New York, Feb 22, 2026, 00:57 EST — Market closed
- Trump plans to implement a 15% temporary global tariff, following the Supreme Court’s ruling against his previous program.
- Nasdaq Composite wrapped up Friday at 22,886.07, climbing 0.90% for the session and notching a 1.51% gain for the week.
- Nvidia’s fourth-quarter FY26 numbers are coming Feb. 25, with the webcast scheduled for 2:00 p.m. PT (5:00 p.m. ET). Details are posted on .
Nasdaq traders step into the week bracing for fresh tariff noise. President Donald Trump announced plans to boost the temporary blanket import tariff to 15%. Wendy Cutler, a former senior U.S. trade official now at the Asia Society, called the sudden move another sign of the “uncertainty trading partners faced.” Reuters
Nasdaq Composite ended Friday higher by 0.90% at 22,886.07, locking in a 1.51% gain for the week as stocks rallied following the Supreme Court’s decision to overturn Trump’s prior tariff policy. Alphabet added 3.7%, Amazon climbed 2.6%, and Apple advanced 1.5%. “Today is a removal of some uncertainty, and we’re on to the next phase,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments. Reuters
Fresh economic data at the end of the week brought the Nasdaq’s rate story back to center stage. The fourth quarter saw GDP up at a 1.4% annual pace, while the core PCE price index—excluding food and energy—climbed 0.4% in December and marked a 3.0% jump over the past 12 months. Michael Pearce, chief U.S. economist at Oxford Economics, described the economy as “resilient” and said he thinks the Fed will remain on pause. Reuters
The Bureau of Economic Analysis said personal consumption expenditures inflation—the Fed’s preferred measure—came in at 2.9% year-over-year in December. The next Personal Income and Outlays report, which will feature the PCE price index, is set for March 13, according to the agency’s calendar.
Nvidia (NVDA)—widely seen by traders as the bellwether for the AI trade—delivers its fiscal fourth-quarter numbers this Wednesday. The release and webcast are set for 2 p.m. PT, according to the company’s schedule.
Wall Street’s focus is set to shift away from the headline numbers and zero in on forecasts for data-center demand and margins. According to Kiplinger, the street is looking for $1.53 per share on $65.69 billion in revenue. Susquehanna’s Christopher Rolland is calling for “better results and guidance” as “GB300 continues to ramp,” a dynamic that could extend to chip peers like AMD (AMD) and Broadcom (AVGO). Kiplinger
Outside of semis, eyes turn to the software sector. There’s another test for pricing power coming as AI tools grow cheaper and smarter. Reuters’ latest markets preview pointed to updates from names like Salesforce CRM and Intuit (INTU)—a spotlight after software stocks stumbled earlier this year, with investors jittery over whether AI could undermine core business models.
The Producer Price Index, a gauge of wholesale inflation, lands Friday morning at 8:30 a.m. ET. If input costs stay stubborn, that’s fuel for higher bond yields and more speculation about the Fed holding rates steady for longer.
There’s not much on the U.S. data calendar this week, but Fed speakers are in the mix. According to Kiplinger, Governor Christopher Waller kicks things off with remarks early on, and the Conference Board’s consumer confidence numbers roll out Tuesday.
Rate-cut odds are shaky. Bank of America economists point to CME FedWatch, which tracks fed funds futures, showing just a 47% probability of the next cut happening in June, even as inflation risks keep hanging around.
There’s a risk here. Should tariffs push up costs and inflation keep running high, the Fed could hold off on rate cuts, leaving the Nasdaq’s high-multiple names exposed to rate volatility. One more blow: a cautious forecast from Nvidia.
