TLDR
- Nvidia will report its Q4 earnings on Wednesday, which is the first major examination of AI spending sentiment in 2026.
- The Supreme Court invalidated Trump’s IEEPA tariff regime with a 6-3 ruling; the markets responded with moderate increases.
- Trump will give his State of the Union address on Tuesday and is likely to talk about tariff replacements and economic policy.
- Oil prices have increased by approximately 15% since January as the nuclear tensions between the US and Iran have risen. There could be a spike of $10–$15 per barrel if military action takes place.
- Key economic data includes the Producer Price Index on Friday and multiple appearances by Fed speakers throughout the week.
The markets are entering a busy week with Nvidia’s earnings, a Supreme Court tariff ruling that is still being processed, and escalating tensions with Iran all attracting investors’ attention.
will announce its fourth-quarter results after the market closes on Wednesday. The chip giant is the world’s most valuable company, and its results are closely monitored as an indicator of AI spending. CEO Jensen Huang is expected to discuss chip demand and Nvidia’s access to the Chinese market.
for the week of February 23, 2026 …
— Earnings Whispers (@eWhispers)
Also reporting on Wednesday are Salesforce and Lowe’s. Home Depot will report on Tuesday. These results will provide investors with an understanding of the software sector’s health and the housing market.
Berkshire Hathaway will report on Saturday. It is the first report since Warren Buffett stepped down as CEO and handed over control to Greg Abel.
Canadian banks such as Bank of Nova Scotia, Bank of Montreal, Royal Bank of Canada, and Toronto Dominion are also on the earnings schedule this week.
The Tariff Ruling and What Comes Next
The Supreme Court ruled 6-3 on Friday that the International Emergency Economic Powers Act does not grant the president the power to impose broad tariffs. Stocks turned positive after the decision, with the S&P 500 closing up 0.7% on Friday and 1.1% for the week.
Analysts say the market’s reaction was calm because much of the ruling had already been factored in. IEEPA tariffs accounted for roughly 60% of the imposed tariffs, but one analyst pointed out that the economic impact is still limited.
Trump responded by announcing a 10% under Section 122 of the Trade Act of 1974. Potential refunds from the invalidated tariffs could reach $175 billion, which will now be dealt with in trade courts.
Trump will deliver his State of the Union address on Tuesday. He is expected to outline his tariff replacement strategy and discuss housing and tax policies.
Iran Tensions Push Oil Higher
Oil prices increased by about 5.5% last week and have now risen approximately 15% since the beginning of 2026. These movements are related to the growing tension between the US and Iran over nuclear negotiations.
Trump gave Iran a 10-day deadline on Thursday to reach an agreement. Iran controls the Strait of Hormuz, through which around 20 million barrels of petroleum products pass daily.
Analysts at Rystad Energy say a limited US strike could temporarily push oil up $10 per barrel. A sustained campaign could drive prices up $15 per barrel or more.
