The three major U.S. equity averages finished mixed in February with the S&P 500 down a second time in the past three months and the Nasdaq Composite (-3.33%) posting its worst month since March 2025. Investors shifted out of Big Tech mega cap stocks and rotated into cyclical-based sectors and other traditional safe havens including U.S. Treasurys and precious metals. Wall Street woes included mounting tariff repercussions following the Supreme Court IEEPA decision, geopolitical risks in Iran, and selective selloffs in artificial intelligence (AI) related stocks. Software service firms were again among the hardest hit. Risks intensified at month end after a leading payments company announced plans to cut 40% of its workforce as it embraces AI.