Market Commentary: Friday 7th March

A big day today—Non-Farm Payrolls are coming at a crucial time with elevated uncertainty, the S&P 500 testing below the 200 MDA, and Powell set to speak this afternoon. Trump is signaling that he is not focused on U.S. equity performance as he maintains his hard stance on tariffs, but many investors believe policies will be reversed if further market pain ensues.

China's top diplomat has accused Trump of taking a hypocritical approach to bilateral ties and denounced tariffs, adding to tensions and increasing the risk of a more severe trade war.

Fed’s Waller signaled that a rate cut in March is unlikely but indicated room for two, possibly three, cuts this year. Eyes will be on Powell and the flurry of Fed speakers later today for further clues.

The Bitcoin-specific reserve fulfills a promise set out by Trump, but the details have fallen short of investors' expectations, leaving Bitcoin slightly lower in the aftermath and back below $90,000.