ECB stance weighed on European markets

US benchmarks closed lower with the Dow (DJIA) down 1.61%, the S&P 500 (SPX) off 0.56% and the Nasdaq (^IXIC) down 0.26%, while European markets slumped after ECB officials emphasized a meeting‐by‐meeting, data‐dependent policy stance; France's CAC (FRA40) fell 1.49%, the FTSE (UKX) lost 1.46% and Germany's DAX (DAX) dropped 1.61%. Asia outperformed: Shanghai (000001.SS) rose 0.64%, Hong Kong's Hang Seng (HSI) gained 0.28% and Japan's Nikkei (NKY) led regional gains, up 1.90%, leaving a mixed global close.

Energy led among US sector ETFs with XLE (+0.52%) while industrials lagged as XLI fell 2.22%; technology ETF VGT was essentially flat (+0.02%). Notable stock moves included SOC (+37.26%), TNGX (+36.28%), TTD (+18.36%), EXPE (+13.69%) and UNF (+13.62%) among gainers, while AEO (-13.90%), HYMC (-13.86%), IE (-12.90%), CIEN (-12.88%) and IESC (-12.66%) were the largest decliners.

ECB President Christine Lagarde and other policymakers reiterated a data‐driven, meeting‐by‐meeting approach and the ECB published the February Governing Council account confirming unchanged rates, a stance that kept the euro and euro‐area yields sensitive to incoming data and energy‐price developments. Malawi's central bank cut its policy rate by 200 basis points to 24% as inflation eased, easing local funding costs and potentially supporting domestic bonds and the currency.

Occidental upsized its cash tender offer cap from $700 million to $1.2 billion after heavy early participation, reshaping near‐term liability profiles and likely influencing credit and equity trading for the issuer. Cheniere announced a proposed offering of long‐dated senior notes (2036 and 2056), which could pressure yields along its curve as markets absorb long‐dated supply. Small‐cap updates included MediWound's Q4 results and reaffirmed 2026 guidance and Virtuix's fiscal update and Meta partnership, each flagged as drivers of idiosyncratic equity moves. Delinea completed its acquisition of StrongDM to secure AI‐agent identity authorization; Quantum Computing Inc. closed its acquisition of NuCrypt and Mastercam Canada completed its acquisition of In‐House Solutions. Announced transactions included Reclamation Partners' purchase of a 42,000‐square‐foot light‐industrial building and EQT Real Estate's acquisition of a 25‐asset logistics portfolio.