February witnessed a shift in investor sentiment away from risky assets in the second half of the month, as concerns over tariffs resurfaced. In addition, weaker-than-expected US consumer confidence and a general feeling that the economy was deteriorating weighed on equities in general and technology stocks in particular. Although having little impact on the economic environment, the growing differences between allies over the situation in Ukraine, culminating - so far - in the unprecedented confrontation in front of the cameras between Presidents Trump and Zelenskyy, have not comforted investors.