Friday Was a Blur. The S&P 500 just wrapped up its worst week of the year, tumbling 3.1% as the market got whiplashed by the latest round of tariff chaos. President Trump’s on-again, off-again trade plans had stocks swinging all week, and by the time a final delay was announced, investors were too exhausted to care.

Friday’s jobs report added to the mess—slightly weaker than expected but not weak enough to move the Fed. After an early drop, stocks clawed back to close green, but the damage was done.

⚡ Closing Bell:

➝ Dow Jones: ⬆️ +0.2% › 42,668.9 › Held firm after a choppy session.
➝ S&P 500: ⬆️ +0.3% › 5,755.4 › Clawed back after early losses.
➝ Nasdaq 100: ⬆️ +0.5% › 18,162.5 › Tech bounced, but still down big on the week.
➝ Russell 2000: ⬇️ -0.4% › 2,143.2 › Small caps lagged again.

Markets catching a break from tariff drama next week? Unlikely. New steel and aluminum tariffs take effect Wednesday—right as fresh CPI data lands.

Economic Signals:
➝ Jobs Report: A soft 155K jobs added in February, but not weak enough to shake the Fed.
➝ Tariff Uncertainty: Auto tariffs delayed, but steel and aluminum duties are still coming.
➝ Market Mood: AI stocks and momentum names had their worst week since 2022.

Macro Moves:
➝ 10-Year Yield: ⬆️ +2.1 bps › 4.301%
➝ 2-Year Yield: ⬆️ +1.4 bps › 3.987%

❗ Looking Ahead:
The tariff rollercoaster isn’t over, and neither is inflation anxiety. With CPI data hitting Wednesday and another shutdown fight brewing in Congress, investors are bracing for another volatile week.

Is the market finally stabilizing—or is this just a breather before the next wave of selling?

#TRUTH:
❗😃 “It’s not the fall that kills you, it’s the sudden stop at the end.” ~ Douglas Adams

Gains & Pains:

➝ Retail Wreck: Costco (-6.13%) tumbled after missing earnings estimates, marking its worst one-day drop in a year.

➝ Chip Surge: Broadcom (+8.72%) soared on strong earnings and bullish AI guidance, prompting a price target hike from Bank of America.

➝ Fun Money Fizzle: DoorDash (-7.66%), Airbnb (-5.45%), and cruise stocks took a hit as investors bet consumers are tightening their wallets.

➝ Pharmacy Pop: Walgreens (+7.41%) jumped after Sycamore Partners agreed to acquire the drugstore giant.

➝ Fast Fashion Flash: Gap (+18.69%) ripped nearly 20% higher on a blowout same-store sales report.

➝ Airline Chaos: Delta (-3.06%), United (-3.93%), and American Airlines (-1.78%) wrapped up their worst week in three years as tariff fears clouded the outlook.

➝ Tech Tumble: HP Enterprise (-10.85%) cratered after issuing weak guidance, leading the day’s worst performers.

➝ Gaming Blues: Nintendo (-6.08%) fell on concerns that tariffs will push up Switch 2 prices and hurt sales.

➝ Subway Wreck: Potbelly (-18.12%) got toasted after weak guidance, blaming Midwest winter weather for declining sales.

✅ Big Winners: Broadcom (+8.72%), Gap (+18.69%), and Walgreens (+7.41%) led the charge.
❌ Earnings Losers: Costco (-6.13%), HP Enterprise (-10.85%), and Potbelly (-18.12%) suffered heavy losses.

Holding On By a Thread:

The S&P 500 officially lost its footing below the 200-day moving average on Friday, joining more than half of its members that had already broken below this key technical level.

The Magnificent 7—including Microsoft, Nvidia, Amazon, Alphabet, and Tesla—are now mostly trading under this threshold, signaling a broader shift in market momentum.

Meanwhile, the iShares MSCI USA Momentum ETF (MTUM) is on track for its first close below the 200-day moving average since 2023, highlighting how even the strongest performers are struggling to find a floor.

Big on ₿, Short on Trust:

Companies are still piling into Bitcoin, but the market isn’t impressed.

Despite President Trump’s executive order to establish a strategic Bitcoin reserve, the crypto market barely flinched. Bitcoin fell 4.77% to $81,922, with investors skeptical about the government’s plan to fund the reserve using seized cryptocurrencies rather than fresh purchases.

Strategy ($MSTR -5.77%), led by Bitcoin bull Michael Saylor, saw its stock tumble alongside the broader crypto market. Saylor, set to speak at today’s White House Crypto Summit, has pushed the company’s Bitcoin holdings near 500,000 BTC, but that hasn’t stopped investors from selling.

Meanwhile, corporate Bitcoin adoption continues:
➝ Metaplanet (Japan): Added 156 BTC ($13.4M), bringing its total to 2,391 BTC.
➝ Méliuz (Brazil): Bought 45.72 BTC ($4.1M), allocating 10% of cash reserves to Bitcoin.
➝ Fold ($FLD -3.14%): Increased Bitcoin holdings by 50%, adding 475 BTC to its reserve.

Even with companies stacking Bitcoin, investor sentiment remains shaky. With crypto prices sliding and skepticism over government involvement, the big question remains—is corporate Bitcoin adoption bullish, or just more weight on a sinking ship?

Takeaways:

The White House Crypto Summit, held just hours after President Trump’s executive order establishing a U.S. Bitcoin reserve, made it clear—crypto is now a strategic priority. Here’s what stood out:

1. The U.S. is Stacking Bitcoin
   The government is officially stockpiling Bitcoin using seized assets, with plans to expand reserves. Crypto Czar David Sacks also hinted at rolling back restrictive regulations to encourage adoption.
2. A Clearer Crypto Strategy is Emerging
   For the first time, the U.S. is shaping a long-term digital asset policy—shifting from past regulatory crackdowns to a more structured, innovation-friendly approach.
3. Crypto Audits are Coming
   A full audit of government-controlled digital assets is underway, signaling a push for greater transparency and standardized reporting across the industry.

With crypto now firmly on Washington’s radar, expect rapid developments in policy, regulation, and market impact.

Escapes:

Tahquamenon Falls State Park, Michigan

Commodities Check : ✔️

• Gold ⬆️ +1.7% › $2,911.00 per ounce
• Silver ⬆️ +0.32% › $32.92 per ounce
• WTI Crude Oil ⬆️ +1.2% › $67.05 per barrel

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Disclaimer

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