Daily Brief - February 23, 2026 (Morning)

 ## Pre-Market Overview U.S. futures are mixed ahead of the market open, reflecting cautious investor sentiment amid renewed tariff uncertainty and mixed earnings signals. The S&P 500 and Nasdaq 100 futures show modest gains, with SPY up 0.39% and QQQ up 0.37%, while the Russell 2000 futures are down 0.55%, indicating small-cap weakness. The Dow Jones futures are essentially flat. Overnight, Asian markets were mixed as tariff jitters weighed on sentiment despite some positive corporate news. Hong Kong and South Korea advanced, supported by easing trade tensions after the U.S. Supreme Court struck down parts of Trump-era tariffs, but concerns remain about ongoing trade policy uncertainty. European stocks are retreating as investors digest the implications of the tariff ruling and await key earnings reports from major tech companies. Gold prices surged 3.01%, reflecting safe-haven demand amid trade policy worries, while oil prices edged up 0.33% on geopolitical tensions and supply concerns. Bitcoin and Ethereum declined nearly 2%, pressured by continued crypto market volatility and recent large-scale ether sales by founders. ## Top Stories Moving Markets - **Eli Lilly Launches Multi-Dose Weight-Loss Drug Device** Eli Lilly is rolling out a new multi-dose device for its obesity drug Zepbound in the U.S., aiming to improve patient convenience and adherence. This innovation could strengthen Lilly’s position in the competitive obesity treatment market, especially against rivals like Novo Nordisk. Investors will watch **$LLY** closely as the company leverages this launch to drive growth. - **ASML Advances EUV Light Source Technology** ASML unveiled a breakthrough in extreme ultraviolet (EUV) lithography light sources that could increase chip production capacity by 50% by 2030. This technological leap is critical for semiconductor manufacturing and supports the ongoing AI and computing hardware boom. The news is positive for semiconductor equipment suppliers and chipmakers, including **$ADI** and **$MRVL**, which are poised to benefit from increased demand. - **U.S. Supreme Court Strikes Down Trump Tariffs** The Supreme Court invalidated parts of the Trump administration’s tariffs, creating uncertainty around U.S. trade policy. This ruling is a relief for many importers and global supply chains but leaves broader tariff risks unresolved. The decision is driving volatility in sectors sensitive to trade, such as industrials and consumer discretionary, and is a key factor for market direction today. - **Nvidia Earnings Anticipated with High Stakes** Nvidia’s upcoming earnings report is highly anticipated amid a recent AI-driven rally and mixed analyst sentiment. The stock has seen volatility, with some hedge funds reducing exposure ahead of the release. Nvidia’s results will be a bellwether for the semiconductor and AI sectors, impacting stocks like **$NVDA**, **$AMD**, and **$ADI**. - **JPMorgan CEO Jamie Dimon to Defend $2 Billion Weekly Spending** JPMorgan’s CEO is set to justify the bank’s $2 billion weekly expenditure at the annual investor day, addressing concerns about costs amid a challenging banking environment. This will be closely watched by financial sector investors, particularly for insights into JPMorgan’s strategy and cost management. **$JPM** is expected to trade on any clarity or guidance provided. ## Stocks to Watch Today - **$LLY** - Launch of multi-dose Zepbound device for obesity treatment could boost sales and market share. - **$ASML** - EUV light source breakthrough supports long-term chip production growth. - **$NVDA** - Earnings report due; key for AI sector sentiment and semiconductor demand outlook. - **$ADI** - Beneficiary of ASML’s technology advance; chip cycle recovery momentum noted. - **$AMZN** - Shares up 1.63%; strong consumer discretionary sector performance and AI investments. - **$ETSY** - Surged 7.10% after Depop sale; positive momentum in e-commerce niche. - **$DPZ** - Domino’s stock up 5.92% on strong U.S. sales growth and consumer demand. - **$BX** - Fell 4.54% despite Blackstone’s co-funding deal with Johnson & Johnson; watch for private equity sentiment. - **$SNOW** - Down 4.58% on margin concerns; earnings preview critical. - **$SOFI** - Declined 2.95%; fintech sector volatility amid growth and regulatory scrutiny. - **$WMT** - Down 1.74%; retail sector facing margin pressure despite affordability-driven sales. - **$XOM** - Fell 2.03% on oil price softness and geopolitical concerns. ## Sector Setup - **Technology:** Slightly negative with XLK down 0.14%, pressured by mixed earnings previews and regulatory scrutiny on software companies amid AI growth concerns. - **Financials:** Modestly positive, with XLF up 0.19%, supported by JPMorgan’s investor day and cost justification efforts. - **Consumer Discretionary:** Leading gains, up 0.43%, driven by strong sales at Domino’s, Amazon, and Etsy, reflecting resilient consumer spending. - **Energy:** Slightly down, XLE off 0.22%, amid geopolitical tensions and oil price fluctuations. - **Healthcare:** Slightly negative, XLV down 0.17%, as Novo Nordisk shares fall on a failed obesity drug trial, offsetting Eli Lilly’s positive launch. ## Economic Calendar & Fed No major economic releases or Federal Reserve events are scheduled for today. Market focus remains on corporate earnings and trade policy developments. ## Crypto & Commodities - Bitcoin is down 1.98% to $66,268.70, pressured by large ether sales and macro uncertainty. - Ethereum declined 1.73% to $1,923.17 amid founder Vitalik Buterin’s accelerated ether sales. - Gold surged 3.01% to $473.40, benefiting from safe-haven demand amid tariff uncertainty. - Oil edged higher 0.33% to $81.46 on geopolitical tensions and supply concerns. ## Trading Game Plan - Monitor the impact of the Supreme Court tariff ruling on trade-sensitive sectors and global supply chains. - Focus on consumer discretionary stocks showing resilience amid affordability pressures, including **$DPZ**, **$AMZN**, and **$ETSY**. - Watch semiconductor and AI-related names like **$NVDA**, **$ADI**, and **$ASML** for earnings-driven volatility and technology upgrades. - Financials may offer opportunities on JPMorgan’s investor day and cost management clarity; **$JPM** is key. - Manage risk around healthcare stocks as Novo Nordisk’s trial setback contrasts with Eli Lilly’s product launch. - Keep an eye on crypto market developments, especially ether sales and bitcoin price action, for broader risk sentiment cues.