The Supreme Court ruled 6-3 that President Trump exceeded his authority by imposing tariffs under emergency powers. The decision potentially triggers $175 billion in refunds to businesses. Amazon (NASDAQ:AMZN) jumped 2%. Alphabet (NASDAQ:GOOGL) rose nearly 4%. Within hours, Trump signed an executive order imposing a new 10% global tariff. So the tariff saga isn’t over, but the legal landscape just shifted significantly.
BREAKING: Trump signs order imposing 10% global tariff, citing the Trade Expansion Act and 1974 Trade Act after the Supreme Court struck down IEEPA tariffs."I will go in a stronger direction now.""Supreme Court made my ability to impose tariffs more powerful."Hours after… https://t.co/f2ZPAvM0hO
— WOLF (@WOLF_Financial) February 20, 2026
MACRO › Q4 GDP came in at 1.4%, well below the 2.8% estimate. The government shutdown gets most of the blame. Full-year 2025 GDP grew 2.2%, down from 2.4% the year before. Core PCE inflation held at 3%, which keeps the Fed stuck. Kashkari said Thursday that rates are “pretty close to neutral,” but also called crypto “utterly useless,” which was a fun bonus.
🇺🇸 FED'S KASHKARI JUST SAID:– THE FED IS CLOSE ON BOTH MANDATES AND RATES ARE PRETTY CLOSE TO NEUTRALSounds like Kashkari is getting ready to declare victory
— Evan (@StockMKTNewz) February 19, 2026
EARNINGS › Walmart (NASDAQ:WMT) beat on the quarter (EPS $0.74 vs $0.73, revenue $190.7B vs $190.4B) but tanked on forward guidance: $2.75-$2.85 adjusted EPS vs the $2.96 analysts expected. The CEO said most spending growth ...
