The S&P 500 surged 1.5% on Friday, with the Nasdaq rising 1.6% and the Dow Jones climbing 600 points (1.4%) after an intense meeting between former President Donald Trump and Ukraine President Volodymyr Zelenskyy stirred geopolitical concerns.
During their Oval Office discussion, Trump criticized Zelenskyy for not expressing enough gratitude for U.S. support in Ukraine’s war against Russia. Trump suggested a rare earth minerals deal could improve Ukraine’s negotiating stance, warning Zelenskyy against risking World War III. Following the meeting, Zelenskyy thanked the U.S. on social media, emphasizing Ukraine’s commitment to a just peace.
Meanwhile, U.S. inflation data showed PCE prices rose 0.3% in January, maintaining December’s pace. Year-over-year, PCE inflation slightly eased to 2.5%, while core PCE slowed to 2.6%, aligning with expectations. Consumer spending, however, unexpectedly declined by 0.2%, clouding the economic outlook for the Federal Reserve, which has paused interest rate cuts.
Tech stocks faced pressure, with Dell dropping over 4% due to expected margin declines in 2026 amid rising AI server costs. HP fell more than 6% after warning that Trump’s proposed tariffs on China could increase expenses.
Bitcoin trimmed losses but remains down 17% in February as risk sentiment wanes. While digital assets initially surged after Trump’s election victory, fading hopes for crypto-friendly policies and tariff fears have dampened enthusiasm.
Elsewhere, gold prices remained under pressure, and oil was set for its first monthly decline since November.


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