Wall Street Slips Amid Tariff and Iran Concerns

US stock indexes edge lower as investors await Nvidia earnings and monitor trade and geopolitical tensions.

Published on Feb. 23, 2026

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US stock indexes are declining amid uncertainty over tariffs and the Iran issue. The S&P 500, Dow Jones, and Nasdaq 100 all gained on Friday, but the market is now facing new headwinds from President Trump's plan to impose a 10-15% global tariff and potential US military action against Iran. Investors are also eagerly awaiting Nvidia's quarterly results due on Wednesday.

Why it matters

The new tariff threat and rising tensions with Iran are creating additional market volatility and uncertainty, which could impact investor sentiment and corporate earnings. Nvidia's earnings will also be closely watched as a bellwether for the technology sector.

The details

The S&P 500 gained 0.69%, the Dow Jones rose 0.47%, and the Nasdaq 100 climbed 0.87% on Friday, benefiting from a rebound in big tech after the Supreme Court struck down Trump's previous global tariffs. However, the president now plans to impose a new 10-15% global tariff for 150 days, which could further disrupt trade. Separately, there are reports the US may be considering military action against Iran in the coming days if nuclear demands are not met.

  • The Supreme Court struck down Trump's previous global tariffs during Friday's trading session.
  • President Trump announced plans to impose a new 10-15% global tariff for 150 days over the weekend.
  • Nvidia is scheduled to report quarterly results on Wednesday evening.

The players

Donald Trump

The former President of the United States who introduced the previous global tariffs that were struck down by the Supreme Court.

Nvidia

A leading semiconductor company that designs graphics processing units (GPUs) and is seen as a bellwether for the technology sector.

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What they’re saying

“This unilateral move reshuffles the deck of transatlantic trade that is already weakened and threatens an agreement painstakingly negotiated between Washington and Brussels.”

— Michaël Nizard, Head of multi-asset & overlay at Edmond de Rothschild AM

“We fully expect it to beat expectations and deliver better-than-expected guidance, given the continued positive data from the fourth quarter of 2025 and an apparently robust spending setup in 2026.”

— Wedbush

What’s next

Investors will be closely watching for the outcome of the latest round of US-Iran talks scheduled for Thursday in Geneva, as well as any further developments on the new tariff plan.

The takeaway

The market is facing renewed uncertainty from trade tensions and geopolitical risks, which could impact corporate earnings and investor sentiment in the coming weeks. Nvidia's results will be a key indicator of the technology sector's health.