February 24, 2026
S&P futures are up 0.2% after Monday’s broad selloff, with all major indexes down over 1%. Software, banks, and the Mag 7 led the decline, while defensives (staples, healthcare, utilities) and precious metals held up better.
Overnight, Asia was mixed with gains in South Korea, Taiwan, Japan, and China, while Hong Kong and India lagged. Europe is down ~0.2%. Treasuries are firmer at the front end with yields down ~2 bp and the curve flattening. The dollar is up 0.1%, driven by yen weakness following reports that Sanae Takaichi expressed concern to BoJ Governor Ueda about further tightening. Gold is down 0.8%, silver up 1.7%, Bitcoin futures down 2%, and WTI crude up 0.1%.
AI disruption remains the dominant theme, with focus on Anthropic’s enterprise agent event today. The trade has broadened beyond software into private credit and white-collar employment concerns. Trade uncertainty also remains elevated following the SCOTUS tariff ruling and the White House’s pivot to alternative authorities. Geopolitics remain in the background ahead of further U.S.–Iran talks later this week.
Today’s Data & Events:
Case-Shiller and FHFA house prices, Conference Board consumer confidence, wholesale inventories. Fedspeak from Waller, Collins, Bostic, and Cook. President Trump delivers the State of the Union tonight.
Company Highlights
- Home Depot (HD) – Higher on better Q4 results and better-than-feared 2026 guide.
- NVIDIA (NVDA) – Report that DeepSeek trained its latest model on NVDA’s most advanced chip despite export controls.
- JPMorgan Chase (JPM) – Slightly raised 2026 net interest income guidance at analyst meeting.
- Citigroup (C) – Selling 24% stake in Banamex for $2.5B.
- Uber Technologies (UBER) – Acquiring SpotHero in parking reservations deal.
- Whirlpool (WHR) – Down after announcing $800M common and convertible stock offering.
- Keurig Dr Pepper (KDP) – Updated financing and timeline for JDEP acquisition; no longer pursuing partial IPO of Beverage Co.
Post-earnings gainers: KEYS, BWXT, MYGN
Post-earnings decliners: FANG, OKE, HIMS, ALSN, UCTT
U.S. equities sold off on Monday (Dow -1.66% | S&P 500 -1.04% | Nasdaq -1.13% | Russell 2000 -1.61%), finishing near session lows as risk appetite deteriorated across growth and cyclicals. The move coincided with renewed pressure in software and broader AI-disruption themes, alongside continued trade and geopolitical uncertainty. Financials fell more than 3% in Monday’s session, driven less by a single catalyst and more by a confluence of thematic and flow pressures. The renewed selloff in software tied to AI disruption fears spilled over into private credit and alternative asset managers, raising concerns about valuation risk and credit exposure. At the same time, a broader risk-off rotation — with Treasury yields falling 5–6 bp and gold sharply higher — pressured banks, brokers, and credit-sensitive names. Ongoing tariff uncertainty following the Supreme Court ruling added to the policy overhang, reinforcing de-risking across the sector rather than reflecting any specific earnings-driven weakness.
Treasuries rallied, with yields falling 5–6 bp in the belly of the curve (10-year at 4.03%). The dollar was little changed (DXY -0.08%). Gold surged 3.4% to $5,253.7, silver rose 5.1%, and Bitcoin futures dropped 5.2%. WTI crude slipped 0.05% to $66.45.
Trade policy remained in focus following the Supreme Court’s ruling against IEEPA tariffs and the administration’s pivot to alternative tariff authorities. While Street consensus suggests limited near-term macro impact, policy uncertainty remains elevated. Geopolitical attention is centered on U.S.–Iran talks later this week, with speculation around a limited strike if negotiations fail.
Economic data was mixed. December factory orders posted a surprise contraction. The February Dallas Fed manufacturing index missed expectations, with production and new orders little changed and input prices easing. Fed Governor Waller said a March rate decision is a “coin flip” depending on February labor data and noted the labor market may have pivoted to more stable footing.
Sector Highlights
Defensive sectors led while financials and cyclicals bore the brunt of the decline. Consumer Staples (+1.46%), Healthcare (+1.15%), Utilities (+0.72%), and Energy (+0.60%) outperformed on a relative basis. Financials (-3.33%) were the weakest group, followed by Consumer Discretionary (-2.15%), Industrials (-1.37%), Communication Services (-1.36%), and Technology (-1.11%). Software weakness again spilled into private equity and private credit exposures, while precious-metals miners and select defensive healthcare names attracted flows amid falling yields and rising volatility.
Information Technology
- IBM (IBM) -13.2% after Anthropic’s Claude demonstrated COBOL capabilities, intensifying AI-disruption concerns.
- Workday (WDAY) -6.2% on downgrade citing AI risk.
- DocuSign (DOCU) -6.1% on similar downgrade commentary.
Consumer Discretionary
- DoorDash (DASH) -6.6% following research suggesting vulnerability to AI-enabled competition.
- VF Corporation (VFC) -7.3% on downgrade tied to prolonged brand recovery.
- Domino’s Pizza (DPZ) +4.1% on stronger Q4 comps and dividend increase.
- PayPal (PYPL) +5.8% on reported takeover interest.
Healthcare
- Arcellx (ACLX) +77.4% after agreeing to be acquired by Gilead Sciences (GILD) for $7.8B.
- Novo Nordisk (NVO) -16.4% after its CagriSema obesity drug trial failed to meet the primary endpoint and underperformed Eli Lilly (LLY).
- ImmunityBio (IBRX) +13.0% on strong ANKTIVA revenue growth.
- Insulet (PODD) +3.1% after CEO share purchase disclosure.
- Acadia Pharmaceuticals (ACAD) +3.1% on upgrade.
Industrials
- Deere & Company (DE) -2.4% on downgrade citing valuation and cyclical risks.
- International Paper (IP) -4.3% after containerboard price declines were reported.
Real Estate
- Veris Residential (VRE) +12.2% after agreeing to be acquired by an Affinius Capital-led consortium for ~$3.4B.
Consumer Staples
- Freshpet (FRPT) +5.5% despite soft FY guidance, with analysts more constructive on margins.
Eco Data Releases | Tuesday February 24th, 2026
S&P 500 Constituent Earnings Announcements | Tuesday February 24th, 2026
Data sourced from FactSet Research Systems Inc.
