U.S. stocks head into Tuesday’s open trying to stabilize after Monday’s broad selloff: the Dow Jones Industrial Average (^DJI) closed Monday, Feb. 23, 2026 down 821.91 points (-1.66%) to 48,804.06, while the S&P 500 (^GSPC) fell 71.76 (-1.04%) to 6,837.75 and the Nasdaq Composite (^IXIC) slid 258.80 (-1.13%) to 22,627.27, based on the verified Yahoo Finance closing data (fetched 2026-02-24T14:00:08Z). Tuesday’s pre-market narrative is being shaped by AI capex scrutiny ahead of Nvidia (NVDA) earnings, renewed tariff/legal uncertainty, and stock-specific catalysts including Home Depot (HD) results and an AMD (AMD) AI hardware win with Meta Platforms (META), per CNBC’s live coverage and related headlines.
Key Takeaways:
- You’ll get a numbers-first recap of Monday’s selloff across the S&P 500 (^GSPC), Nasdaq (^IXIC), and Dow (^DJI) using verified closes.
- You’ll see where idiosyncratic risk showed up (IBM (IBM) -13.15%) and how it intersects with the “AI spend skepticism” narrative heading into Nvidia (NVDA) earnings.
- You’ll leave with a Tuesday checklist tied to specific catalysts: AI infrastructure (AMD/META/NVDA), tariffs/trade (FedEx (FDX)), and rate-cut timing (Fed’s Austan Goolsbee).
Prerequisites
- You can interpret a daily close: index level, point change, percent change, and intraday range.
- You understand the difference between completed-session closes (verified market data) and headline catalysts (often time-stamped and may hit pre-market or after-hours).
- You have a way to track earnings and macro releases in real time (broker calendar + alerts).
Market Overview
Monday’s session was broadly risk-off. The Dow Jones Industrial Average (^DJI) closed Monday, Feb. 23, 2026 at 48,804.06 (-821.91, -1.66%), the S&P 500 (^GSPC) ended at 6,837.75 (-71.76, -1.04%), and the Nasdaq Composite (^IXIC) finished at 22,627.27 (-258.80, -1.13%), per the verified Yahoo Finance market data block (fetched 2026-02-24T14:00:08Z).
| Index (Mon, Feb. 23, 2026 close) | Close | Change | % Change |
|---|---|---|---|
| S&P 500 (^GSPC) | 6,837.75 | -71.76 | -1.04% |
| Nasdaq Composite (^IXIC) | 22,627.27 | -258.80 | -1.13% |
| Dow Jones Industrial Average (^DJI) | 48,804.06 | -821.91 | -1.66% |
Intraday ranges highlight the volatility: the S&P 500 traded from 6,819.82 to 6,916.96, the Nasdaq ranged 22,547.12–22,893.22, and the Dow ranged 48,731.46–49,695.61 (verified data). The forward setup into Tuesday is whether the market can reclaim Monday’s upper range (risk-on stabilization) or continues to fade rallies into event risk (Home Depot follow-through, Nvidia earnings, and tariff headlines).
Outlook and Key Events Ahead
Economic Calendar (what can move rates and multiples this week)
CNBC’s Monday live coverage said investors are awaiting consumer confidence data on Tuesday while also watching Home Depot (HD) earnings and bracing for Nvidia (NVDA) results later this week (CNBC live market coverage (Feb. 23, 2026)). In practice, confidence matters most when it changes the “soft landing vs. re-acceleration” narrative that feeds directly into rate expectations and valuation multiples for long-duration growth.
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Fed messaging is a key overlay. Chicago Fed President Austan Goolsbee said Tuesday that cuts aren’t appropriate until there’s more evidence inflation is on its way down and that the current rate of inflation is “not good enough” (CNBC (Feb. 24, 2026)). The actionable read-through: if markets were leaning toward near-term easing, this kind of “hold” language can pressure rate-sensitive segments (housing-linked retail, unprofitable growth, and highly levered balance sheets) even without a major data surprise.
Earnings Watch (what matters beyond the headline EPS)
Home Depot (HD) is a near-term focal point. CNBC reported Tuesday that Home Depot topped earnings estimates for the first time in a year, while also noting demand for projects remains muted (CNBC (Feb. 24, 2026)). For traders, the “beat” matters less than the forward commentary: whether the company sees a demand inflection and how it frames the consumer’s willingness to spend on discretionary projects.
Nvidia (NVDA) remains the week’s highest beta event. CNBC framed Nvidia’s earnings as colliding with Wall Street skepticism over AI spending (CNBC (Feb. 24, 2026)). The practical implication is factor-level: Nvidia’s print can reprice expectations across semiconductors, AI infrastructure, and adjacent software—especially if guidance shifts the market’s view on the durability of capex.
From the verified earnings calendar in the data block, additional tactical names on deck this week include Dominion Energy (D, EPS est. $0.64), ONEOK (OKE, EPS est. $1.48), Diamondback Energy (FANG, EPS est. $1.88), Keysight Technologies (KEYS, EPS est. $1.73), Domino’s Pizza (DPZ, EPS est. $5.38), BioMarin Pharmaceutical (BMRN, EPS est. $0.07), and ImmunityBio (IBRX, EPS est. -$0.08). The forward-looking setup: energy earnings (FANG, OKE) are also a cross-check on oil’s bid after WTI rose Monday.
Central Bank & Policy (tariffs, trade, and legal uncertainty)
Tariff policy is back in focus after a Supreme Court ruling threw the Trump administration’s tariff strategy “into flux,” according to CNBC (CNBC (Feb. 23, 2026)). CNBC also reported FedEx (FDX) sued for a refund of Trump tariffs, while the administration warned refunds could take years (CNBC (Feb. 23, 2026)).
Why it matters into Tuesday: legal and policy uncertainty can widen equity risk premia and shift positioning toward balance-sheet strength, even if macro data is stable. It also creates second-order effects—companies may delay spending decisions while they wait for clarity, which can ripple into cyclicals and industrial demand signals.
Technical Levels & Sentiment (how to frame Tuesday after Monday’s drawdown)
Using verified ranges, Monday’s key reference points are the S&P 500’s 6,819.82–6,916.96 band and the Nasdaq’s 22,547.12–22,893.22 band. If Tuesday reclaims the upper end early and holds, that’s a “risk appetite returning” signal; if rallies fail below Monday’s highs, it suggests sellers are still using strength to reduce exposure ahead of Nvidia (NVDA) and macro catalysts.
Risks & Catalysts (actionable watchlist)
- AI infrastructure “customer proof”: CNBC reported Meta (META) struck an AI chip deal with AMD (AMD) for AMD’s Helios rack-scale system, days after Meta committed to deploy millions of Nvidia GPUs (CNBC (Feb. 24, 2026)). This is a cross-current for Nvidia (NVDA) sentiment into earnings and a potential catalyst for AMD narrative volatility after AMD fell 1.77% Monday (verified data).
- M&A / media bidding: CNBC reported Warner Bros. Discovery (WBD) said Paramount made a higher bid and the board will weigh it against a Netflix (NFLX) deal (CNBC (Feb. 24, 2026)).
- GLP-1 pricing reset: CNBC reported Novo Nordisk (NVO) plans to slash GLP-1 list prices by up to 50% in the U.S. (CNBC (Feb. 24, 2026)).
- Private-market valuation signal: CNBC reported Stripe was valued at $159 billion after a tender offer, with total volume nearing $2 trillion last year (CNBC (Feb. 24, 2026)). While Stripe is private, investors often use these prints as sentiment inputs for public fintech multiples.
Bottom line into Tuesday: the highest-probability market-moving path runs through AI capex signals (META/AMD/NVDA), tariff/trade headlines (FDX as a bellwether for “refund” and compliance complexity), and Fed rhetoric that can reprice the front end (Goolsbee’s “hold” message).
Top Movers
Monday’s biggest single-name moves were extreme at the tails, with biotech and small-cap names leading gainers while a large-cap drawdown stood out on the downside. The table below uses only verified closing prices and percent changes for Monday, Feb. 23, 2026, and limits “reason” text to catalysts explicitly supported by the provided sources.
| Ticker | Price (Mon, Feb. 23 close) | Change % | Reason (source-backed) |
|---|---|---|---|
| HD (HD) | $376.99 | -1.38% | Positioning ahead of Home Depot’s results; CNBC reported Tuesday that HD topped earnings estimates for the first time in a year while demand remained muted. CNBC |
| UBER (UBER) | $70.72 | -4.25% | CNBC reported after the close that Uber is acquiring parking app SpotHero. CNBC |
| AMD (AMD) | $196.60 | -1.77% | CNBC reported Tuesday that Meta (META) struck an AI chip deal with AMD for AMD’s Helios rack-scale system. CNBC |
| IBM (IBM) | $223.35 | -13.15% | Large single-day decline; specific catalyst not detailed in the provided sources. |
| ACLX (ACLX) | $113.75 | +77.43% | Largest verified gainer; specific catalyst not detailed in the provided sources. |
| IBRX (IBRX) | $9.83 | +12.99% | Gainer ahead of its scheduled earnings this week (EPS est. -$0.08 in the verified earnings calendar). |
Forward read: with dispersion this wide (IBM down 13.15% versus ACLX up 77.43%), Tuesday’s session has elevated odds of being headline-led and positioning-driven rather than purely macro beta. If Nvidia (NVDA) sentiment stays fragile, the market may continue to punish crowded exposures while rewarding idiosyncratic “surprise” stories.
Sector Performance
CNBC’s Monday night commentary highlighted a valuation split: “old economy” stocks look expensive while software “screams cheap,” but the piece cautioned that dislocations alone don’t guarantee the rotation ends soon (CNBC (Feb. 23, 2026)). The actionable takeaway into Nvidia (NVDA) earnings is to treat semis and adjacent software as guidance-sensitive trades: capex commentary can matter more than a simple EPS beat/miss.
In transports and travel, background context from Zacks highlighted Alaska Air Group (ALK), Delta Air Lines (DAL), and United Airlines (UAL), though the provided excerpt contains limited incremental detail beyond the headline (Yahoo Finance / Zacks (Sep. 30, 2025)). For Tuesday, the more immediate sector crosswind is tariff and trade uncertainty, which can impact industrials, logistics, and consumer pricing power.
Macroeconomic Developments
Fed communication is directly in play. Goolsbee’s comment that inflation is “not good enough” and that cuts aren’t appropriate until there’s more evidence inflation is moving down (CNBC (Feb. 24, 2026)) raises the bar for dovish repricing. The near-term market implication is that “good but not great” data may not be enough to pull yields down if Fed speakers keep reinforcing patience.
On trade, CNBC said the Supreme Court ruling threw tariff strategy into flux (CNBC (Feb. 23, 2026)), and CNBC also reported FedEx (FDX) is pursuing refunds through litigation (CNBC (Feb. 23, 2026)). The forward signal: policy uncertainty can keep volatility elevated even if economic data is steady, because companies and investors must price a wider range of outcomes.
Commodities and Global Markets
Cross-asset moves on Monday were mixed: oil rose while gold and bitcoin fell. Gold futures (GC=F) closed at 5,144.80/oz (-59.90, -1.15%), WTI crude (CL=F) ended at $66.88/bbl (+0.57, +0.86%), and bitcoin (BTC-USD) fell to 62,961.21 (-1,655.53, -2.56%), per the verified market data block.
What to watch next: if WTI continues to climb while bitcoin stays under pressure, it can signal a market that’s pricing policy/trade friction and real-economy constraints more than a clean “risk-on” growth acceleration. That backdrop can matter for energy earnings (FANG, OKE) and for rate expectations if energy-driven inflation fears resurface.
Common Pitfalls or Pro Tips
- Pitfall: Mixing close and after-hours catalysts. Uber (UBER) closed Monday at $70.72 (-4.25%), but CNBC’s SpotHero acquisition story was published after the close. Treat Tuesday’s reaction as a separate tape. CNBC
- Pro tip: Use verified ranges as your “truth set.” Monday’s S&P 500 range (6,819.82–6,916.96) and Nasdaq range (22,547.12–22,893.22) are practical levels for judging whether Tuesday’s bounce is reclaiming supply or just short covering.
- Pro tip: Treat NVDA as a factor event, not just a single stock print. CNBC explicitly framed Nvidia earnings as colliding with skepticism over AI spending, which can reprice semis, software, and AI-adjacent beneficiaries. CNBC
Conclusion
Monday’s selloff left the Dow (^DJI) down 1.66% and the S&P 500 (^GSPC) down 1.04% into Tuesday, with dispersion high across single names (IBM (IBM) -13.15% versus ACLX (ACLX) +77.43%). Your next steps: anchor on Monday’s verified ranges for risk management, track AI capex read-throughs (META/AMD/NVDA), and keep tariff/legal headlines (FDX) and Fed messaging (Goolsbee) on your “must-monitor” list as catalysts that can shift rates and equity multiples quickly.