Markets were expecting serious tests the previous week. NVIDIA, which holds the top positions by market capitalization, was scheduled to report quarterly results on Wednesday — February 25. But this was not the only factor that could trigger volatility.

The situation was tense from several angles. Geopolitics added uncertainty — talk of possible US actions against Iran was in the air. On top of that, no one really understood where tariff policy would turn under the new administration. This created a backdrop in which any major report could trigger sharp moves.

But the main factor was speeches from the ФРС. Waller, a Federal Reserve governor, was due to speak on Monday at 21:00. The following day, on Tuesday, at the same time, Chicago Fed President Goolsby planned his remarks. The words of official ФРС officials always affect traders’ sentiment, and at that time it was especially critical.

Add to this economic data — initial jobless claims on Thursday, the Producer Price Index on Friday. Both events at 21:30 Beijing time. Such a concentration of important events usually means the market will be on heightened alert. Volatility during such weeks is not the exception, but rather the rule.