US Markets
The S&P 500 fell 1.59% to 5,861.57 in a volatile session after President Donald Trump confirmed tariffs on Canada and Mexico would take effect on 4 March. The Nasdaq Composite dropped 2.78% to 18,544.42, dragged down by Nvidia’s 8.5% slide. The Dow Jones lost 0.45% to close at 43,239.50.
Trump announced on Truth Social that the tariffs were moving forward after a one-month delay, citing insufficient efforts by Canada and Mexico to curb drug trafficking. The president announced that China, already subject to a 10% U.S. tariff, will face an additional 10% levy.
Nvidia fell despite beating fourth-quarter estimates and issuing strong guidance. A decline in gross margins and its smallest revenue beat in two years raised concerns about its future momentum.
Rising jobless claims added to economic concerns, with 242,000 filings for the week ending 22 February—22,000 higher than the previous week and above the 225,000 estimate. Recent weak data on consumer confidence, retail sales, and sentiment have further unsettled markets. Traders now await Friday’s personal consumption expenditures price index, the Fed’s preferred inflation gauge.
Australian Market
ASX futures point 0.8% lower on Friday as concerns grow over China tariffs impacting Australian commodities.
The Australian dollar fell towards US62¢ as the US dollar surged.
Company News
Vista Group’s earnings jumped 62% in 2024, with revenue guidance of $167m–$173m for 2025.
PEXA reported a $32.7m interim loss due to an impaired investment, despite earnings growth.
PM Capital Global Opportunities Fund confirmed proposals to acquire two Platinum Asset Management-controlled funds.
Star Entertainment has yet to sign off its financial statements, raising concerns over its trading viability.
