US equity markets fell sharply, unwinding opening gains as President Trump said that tariffs against Mexico and Canada will go ahead as planned tonight AEST (and also signed an action to impose an additional 10% duty on China, according to an administration official), while investors also digested signs of a fresh spike in inflation pressures - Dow dropped -650-points or -1.48%. Nvidia Corp fell 8.81% to US$114.22 to be the worst performer in the 30-stock index overnight, with the stock falling into official correction territory after settling more than >20% below its record all-time closing high of US$149.43 set on 6 January. There were reports that Nvidia and Broadcom Inc (-6.05%) are testing Intel Corp’s (-4.17%) chip manufacturing process. Separately, The Wall Street Journal reported on Sunday (2 March) that Chinese buyers were finding ways to buy Nvidia’s chips despite President Trump’s attempts to limit sales to Beijing. Elsewhere, Amazon.com Inc (down -3.42%), Caterpillar Inc (-3.46%) and Chevron Corp (-3.49%) all fell over >3%.
