U.S. stocks fell on Friday as tensions between the West and Russia and concerns about the Federal Reserve's next policy steps weighed on market moves this week. Stocks were volatile as the market closed on Friday, with $2.2 trillion in options expiring on Friday adding to volatility. The S&P 500 turned gains at one point, but then resumed losses, with technology, energy and industrials all weighing on the index's performance. Separately, traders also trimmed risk positions ahead of the U.S. holiday on Monday. The Nasdaq Composite formed a "death cross," a technical formation that has sometimes signaled further market weakness in the past.

Callie Cox, a U.S. investment analyst at eToro, wrote that fear could be a good development for the market, and when investors are nervous, they tend to accumulate cash and hedge their positions. The worst market storms usually happen when investors don't expect it. Right now, we're hedged and prepared for a hard hit, but the real damage may not be as bad as we think. When the news surface calms down, this is a good trigger for the upside. Win Thin, global head of FX strategy at Brown Brothers Harriman, said the situation remains volatile and highly uncertain, and we believe the market will remain subject to changing risk appetite in the coming days.

This week (the week of February 21st to February 27th), the market will usher in a number of heavy data, including China's February LPR rate, the US PCE, personal spending and durable goods orders data in January, and the fourth quarter of the US Revised values of GDP data, CPI for the euro zone in January, etc. Investors will continue to focus on the situation in Russia and Ukraine. Although Russia insists that it will not invade Ukraine, and Ukraine is also skeptical about Russia's invasion of Ukraine, the remarks from Europe and the United States about Russia's invasion of Ukraine still make investors' worries linger.

On Friday, the US will release the PCE price index. The year-on-year growth rate of PCE in the United States in December last year recorded the highest level in nearly 40 years, and it is expected that the inflation rate will continue to accelerate this time. While Fed officials believe that inflation will eventually fall in the future, inflation that continues to exceed the central bank's target is unacceptable. New York Fed President Williams recently predicted that the US real GDP growth rate will be slightly below 3% this year, the unemployment rate will drop to around 3.5% by the end of the year, and PCE price inflation will drop to around 3%. As supply challenges ease, It will drop further next year.

①On Monday (February 21), the United Kingdom, France, Germany and the Eurozone France’s February Markit PMI and the National Bureau of Statistics released monthly reports on residential sales prices in 70 large and medium-sized cities.

② On Tuesday (February 22), Germany's February IFO business climate index, the UK's February CBI industrial order difference, the US December FHFA house price index, the US February Markit manufacturing PMI initial value, the US February Conference Board Consumer confidence index.

③ On Wednesday (February 23), Germany’s March Gfk Consumer Confidence Index, Switzerland’s February Credit Suisse/CFA Economic Expectation Index, the Eurozone’s January CPI, the New Zealand Federal Reserve’s interest rate decision and monetary policy statement, NYMEX New York crude oil in March Futures are affected by shifting positions and changing months. The last trading on the floor was completed at 3:30 on February 23, and the final electronic trading was completed at 6:00 in the morning. role".

④ Thursday (February 24), New Zealand's January trade account, the UK's February CBI retail sales difference, the US fourth quarter GDP, the US fourth quarter core PCE price index, the US January seasonally adjusted annualized total new home sales , 2024 FOMC vote committee, Richmond Fed President Barkin speaks on the U.S. economic outlook.

⑤ On Friday (February 25), Japan’s February Tokyo CPI, the UK’s February Gfk consumer confidence index, Germany’s fourth quarter GDP, France’s fourth quarter GDP, the euro zone’s February consumer confidence index, the euro District February Consumer Confidence Index, US January PCE Price Index, US January Durable Goods Orders, US February University of Michigan Consumer Confidence Index, US January Seasonally Adjusted Existing Home Sales Index, 2024 FOMC Voting Committee, Atlanta Fed President Bostic, Cleveland Fed President Mays delivered speeches respectively, ECB President Lagarde held a press conference after the Eurogroup meeting