US stocks bounced back on Friday, with the three major indexes rising around 0.4%, as the tech sector attempted to recover from the previous session’s sharp sell-off.
Nvidia climbed 1.8%, Amazon gained 0.7%, and Tesla jumped 3.2%.
Meanwhile, PCE price data aligned with expectations, with annual rates easing slightly.
This provided some relief over inflationary pressures and reinforced market bets on approximately two quarter-point cuts to the Fed funds rate this year.
On the trade front, US tariffs on imports from Mexico and Canada, along with an additional 10% duty on Chinese imports, are set to take effect next week.
For the month of February, the S&P 500 declined 2.9%, the Nasdaq plunged 5.3%, marking its worst month since September 2023, and the Dow Jones slipped 0.2%.
