Wall Street slides as AI fears, PPI and Iran strikes
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- President Trump said that “major combat operations” in Iran began overnight, with U.S. and Israeli strikes on Iranian military and nuclear targets.
- Iran retaliated with missile attacks on U.S. military installations in the Middle East.
- Oil prices rose on Friday amid fears of crude supply disruptions from the Iran conflict.
- Producer Price Index for February came in hotter‑than‑expected, adding to inflation worries.
- Block cut roughly half of its workforce, intensifying anxiety about AI‑driven job losses.
- S&P 500 fell about 1% in February, its steepest monthly decline since March 2025, while the Nasdaq dropped roughly 3.4%.
- Nvidia shares fell nearly 6.7% last week despite better‑than‑expected earnings, while rival chipmaker Broadcom also slipped about 4%.
Why it matters: Investors are penalizing AI‑related job‑loss fears and a hotter‑than‑expected PPI, driving down the S&P 500 and Nasdaq, while the Iran strike lifts oil and benefits data‑center suppliers like Corning. Chip makers such as Nvidia tumble, whereas Qnity Electroncis and other AI‑infrastructure players post double‑digit gains.
