NextFin News - Before the U.S. market open on Monday, February 23, 2026.
Pre‑Market Performance
- U.S. index futures (points, pct): Nasdaq‑100 (NQ) 24,903, −164.5 (−0.66%); S&P 500 (ES) 6,889.3, −34.0 (−0.49%); Dow (YM) 49,404, −270 (−0.54%).
- Europe: FTSE 100 10,699.65 (+0.12%); CAC 40 8,505.02 (−0.12%); DAX 25,106.99 (−0.61%).
- Commodities: Brent crude $71.31 (−0.6%); WTI $66.06 (−0.6%); spot gold ~$5,164/oz (+1.2%). investing.com
- FX: U.S. dollar index (DXY) −0.3% in Asia; EUR/USD ~1.1820 (+0.4%). investing.com
- Context: Risk assets softened as investors digested a U.S. Supreme Court ruling that voided a swath of earlier emergency tariffs and the announcement of a new 15% global tariff framework; safe‑haven flows lifted gold. theguardian.com
Macroeconomic Policy and Data
- GDP (Q4 2025, advance): +1.4% SAAR (consensus ~+1.9%; prior Q3 +4.4%). Price index for gross domestic purchases +3.7%; PCE price index +2.9% (core +2.7%). The report was delayed due to the Oct–Nov federal shutdown. bea.gov
- PCE inflation (Dec 2025): Headline +0.4% m/m (prior +0.2%); +2.9% y/y (prior +2.8%). Core +0.4% m/m (consensus +0.3%); +3.0% y/y (prior +2.8%). investing.com
- Employment (Jan 2026): Nonfarm payrolls +130k (consensus ~+70k), unemployment rate 4.3% (from 4.4%); average hourly earnings +0.4% m/m, +3.7% y/y. bls.gov
- Fed policy: On January 28, the FOMC held the fed funds target range at 3.50%–3.75% (10–2 vote), with minutes (Feb 18) indicating a higher bar for near‑term cuts amid uneven progress toward 2% inflation. federalreserve.gov
- What’s next: BEA’s January 2026 Personal Income & Outlays (including PCE) is scheduled for March 13; markets will track whether the January core PCE pace cools after December’s upside surprise. bea.gov
Market take: The softer Q4 growth print alongside firmer December PCE and a resilient January jobs report argues for “higher‑for‑longer” policy rates into mid‑year, pressuring duration‑sensitive equities while supporting the dollar‑alternatives bid (gold). A fresh 15% tariff regime, even if temporary, could add to near‑term price pressures while clouding corporate margin visibility. bea.gov
Hot News
- Supreme Court unwinds prior emergency tariffs; new 15% tariff floated — The U.S. will stop collecting IEEPA‑based tariffs after the ruling; a new 15% global tariff under Trade Act Section 122 is slated to take effect, injecting policy uncertainty and weighing on futures and the dollar. theguardian.com
- Gold rallies as dollar dips — Bullion hit a three‑week high above $5,160/oz on haven demand tied to tariff turmoil; silver outperformed. Read more
- U.S.–Iran talks set for Thursday — Nuclear talks in Geneva are back on the calendar; oil eased about 1% on de‑escalation hopes. apnews.com
- Fed minutes reinforce cautious tone — January minutes signaled a slower, uneven path to 2% inflation and a high bar for earlier cuts. ft.com
- EU presses U.S. to honor trade commitments — The EU urged adherence to existing arrangements in the wake of the court ruling and tariff reset. apnews.com
U.S. Stock Focus
- Nvidia — Meta expands a multiyear partnership to deploy “millions” of Nvidia AI chips, including large Grace CPU rollouts and next‑gen Rubin GPUs; investors also eye Nvidia’s earnings mid‑week for AI demand signals. Meta–Nvidia deal; earnings setup
- Meta Platforms — The broadened Nvidia pact underscores Meta’s AI infrastructure push, spanning GPUs, CPUs and Spectrum‑X networking to power services from Reels to WhatsApp AI. datacenterdynamics.com
- Gilead Sciences — Gilead agreed to acquire Arcellx for up to $7.8B ($115/share cash + $5 CVR), consolidating control of multiple‑myeloma CAR‑T “anito‑cel”; Arcellx shares surged pre‑market. company release; Reuters via Investing
- Arcellx — The cash‑plus‑CVR deal values Arcellx at a hefty premium, accelerating its FDA‑filed anito‑cel program with Kite/Gilead. Bloomberg Law
- Domino’s Pizza — Q4 revenue beat ($1.54B, +6.4% y/y) offset a penny‑light EPS; U.S. comps +3.7% and a 15% dividend hike drove pre‑market gains. Barron’s
- Coinbase — Shares are lower pre‑market as Bitcoin slid below $65,000 amid tariff‑driven risk aversion, extending crypto equity softness. Barron’s
- Apple — Apple’s virtual shareholder meeting is set for Tuesday, Feb. 24; recent chatter around staggered Siri upgrades and FTC scrutiny weighed on the shares last week. meeting preview
- Microsoft — New disclosures suggest ~15M paid Microsoft 365 Copilot users (~3.3% of the base), fueling debate on near‑term monetization versus long‑run AI attach. Windows Central
- Newmont — The gold major topped Q4 expectations on elevated realized prices; tariff and dollar headlines lifting bullion provide a supportive backdrop into the open. Reuters
- AMD — AI chip momentum remains in focus after reports of novel financing structures using AMD accelerators as collateral, and management rebuttals to delay rumors on next‑gen parts. Tom’s Hardware
Risk radar: Policy volatility around tariffs, a firmer December PCE, and geopolitics (U.S.–Iran) are the key macro levers into this week’s AI‑heavy earnings slate. Equity beta looks sensitive to any upside surprises in inflation or escalation headlines; defensives and cash‑flow compounders may continue to garner support on dips. investing.com
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