Stock Market Today, Feb. 23: Nvidia Earnings Loom as Tariff Concerns Drive Dow 800 Points Lower

MrDecoder · 2026-02-24T17:38:21+00:00

The stock market saw a significant decline, with the S&P 500, Nasdaq, and Dow Jones all dropping due to tariff concerns and AI-related anxieties. Major companies like IBM and Novo Nordisk faced losses, while Nvidia's upcoming earnings report could influence market direction.

MrDecoder

2026-02-24 17:38:21

Abstract generation in progress

The S&P 500 (^GSPC 1.04%) fell 1.04% to 6,837.75, the Nasdaq Composite (^IXIC 1.13%) lost 1.13% to 22,627.27, and the Dow Jones Industrial Average (^DJI 1.66%) dropped 1.66% to 48,804.05 as tariff shock and AI anxiety pressured risk assets.

Market movers

IBM (IBM 13.15%) slid after Anthropic’s new AI modernization tools raised fears about disruption to legacy IT services, while Novo Nordisk (NVO 16.33%) sank on disappointing CagriSema obesity‑drug data versus Eli Lilly (LLY +4.78%), which gained as investors rewarded its perceived leadership in weight‑loss treatments.

What this means for investors

Last week’s Supreme Court decision on tariffs continued to resonate with investors to start the trading week. President Trump’s announcement over the weekend to boost “global” tariffs from the 10% declared on Friday to 15% seemed to increase uncertainty on Wall Street.

Today’s massive 822 point drop in the Dow was led by multinationals including IBM and financial giants American Express (AXP 7.33%), Visa (V 4.50%), and JPMorgan Chase (JPM 4.27%).

Tech stocks were somewhat mixed with AI leader Nvidia (NVDA +0.79%) shares rising nearly 1% while an AI-driven “software apocalypse” hit software along with cybersecurity and other tech names. Salesforce (CRM 3.86%) was another top loser in the Dow today.

Nvidia stock is rallying ahead of its upcoming earnings report Wednesday that will help guide investors thinking. A solid report with strong guidance could reignite the tech trade on confirmation that spending to build AI infrastructure will pay off in the long run. Disappointment from Nvidia will likely also drive the Nasdaq’s broader trajectory. Investors should expect volatility over the next two sessions leading up to that critical update.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.