Daily News – 23 February 2026
Financial Markets Update | 23 February 2026
1. South Korea's Kospi Hits Fresh High as Asian Markets Brush Off Trump's Latest Tariff Moves
Asia-Pacific markets rose Monday amid tariff uncertainty as U.S. President Donald Trump announced over the weekend that he would increase global tariffs to 15% from 10%. The move came on the heels of a U.S. Supreme Court decision striking down a broad swath of the president's trade agenda enacted under the International Emergency Economic Powers Act of 1977, or IEEPA. South Korea's Kospi rose for a third straight session, jumping 1.7% to a fresh record high. Index heavyweights SK Hynix and Samsung Electronics rose over 3% and 2%, respectively. The small-cap Kosdaq added 0.74%. Australia's S&P/ASX 200 added 0.17% in early trade. Hong Kong's Hang Seng index jumped over 2%. Markets in China and Japan were closed for a holiday.
2. S&P 500 Rises, Dow Gains 200 Points After Supreme Court Strikes Down Trump Emergency Tariffs
Stocks rose on Friday after the Supreme Court ruled against President Donald Trump's tariffs, potentially providing relief for companies burdened by higher costs from the duties and easing concern about sticky inflation still plaguing the U.S. economy. The S&P 500 advanced 0.69% and closed at 6,909.51, while the Nasdaq Composite gained 0.9% and settled at 22,886.07. The Dow Jones Industrial Average added 230.81 points, or 0.47%, and ended at 49,625.97. The 30-stock index recovered from a 200-point loss earlier in the session on disappointing economic data.
3. Gold Climbed Nearly 1% to Around $5,150 per Ounce on Monday, Reaching Its Highest Point in Over Three Weeks
Gold climbed nearly 1% to around $5,150 per ounce on Monday, reaching its highest point in over three weeks as renewed tariff worries prompted a rush to safe-haven assets. On Saturday, US President Donald Trump announced plans to raise global tariffs from 10% to 15%, following the US Supreme Court's rejection of his "reciprocal tariffs." Trump confirmed the new duties would take effect immediately, although it remained unclear whether he had signed any official document. Meanwhile, Europe's trade commissioner signalled on Sunday a proposal to halt ratification of the trade deal with the U.S., while India postponed negotiations aimed at finalizing an interim trade deal with Washington.
4. WTI Crude Oil Futures Fell Below $66 per Barrel on Monday, Retreating Slightly From a Six-Month High
WTI crude oil futures fell below $66 per barrel on Monday, retreating slightly from a six-month high, as investors weighed the likelihood of a US–Iran nuclear deal, with further negotiations expected later this week. Iran's foreign minister said a diplomatic "win-win" solution is within reach and confirmed plans to meet US envoy Steve Witkoff in Geneva. At the same time, reports indicated that any US military strike on Iran would be limited to select military or government sites, reducing the risk of broad supply disruptions. Traders remained mainly concerned about potential traffic risks through the Strait of Hormuz, a key corridor for regional crude exports.
5. India Delays Washington Trade Visit as U.S. Tariff Policy Shifts, Source Says
India's trade negotiators will reschedule their planned visit to Washington, D.C., aimed at firming up an interim trade deal with the U.S., a person familiar with the development told CNBC. The development comes after the U.S. Supreme Court struck down U.S. President Donald Trump's tariffs as illegal on Friday. Within hours, Trump invoked Section 122 of the Trade Act of 1974 to first impose a 10% global import tariff, before increasing that to 15%. The "meeting will be rescheduled at a mutually convenient date," the source told CNBC Sunday. India and the U.S. are of the view that the visit "be scheduled after each side has had the time to evaluate the latest developments and their implications." India is currently facing a 25% reciprocal tariff, which was due to be cut to 18% after the two sides agreed to an interim deal earlier this month, with room for alterations.
6. The Next U.S.-Iran Talks Will Be Held on Thursday in Geneva, Oman Says
The next round of talks between the United States and Iran will be Thursday in Geneva, Oman's foreign minister said Sunday, shortly after Tehran's top diplomat said he expected to meet U.S. envoy Steve Witkoff then. Foreign Minister Badr al-Busaidi said on social media he was pleased to confirm the development, "with a positive push to go the extra mile towards finalizing the deal." Oman previously hosted the indirect talks on the Islamic Republic's nuclear program and facilitated the latest round in Geneva last week. There was no immediate comment from the White House. Foreign Minister Abbas Araghchi had told CBS in an interview aired Sunday that a "good chance" remained for a diplomatic solution on the nuclear issue, adding it was the only matter being discussed.
7. Trump to Raise Global Tariff Rate to 15% After Supreme Court Ruling
U.S. President Donald Trump said Saturday he plans to raise a temporary global tariff rate to 15%, up from the 10% level introduced after the Supreme Court struck down parts of his emergency tariff program, escalating trade tensions just a day after markets reacted positively to the legal decision. The Supreme Court ruled in a 6-3 decision that the International Emergency Economic Powers Act (IEEPA) does not grant the president authority to impose sweeping tariffs, reinforcing Congress' role over tax and trade policy. "I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff… to the fully allowed, and legally tested, 15% level," Trump said in a post on Truth Social, adding that many countries had been "ripping" the U.S. off for decades.
8. U.S. Importers Still Paying Trump's Illegal Tariffs Even After Supreme Court Ruling
Despite Friday's Supreme Court decision that ruled President Donald Trump's "reciprocal" tariffs are illegal, U.S. importers are still paying duties on goods entering the country. U.S. Customs and Border Protection (CBP) has yet to update its Cargo System Management Service to remove the duties imposed by Trump under the International Emergency Economic Powers Act (IEEPA). Under U.S. trade policy, Customs must post updates on tariff changes and other trade-related information on its Cargo Systems Messaging Service. On Friday, Customs posted a bulletin on the decision saying, "[T]he CBP is working with other government agencies to fully examine the implications of the SCOTUS decision. CBP will provide additional information and technical guidance for Automated Commercial Environment (ACE) filers as soon as it becomes available."
9. Tech Giants Commit Billions to Indian AI as New Delhi Pushes for Superpower Status
Tech giants have committed to funnelling hundreds of billions of dollars into Indian AI efforts, against the backdrop of a major summit in the country that's brought together world leaders and AI execs. Record sums are being ploughed into AI as governments and companies across the globe race to roll out the technology. Hyperscalers — including the likes of Amazon, Microsoft, Meta and Alphabet — announced capital expenditure that could hit $700 billion on AI this year. The past week has seen Indian tech group Reliance reportedly announcing plans to invest $110 billion into data centers and other infrastructure, and compatriot Adani outlining a $100 billion AI data center buildout over the next decade. There were also big announcements from U.S. tech firms.
10. Cybersecurity Stocks Drop as Anthropic Launches Claude Code Security Tool
Cloud-native security stalwarts faced a sharp sell-off Friday as Anthropic PBC unveiled a tool capable of autonomously finding and patching software vulnerabilities. Shares of CrowdStrike Holdings Inc and Okta Inc plummeted 6.8% and 9.2%, respectively, as investors weighed the risk of AI agents cannibalizing the market for traditional threat detection. The decline followed the limited research preview of Claude Code Security, a feature designed to scan codebases for subtle logic flaws that manual reviewers often overlook. "Claude Code Security is intended to put this power squarely in the hands of defenders and protect code against this new category of AI-enabled attack," the company stated in its release.
11. US Judge Upholds $243 Million Verdict Against Tesla Over Fatal Autopilot Crash
A federal judge rejected Tesla's request to overturn a $243 million jury verdict over the 2019 crash of an Autopilot-equipped Model S, which killed a 22-year-old woman and severely injured her boyfriend. In a decision made public on Friday, U.S. District Judge Beth Bloom in Miami said the evidence at trial "more than supports" the August 2025 verdict, and Tesla raised no new arguments to set the verdict aside. Tesla, led by Elon Musk, is expected to appeal. Neither Tesla nor its lawyers immediately responded to requests for comment. The case arose from an April 25, 2019, incident in Key Largo, Florida, in which George McGee drove his 2019 Model S through an intersection at about 62 mph (100 kph) while he bent to look for his phone, which he had dropped.
12. OpenAI Recalibrates Growth Path With $600 Billion Compute Target
OpenAI has significantly revised its long-term financial roadmap, signalling a shift toward more disciplined spending as it scales its artificial intelligence ambitions. According to CNBC, citing sources familiar with the matter, the company is now informing investors of a plan to spend roughly $600 billion on total compute through 2030. The new figure marks a stark departure from the more aggressive infrastructure goals previously suggested by leadership. The adjustment comes months after CEO Sam Altman touted $1.4 trillion in infrastructure commitments, a scale that had raised eyebrows across Silicon Valley and Wall Street. To justify its massive capital outlays, the startup is projecting a steep revenue climb to more than $280 billion by the end of the decade. Sources told CNBC that the company expects nearly equal contributions from its consumer and enterprise divisions to reach this target.
