White House & Policy - February 25, 2026 (Morning)

 ## Policy Overview The administration overnight has not issued any new executive orders or regulatory actions directly impacting trade or economic policy. However, the market is digesting the recent Supreme Court ruling on tariffs, which has significant implications for U.S. trade policy and corporate supply chains. The ruling effectively limits the administration’s ability to impose certain tariffs without explicit congressional approval, creating uncertainty around future tariff actions. The president is scheduled to deliver remarks later today, expected to address economic policy and trade strategy, potentially clarifying the administration’s stance on tariffs and trade negotiations. Additionally, congressional hearings are planned on trade enforcement and supply chain resilience, which could provide further insight into legislative intentions and regulatory priorities. Overall, market sentiment is cautiously optimistic but tempered by concerns over policy clarity on tariffs and trade enforcement. Investors are awaiting the president’s remarks and congressional developments for guidance on the administration’s approach to trade tensions and economic growth. ## Market Impact Pre-market futures show modest gains, reflecting relief that tariff escalation may be limited following the Supreme Court ruling. The S&P 500 futures are up, supporting the broader market’s positive tone. The Nasdaq 100 is outperforming, buoyed by technology stocks benefiting from easing trade tensions. Sector rotation is evident as financials and technology ETFs are leading pre-market gains, with **XLF** up 1.71% and **XLK** up 1.22%. Conversely, energy and industrial sectors are slightly weaker, with **XLE** down 0.38% and **XLI** down 0.78%, reflecting concerns about potential delays in infrastructure and energy projects amid policy uncertainty. The U.S. dollar is slightly weaker, with the UUP ETF down 0.11%, suggesting some risk-on sentiment. Long-term Treasury bonds are stable, with the 20+ Year Treasury ETF (TLT) down marginally by 0.04%. Gold prices are steady, reflecting cautious investor positioning amid geopolitical and trade uncertainties. Oil prices are down 0.98%, pressured by ongoing supply concerns and geopolitical tensions. ## Winners & Losers ### Potential Winners **$AAPL** – Benefits from tariff relief and potential easing of supply chain disruptions, supporting strong technology demand. **$MSFT** – Gains from reduced trade policy uncertainty, bolstering cloud and AI infrastructure investments. **$C** – Financials rally on prospects of stable economic growth and reduced trade friction. **$AXON** – Surging on AI-related demand and favorable policy environment for technology adoption. **$COIN** – Cryptocurrency and blockchain-related firms benefit from easing regulatory uncertainty and increased digital asset adoption. **$CAVA** – Consumer discretionary stock surging on strong earnings and positive sentiment amid stable economic outlook. ### Potential Losers **$FSLR** – Solar energy stocks face headwinds from tariff uncertainty and softer demand outlook. **$ALKS** – Healthcare names pressured by ongoing drug pricing scrutiny and regulatory risks. **$ALLT** – Communications and software firms hit by AI fears and valuation concerns. **$XPEL** – Auto and specialty manufacturing stocks impacted by tariff rulings and supply chain concerns. **$AMT** – Real estate investment trusts face pressure from policy uncertainty around infrastructure and commercial real estate. **$DE** – Industrial equipment makers weighed down by concerns over infrastructure spending delays. ## Sector Exposure - **Financials:** The sector is benefiting from reduced trade tensions and optimism about economic growth. Banks like **$C** and **$BAC** are rallying, supported by expectations of stable credit conditions and regulatory clarity. - **Technology:** Tech stocks are leading gains as tariff relief and easing trade policy uncertainty support semiconductor and software firms. Companies like **$AAPL**, **$MSFT**, and **$AMAT** are seeing positive momentum. However, AI-related valuation concerns persist for some software names. - **Energy:** The energy sector is under pressure amid softer oil prices and uncertainty over energy infrastructure approvals. Tariff-related supply chain risks continue to weigh on solar and renewable energy stocks. - **Healthcare:** The sector faces mixed impacts with ongoing regulatory scrutiny on drug pricing and reimbursement policies. Stocks like **$ALKS** are under pressure despite some earnings beats in biotech. ## What to Watch Today - The president’s scheduled remarks on economic and trade policy, expected to provide clarity on tariff strategy and trade negotiations. - Congressional hearings on trade enforcement and supply chain resilience, which may signal legislative priorities and potential regulatory changes. - Key earnings reports from technology and financial firms that could be sensitive to trade policy developments, including **$AAPL**, **$MSFT**, and **$C**. - Market reaction to the Supreme Court tariff ruling and its implications for future trade actions and corporate supply chains. - Risk factors include potential escalation in trade tensions if the administration pursues alternative tariff or trade measures, and geopolitical developments affecting commodities and currency markets.