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The stock market is set to wrap up a February to forget on a high note.
The S&P 500 is up 0.7%, shaking off some initial stumbles among key tech stocks like Nvidia. The Nasdaq gained 0.8%. The Dow was up nearly 300 points, or 0.7%. Today’s gains won’t heal all the scars of a rough month on Wall Street.
The Nasdaq Composite has tumbled 5.3% this month, which would be its largest monthly decline since September and its worst February since the start of the pandemic in 2020.
The Dow is still down 2.5% this month, on track for its worst February since 2023 and its worst month of the new year. The S&P 500 is down 2.7% this month, on track for its worst month since April 2024 and its worst February since 2022.
Cracks in the economy and worries about tariffs have weighed on stocks. Wall Street has also been shedding highflying tech stocks. The Roundhill Magnificent Seven ETF is down 9.3% this month, on track for its worst month since the ETF’s inception in April 2023, according to Dow Jones Market Data. It’s having its worst week since April 19, 2024.
Next week’s jobs report will be a major event for markets as Wall Street looks to size up the labor market amid recent declines in consumer sentiment and job cuts under the Trump administration.
