 

[BRIEFING.COM] The major averages remain little changed from previous values. 

Investors had several high-profile tech earnings reports to assess before the opening bell. 

Dell (DELL 145.26, +23.81, +19.60%) is trading sharply higher after reporting Q4 (Jan) results that handily exceeded expectations. The company delivered its largest EPS beat in two years while revenue surged 39.5% year-over-year to a record $33.4 billion. Even more impressive was the substantial upside guidance for Q1 (Apr) and FY27, underscoring strong AI-driven momentum across the business. The company's commentary around roughly doubling AI revenue to $50 billion in FY27 is adding to the enthusiasm, especially given the massive $43 billion AI backlog providing strong visibility.

Meanwhile, CoreWeave (CRWV 79.95, -17.68, -18.11%) is trading sharply lower after 4Q25 earnings, as investors key in on a big EPS miss, heavy CapEx, and soft 1Q26 guidance that overshadow triple-digit revenue growth and a massive backlog. 110%+ revenue growth and a $66.8 billion backlog contrast with negative EPS, a 6% adjusted operating margin, and a weaker-than-hoped 1Q26 outlook. Management is clearly prioritizing scale over near-term profits, betting that mid-20s contribution margins on mature contracts and rising mix of higher-margin software and stack licensing will unlock strong profitability once this build cycle normalizes

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-0.8%), and DJIA (-1.4%) are off of their worst levels but remain firmly lower across the board. 

Netflix (NFLX 92.06, +7.47, +8.83%) is one of the top-performing S&P 500 names this morning after announcing it will not raise its bid to acquire Warner Bros. Discovery (WBD 28.30, -0.50, -1.72%), pleasing investors who view the decision as a disciplined dodge of regulatory pitfalls, massive debt, and unwanted legacy assets. Paramount Skydance (PSKY 12.22, +1.04, +9.35%) is also trading sharply higher as investors applaud its successful bid and the strategic scale the transaction brings. 

NFLX's rally reflects relief that management avoided what many feared could become an expensive and distracting mega-merger. While acquiring HBO and the Warner Bros. studio assets could have strengthened NFLX's premium IP portfolio, the full WBD package, including structurally challenged cable networks, risked becoming an "albatross" amid ongoing cord-cutting.

On the data front, the Department of Commerce released construction spending data for November and December as it continues to play catch-up from the government shutdown. For November, construction spending declined 0.2% month-over-month following a 0.1% decline in October. For December, construction spending jumped 0.3% month-over-month.

The key takeaway from the report is that residential construction spending accounted for the entirety of the monthly increase in total construction spending.

[BRIEFING.COM] The S&P 500 (-1.0%), Nasdaq Composite (-1.2%), and DJIA (-1.7%) are under pressure this morning, quickly sending the S&P 500 below its 50-day moving average (6,900.47) and all three indices into negative week-to-date territory. 

The market is under some of the same pressures from yesterday's session, with mega-cap stocks and semiconductors among the early laggards. NVIDIA (NVDA 180.55, -4.34, -2.35%) lags after announcing a $50 billion investment in OpenAI, while Microsoft (MSFT 393.41, -8.31, -2.07%) lags amid renewed pressure across software stocks today. 

The PHLX Semiconductor Index is down 1.6%, the iShares GS Software ETF is down 2.4%, and the broader information technology sector is down 1.5%. 

The early software woes are largely attributed to Block (XYZ 62.48, +7.96, +14.59%) announcing with its earnings report that the company will reduce its workforce by roughly 40% to focus on smaller teams and AI automation. 

While Block itself is sharply higher, the financials sector (-2.2%) faces the widest retreat. Weakness is broad, but asset managers, and credit card names (which have struggled recently amid fears of AI disruption across software and white-collar labor) are among the hardest hit. 

Other cyclical sectors trade mostly lower with the exception of the energy sector (+0.7%), which is supported by a $1.77 (+2.7%) increase in the price of oil to $66.98 per barrel. 

Meanwhile, defensive sectors are garnering some modest rotational interest, with the consumer staples sector (+0.8%) the early standout. 

The February Chicago PMI increased to 57.7 (Briefing.com consensus 52.5) from a prior level of 54.0. 

Just released, construction spending increased 0.3% in November (Briefing.com consensus 0.3%) from a previous 0.5% increase. 

The stock market is on track for a lower opening amid weakness in tech names this morning and a hotter-than-expected inflation reading. 

The Producer Price Index for final demand increased 0.5% month-over-month (Briefing.com consensus: 0.3%) following a downwardly revised 0.4% increase (from 0.5%) in December. The Producer Price Index for final demand, excluding food and energy, surged 0.8% month-over-month (Briefing.com consensus: 0.3%) following a 0.6% increase in December.

The Producer Price Index for final demand was up 2.9% year-over-year, versus 3.0% in December, but the Producer Price Index for final demand, excluding food and energy, was up 3.6%, versus 3.3% in December.

The key takeaway from the report was rooted in the worrying core-PPI component, as that will foment concerns about pass-through to consumer prices that will likely keep the Fed leery about cutting rates soon.

The S&P 500 futures currently trade 55 points below fair value.

Equity indices in the Asia-Pacific ended the week on a mostly higher note while South Korea's Kospi (-1.0%) hit a fresh record high before reversing. The People's Bank of China will scrap the 20% reserve requirement ratio for forward foreign exchange sales on Monday. Japan's Tokyo Core CPI decelerated to 1.8% in February from 2.0%. On that note, Economy Minister Kiuchi said that signs of inflation are slowing and that real wages should turn positive soon. China's National People's Congress will start on Thursday with press reports suggesting that the party will seek to promote social welfare and sustainability over growth at all costs.

• In economic data:
  • Japan's February Tokyo CPI 1.6% yr/yr (last 1.5%) and Tokyo Core CPI 1.8% yr/yr (expected 1.7%; last 2.0%). January Industrial Production 2.2% m/m (expected 5.5%; last -0.1%), January Retail Sales 1.8% yr/yr (expected 0.1%: last -0.9%), January Construction Orders 5.7% yr/yr (last 20.2%) and January Housing Starts -0.4% yr/yr (expected -1.9%; last -1.3%)
  • Hong Kong's January trade deficit HKD14.1 bln (last deficit of HKD63.3 bln). January Imports 38.1% m/m (last 30.6%) and Exports 33.8% m/m (last 26.1%)
  • Australia's January Private Sector Credit 0.5% m/m (expected 0.7%; last 0.8%) and Housing Credit 0.6% m/m (last 0.7%)
  • India's Q3 GDP 7.8% yr/yr (expected 7.2%; last 8.2%)

---Equity Markets---

• Japan's Nikkei: +0.2% 
• Hong Kong's Hang Seng: +1.0% 
• China's Shanghai Composite: +0.4%
• India's Sensex: -1.2% 
• South Korea's Kospi: -1.0% 
• Australia's ASX All Ordinaries: +0.3%

Major European indices trade mostly lower. U.K.'s Labour party came in third place in a regional by-election, serving as a reminder of weak support for the ruling party and Prime Minister Starmer. Airline operator IAG reported strong results for Q4 while BASF achieved a profit thanks to cost savings. Germany's flash CPI for February will be released at 8:00 ET and is expected to show a slight deceleration in yr/yr CPI to 2.0% from 2.1% in January.

• In economic data:
  • Germany's January Import Prices Index 1.1% m/m (expected 0.6%; last -0.1%); -2.3% yr/yr (last -2.3%)
  • France's Q4 GDP 0.2% qtr/qtr, as expected (last 0.2%); 1.1% yr/yr, as expected (last 0.9%). Q4 Nonfarm Payrolls -0.1% qtr/qtr, as expected (last -0.1%). January Consumer Spending 0.5% m/m (expected 0.4%; last -0.5%). February CPI 0.7% m/m (expected 0.5%; last -0.3%); 1.0% yr/yr (expected 0.8%; last 0.3%). February PPI 0.5% m/m (last 0.3%). January Jobseeker total 3.09 mln (last 3.117 mln). o Spain's February CPI 0.4% m/m (last -0.4%); 2.3% yr/yr (expected 2.2%; last 2.3%). December Current Account surplus EUR1.80 bln (last surplus of EUR210 mln)
  • Swiss Q4 GDP 0.1% qtr/qtr (expected 0.2%; last -0.4%); 0.7% yr/yr (last 0.6%). February KOF Leading Indicators 104.2 (expected 103.0; last 103.3)

---Equity Markets---

• STOXX Europe 600: unch
• Germany's DAX: -0.2%
• U.K.'s FTSE 100: +0.3% 
• France's CAC 40: -0.5% 
• Italy's FTSE MIB: -0.4%
• Spain's IBEX 35: -0.6%

The S&P 500 futures currently trade 61 points below fair value. 

Just released, the Producer Price Index for final demand increased 0.5% month-over-month (Briefing.com consensus: 0.3%) from a downwardly revised prior level of 0.4% (from 0.5%).

The index for final demand, excluding food and energy, jumped 0.8% month-over-month (Briefing.com consensus: 0.3%) from a prior level of 0.6%.

Equity futures point to a lower opening this morning following a mostly lower finish yesterday. NVIDIA (NVDA 184.63, -0.26, -0.1%) rolled after despite a stellar beat-and-raise earnings report, which paved the way for a weak day across mega-cap and semiconductor names. The S&P 500 garnered some support around its 50-day moving average (6,900.47), and continued strength in software and select cyclical names saw the S&P 500 Equal Weighted Index post a solid gain. 

Several more prominent tech earnings are in the fold this morning, including a big move from Dell (DELL 136.47, +15.02, +12.4%). 

Block (XYZ 65.25, +10.72, +19.7%) is up even higher after CNBC reported the company is laying off roughly half of its headcount as it plans to use AI to automate more work. The AI disruption theme across white-collar jobs was particularly harsh to the financials sector on Monday. 

Elsewhere, economic data will be back at the forefront with the 8:30 a.m. release of the January PPI (Briefing.com consensus 0.3%) and Core PPI (Briefing.com consensus 0.3%).

In geopolitical news, negotiations between the U.S. and Iran led to understandings on some issues but left gaps on others. Talks will continue next week, according to Axios. 

In coporate news:

• Block (XYZ 65.25, +10.72, +19.7%) will cut its workforce by about 40% as the company looks to use smaller teams and automate more work with AI, according to CNBC. 
• CoreWeave (CRWV 85.85, -11.78, -12.1%) beat revenue expectations, its loss of $0.89 per share, may not be comparable to the FactSet Consensus of ($0.50). 
• Dell (DELL 136.47, +15.02, +12.4%) beat EPS expectations by $0.36, beat revenue expectations, and provided upside EPS and revenue guidance for Q1 and FY27.
• Intuit (INTU 383.25, -11.17, -2.8%) beat EPS expectations by $0.47 and beat revenue expectations. The company guided Q3 EPS below consensus with revenues above consensus. 
• Netflix (NFLX 91.00, +6.39, +7.6%) is up nicely after the company backed out of its deal for Warner Bros Discovery (WBD 28.40, -0.40, -1.4%), leaving Paramount Skydance (PSKY 12.06, +0.88, +7.9%) the winner.

Reviewing overnight developments:

Equity indices in the Asia-Pacific ended the week on a mostly higher note while South Korea's Kospi (-1.0%) hit a fresh record high before reversing. Japan's Nikkei: +0.2%, Hong Kong's Hang Seng: +1.0%, China's Shanghai Composite: +0.4%, India's Sensex: -1.2%, South Korea's Kospi: -1.0%, Australia's ASX All Ordinaries: +0.3%.

In news:

• The People's Bank of China will scrap the 20% reserve requirement ratio for forward foreign exchange sales on Monday.
• Japan's Tokyo Core CPI decelerated to 1.8% in February from 2.0%. On that note, Economy Minister Kiuchi said that signs of inflation are slowing and that real wages should turn positive soon.
• China's National People's Congress will start on Thursday with press reports suggesting that the party will seek to promote social welfare and sustainability over growth at all costs.

In economic data:

• Japan's February Tokyo CPI 1.6% yr/yr (last 1.5%) and Tokyo Core CPI 1.8% yr/yr (expected 1.7%; last 2.0%). January Industrial Production 2.2% m/m (expected 5.5%; last -0.1%), January Retail Sales 1.8% yr/yr (expected 0.1%: last -0.9%), January Construction Orders 5.7% yr/yr (last 20.2%) and January Housing Starts -0.4% yr/yr (expected -1.9%; last -1.3%)
• Hong Kong's January trade deficit HKD14.1 bln (last deficit of HKD63.3 bln). January Imports 38.1% m/m (last 30.6%) and Exports 33.8% m/m (last 26.1%)
• Australia's January Private Sector Credit 0.5% m/m (expected 0.7%; last 0.8%) and Housing Credit 0.6% m/m (last 0.7%)
• India's Q3 GDP 7.8% yr/yr (expected 7.2%; last 8.2%)

Major European indices trade near their flat lines. STOXX Europe 600: +0.1%, Germany's DAX: +0.2%, U.K.'s FTSE 100: +0.5%, France's CAC 40: -0.2%, Italy's FTSE MIB: -0.1%, Spain's IBEX 35: -0.1%.

In news:

• U.K.'s Labour party came in third place in a regional by-election, serving as a reminder of weak support for the ruling party and Prime Minister Starmer.
• Airline operator IAG reported strong results for Q4 while BASF achieved a profit thanks to cost savings.
• Germany's flash CPI for February will be released at 8:00 ET and is expected to show a slight deceleration in yr/yr CPI to 2.0% from 2.1% in January.

In economic data:

• Germany's January Import Prices Index 1.1% m/m (expected 0.6%; last -0.1%); -2.3% yr/yr (last -2.3%)
• France's Q4 GDP 0.2% qtr/qtr, as expected (last 0.2%); 1.1% yr/yr, as expected (last 0.9%). Q4 Nonfarm Payrolls -0.1% qtr/qtr, as expected (last -0.1%). January Consumer Spending 0.5% m/m (expected 0.4%; last -0.5%). February CPI 0.7% m/m (expected 0.5%; last -0.3%); 1.0% yr/yr (expected 0.8%; last 0.3%). February PPI 0.5% m/m (last 0.3%). January Jobseeker total 3.09 mln (last 3.117 mln). o Spain's February CPI 0.4% m/m (last -0.4%); 2.3% yr/yr (expected 2.2%; last 2.3%). December Current Account surplus EUR1.80 bln (last surplus of EUR210 mln)
• Swiss Q4 GDP 0.1% qtr/qtr (expected 0.2%; last -0.4%); 0.7% yr/yr (last 0.6%). February KOF Leading Indicators 104.2 (expected 103.0; last 103.3)

[BRIEFING.COM] The major averages finished mostly lower today amid considerable pressure across mega-cap and select tech names following NVIDIA's (NVDA 184.89, -10.74, -5.49%) earnings report. Continued strength across software names and some other pockets of the market helped the S&P 500 (-0.5%), Nasdaq Composite (-1.2%), and DJIA (flat) finish well off of their session lows, with the S&P 500 garnering some support around its 50-day moving average (6,898.97), which it closed just above. 

To be fair, NVIDIA delivered another stellar earnings report, topping expectations while reporting record data center revenue and issuing bullish guidance. While the stock gained several percentage points in after-hours trading, the immediate response waned overnight, and the stock faced sustained pressure throughout the day. The price action underscores the market's lingering concerns about whether hyperscalers (in this case being NVIDIA's customers) can sustain or expand upon the massive current levels of capital expenditure in the AI buildout. 

Other large chipmaker names such as Broadcom (AVGO 321.70, -10.61, -3.19%) and Advanced Micro Devices (AMD 203.68, -7.18, -3.41%) incurred similar losses, sending the PHLX Semiconductor Index (-3.2%) considerably lower and weighing on the information technology sector (-1.8%). 

Losses were somewhat softened by continued strength across software names as sentiment rebounds across software-as-a-service stocks. Salesforce (CRM 199.47, +7.72, +4.03%) charted a nice gain despite issuing cautious guidance, and the iShares GS Software ETF finished 2.2% higher. 

On a related note, NVIDIA CEO Jensen Huang told CNBC that markets were wrong about artificial intelligence's threat to software companies.

The rebound in software-related stocks contributed to gains in several of the best-performing S&P 500 sectors today. 

The financials sector (+1.3%) faced some choppiness but managed to finish near session highs. While strength was broad and featured another bounce in major banking names, financial publishing and software stocks such as Block (XYZ 54.54, +2.60, +5.01%) and Fidelity Nat'l Info (FIS 51.06, +1.99, +4.06%) dotted the top of the standings. 

Similarly, Equifax (EFX 207.85, +9.73, +4.91%) and Paycom Software (PAYC 129.83, +5.92, +4.78%) were among the outperformers in the industrials sector (+0.6%). 

Elsewhere, the energy (+0.3%) and real estate (+0.5%) charted modest gains, rounding out the four S&P 500 sectors that finished in positive territory. 

Losses outside of the information technology sector were ultimately modest in nature, with nearly all sectors finishing above their worst levels. 

The communication services sector (-0.8%) was a relative laggard, as Alphabet (GOOG 307.15, -5.88, -1.88%) was among today's mega-cap underperformers. 

Tesla (TSLA 408.49, -8.84, -2.12%) and Amazon (AMZN 207.92, -2.72, -1.29%) finished similarly, though broad strength throughout the consumer discretionary sector (-0.4%), including solid gains across travel-related names such as Expedia Group (EXPE 217.93, +14.19, +6.96%) and Norwegian Cruise Line (NCLH 25.03, +1.22, +5.12%), helped somewhat offset the weakness. 

The Vanguard Mega Cap Growth ETF finished 1.1% lower, weighing on the market-weighted S&P 500 (-0.5%) as it considerably underperformed the S&P 500 Equal Weighted Index (+0.6%). 

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.4%) recovered from early weakness to chart decent gains of their own. 

Ultimately, today's session was relatively "normal" in terms of what the market has displayed so far in 2026. A mega-cap industry leader (NVIDIA) delivered another staggering earnings report, yet valuation concerns and capital expenditure concerns across its hyperscaler customer base saw the stock retreat below its 50-day moving average (185.60). Meanwhile, there was select rotational strength across some cyclical sectors (aided by a rebound in software names) and an outperformance across small- and mid-cap stocks. 

After several days of mega-cap and tech outperformance, today's pullback has the S&P 500 and Nasdaq Composite entering the Friday session unchanged for the week, with the S&P 500 a touch above its own 50-day moving average. 

U.S. Treasuries climbed on Thursday, sending yields on 10s and 30s to their lowest closing levels of the year, while shorter tenors also recorded solid gains, though their yields remained a bit above 2026 lows. The 2-year note yield settled down two basis points to 3.45%, the 10-year note yield settled down three basis points to 4.02%, and the 30-year note yield settled down three basis points to 4.67%.

• S&P Mid Cap 400: +9.1% YTD
• Russell 2000: +8.8% YTD
• DJIA: +3.0% YTD
• S&P 500: +0.9% YTD
• Nasdaq Composite: -1.6% YTD

Reviewing today's data:

• Initial jobless claims for the week ending February 21 increased by 4,000 to 212,000 (Briefing.com consensus: 211,000). Continuing jobless claims for the week ending February 14 decreased by 31,000 to 1.833 million.
  
  • The key takeaway from the report is its persistent low-firing, low-hiring messaging.