The U.S. economy appears to be resilient.

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What you need to know today

The CSI 300 index in China and the Hang Seng index in Hong Kong were mostly higher on Friday, while the Japanese markets were closed for the Emperor's Birthday holiday. The S&P 500 index in the US rose to new highs, fueled by Nvidia's blockbuster earnings. The Nasdaq Composite index also jumped, notching its best day since January 2023. The Dow Jones Industrial Average ended the day up, extending its winning streak for nine days in a row.

Grab reported its first profitable quarter and announced a $500 million share buyback. According to Grab CFO Peter Oey, mobility levels have surpassed pre-Covid levels and there is a strong demand for mobility services. Additionally, tourism is experiencing significant growth.

On Thursday, Reddit filed its IPO prospectus with the Securities and Exchange Commission, marking the first major tech initial public offering of the year. The company intends to trade on the New York Stock Exchange under the ticker symbol "RDDT."

Sundar Pichai, CEO of Google, stated that AI can significantly aid in defending against cybersecurity threats. Research from Cybersecurity Ventures predicts that the global economy will suffer a loss of $10.5 trillion due to cyberattacks by 2025, up from an estimated $8 trillion in 2023.

Goldman Sachs has identified "Seven Samurai" stocks in Japan as potential equivalents to the U.S.'s "Magnificent Seven."

The bottom line

The U.S. economy appears to be humming along, at least for now.

The cost pressures for manufacturers and service businesses decreased again in February, as indicated by a key gauge.

S&P Global's composite index of purchase managers decreased slightly to 51.4 in February, but at a slower pace compared to January.

Although the service sector experienced a slight decline in growth, the manufacturing sector experienced a strong return to growth, with factory output increasing at its fastest rate in ten months.

S&P Global's chief business economist, Chris Williamson, stated that both manufacturing and services are expanding for the first time in three months, with subdued price pressures accompanying the expansion.

Williamson stated that the latest data shows the economy expanding in the first quarter, with annualized GDP growth expected to be around 2%.

On Thursday, Fed vice chair Philip Jefferson expressed caution about the potential for things to go wrong despite reasons for optimism.

Jefferson stated that he foresees at least three significant risks in the future. He predicted that consumer spending may be more resilient than he initially anticipated, which could hinder inflation's progress.

He added that employment could decline as economic growth factors diminish.

Geopolitical risks could also remain elevated, Jefferson pointed out.

The escalation of conflict in the Middle East could lead to higher commodity prices, including oil, and have a significant impact on global financial markets. Despite the potential for the U.S. economy to avoid a recession or a soft landing, it is crucial to remain vigilant and adapt to ongoing risks.