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U.S. Markets Close Higher as Inflation Data Eases Tariff Worries; Asian Markets Plunge on Global Trade War Concerns

🇺🇸 S&P 500 Index: +0.49% 📈

🇺🇸 Nasdaq Index: +1.22% 📈

🇪🇺 Stoxx 600 Index: +0.81% 📈

🇯🇵 Nikkei 225 Index: +0.07% 📈

🇭🇰 Hang Seng Index: -0.71% 📉

🇨🇳 CSI 300 Index: -0.36% 📉

🇸🇬 Straits Times Index: +0.19% 📈

Market Overview

On Wednesday, U.S. markets broadly rose, with the S&P 500 $S&P 500(.SPX)$   and Nasdaq Composite $NASDAQ(.IXIC)$   gaining 0.5% and 1.2%, respectively, as lower-than-expected inflation data helped curb major sell-offs.

February U.S. inflation rose 2.8% year-over-year, below the expected 2.9%, as rising housing costs were partially offset by cheaper airfares. Core inflation also came in lower than expected.

Asian-Pacific markets declined, with Hong Kong's Hang Seng Index $HSI(HSI)$  down 0.7% and China's CSI 300 $CSI300(000300.SH)$  down 0.4%, as fears of a global trade war pushed some markets closer to a technical correction.

Upcoming Events

Thursday: U.S. Core PPI (MoM), PPI (MoM), and jobless claims data release.

Friday: U.S. Preliminary Michigan Consumer Sentiment Index release.

Things to Know Today

1. U.S. tariffs on all imported steel and aluminum took effect Wednesday, triggering immediate retaliatory measures from Canada and Europe on billions of dollars of U.S. exports.

US tariff on steel and aluminium

2. The Bank of Canada cut its benchmark interest rate by 25 basis points to 2.75%, aiming to protect the economy from potential damage caused by U.S. tariffs imposed by President Donald Trump.

Bank of Canada

3. Alphabet's Google $Alphabet(GOOG)$  launched two new AI models specifically designed for robotics applications, built on its Gemini 2.0 framework, to support the rapidly expanding robotics industry.

Alphabet AI model

4. President Donald Trump warned that additional tariffs on EU goods could escalate the global trade war, with major U.S. trading partners vowing to retaliate against existing trade barriers.

Trump trade war

5. Adobe's $Adobe(ADBE)$  Q2 revenue forecast met expectations, but the company's AI monetization efforts are slowing amid growing competition from startups.

Adobe

Key Takeaway

Declining consumer prices reinforce confidence that inflation is moving in the right direction, raising hopes that the Federal Reserve may cut benchmark interest rates later this year.

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