On Monday, March 2, the S&P 500 fell 0.7%, the Nasdaq composite declined 0.9% and the Dow Jones Industrial Average dropped 0.6%.
DoorDash announced its plans to wind down Deliveroo and Wolt operations in four countries. The decision reflects ongoing competition and cost pressure in the global food delivery industry.
Geopolitical tensions intensified in the Middle East. The conflict created uncertainty and a sharp reaction in the energy price. Oil futures jumped more than 8% during the day as investors worried the conflict could disrupt oil supply in the region.
On Tuesday, March 3 the S&P 500 fell 0.5%, the Nasdaq dropped 1% and the Dow declined 0.4%.
Taiwan Semiconductor Manufacturing Co.’s stock fell 5% after its supplier, ASML, raised concerns about competition in advanced chip manufacturing and packaging.
Since TSMC is a key supplier for many global tech companies, its stock’s movements affect broader sentiment across the semiconductor sector.
OpenAI announced a partnership with the U.S. Department of Defense, where it will provide artificial intelligence tools for classified government work, including cybersecurity and analysis. The announcement raised concerns about the potential risks of using AI in sensitive government operations, but OpenAI clarified that its technology cannot be used for domestic surveillance.
Target reported earnings per share of $2.44, higher than the expected $2.16. Revenue slightly missed the estimate, reflecting a mixed consumer environment where shoppers remain cautious about spending, especially on discretionary items.
On Wednesday, March 4, the S&P 500 rose 0.3%, the Nasdaq gained 0.4% and the Dow increased 0.2%.
In global markets, China set its annual growth target between 4.5% and 5%, the lowest target in recent years. The government also set a budget deficit of 4% of gross domestic product, a 2% inflation target and an urban unemployment rate of 5.5%.
Chinese policymakers are shifting their focus from having “good numbers” to improving the economy’s overall quality and stability.
Luckin Coffee announced it will acquire Blue Bottle Coffee as part of its strategy to expand more aggressively into Western markets.
On Thursday, March 5, the S&P 500 fell 0.6%, the Nasdaq declined 0.3% and the Dow dropped 1.6%.
U.S. stocks declined as the conflict in the Middle East continued escalating, with Israel and Iran exchanging additional strikes.
The 10-year U.S. Treasury yield rose about 0.06% points to 4.1%, reflecting increased volatility in the markets. Oil prices surged by 35% during the week.
On Friday, March 6, the S&P 500 fell 1.3%, the Nasdaq dropped 1.6% and the Dow declined 1%.
The February jobs report released on Friday showed weakness in the U.S. labor market. The U.S. economy lost 92,000 jobs in February, which was significantly worse than the expectation that the economy would add 50,000 jobs.
Gold prices declined after the initial spike following the Middle East conflict. Energy stocks performed relatively well, gaining 1% for the week despite the S&P 500’s decline.
