E-mini S&P 500 futures ended the day and month lower.

E-mini S&P 500 futures concluded the month in negative territory, settling at 6,885 on Friday. The broader equity market faced persistent pressure from rising geopolitical and credit risks, leading to a steady decline throughout February. Despite the pullback, participants focused on the potential for interest rate adjustments, with market expectations pricing in 225 bps of cuts for 2026. Current projections suggest a shift in the timing of these moves toward July and October. Volatility trended higher in an inverse relationship to the indices as market risks intensified. Looking forward, the focus turns to significant labor market data, including ADP and non-farm payrolls, which will provide key insights ahead of the March FOMC meeting.