Podcast
Morning Dose #217: Market Alert Trade War Turmoil Spurs Futures Sell-Off – Monday 2/23/2026
Key takeaways
- Stay disciplined, manage position sizes, and be prepared for volatile market reactions to geopolitical and trade tensions. Cash is also a position, so don’t feel pressured to trade in uncertain conditions.
Intro & Market Mood
Welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. It is Monday, February 23rd, 2026, and futures are sinking, indicating a sea of red on the screens. Markets are choppy, and volatility is back in play.
Overnight Headlines
- Global Tariff Hike: President Trump has increased global tariffs to fifteen percent, resulting in market uncertainty and a risk-off sentiment.
- EU Trade Deal Delay: The EU is considering holding off on ratifying the trade deal with the U.S., adding to trade war fears.
- Geopolitical Tensions: Nervousness around Iran nuclear talks and potential geopolitical conflicts are adding to the macroeconomic backdrop.
Economic Announcements
- Factory Orders: Keep an eye on the Factory Orders report at 10:00 a.m., but tariff news may overshadow economic data.
Earnings Highlights
- Gilead Sciences (GILD) Acquires Arcellx: Gilead’s acquisition of Arcellx at a premium is driving stock movement. (Arcellx up nearly 80% pre-market)
- Novo Nordisk (NVO) vs. Eli Lilly (LLY): Novo Nordisk down on weight-loss drug results, benefiting Eli Lilly as a pair trade scenario unfolds.
- Domino’s Pizza (DPZ): Despite missing on EPS, beat on revenue and raised dividend, stock up about 6%.
Top Movers
- Major Market Indices: S&P, Nasdaq, and Dow futures down, tech stocks feeling pressure, with NVIDIA earnings anticipation.
- Defensive Rotation: Investors cautious with defensive sectors like healthcare and utilities seeing interest.
Quick Trade Ideas
In a cautious market environment, monitor SPY support at 682 and QQQ at 600. Watch VXX for fear gauge, and consider defensive sector plays. Stay patient and nimble.