Daily Brief - February 23, 2026 (EOD)

 ## Market Recap The major U.S. indices closed sharply lower today, with the Dow Jones Industrial Average leading the declines, down 1.63% to 48,801. The S&P 500 and Nasdaq 100 followed closely, falling 1.02% and 1.03% respectively, while the Russell 2000 also dropped 1.56%. The session was characterized by broad-based selling pressure, particularly hitting financials and technology sectors, amid renewed concerns over trade policy uncertainty and AI-related risks. Trading volumes were robust, with the S&P 500 ETF (SPY) seeing 90.7 million shares traded, reflecting heightened investor caution. Market sentiment soured as investors digested the U.S. Supreme Court’s decision on tariffs and growing worries about the impact of AI on certain sectors, notably software and financials. Defensive sectors such as healthcare and consumer staples bucked the trend, posting gains and providing some stability. The breadth was negative, with a majority of stocks declining, and several high-profile tech and financial names experiencing notable sell-offs, signaling a risk-off tone ahead of key earnings and economic data this week. ## Top Stories That Moved Markets - The U.S. Supreme Court struck down some of former President Trump’s tariffs, creating uncertainty around trade policy and sparking concerns about the potential for new tariffs. This development rattled markets, particularly financials and industrials, as investors weighed the implications for global trade and corporate earnings. Financial stocks like **$JPM** and **$GS** sold off sharply. - Anthropic, an AI company, announced a significant share sale for staffers, raising up to $6 billion. This move, coupled with the release of a new AI programming tool, sent shockwaves through the AI and software sectors. The announcement contributed to a sharp decline in AI-exposed stocks such as **$IBM** and **$CRWD**, as fears of disruption and competition intensified. - JPMorgan Chase’s shares fell amid mounting credit fears linked to private credit markets and AI-related risks, despite the bank’s optimistic outlook on net interest income and dealmaking pipelines. The stock’s decline reflected broader investor anxiety about financial sector vulnerabilities. - Earnings reports from industrial and transportation companies like Allison Transmission (**$ALSN**) and Forward Air (**$FWRD**) showed mixed results, with some misses on earnings per share but beats on revenue, adding to the cautious tone in the industrials sector. - Gold prices surged to a five-day high on tariff uncertainty and geopolitical tensions involving Iran, benefiting gold miners and related ETFs. This safe-haven demand contrasted with the weakness in equities and underscored investor risk aversion. ## Biggest Winners **$MYGN** - +26.57% - The stock rallied sharply following a strong Q4 earnings report, with investors reacting positively to better-than-expected profitability and a significant AI-related deal that boosted growth prospects. **$TARS** - +14.10% - Tarsus surged after reporting solid Q4 results and narrowing losses, supported by strong revenue growth and positive outlook commentary. **$SIBN** - +11.18% - Si-Bone jumped on robust Q4 earnings and optimistic guidance, reflecting strength in its orthopedic device market. **$MAX** - +10.08% - MediaAlpha’s shares climbed following a positive Q4 earnings call, highlighting growth momentum and strategic initiatives. **$TDW** - +8.34% - Tidewater rallied on strong Q4 results and an upbeat M&A outlook, signaling improving fundamentals in the offshore services sector. **$TNDM** - +8.26% - Tandem Diabetes Care gained on strong Q4 execution and promising pipeline developments. **$FPI** - +4.54% - Farmland Partners rose after reporting solid earnings and maintaining a healthy dividend yield. **$FRPT** - +4.66% - Freshpet’s shares advanced on a significant EPS beat and revenue growth, despite some revenue shortfalls. ## Biggest Losers **$GOSS** - -80.66% - Gossamer Bio plummeted after disappointing clinical trial results and a sharp sell-off in its shares. **$CRGO** - -30.18% - Freightos Limited tumbled on earnings that missed expectations and concerns about the ongoing freight recession. **$IBM** - -12.33% - IBM sank sharply following Anthropic’s AI tool announcement, which raised fears about competitive threats and AI disruption. **$ACVA** - -10.12% - ACV Auctions declined on profitability concerns despite revenue growth, reflecting investor skepticism. **$CRWD** - -10.16% - CrowdStrike’s shares fell amid AI disruption fears triggered by Anthropic’s new programming language tool. **$KRR** - -8.58% - KKR dropped on worries about private credit quality and broader financial sector risks. **$UCTT** - -7.02% - Ultra Clean Holdings declined slightly after a minor EPS miss in Q4. **$COIN** - -6.59% - Coinbase fell amid broader crypto market weakness and AI-related risk aversion. ## Sector Scorecard - **Leaders:** Healthcare (+1.10%) and Consumer Staples (+1.23%) outperformed as investors sought defensive exposure amid market volatility. Energy (+0.49%) also gained modestly, supported by steady oil prices and geopolitical tensions. - **Laggards:** Financials (-3.35%) were the worst-performing sector, pressured by credit concerns and tariff uncertainty. Technology (-1.68%) and Consumer Discretionary (-2.09%) also lagged, weighed down by AI disruption fears and earnings disappointments. ## Crypto & Commodities - Bitcoin closed at $62,977.15, down 2.56%, continuing its recent weakness amid broader risk-off sentiment and AI-related market jitters. - Ethereum also declined 1.77% to $1,822.70, tracking Bitcoin’s downward momentum. - Gold surged 2.70% to $481.28, hitting a five-day high on renewed tariff uncertainty and geopolitical risks, reinforcing its status as a safe haven. - Oil was essentially flat, up 0.06% to $80.90, as U.S.-Iran talks and supply concerns kept the market balanced. ## Tomorrow Setup Investors will closely monitor key economic data releases, including consumer confidence and durable goods orders, which could provide fresh insights into the health of the U.S. economy amid ongoing trade policy uncertainty. Earnings from major retailers and tech companies, including Home Depot and Nvidia, will be in focus, with Nvidia’s report particularly scrutinized for AI demand signals. Stocks with recent momentum such as **$MYGN**, **$TARS**, and **$PYPL** may continue to attract attention, while those hit hard today like **$IBM**, **$CRWD**, and **$ACVA** could face further volatility. Risk factors include ongoing tariff policy ambiguity, AI sector disruption fears, and credit market concerns, especially in private credit and financials. Market participants will also watch for developments in U.S.-Iran negotiations and any new trade policy announcements that could impact global markets.