New York, Feb 22, 2026, 15:00 EST — Market closed.
Linde plc shares last closed up 1.3% at $496.51 on Friday, after trading as high as $498.35 and as low as $487.31. About 3.2 million shares changed hands, leaving the industrial gases group parked just shy of the $500 mark going into Monday’s open.
Investors treat Linde as a bellwether for industrial production because it supplies oxygen, nitrogen and other gases across manufacturing, chemicals and steel as well as hospitals. The stock’s next leg will likely hinge less on company headlines and more on whether trade and rate worries fade enough to keep cyclicals in favor. (Reuters)
That gets messy fast. A U.S. Supreme Court decision striking down much of President Donald Trump’s broad tariffs jolted markets on Friday, and the court did not settle how refunds would work, leaving another fight for companies and the government. “It has good elements to it and slightly less good elements, because it will increase this legendary uncertainty that markets, of course, always fear,” said Chris Beauchamp, chief market analyst at IG Group in London. (Reuters)
On Sunday, U.S. Trade Representative Jamieson Greer said no country had told the United States it would pull out of existing tariff deals after the ruling, but he also said the administration would pursue trade restrictions through other legal channels. That keeps import costs, customer demand and capital spending assumptions in play for manufacturers and their suppliers. (Reuters)
Europe’s read-through was mixed. Rival Air Liquide said it was seeing a gradual improvement in Europe, with CEO François Jackow telling reporters, “There are probably a few more reasons to be optimistic than a year ago,” even as the group flagged pressure on the broader chemicals sector from weak demand and high energy costs. (Reuters)
Linde’s own last major update came on Feb. 5, when it forecast full-year 2026 adjusted earnings per share of $17.40 to $17.90 and first-quarter adjusted EPS of $4.20 to $4.30, pointing to higher pricing and productivity initiatives. Chief Executive Sanjiv Lamba said then that “Linde delivered another year of resilient performance.” (Linde)
The calendar next week is heavy enough to move rates, which can bleed into defensives and industrials alike. The Conference Board’s consumer confidence report is due Tuesday at 10 a.m. ET, while the Labor Department’s Producer Price Index (PPI) — a gauge of inflation at the factory gate — is scheduled for Friday at 8:30 a.m. ET; the Fed’s calendar also shows speeches by Governor Christopher Waller on Monday and Tuesday. (The Conference Board)
But there is a downside setup. If tariff relief proves short-lived and the administration pivots quickly to new levies, companies could freeze orders again, particularly in parts of Europe where demand has already been uneven. A surprise in inflation data could also push yields higher, testing valuation support for stocks that have been trading near their highs.
For Linde-specific color, the next scheduled checkpoint is March 4, when Chief Financial Officer Matt White and investor relations head Juan Pelaez are due to present at the Raymond James Institutional Investors Conference. (Linde)
