Nasdaq and Dow Jones set to start week lower as Trump resets tariffs

• Trump increased his planned global tariff from 10% to the maximum 15% allowed under Section 122 authority, though this measure expires mid-July without Congressional approval
• Gold rose over 1% to $5,163.40 per ounce and silver jumped nearly 3% to $87/oz as precious metals benefited from renewed uncertainty
• The Nasdaq remains in negative territory year-to-date and is a major global underperformer, with key events ahead including Trump's State of the Union and Nvidia earnings on Wednesday

Market Summary: US Futures Drop on Renewed Tariff Uncertainty

Market Overview:

US stock futures opened lower on Monday, February 23, 2026, with the Nasdaq down 0.6%, S&P 500 off 0.4%, and Dow Jones declining 0.3%. This follows a volatile weekend of tariff policy shifts that dampened investor sentiment entering the final trading week of the month.

Key Developments:

President Trump responded to the Supreme Court's ruling that his broad-based tariffs were unconstitutional by announcing a revised approach. He initially proposed a 10% global tariff under Section 122 authority, quickly raising it to the maximum 15% on Saturday. These measures only last until mid-July without Congressional approval.

Commodity Markets:

Renewed uncertainty drove safe-haven demand, pushing gold up over 1% to $5,163.40 per ounce and silver surging almost 3% to $87/oz. WTI crude oil rose 0.2% to $66.61 per barrel amid concerns over potential US strikes on Iran.

Market Implications:

Analysts suggest the new tariffs represent "smoke and mirrors" while the administration prepares alternative measures under Section 301 trade rules. The uncertainty is "fueling the sell-America trade," with the tech-heavy Nasdaq remaining in negative territory year-to-date after what analysts call a "bruising month" driven by AI-related concerns.

Week Ahead:

Key events include President Trump's State of the Union address Wednesday, Nvidia earnings release the same day, multiple Fed member speeches, and wholesale inflation data Friday. Factory orders and Dallas Fed manufacturing index are due Monday.

Analysts note "frayed investor nerves" amid mounting concerns over tariffs, geopolitical tensions, and potential weaknesses in the private credit sector.