Manufacturing data and chip investment frame a reversal from early gains

QQQ opened 0.73% above reference but ended down 1.77%. SPY opened up 0.41% and ended down 1.48%, beating QQQ by 0.29 percentage point. February S&P Global manufacturing PMI was 52.7 versus 51.6 expected, while ISM manufacturing PMI was 50.3 versus 50.6 and its prices index hit 62.4 versus 56.2. The White House confirmed a signed action setting China tariffs at 20%. China later announced retaliatory duties, company sanctions and a WTO challenge. TSMC outlined five more U.S. chip factories and at least $165 billion in U.S. investment. After the close, Trump halted U.S. military aid to Ukraine and Nvidia-backed CoreWeave filed for an IPO.