Equities: U.S. stocks rebounded on Friday from early losses, shrugging off tariff uncertainty. The S&P 500 rose 0.69% to 6,909.51, the Dow Jones climbed 0.47% to 49,625.97, and the Nasdaq gained 0.90% to 22,886.07. Equities outperformed while bond prices and the U.S. dollar weakened, reflecting investor optimism despite lingering trade tensions.
Trade & Tariffs: The Supreme Court of the United States ruled 6–3 that President Donald Trump exceeded his authority in imposing broad global tariffs, leaving unresolved whether up to $170 billion in duties already collected must be refunded. The matter now returns to lower courts, likely setting up a lengthy legal process. Meanwhile, Trump announced a new five-month, 10% global tariff under Section 122 of the Trade Act, and officials are preparing investigations that could enable additional tariffs under Sections 301 or 232.
Economic Data: Fourth-quarter U.S. GDP growth slowed more than expected, rising 1.4% annualized—well below the 2.8% consensus estimate—partly due to government spending constraints during the longest federal shutdown in history. Still, full-year 2025 GDP grew a solid 2.2%, with modest acceleration expected in the current year. Oil markets are seeing their strongest start to the year since 2022, with supply shocks and sanctions pushing prices to a six-month high.
Corporate Earnings & Moves: Several companies reported mixed results and made notable announcements:
Grail (GRAL) plunged after its multi-cancer screening test failed to significantly reduce late-stage cancers.
Akamai Technologies (AKAM) fell despite higher revenue due to a quarterly profit decline.
Opendoor Technologies (OPEN) surged after surpassing revenue expectations.
AppLovin (APP) gained following reports of a new social media platform launch.
Klarna (KLAR) posted a 38% year-over-year increase in Q4 sales, fueled by U.S. expansion.
Super Micro Computer (SMCI) advanced 8% in a technical rebound.
Deere & Co (DE) raised its annual profit forecast, with shares up 4.7%.
Deckers Outdoor (DECK) rose after a Buy rating upgrade from Argus.
Live Nation (LYV) saw an 11% rise in Q4 revenue, driven by concert sales.
Legal & Political News: JPMorgan Chase confirmed it closed accounts tied to President Trump following Jan. 6, intensifying debates over "debanking." These moves have added legal and political layers to the broader market environment.
Entertainment: Actor Eric Dane passed away at 53 after a public battle with ALS, leaving a legacy of advocacy for awareness and research.
Crypto: On the investment front, Dragonfly Capital closed a $650 million fund for early-stage blockchain startups, signaling continued long-term conviction in digital assets despite market volatility.
Trump to Raise Global Tariffs to 15% Effective Immediately
President Donald Trump announced Saturday that he will increase global tariffs to 15% from 10%, just one day after the Supreme Court of the United States invalidated a broad portion of his trade agenda. In a post on Truth Social, Trump said the higher tariff rate would take effect "immediately" and signaled that further trade actions could follow in the coming months. "I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff … to the fully allowed, and legally tested, 15% level," Trump wrote, adding that his administration would soon determine and implement additional legally permissible tariffs.
JPMorgan Acknowledges Closing Trump Accounts After Jan. 6
JPMorgan Chase has acknowledged for the first time that it closed the bank accounts of President Donald Trump and several of his businesses following the Jan. 6, 2021, attack on the U.S. Capitol. The disclosure came in a recent court filing tied to Trump's $5 billion lawsuit against the bank and its CEO, Jamie Dimon, marking a significant development in the broader debate over so-called "debanking." In the filing, JPMorgan's former chief administrative officer stated that in February 2021 the bank notified Trump and affiliated entities that certain accounts within its private and commercial banking divisions would be closed. Until now, JPMorgan had not publicly confirmed that it terminated the president's accounts, previously speaking only in general terms about account closures and related policies.
Earnings Spotlight: Home Depot (HD)
Home improvement retailer Home Depot (HD) is set to announce fourth-quarter earnings results before Tuesday's opening bell. The company missed the earnings mark in three of the last four quarters. Analysts are expecting Home Depot to post earnings of $2.51 per share, reflecting a -19.8% decline versus the same quarter last year. Revenues are anticipated to drop -3.65% during the quarter to $38.25 billion. This outlook aligns with Home Depot's reaffirmed guidance for the latest fiscal year, which includes approximately 3% total sales growth and slightly positive comparable sales for the 52-week period.
What's Ahead
Economic:
Monday (Feb. 23): Factory Orders, Fed Governor Christopher Waller speaks
Tuesday (Feb. 24): Consumer Confidence, Chicago Fed President Austan Goolsbee, Atlanta Fed President Raphael Bostic, and Fed Governor Lisa Cook all speak, Wholesale Inventories, S&P Case-Shiller Home Price Index
President Trump's State of the Union Address (9:00 p.m. ET)
Wednesday (Feb. 25): Richmond Fed President Tom Barkin speaks, EIA Crude Oil Inventories
Friday (Feb. 27): Construction Spending, Producer Price Index (PPI)
Earnings:
Monday (Feb. 23): BWX Technologies Inc. (BWXT), Diamondback Energy Inc. (FANG), Dominion Energy Inc. (D), Domino's Pizza Inc. (DPZ), Keysight Technologies Inc. (KEYS), ONEOK Inc. (OKE), Woodside Energy Group Ltd. (WDS)
Tuesday (Feb. 24): Alibaba Group Holding Ltd. (BABA), American Tower Corporation (AMT), Axon Enterprises Inc. (AXON), Constellation Energy Corp. (CEG), EOG Resources Inc. (EOG), Home Depot Inc. (HD), MercadoLibre Inc. (MELI), NRG Energy Inc. (NRG), Realty Income Corp. (O), Workday Inc. (WDAY)
Wednesday (Feb. 25): Bank of Montreal (BMO), Diageo PLC (DEO), HEICO Corp. (HEI), HSBC Holdings PLC (HSBC), Lowe's Companies Inc. (LOW), NVIDIA Corp. (NVDA), Nu Holdings Ltd. (NU), Salesforce Inc. (CRM), Snowflake Inc. (SNOW), Synopsys Inc. (SNPS), TJX Companies Inc. (TJX)
Thursday (Feb. 26): Argenx SE (ARGX), Autodesk Inc. (ADSK), Baidu Inc. (BIDU), Cheniere Energy Inc. (LNG), CoreWeave Inc. (CRWV), Dell Technologies Inc. (DELL), Intuit Inc. (INTU), Monster Beverage Corp. (MNST), Royal Bank of Canada (RY), Sempra (SRE), Toronto-Dominion Bank (TD), Vistra Corp. (VST)
Friday (Feb. 27): BrightSpring Health Services (BTSG), Chart Industries Inc. (GTLS), Enel Chile S.A. (ENIC), Frontline PLC (FRO), Pearson PLC (PSO), Sociedad Quimica y Minera de Chile S.A. (SQM), TXNM Energy Inc. (TXNM)
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