Market Sentiment - Risk assets experienced significant declines due to bearish sentiment driven by escalating trade tensions, disappointing earnings, and signs of economic fragility [1] - The sweeping trade measures, including a 25% tariff on imports from Mexico and Canada, and additional tariffs on European and Chinese goods, rattled markets and triggered broad-based sell-offs [1][2] Cryptocurrency Market - Cryptocurrencies faced severe risk aversion, with Bitcoin entering a bear market after dropping over 20% from its peak, despite a slight uptick after falling below $80,000 [2] - A massive security breach at Bybit resulted in the theft of $1.5 billion worth of Ethereum, further worsening sentiment in the digital asset space [2] Artificial Intelligence Sector - The artificial intelligence sector saw a decline as investors reassessed high valuations, with NVIDIA Corp. experiencing steep losses despite stronger-than-expected earnings [3] - The downturn in NVIDIA's stock negatively impacted peers such as Advanced Micro Devices Inc., Broadcom Inc., Qualcomm Inc., and Intel Corp., all of which reported declines [3] Economic Data - Economic data showed fresh cracks, with the fourth-quarter GDP remaining unchanged at an annualized growth rate of 2.3%, while inflation metrics were revised higher [4] - Personal spending contracted by 0.2% in January, marking the first negative reading since March 2023, and the Personal Consumption Expenditure price index remained above the Fed's 2% target at 2.5% [4] Housing Market - Housing data was disappointing, with pending home sales plunging 4.6% in January to the lowest level on record, attributed to elevated mortgage rates straining affordability [5] - The labor market showed signs of softening, as weekly jobless claims increased by 22,000 to 242,000, the highest level in over two months [5] General Motors - General Motors Co. announced a dividend hike, raising its quarterly dividend by three cents to 15 cents per share, effective in April [6] - The company also authorized a new $6 billion share repurchase program, which includes a $2 billion accelerated buyback initiative [6]