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External headlines: Tesla plummets 15%, Musk says X is experiencing a large-scale cyberattack, Apple operating system will undergo significant upgrades, and Consumer pessimism about the economy deepens.
The main headlines that Global financial media focused on last night and this morning include: New York Fed Survey: USA Consumers' Pessimism about the Economy Deepens. The monthly survey conducted by the Federal Reserve Bank of New York shows that USA consumers expect a slight rise in the short-term inflation rate, and they are increasingly pessimistic about their financial situation. The consumer expectations survey by the New York Fed indicates that the median expectation for inflation over the next year increased from 3% in January to 3.1% in February. Expectations for inflation over the next three and five years remain stable at 3%, which may slightly reassure decision-makers closely monitoring such predictions. President Trump's policies may lead to a slowdown in economic growth.
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Traders who once bought into Trump's "pro-economy" agenda are being forced to pay for it.
Wall Street is uneasy again, but this time the "culprit" is not just inflation. Stock investors, big and small, are engulfed by fears of a slowing USA economy. The S&P 500 Index has retraced all the gains made since Trump's election as president, and Trump's "pro-growth" agenda had previously bolstered the stock market. Meanwhile, the technology-dominant NASDAQ 100 Index, after dropping over 10% in 17 days, briefly entered a correction zone on Friday, with these winners that had driven the stock market surge over the past two years facing sell-offs from investors. While the Trump administration is working to cut federal employees, inflation remains stubbornly high, and the unemployment rate is rising.
