Market Roundup: What Happened Yesterday and What Awaits Us Today (February 23)

Wall Street rebounds after Trump's tariffs are dropped… Nasdaq ends its losing streak and gold jumps as tensions escalate

US stock indexes closed higher on Friday, capping a positive week after the Supreme Court struck down sweeping tariffs imposed last year by President Donald Trump, dealing a blow to a central plank of his economic agenda.

The Nasdaq rose 0.9% on the session, finishing the week up 1.5% and snapping a five-week losing streak. The S&P 500 gained 0.7% on Friday for a weekly advance of 1.1%, while the Dow Jones Industrial Average climbed 0.5%, posting a more modest 0.3% gain for the week.

The rebound followed a volatile prior session, when stocks slipped as oil prices surged to six-month highs amid a US military buildup in the Middle East aimed, according to reports, at pressuring Iran toward a nuclear agreement.

In a 6–3 ruling, the Supreme Court found that the tariffs imposed on most US trading partners were unlawful, arguing that the president had exceeded his authority by invoking emergency powers to levy import taxes.

The decision came against a mixed economic backdrop. The personal consumption expenditures (PCE) index — the Federal Reserve’s preferred inflation gauge — showed prices rising 2.9% year-on-year in December, above expectations. Core PCE, which excludes food and energy, climbed to 3% from 2.8% in November. The data release had been delayed by a month due to the government shutdown.

Meanwhile, fourth-quarter GDP grew at an annualised pace of 1.4%, well below the 4.4% rate recorded in the third quarter and weaker than expected, amid the longest government shutdown in US history. Additional reports pointed to slower activity in both manufacturing and services, although consumer confidence edged higher and new home sales surprised to the upside late in 2025.

In fixed income markets, the 10-year Treasury yield ticked up to 4.09% from 4.08%, a level closely watched for its impact on mortgage and consumer borrowing costs.

Among individual stocks, AppLovin gained about 2% on reports it is developing its own social networking platform. Grail plunged roughly 50% after disappointing cancer treatment trial results, while Akamai Technologies fell 14% after issuing weaker-than-expected guidance.

Large-cap technology stocks were mostly higher. Alphabet rose around 4%, Amazon climbed 2.5%, and Nvidia, Apple and Meta Platforms each gained more than 1%. Microsoft edged slightly lower, and Tesla was little changed.

In commodities, West Texas Intermediate crude settled near $66.50 a barrel. Gold futures rose 2.5% to $5,125 an ounce amid rising geopolitical tensions, while silver jumped 9% to $84.50 an ounce. Bitcoin traded near $67,800, off its intraday high above $68,000. The US dollar index slipped 0.2% to 97.75.

Looking ahead, markets are likely to remain sensitive to political developments around trade policy and any potential alternative measures from the administration. Investors will also watch bond yields and upcoming inflation data closely as debate continues over the Federal Reserve’s policy path. Stability in oil prices and easing geopolitical tensions could help equities extend gains, particularly in technology, while any renewed escalation or further signs of slowing growth may drive flows toward traditional safe havens such as gold and Treasuries.