Stock Market Update

[BRIEFING.COM] There was a positive bias in pre-market action driven largely by the gain in NVIDIA (NVDA 127.19, -4.09, -3.1%) following last night's earnings report and outlook. That positive bias was mitigated to a certain extent by President Trump's announcement that tariffs for Canada and Mexico will start March 4 and that (this is the kicker) China will face an additional 10% tariff starting March 4 as well.

The added sticking point now is that NVIDIA has rolled over into negative territory, unable to hold its pre-market gain and weighing some -- but not fully -- on market sentiment.

To that end, the equal-weighted S&P 500 is down 0.3% while the Vanguard Mega-Cap Growth ETF (MGK) is down 1.1%.

Just in, January Pending Home Sales were down 4.6% (Briefing.com consensus -0.8%) following an upwardly revised 4.1% decline (from -5.5%) in December.