Daily Brief - February 24, 2026 (EOD)

 ## Market Recap The major U.S. indices closed higher today, led by the Nasdaq 100 which gained 1.12%, followed closely by the Russell 2000 at +1.11%, the Dow Jones Industrial Average at +0.76%, and the S&P 500 at +0.75%. The S&P 500 reclaimed ground to close at $687.50, recovering from an intraday low near $680. The Nasdaq showed strong tech sector leadership with a range topping near $609, reflecting renewed investor confidence in growth names. The Russell 2000’s solid gain highlighted strength in small caps, suggesting broad-based market participation. Market sentiment was constructive, driven by optimism around AI-related developments and easing concerns over tariffs after the Supreme Court ruling. The session was characterized by a steady advance with moderate volume; the S&P 500 ETF (SPY) traded 73.8 million shares, slightly above average, and breadth was positive with technology and consumer discretionary sectors leading gains. Defensive sectors like healthcare and energy lagged, reflecting investor preference for growth and cyclicals amid improving risk appetite. ## Top Stories That Moved Markets - **PayPal (PYPL)** surged 7.16% on takeover speculation after reports that fintech startup Stripe is weighing an acquisition of PayPal. The stock saw unusually high trading volume, reflecting renewed investor interest in the payments sector. - **Advanced Micro Devices (AMD)** jumped 9.23% following news of a multiyear AI chip supply deal with Meta Platforms, validating AMD’s position in the AI hardware race and fueling enthusiasm for semiconductor stocks. - **Keysight Technologies (KEYS)** soared 23.05% after strong quarterly orders and positioning as an AI infrastructure beneficiary, making it one of the day’s standout performers. - **Workday (WDAY)** declined sharply by 8.06% after disappointing earnings guidance highlighted the cost pressures of competing in the AI space, raising concerns about near-term profitability. - The Supreme Court ruling on tariffs created a more favorable trade outlook, supporting a broad market rebound and lifting industrial and technology shares. ## Biggest Winners - **Keysight Technologies (KEYS)** +23.05% – Strong AI-related order momentum and upbeat outlook. - **Iovance Biotherapeutics (IOVA)** +31.83% – Positive clinical trial data and strong volume. - **Axon Enterprise (AXON)** +20.69% – Earnings call reassurances on AI fears and robust 2028 sales targets. - **Beam Therapeutics (BEAM)** +14.55% – Solid earnings and growth prospects. - **Ardelrx (ARDX)** +13.39% – Positive earnings and insider buying. - **Cipher Mining (CIFR)** +12.94% – Earnings beat and favorable outlook in crypto mining. - **Innovative Industrial Properties (IIPR)** +10.70% – Earnings beat and dividend growth potential. - **Alliance Entertainment (AENT)** +8.69% – Strong physical movie revenue growth. ## Biggest Losers - **Dream Unlimited Corp. (DRM:CA)** data not available. - **CECO Environmental (CECO)** -22.98% – Merger-related uncertainty despite deal announcement. - **First Watch Restaurant Group (FWRG)** -19.74% – Earnings miss and cautious outlook. - **Fulcrum Therapeutics (FULC)** -20.20% – Earnings disappointment. - **Shoals Technologies Group (SHLS)** -30.10% – Earnings miss and tariff impact concerns. - **Tarsus Pharmaceuticals (TARA)** -27.32% – Interim Phase II results weighed on shares. - **Xometry (XMTR)** -22.35% – Earnings miss and weak guidance. - **Workday (WDAY)** -8.06% – Weak revenue guidance and AI competition costs. ## Sector Scorecard - **Leaders:** Technology (+1.30%) and Consumer Discretionary (+1.52%) led the market higher, driven by strong earnings and AI-related optimism. Technology benefited from semiconductor and software strength, while consumer discretionary gained on upbeat retail and travel stocks. - **Laggards:** Healthcare (-0.42%) and Energy (-0.05%) underperformed. Healthcare faced profit-taking after recent gains and mixed earnings, while energy was pressured by a slight pullback in oil prices despite geopolitical tensions. ## Crypto & Commodities - Bitcoin (BTC) declined 0.81% to $64,103.63, reflecting some profit-taking after recent strength but holding above key support levels. - Ethereum (ETH) edged up 0.20% to $1,859.15, showing resilience amid broader crypto volatility. - Gold (GLD) fell 1.71% to $473.03, pressured by prospects of a prolonged Fed rate hold and a stronger dollar. - Oil (USO) slipped 0.60% to $80.41, as traders weighed the outlook for Iran nuclear talks and ongoing OPEC+ supply considerations. ## Tomorrow Setup Investors will focus on several key developments: - Earnings reports from major tech and AI-related companies including Nvidia, Salesforce, and Synopsys, which could set the tone for the sector and broader market. - The State of the Union address by President Trump, expected to include plans for new tax cuts and economic policies, which may influence market sentiment and risk appetite. - Continued monitoring of tariff developments and trade policy after the Supreme Court ruling, as well as geopolitical risks related to Iran nuclear negotiations. - Watch for momentum in AI chipmakers and software stocks, especially those with recent positive news like AMD and Keysight. - Risk factors include potential profit-taking after recent rallies, ongoing AI disruption fears in software, and mixed guidance from key earnings reports. Overall, the market appears poised for cautious optimism heading into a busy earnings week, with technology and consumer discretionary sectors likely to remain in focus.