01 Stock Market
As of Feb 23, U.S. stock index futures performed as follows: Dow-linked futures fell 0.34%, S&P 500 futures fell 0.39%, and Nasdaq 100 futures fell 0.58%. Tariff-related uncertainty weighed on risk appetite, with megacap tech pointing lower pre-bell while haven demand supported precious metals-linked proxies. Trading tone reflected caution after policy headlines, with investors monitoring corporate catalysts and cross-asset moves into the open.
Notable Stock Movers: Policy-sensitive large caps and event-driven names led early action. NVO down 14.66% at $40.47; NVDA down 0.28% at $189.29; AMD down 1.53% at $197.09; MSFT down 0.39% at $395.69; AAPL down 0.56% at $263.10; AMZN down 0.92% at $208.18; GOOG up 0.35% at $316.00; China ADRs saw selective strength with PDD up 2.60% at $107.67 and NIO up 2.17% at $5.18. Defensive bid showed in metals proxies: AGQ up 4.69% at $165.96, SLV up 2.47% at $78.51, and GLD up 1.04% at $473.51.
Semiconductor-levered products and select growth shares lagged as investors pared risk. Leveraged chip ETF SOXL down 3.00% at $65.10 and inverse QQQ SQQQ up 1.86% at $71.68 signaled a cautious stance toward high beta. Among Chinese platforms, BABA up 0.78% at $155.65 and JD up 0.88% at $27.65 offered pockets of resilience, while tariff-sensitive cyclicals and EVs were mixed heading into the bell.
02 Other Markets
• 10-year U.S. Treasury yield fell 0.15%, to 4.08%.
• U.S. Dollar Index fell 0.0419% to 97.75.
• WTI crude oil futures fell 0.08% to 66.43 USD/barrel; COMEX gold futures rose 1.82% to 5173.50 USD/ounce.
03 Key News
1. Gilead Sciences said it will acquire Arcellx in a cash deal valued around $7.8 billion, boosting its oncology pipeline. The transaction includes $115 per share in cash plus a contingent value right of $5 per share, representing a sizable premium to Arcellx’s prior close. The purchase expands Gilead’s cell therapy footprint and positions the company for longer-term growth in hematologic malignancies.
2. Domino’s Pizza reported U.S. same-store sales growth that exceeded analyst expectations, lifting shares premarket. Management highlighted value-focused promotions and new menu items alongside third-party delivery partnerships to drive traffic and order frequency. Bottom-line performance improved year over year, underscoring demand resilience in a budget-conscious consumer environment.
3. Novo Nordisk said its experimental obesity therapy CagriSema failed to meet a non-inferiority endpoint versus Eli Lilly’s tirzepatide, pressuring Novo shares. The study showed about 23% average weight reduction for CagriSema versus roughly 25.5% for tirzepatide, underscoring competitive challenges in incretin-based obesity treatments. Eli Lilly shares gained as investors reassessed competitive positioning in the category.
4. The U.S. Supreme Court invalidated tariffs imposed under emergency powers, curbing the executive’s latitude to enact duties unilaterally. The ruling removed a widely used tool for rapid tariff deployment, prompting a re-evaluation of trade policy frameworks. Businesses now face legal and administrative recalibrations as prior measures are unwound or replaced.
5. The administration announced a temporary 15% global tariff under alternate authority to replace voided duties, introducing fresh planning uncertainty. Officials indicated scope and exemptions would be determined through separate processes, potentially varying by country and sector. Companies are reassessing supply chains and pricing strategies while awaiting further guidance.
6. U.S. Customs and Border Protection said it will halt collection of tariffs deemed illegal and deactivate associated tariff codes. The agency notified shippers that entries impacted by the ruling will be processed under revised schedules. Importers are evaluating refund pathways and compliance updates as the transition proceeds.
7. U.S. officials said previously negotiated trade agreements with partner nations remain in effect despite the court ruling, preserving continuity. The clarification alleviates near-term uncertainty for countries operating under recent tariff-linked frameworks. Market participants expect additional notices as agencies align implementation with the new legal context.
8. The administration ordered new trade investigations that could result in further levies, extending policy risk into coming months. Unlike emergency measures, these probes follow longer statutory timelines, reducing abruptness but sustaining headline risk. Companies and trade partners are preparing for scenario-based outcomes as cases progress.
9. U.S. and Iranian officials signaled readiness to engage in nuclear-related talks in Geneva, with potential concessions tied to sanctions relief. Iranian officials indicated willingness to discuss parameters for a revised framework, while emphasizing peaceful nuclear energy rights. Any progress could influence regional risk premia and energy markets.
10. Singapore’s statistics agency reported core inflation at 1.0% year over year, undershooting forecasts and signaling moderate price pressures. Headline inflation registered 1.4% year over year, close to expectations, as policymakers maintain a measured stance. Regional rate and currency expectations may adjust modestly on the softer core print.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
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