February 28: Market Summary

Markets fell in February

Good afternoon.

Markets slide, the stock market wiped out $1 trillion in February, and Elon Musk is the world’s richest person again.

Let's dive in.

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Markets

Here are today's market moves:

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What Happened?

• U.S. stocks fell on Tuesday, ending the month of February on a down note.

• February was a bad month for markets. The S&P 500 finished the month down 2.6%, wiping out $1 trillion in market value:

• Why did markets slide? Recent hot economic data has increased the likelihood that the Federal Reserve will need to continue hiking interest rates at a significant pace.

• The crypto market fell on Tuesday, with Bitcoin trading near $23,000. The overall crypto market managed to climb 1% in February.

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Catch Up

1. Elon Musk is once again the world’s richest person after Tesla's 92% rally in 2023.

2. 289 days. That's the number of days that the S&P 500 has gone without hitting a record high.

3. Goldman Sachs and JPMorgan are restricting employees from using ChatGPT due to "compliance concerns."

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What Else?

Roshan Patel @roshanpateI

I created a fake LinkedIn profile of a founder. - AI-generated white male face - Stripe alum - Stanford dropout - Going through YC - "polymath" Within 24 hours, I had a VC to reach out to invest.

Dan Rose @DanRose999

I had an opportunity to spend some time with Steve Jobs towards the end of his life. Over the course of a handful of meetings, he said many things I still remember. He was ruthless, decisive, rude, charming, gracious - sometimes all in the same breath! Here's a few stories:

Thomas Maxwell @tomaxwell

WeWork raised a total of $22 billion in funding and is now worth $900 million

unusual_whales @unusual_whales

Warren Buffett in his annual letter said: "I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant for self-criticism & self-doubt, I have yet to see a time when it made sense to make a long-term bet against America."