Equities tumbled in the wake of what has become an official Russian invasion of Ukraine. The S&P 500 fell more than 2.0% at the low of the day but closed well off of those lows. While there are signs the sell-off is overextending the real test for the market comes Today with the PCE price index. The trouble in Europe is the news that sparked the selloff but it is inflation that set the stage. If the PCE comes in hot as it is expected to do it should seal the deal on whether or not the FOMC hikes rates by 50 basis points or 25 basis points at its next meeting.

Next week's market action may be just as volatile due to geopolitical events and the release of important economic data. Next week will bring the 1st of March and the monthly NFP read on Friday. The data is expected to be strong but could give further evidence of peaking within the economy.