February 23, 2026

Markets

U.S. stock futures moved lower Monday after President Donald Trump announced he is raising global tariffs to 15%, following the Supreme Court’s decision to strike down his proposed “reciprocal” tariffs.

Gold rallied as the new tariff headlines added uncertainty around inflation and global growth. Spot gold climbed more than 1%, while futures gained roughly 2%.

Bitcoin sold off sharply, briefly dropping below $65,000 before rebounding above $66,000. The cryptocurrency remains down about 1.7% as volatility continues.

The moves follow Trump’s weekend comments confirming the tariff increase from the previously announced 10% rate. He stated the duties would take effect immediately, though official documentation on timing remains unclear.

Wall Street is coming off a volatile session. On Friday, stocks initially surged after the Supreme Court struck down a large portion of Trump’s trade agenda, then pulled back before stabilizing into the close.

Geopolitics also remains in focus. Trump urged Iran to reach a nuclear agreement, warning of consequences if negotiations fail.

This week’s key event: Nvidia earnings on Wednesday. The chip giant is one of only two Magnificent Seven names positive on the year. Investors will be watching closely to ensure its AI growth trajectory remains intact.

Portfolio

We enter the week holding setups in SD, CORZ, and TGB.

We expect continued chop and range-bound action into NVDA earnings. We’ve been discussing this for two weeks now — and until Nvidia reports, that likely remains the environment.

This consolidation is extremely healthy in the bigger picture. The market has been coiling. A significant move is coming — it’s just a matter of direction. As always, we’re prepared to attack both sides of the tape.

QQQ Small gap down to start. Gap sits near 609 and we’re holding the trendline dip early. Bias remains higher this week as long as we stay above the prior day’s low. Above 610 opens 612, then 617.

Right now, many traders are aggressively buying puts, convinced we’ve topped. That’s often the wrong approach. Timing breakouts and breakdowns is one of the hardest things to do. Let price develop. Then we strike.

This volatility and consolidation — and I can’t stress this enough — is setting up what could be the best opportunity environment we’ve seen since Fall 2025.

Patience.

For those in the Northeast stay safe in the blizzard and be prepared today.