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Monday, February 23, 2026

Stock futures are little changed after major indexes sell off on anxiety over AI disruption, tariffs: Live updates

Stock futures were near flat Monday night after a rough start to the final week of February's trading.

Futures tied to the Dow Jones Industrial Average added 45 points, or nearly 0.1%. S&P 500 futures advanced 0.1%, while Nasdaq 100 futures gained 0.1%.

Major averages fell in the regular session on renewed fears of artificial intelligence disruptions to various industries. President Donald Trump's threat to hike global tariffs to 15% and tensions between the U.S. and Iran also kept traders on edge.

The 30-stock Dow closed lower by nearly 822 points, or about 1.7%, dragged lower by a roughly 13% loss in IBM shares. The tech-heavy Nasdaq Composite declined 1.1%, while the S&P 500 shed about 1% and slipped into the red for the year.

Software stocks such as Microsoft and CrowdStrike were notable losers during the session, along with cybersecurity stocks and a slate of financial sector names.

"The market has lost momentum. It's in this trading range ... and there's been a really unhealthy rotation," Warren Pies, co-founder and strategist at 3Fourteen Research, said Monday on CNBC's "Closing Bell." "So consumer staples, energy up double-digits over the last quarter. You have tech and financials down,"

"I just am of the belief that you have to step back, take down your risk and wait for this range to resolve, and really, in order for it to resolve in a bullish way, it has to be tech-led," he added. "You cannot get out of this with tech and financials continuing to do this."

Pies, who downgraded U.S. equities to neutral earlier this month, believes tech stocks will see upside from fundamental strength and increasing productivity. "I think this has been a healthy pullback, a consolidation ... still, the wise way to navigate that is to wait and let the market definitively break that range," he said.

Heading into Tuesday, traders will keep an eye on a key event hosted by artificial intelligence firm Anthropic, the company behind Claude. Anthropic is expected to make new product announcements and demonstrate Claude's latest features. Anticipation of the event — and the additional disruption it could bring — contributed to declines in the software space on Monday.

On Tuesday, investors are awaiting consumer confidence data and Home Depot earnings. They're also bracing for key earnings results from Nvidia and software names Salesforce and Snowflake due later this week, which could be market-moving amid the current pullback in tech.

7 Hours Ago
Keysight Technologies, Diamondback Energy move on after-hours earnings results

Below are some of the biggest after-hours movers on Monday evening:

Keysight Technologies — The manufacturer of electronics test and measurement equipment exceeded first-quarter estimates on top and bottom lines, leading shares to jump more than 15%. Keysight earned $2.17 per share, on an adjusted basis, while analysts polled by LSEG expected $2.00 per share. Revenue came out at $1.60 billion, also higher than the $1.54 billion expected.
Diamondback Energy — Shares lost 3% in after-hours trading after the company's fourth-quarter earnings disappointed Wall Street. Diamondback reported adjusted earnings of $1.74 cents per share on $3.38 billion in revenue, while analysts polled by LSEG expected $2.08 in earnings per share and $3.31 billion in revenue.
Vir Biotechnology — Shares surged more than 65%. The company shared positive updated Phase 1 results for its VIR-5500 treatment for patients with metastatic prostate cancer.

— Pia Singh

8 Hours Ago
Sarat Sethi owns Salesforce, Workday ahead of earnings

Sarat Sethi, managing partner at Douglas C. Lane & Associates, said he owns Salesforce and Workday ahead of their earnings results this week that will be closely watched by investors.

Both Salesforce and Workday have been punished this year, tumbling more than 33% and 40%, respectively, as investors fearful of AI disruption took a sharp pivot out of the software sector.

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Salesforce, YTD

Sethi is hopeful that their earnings could reverse their fortunes if both companies can prove they have staying power. He noted that Salesforce has a great install base. It's also valued at roughly 13 times forward earnings, according to FactSet data, implying the stock is now a bargain.

"The question is going to be, are they getting displaced? Are they losing customers?" Sethi told CNBC's "Power Lunch." "If none of that's true, and they're still growing, and they have the potential to grow and use AI, we think now you've gone from kind of a growth-at-a-reasonable-price to a value stock."

"I'm just hoping it doesn't become a value trap," he added.

Supreme Court Tariff Ruling: IEEPA Revenue and Potential Refunds — Penn Wharton Budget Model

We project that reversing the IEEPA tariffs will generate up to $175 billion in refunds. Unless replaced by another source, future tariff revenue collections will fall by half.

Introduction

In its 6-3 ruling on Friday, February 20, 2026, the Supreme Court decided that the International Emergency Economic Powers Act (IEEPA) does not grant the President the power to unilaterally impose tariffs of indefinite scope. The decision does not explicitly order immediate refunds. However, the decision that the tariffs were collected illegally has opened the door to refund claims. Importers generally have 180 days after goods are "liquidated" to protest and request refunds from U.S. Customs and Border Protection.

Estimated Effects

Figure 1 shows the cumulative trajectory of IEEPA tariff collections between January 2025 and January 2026.

Figure 1: IEEPA Tariff Revenue

IEEPA Monthly RevenueIEEPA Cumulative RevenueJan '25Mar '25May '25Jul '25Sep '25Nov '25Jan '26$0B$50B$100B$150B

Source: Penn Wharton Budget Model based on data from U.S. International Trade Commission's DataWeb, U.S. Customs and Border Protection's Trade Statistics, and U.S. Department of the Treasury's Daily Treasury Statement.

As a share of total customs duties, we estimate that IEEPA tariffs currently represent half of total customs duties. See Figure 2. This share has been increasing since the inception of the IEEPA tariffs but would be expected to stabilize going forward assuming the continuation of currently effective tariff rates (including IEEPA tariffs).

Figure 2: IEEPA Share of Total Customs Duties

IEEPA Share of TotalJan '25Mar '25May '25Jul '25Sep '25Nov '25Jan '260%10%20%30%40%50%

Note: Figure shows the cumulative share of IEEPA revenue as a fraction of total customs duties since Jan 2025.
Source: Penn Wharton Budget Model calculations based on data from U.S. International Trade Commission (USITC) DataWeb, U.S. Customs and Border Protection (CBP) revenue reports, and U.S. Department of the Treasury's Daily Treasury Statement.

We also estimate historical IEEPA tariff collections by country using USITC trade data from January through November 2025. IEEPA tariffs were initially imposed on China in February 2025 and expanded to include imports from Canada and Mexico in March 2025. In April 2025, the Trump administration announced a broad set of "reciprocal" tariffs under the IEEPA authority that targeted imports from all trading partners. We show the monthly share of IEEPA tariffs for several important trading partners in Figure 3 below.

Figure 3: Share of IEEPA Revenue by Trading Partner

ChinaEUVietnamMexicoIndiaCanadaOtherMar '25May '25Jul '25Sep '25Nov '250%25%50%75%100%

Source: Penn Wharton Budget Model based on data from U.S. International Trade Commission (USITC) DataWeb and CBP.

Appendix: Methods 

Customs and Border Patrol (CBP) provides public trade statistics that are updated semi-regularly. As of the last update on December 14, 2025, CBP reported that it had collected approximately $133.5 billion in tariffs under the IEEPA authority.

 To project IEEPA collections forward, we utilize the same trade model that powers our tariff simulator. This model is regularly updated to provide revenue forecasts under currently effective tariff policy. At a high level, our model functions as follows:1

We use detailed historical data on US imports from Census to forecast imports across over 230,000 categories of goods. These categories reflect country-specific imports across almost 11,000 types of goods. These types are reflected by Harmonized Tariff Schedule (HTS) codes assigned to imports by trade authorities.

We estimate statutory tariff rates that are applied to each category of imports based on publicly available data from the US government, including executive orders and the US Federal Register.

PWBM's partial-equilibrium trade model forecasts how consumer demand will react to changes in prices caused by tariffs. This reaction includes substitution toward similar goods that are exported by other countries, as well as substitution toward domestic goods and services.

After accounting for this behavioral response, we apply the tariff schedule to equilibrium import levels to estimate tariff collections.

This model allows us to incorporate a realistic behavioral response to tariffs, which is important for accurate estimation of tariff receipts. Large tariffs may induce consumers to reduce demand for that good or switch to alternatives, leading to lower tariff revenue than if we assumed no change in consumer behavior. Our model implies that under the current tariff schedule, IEEPA receipts are currently about $500 million per day.

Sex work for Rs 500, massage parlour: Arunachal women face racial abuse in Delhi

A minor disagreement over dust from an air conditioner installation spiralled into allegations of racial abuse in Delhi, with a UPSC aspirant from Arunachal Pradesh and her two roommates accusing their neighbours of calling them â€œsex workersâ€ and targeting them for being from the Northeast.

The incident took place on February 20 at a rented flat in south Delhiâ€™s Malviya Nagar. An FIR has since been registered against the accused couple, though no arrests have been made so far.

ARGUMENT OVER AC INSTALLATION TURNS UGLY

According to the women, the altercation began around 3.30 pm when they called an electrician to install an air conditioner at their fourth-floor flat. During drilling, some dust and debris fell onto the balcony of the flat below, prompting objections from neighbours Harsh Singh and his wife Ruby Jain.

â€œWe live on the fourth floor, and they live on the first floor. We had called an electrician to install an air conditioner. As he had to drill a small hole to fit a box, some dust fell onto the balcony of the neighbours on the ground floor. It was a minor issue, but they began abusing our electrician,â€ one of the women told PTI Videos.

She said they apologised immediately. â€œWe apologised and explained it wasn't intentional, but they kept hurling more insults at us.â€

What began as a complaint over debris soon turned personal, with the women alleging that the couple began targeting their northeastern identity.

â€ØTHEY SAID WE DO DHANDHEBAZI FOR RS 500â€™

â€œInstead of talking about the main issue, they started targeting Northeast. They kept saying that northeastern people are illiterate. We do â€Ødhandhebaziâ€™ for Rs 500. They even threatened to beat me up,â€ said the UPSC aspirant.

A purported video of the confrontation, now circulating on social media, shows Ruby allegedly accusing the women of engaging in sex work, while Harsh claims they run a massage parlour.

In the video, Ruby can allegedly be heard saying, â€œRs 500 mei massage parlour mei kaam karne waali dhandhewali.â€ She is also heard asking, â€œAre you sitting here to do business? Have you opened a massage parlour at home?â€

The woman further alleged that when she confronted Harsh about his remark, his wife made an even more objectionable comment.

â€œWhen I asked him why he was saying that, his wife asked me to go and sleep with him,â€ she said.

In the same video, Ruby is heard saying, â€œTry sleeping with my husband and see how much strength he has. You run a massage parlour, you'll find out.â€

POLICE CALLED OVER â€ØTRIVIAL ISSUEâ€™

The women said they were shocked when the couple called the police.

â€œSince the dispute was minor, we did not expect them to call the police. But they did, and even got a case filed against us. The police came and noted our names, yet the couple continued hurling racial slurs at us in front of the officer,â€ she said.

A police officer can be seen in the video attempting to calm the situation as the exchange continues.

Another neighbour from Arunachal Pradesh, who intervened, alleged that she too was abused.

â€œThe man's wife kept boasting that her father is a customs officer and threatened me, saying â€Øwe'll make you strip and danceâ€™,â€ she said.

The women also claimed that the couple falsely accused them of discriminating against them on the basis of caste. â€œThey said we were targeting them because of caste, which is completely untrue. We don't even think that way,â€ one of them said.

FIR UNDER BHARATIYA NYAYA SANHITA

Delhi Police said an FIR has been registered at Malviya Nagar police station under Sections 79 (word intended to insult a woman's modesty), 351(2) (criminal intimidation), 3(5) (common intention) and 196 (promoting enmity on grounds of religion, race, place of birth, residence, language, etc.) of the Bharatiya Nyaya Sanhita against Harsh Singh and Ruby Jain.

Section 196 of the Bharatiya Nyaya Sanhita is a non-bailable and cognizable offence. No arrests have been made so far.

Advocate Reena Rai, who represents the three women and hails from Sikkim, said the episode reflects persistent racial prejudice faced by people from the Northeast in the national capital.

â€œAs neighbours, they should have provided these women, who live far away from home, a sense of security. Instead, they harassed them and made filthy remarks,â€ Rai said.

â€œWe are as much Indian as anyone else. Why are we treated like outsiders just because we are from the Northeast? We, too, have the right to live with equality and dignity,â€ she added.

The women have demanded a formal apology, saying the remarks were not just directed at them but were an affront to the entire northeastern community.

Meghalaya Chief Minister Conrad K Sangma also reacted, posting on X, â€œDiscrimination against North East People must stop.

Indian Air Force grounds Tejas jets after crash earlier this month

The Indian Air Force (IAF) has lost another Tejas Light Combat Aircraft (LCA) in an accident, triggering investigations and extensive technical checks across the fleet.

According to sources, the incident took place earlier this month in an operational area at a key air base when the indigenously made fighter jet was landing after a routine training sortie. Preliminary assessment pointed to a suspected technical glitch, possibly involving a failure in onboard systems, the source said.

Following the accident, the Indian Air Force has grounded its entire fleet of around 30 single-seat Tejas jets to carry out an intensive technical probe, news agency PTI reported.

The aircraft has suffered severe airframe damage and may be written off. The pilot, however, ejected safely and escaped without serious injury. This is the third Tejas aircraft lost since induction into the IAF.

The first crash took place near Jaisalmer in March 2024 while the jet was returning from a firepower demonstration; the pilot had ejected safely. The second incident occurred during an aerobatic display at the Dubai Airshow in November 2025, in which the pilot was killed. An investigation into that crash is still underway.

The latest accident comes amid delays in the Tejas Mk1A programme, with deliveries running nearly two years behind schedule despite the IAF placing orders for 180 Mk1A fighters. The MK1A is an upgraded version of the Tejas jets currently in service with the Indian Air Force.

The IAF has not yet issued any official statement on the latest incident.

Meanwhile, the Air Force will conduct a crucial assessment of the Tejas Mk1A fighter aircraft in April, after which a final decision on its induction will be taken, sources told India Today TV.

The evaluation is aimed at speeding up deliveries without compromising combat capability. The Air Force is understood to be open to granting limited exemptions on secondary features, while core operational requirements will remain non-negotiable.

Earlier, Hindustan Aeronautics Limited (HAL) Chairman and Managing Director told India Today TV that five Tejas Mk1A aircraft are ready, adding that HAL is in active discussions with the IAF for their acceptance.

As part of the process, the Air Force will review the complete certification data set in April, followed by acceptance trials expected to last a few weeks. Induction into frontline squadrons will only take place after these trials are successfully cleared.

The Tejas Mk1A programme has been delayed by nearly two years, with HAL attributing the setback largely to engine supply constraints.

Bangladesh Army Reshuffled, India Adviser Returns After Tarique Rahman Oath

Dhaka:

Just days after Tarique Rahman took over as Bangladesh's new prime minister, the South Asian nation's military witnessed a major reshuffle at the top level, including the appointment of a new chief of general staff (CGS). The changes affect several key strategic commands as well as Bangladesh's premier military intelligence agency, according to a report by Dhaka Tribune.

BNP bagged a two-thirds majority in the crucial February 12 elections. Rahman, 60, took oath on February 17, ending Muhummad Yunus' 18-month rule. The changes, issued by Army Headquarters, came days after Prime Minister Tarique Rahman's new government assumed power on February 17.

Who Gets What

Latest and Breaking News on NDTV

Lieutenant General M Mainur Rahman, who was previously serving as the chief of General Officer Commanding (GOC) of Army Training and Doctrine Command (ARTDOC), has been appointed as the CGS. He succeeds Lieutenant General Mizanur Rahman Shamim, who recently took retirement leave.

Major General Kaiser Rashid Chowdhury, serving as a brigadier general at Army Headquarters, has been appointed director general of the Directorate General of Forces Intelligence (DGFI). He will assume the post upon his promotion to major general. He replaced Major General Mohammad Jahangir Alam, who has been deputed to the Ministry of Foreign Affairs as an ambassador.

The principal staff officer (PSO), Lieutenant General SM Kamrul Hasan, was replaced by just-promoted Lieutenant General Mir Mushfiqur Rahman. Hasan has been attached to the foreign ministry to be appointed as an ambassador abroad.

The Tarique Rehman-led Bangladesh Nationalist Party (BNP) government also recalled Brigadier General Mohammad Hafizur Rahman, who was serving as the defence adviser at the Bangladesh High Commission in India. He has been promoted to the rank of major general and appointed as the GOC of the 55th Infantry Division.

Major General JM Imdadul Islam, who was heading the 55th Infantry Division, has now been appointed Commandant of the East Bengal Regimental Centre (EBRC).