The S&P500 stock benchmark has turned negative for the year, driven by a selloff led by tech giant Nvidia, economic slowdown fears, and escalating trade war concerns. The index dropped 1.5% on Thursday, following a significant jump in U.S. jobless claims and President Donald Trump’s warning of impending tariff increases. Nvidia’s stock plummeted 8.5%, erasing $274 billion in market value, after its latest earnings report disappointed Wall Street despite beating estimates. The tech-led decline has pulled the entire Philadelphia chip index down 6% and impacted the broader market. As February concludes, global stocks fell 0.5%, with Beijing accusing the U.S. of “tariff pressure and blackmail.” European countries announced retaliatory measures, leading to a decline in European stocks and the euro. The U.S. dollar reached two-week highs, while cryptocurrencies, including Bitcoin, saw significant losses. Economic indicators, including rising jobless claims and trade war uncertainties, are causing investor anxiety. The Federal Reserve’s favored inflation gauge, the January personal consumption expenditures (PCE) inflation reading, is in focus, though market concerns about a slowdown may shift attention to other economic readouts. Futures now indicate a 90% chance of another Fed cut by June, with expectations of 60 basis points of easing by year-end. Ten-year Treasury yields fell to new year lows, and the ECB is expected to cut rates following lower-than-forecast euro zone inflation reports. Japanese stocks also declined, hitting a five-month low, as Tokyo inflation readings came in below forecast. Key developments to watch include the U.S. January PCE inflation gauge, personal income and spending data, and remarks by Chicago Fed President Austan Goolsbee.