Futures linked to the DOW JONES index fell 0.26% to 49,498.30 points, while those of the S&P 500 fell 0.27% to 6,890.90 points. NASDAQ 100 futures fell 0.45% to 24,899.70 points.
Wall Street is coming off a very volatile day last Friday, which was marked by the Supreme Court’s decision to strike down President Donald Trump’s tariffs, as it considered that the Government’s use of the International Emergency Economic Powers Act (IEEPA) was not justified. The Dow Jones, which fell more than 200 points, ended up rising 230 points (+0.47%), while the S&P 500 added 0.69% and the technology Nasdaq added 0.90%.
Investors had hoped that the Supreme Court ruling would ease tensions between the US and its trading partners and lead to possible refunds to companies affected by the tariffs, but it is not so clear. Trump himself announced on Friday the signing of an executive order that would immediately impose a global tariff of 10% on all countries under Section 122 of the Trade Act of 1974, but on Saturday he already warned that the rate would be 15%.
“I, as President of the United States of America, am going to increase, effective immediately, the 10% global tariff on countries, many of which have been ‘ripping off’ the US for decades, without retaliation (until I came along!), up to the maximum permitted and legally proven level of 15%”Trump wrote. Section 122 tariffs can only be in effect for 150 days, but the president warned that additional levies will be imposed in the coming months.
“It seems that Wall Street, and the broader economy, are going to be grappling with the issue of trade and tariffs for some time.” reflects Tim Holland, chief investment officer at Orion Wealth Management.
“There are many doubts about how the commercial scenario will evolve from now on, although what does seem evident is that President Trump will be more limited when it comes to using tariffs as a political weapon against other countries,» adds Juan J. Fernández-Figares, director of analysis at Link Securities. «At the moment, and after the initial positive reaction that the stock markets showed on Friday, today it seems that doubts have returned to investors, since everything indicates that the trade issue will take time to be resolved and stabilized.»
Meanwhile, Iran remains a focus for investors. Last week, Trump encouraged Iran to reach a deal on its nuclear program, warning that «bad things» could happen otherwise.
Trump is scheduled to deliver his State of the Union address to Congress this Tuesday.
On a business level, the main protagonist of the week is expected to be NVIDIA, which this Wednesday February 25 will present to the market the results of the fourth quarter of its fiscal year 2026. The current consensus of analysts predicts that revenues will be $65.68 billion, only slightly above the upper limit forecast by the company’s management. Earnings per share will be $1.46 per share, gross margin at 74.97%, according to forecasts.
But the market reaction will probably not depend so much on the ‘past’ figures that NVIDIA presents as on the forecasts for the first quarter of fiscal year 2027 (ending in April 2026). “This could be the real driver,” warns Tony Sycamore, market analyst at IG, “any revenue figure above $75 billion or $76 billion would indicate high and sustained growth.”
Eli Lilly & Co shares rose 4% in New York morning. The Danish Novo Nordisk has disappointed the market with its new weight loss drug (CagriSema), as it fails to improve the results of tirzepatide, the active ingredient in Lilly’s successful medications, Mounjaro and Zepbound.
Also in the pharmaceutical sector, The Wall Street Journal reports that Merck will create an independent division dedicated to cancer in the face of imminent pressure on sales. The company is breaking up its pharmaceutical unit to push to launch new products before its cancer drug Keytruda loses patent protection.
Honeywell has agreed with the British Johnson Matthey the modification of the agreement of last May for the acquisition of the catalytic technologies business (Catalyst Technologies) by which the total consideration is adjusted to 1,325 million pounds, 26.4% less than the 1,800 million pounds initially planned. Likewise, both companies have agreed to extend the deadline for compliance with the closing conditions from February 21 to July 21, 2026, specifying that, in the event that the only condition pending antitrust approval had not been met before the deadline, it could be extended until August 21, 2026, if certain conditions are met.
In commodity markets, oil prices are falling as the US and Iran prepare for a third round of nuclear negotiations, temporarily easing fears of an escalation of the conflict, while President Donald Trump’s new tariff hikes create uncertainty about global growth and fuel demand.
US West Texas oil futures fell 0.65% to $66.05 per barrel, while international benchmark Brent oil fell 0.63% to $70.85.
Gold once again acts as a refuge, with a rise of 10.87% to 5,148.88 dollars per ounce, while Silver advances 2.04% to 86.42 dollars.
In cryptocurrencies, Bitcoin has fallen below $65,000, although at this time it softens its fall somewhat to reach $66,323.
The euro fell 0.10% against the dollar, leaving the exchange rate at 1.1782 dollars for each single currency.