U.S. equity markets experienced a choppy and rotational month in February, shaped by shifting sector leadership, mixed economic data, and renewed geopolitical and inflation concerns. Early in the month, equities extended the strength seen in January, supported by cooling inflation reports and solid consumer spending and retail sales data. However, volatility increased as concerns about AI-driven disruption spread across industries, with several media reports highlighting the potential for artificial intelligence to displace portions of the labor force.