Global Markets: The three major U.S. stock indices all closed down more than 1%, most large tech stocks declined, and New York silver futures rose nearly 7%

U.S. Stock Market: The three major U.S. stock indices all declined on February 23. At the close, the Dow Jones Industrial Average fell 821.91 points to 48,804.06, down 1.66%; the S&P 500 dropped 71.76 points to 6,837.75, down 1.04%; the Nasdaq Composite decreased 258.8 points to 22,627.27, down 1.13%.

Most large tech stocks declined, with Microsoft and Netflix down over 3%, Tesla, Amazon, and Meta down more than 2%, and Google and Intel down over 1%; Apple and Nvidia saw slight gains.

IBM fell over 13%, its largest decline since 2000, after Anthropic’s Claude announced support for COBOL-related capabilities. Novo Nordisk dropped over 16% as its product CagriSema underperformed compared to Eli Lilly’s Zepbound in clinical trials. Cancer cell therapy company Arcellx surged over 77%, with reports that Gilead Sciences is planning to acquire the company at $115 per share.

Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 0.95%. TSMC fell 0.13%, Alibaba down 1.08%, Pinduoduo up 0.78%, NIO up 4.34%, Futu Holdings down 5.55%, Amer Sports down 3.50%, ASE Semiconductor down 2.00%, JD.com down 0.66%, Baidu down 1.42%, Ctrip down 3.01%.

European Stock Markets: The three major European indices all declined on February 23. The FTSE 100 closed at 10,684.74, down 2.15 points or 0.02%. France’s CAC 40 closed at 8,497.17, down 18.32 points or 0.22%. Germany’s DAX closed at 24,991.97, down 268.72 points or 1.06%.

Commodity Markets: International oil prices declined on February 23. At the close, NYMEX WTI crude futures for the current month fell $0.19 to $66.29 per barrel, down 0.29%. COMEX gold futures rose $167.00 to $5,247.90 per ounce, up 3.29%. COMEX silver futures increased $5.66 to $88.00 per ounce, up 6.87%. Spot gold rose $123.41 to $5,227.75 per ounce, up 2.42%. Spot silver increased $3.55 to $88.20 per ounce, up 4.19%.

Overnight Headlines

U.S. Top Military Leader Reportedly Warns Trump: Military Action Against Iran Could Bring Major Risks

According to reports from CCTV and other media, U.S. Chairman of the Joint Chiefs of Staff, General Dan Caine, has been advising President Trump and other senior officials that military action against Iran could pose significant risks, especially the possibility of getting involved in a prolonged conflict. As background, the U.S. is currently deploying its largest air force presence in the Middle East since the Iraq War in 2003, including the aircraft carrier strike groups “Lincoln” and “Ford,” with the latter already arriving in the Mediterranean.

European Parliament Suspends Approval of US-Europe Trade Agreement, Calls for U.S. Clarification on Uncertainty

According to reports from CCTV and other media, amid major uncertainties in U.S. tariff policies, the European Parliament announced on Monday that it would suspend the approval process for the US-Europe trade agreement. European Parliament International Trade Committee Chair Bernd Lange stated that most members agree that, under current circumstances, the process should be paused until trade relations between Europe and the U.S. regain clarity, stability, and legal certainty.

Federal Reserve “Dove” Waller Expresses Confusion About U.S. Economy

On Monday, Federal Reserve Governor Christopher Waller spoke at the 42nd National Association for Business Economics (NABE) Economic Policy Conference, slightly revising his dovish stance while emphasizing that U.S. economic data show confusing contradictions. Background: Waller has voted against Fed rate hikes twice in the past six months, urging policymakers to pay more attention to signs of labor market weakness.

Tech Giants’ AI Race Intensifies, Investment Risks Raise Concerns

Recently, the global AI competition has heated up, with several multinational tech giants planning to invest approximately $650 billion by 2026 in AI infrastructure, cloud data centers, and global computing power expansion. This historic capital expenditure cycle could mark a new phase. However, concerns about an “AI bubble” are also rising, including whether such massive investments will yield returns and the energy pressures caused by large-scale AI deployment.

EU Foreign Minister: No Consensus on 20th Round of Sanctions Against Russia

EU High Representative for Foreign Affairs and Security Policy Josep Borrell said in Brussels on February 23 that EU foreign ministers failed to reach an agreement on the 20th round of sanctions against Russia. “This is a setback and not the message we wanted to send today, but work will continue,” Borrell stated after the EU foreign ministers’ meeting.

Former UK Ambassador to the U.S. Arrested in Connection with Epstein Case

London police announced on February 23 that former UK ambassador to the U.S., Peter Mandelson, was arrested on suspicion of misconduct in public office. Mandelson has been taken to a police station in London for questioning. Earlier this month, the police had announced an investigation into allegations of misconduct during his tenure as a public official.

Winter Storm Sweeps Across the U.S., Thousands of Flights Canceled

According to CCTV reports, a powerful storm brought heavy snow and strong winds to much of the U.S. Northeast on February 23, nearly paralyzing air traffic in the region. Flight tracking website FlightAware showed that over 5,500 flights in and out of the U.S. were canceled by around 10 a.m. Eastern Time, with hundreds more delayed.

European Parliament Suspends Approval of US-Europe Trade Agreement

On February 23, European Parliament International Trade Committee Chair Bernd Lange announced that the EU negotiating team has decided to suspend the approval process for the EU-U.S. trade agreement and postpone the scheduled vote on February 24. Lange reiterated that clear regulations and legal certainty are needed before any further steps are taken.

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