Equities, Treasury Yields Fall Intraday as Markets Weigh New Trump Tariffs

02:10 PM EST, 02/23/2026 (MT Newswires) -- US benchmark equity indexes and Treasury yields fell intraday as investors assessed new tariffs announced by President Donald Trump.

The Dow Jones Industrial Average was down 1.3% at 48,961.3 after midday Monday, while the Nasdaq Composite declined 0.9% to 22,673.1. The S&P 500 slid 0.8% to 6,845.5. Among sectors, financials saw the steepest decline of 3.2%, while consumer staples led the gainers with a 1.6% advance.

On Saturday, Trump said the US will raise global tariffs on countries to 15% from the 10% rate he announced on Friday. That followed a Supreme Court ruling that invalidated Trump's reciprocal levies invoked under the International Emergency Economic Powers Act.

The newly announced tariffs will only last 150 days, with Congress unlikely to make them permanent as there are "enough Republican dissenters to block," Saxo Bank said in a report on Monday.

"On top of this, we get the confusing news from those parsing through the Supreme Court decision and from Trump himself via a Truth Social post that the decision could be seen as still offering president Trump considerable powers to outright block imports or assign quotas on them, just not to charge tariffs," Saxo said.

Separately, Trump said in a social media post Monday that any country that wants to "play games" with the Supreme Court's decision "will be met with a much higher tariff, and worse, than that which they just recently agreed to."

US Treasury yields were lower intraday, with the 10-year rate down six basis points at 4.03% and the two-year rate losing four basis points to 3.44%.

Some 85% of S&P 500 companies have reported quarterly financial results in the current season, with earnings up 12.4% on an annual basis, Oppenheimer Asset Management said in a report. That's little changed from a 12.2% rise the brokerage reported last week based on the results of 74% of the firms in the index. Sales growth was unchanged at 8.9%.

Ahead of the reporting season, FactSet put expected earnings growth at 8.3%, according to Oppenheimer.

Nvidia (NVDA) , Home Depot (HD) , TJX (TJX), Salesforce (CRM) , Intuit (INTU), Dell Technologies (DELL) and Warner Bros. Discovery (WBD) are among the major companies scheduled to report this week.

CrowdStrike (CRWD) shares tumbled 10% intraday Monday, the steepest decline on the S&P 500, as Stifel lowered its price target on the cybersecurity firm's stock to $480 from $600.

Novo Nordisk's (NVO) US-listed shares plunged nearly 16% after the latest trial results of the Danish pharmaceutical giant's investigational weight-loss drug showed it was less effective than Eli Lilly's (LLY) product. Lilly shares were up 4.3% intraday, among the top gainers on the S&P 500.

Gilead Sciences (GILD) agreed to acquire cancer therapy developer Arcellx (ACLX) in a deal worth $7.8 billion, as the biopharmaceutical company aims to strengthen its chimeric antigen receptor T-cell offerings. Arcellx (ACLX) shares surged 78%, while Gilead fell 1.1%.

West Texas Intermediate crude oil was down 0.4% at $66.21 a barrel intraday.

"Oil prices softened as the US and Iran prepared for a third round of nuclear talks, easing fears of a potential confrontation," D.A. Davidson said in a note to clients.

Federal Reserve Governor Christopher Waller said Monday that the possibility of recent labor market data pivoting to "a more solid footing" cannot be dismissed. Waller said continued improvement in labor market data, along with additional progress on inflation, would tilt his decision toward a pause in March.

Gold was up 2.9% at $5,229.20 per troy ounce, while silver jumped 6% to $87.32 per ounce.

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