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

CNBC Finance APP learned that on Friday, the three major indices closed lower, recording declines for the week. This week, the Dow fell 1.31%, the Nasdaq declined 0.95%, and the S&P 500 dropped 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 performances this month, with the Dow rising 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 yesterday’s decline, 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 declined over 5%, trading at $1,924.81.

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

【U.S. Dollar Index】 Influenced 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 gains after the U.S. January Producer Price Index exceeded expectations. The Bloomberg U.S. Dollar Spot Index, after erasing less than 0.2% of its gains, is close to flat, with the index remaining steady in February.

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

【Macro News】

Trump Calls for Supreme Court to Reconsider or Rehear Tariff Policy Case. Former President Trump posted on social media that the Supreme Court’s recent ruling on tariffs could result in hundreds of billions of dollars flowing 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 unfair advantages, earning billions they shouldn’t have, now seem to be eligible for an unprecedented “unjust windfall,” which is very disappointing, to say the least. Is there a possibility for a rehearing or reconsideration of this case?

U.S. Companies Disclose $233 Billion in Buyback Plans in February, 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. In terms of number, about 205 companies approved buyback plans, the second-highest February total ever. 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, Cites 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 pointed out 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 retreat relative to global markets is the largest in nearly 15 years,” said the strategy team led by Andrew Garthwaite 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 SpaceX Considering Secret U.S. IPO Application as Early as March. Reports indicate that Musk’s space exploration company SpaceX is considering submitting a confidential IPO application as early as March, potentially seeking a valuation exceeding $1.75 trillion. Based in Texas at the Starship base, SpaceX plans to file a confidential draft with the SEC in March, aiming for a public listing in June, which could become another mega IPO following OpenAI and Anthropic. The process is still underway, details may change, and the filing date could be delayed. Some sources suggest SpaceX’s target valuation for this IPO 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 2019 record of $290 billion. 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. The deal values WBD at approximately $110 billion, based on a valuation multiple of 7.5 times its 2026 EBITDA under full synergy assumptions. The deal has been unanimously approved by both companies’ boards and is expected to close in Q3 2026. Paramount will issue 470 million Class B shares at $16.02 per share, with full investment commitments from the Ellison family and RedBird Capital Partners.

Trump Media & Technology Group Considering Spinning Off “Truth Social.” Trump Media & Technology Group (DMTG.US) is discussing spinning off its assets, including the social media platform “Truth Social,” into a new publicly listed company. Previously, the company completed a merger plan with nuclear energy firm TAE Technologies valued at $6 billion. The spun-off company’s shares will be distributed to DMTG’s registered shareholders before the TAE deal closes, after which the new company will merge with 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 the huge energy demand it creates. Both companies say negotiations are ongoing and no final agreement has been reached.

【Major Bank Ratings】
Bank of America has raised Dell (DELL.US) target price from $135 to $155.