Stock market today: Dow falls 800 points, S&P 500, Nasdaq slide as Trump's latest tariff salvo reverberates through markets

Wall Street has been buffeted by the winds of Trump's tariffs over the weekend. A SCOTUS ruling was quickly refuted by the president in a fast-developing situation.

Feb. 23, 2026 at 7:09pm

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US stocks retreated on Monday as investors grappled with the fallout from the Supreme Court's rebuff of President Trump's most sweeping tariffs, which has thrown major trade deals into doubt. The Dow Jones Industrial Average led the way down, losing roughly 1.6%, or over 800 points, while the S&P 500 and the tech-heavy Nasdaq Composite both fell roughly 1.1%.

Why it matters

Growing uncertainty about the global trade landscape is unsettling markets amid debate about Trump's next moves and reaction from countries that have signed US trade pacts. The Supreme Court's invalidation of many US tariffs on Friday initially fueled trade hopes and buoyed stocks, but Wall Street gauges and the dollar are starting the week on the back foot after Trump said Saturday that the US will lift the baseline tariff rate on imports to 15%, effective immediately.

The details

In a strong response, the EU rejected any hike in tariffs, saying "a deal is a deal" and calling on Washington to clarify the steps it will take. Meanwhile, the US customs agency said it will stop collecting the overturned tariffs. Elsewhere in geopolitics, prospects for US-Iran nuclear talks are in focus, set to resume on Thursday as US forces swarm the Middle East. Oil prices climbed on Monday, after ending last week up more than 5%.

  • On Friday, the Supreme Court invalidated many US tariffs.
  • On Saturday, President Trump said the US will lift the baseline tariff rate on imports to 15%, effective immediately.

The players

President Trump

The President of the United States who announced new 15% global tariffs in response to the Supreme Court's ruling striking down his previous tariff regime.

European Union

A major US trade partner that rejected any hike in tariffs, saying "a deal is a deal" and calling on Washington to clarify its steps following the Supreme Court's tariff ruling.

US Customs Agency

The agency that said it will stop collecting the tariffs that were overturned by the Supreme Court.

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What they’re saying

“a deal is a deal”

— European Union (Reuters)

The takeaway

The Supreme Court's ruling and President Trump's response have created significant uncertainty in global trade, unsettling markets and raising questions about the future of major trade deals and US trade policy. This situation highlights the ongoing tensions and unpredictability surrounding international trade relations.