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NFP collapsed -92K jobs, 15% global tariffs took effect, oil surged past $90. Only mega-cap tech (AMZN +4.23%, MSFT +4.10%) served as safe havens in a Quality Flight pattern. SPY -0.93%, IWM -2.68%, VIX surged to 28. Crypto decoupled with BTC +3.58%. CPI 3/11 and FOMC 3/17-18 loom large.
NVDA beat estimates by $2B and dropped -7.42%. New 15% global tariffs hit. PCE at 2.7%. Risk-Off rotation confirmed with defensives (XLU +2.71%, XLP +2.66%) dominating while tech and financials sold off. Full analysis, sector leaderboard, crypto, global markets, and March 4 tariff execution preview.
Supreme Court strikes down IEEPA tariffs 6-3, triggering V-shaped recovery. SPY +1.37%, QQQ +1.74% snaps 5-week losing streak. MU +6.79% on HBM demand, AMZN +6.05% on tariff relief. GDP 1.4% miss + Core PCE 3.0% raise stagflation concerns. NVDA earnings Feb 25 is the key event ahead.