Stock Market Today, Feb. 23: Nvidia Earnings Loom as Tariff Concerns Drive Dow 800 Points Lower
The S&P 500 (SNPINDEX:^GSPC) fell 1.04% to 6,837.75, the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 1.13% to 22,627.27, and the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 1.66% to 48,804.05 as tariff shock and AI anxiety pressured risk assets.
Market movers
IBM (NYSE:IBM) slid after Anthropic’s new AI modernization tools raised fears about disruption to legacy IT services, while Novo Nordisk (NYSE:NVO) sank on disappointing CagriSema obesity‑drug data versus Eli Lilly (NYSE:LLY), which gained as investors rewarded its perceived leadership in weight‑loss treatments.
What this means for investors
Last week’s Supreme Court decision on tariffs continued to resonate with investors to start the trading week. President Trump’s announcement over the weekend to boost “global” tariffs from the 10% declared on Friday to 15% seemed to increase uncertainty on Wall Street.
Today’s massive 822 point drop in the Dow was led by multinationals including IBM and financial giants American Express (NYSE:AXP), Visa (NYSE:V), and JPMorgan Chase (NYSE:JPM).
Tech stocks were somewhat mixed with AI leader Nvidia (NASDAQ:NVDA) shares rising nearly 1% while an AI-driven “software apocalypse” hit software along with cybersecurity and other tech names. Salesforce (NYSE:CRM) was another top loser in the Dow today.
Nvidia stock is rallying ahead of its upcoming earnings report Wednesday that will help guide investors thinking. A solid report with strong guidance could reignite the tech trade on confirmation that spending to build AI infrastructure will pay off in the long run. Disappointment from Nvidia will likely also drive the Nasdaq’s broader trajectory. Investors should expect volatility over the next two sessions leading up to that critical update.
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JPMorgan Chase is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Howard Smith has positions in Nvidia, Salesforce, and Visa and has the following options: short March 2026 $175 calls on Nvidia. The Motley Fool has positions in and recommends International Business Machines, JPMorgan Chase, Nvidia, Salesforce, and Visa. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.
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