5 Things to Watch on
February 23, 2026

Markets are down more than -0.4% as fresh trade uncertainty follows President Trump’s decision to raise temporary global tariffs to 15% from 10%, after the U.S. Supreme Court struck down several of his prior duties last week. The ruling invalidated earlier tariffs imposed under emergency powers, prompting Customs and Border Protection to halt collections starting Tuesday, with further guidance pending.

Investor appetite for crypto continues to cool, with nearly $3.8B pulled from U.S.-listed spot Bitcoin (BTC) ETFs over the past five weeks, the longest outflow streak since February 2025. Meanwhile, Strategy (MSTR) kept buying, adding 592 BTC for $39.8M at an average price of $67,286, even as BTC slipped to around $66K. The company now holds 717,722 BTC purchased at an average cost of $76,020, funding its latest acquisitions through an at-the-market share sale.

Michael Burry reignited debate over the AI boom, questioning whether hyperscalers’ massive data center spending is unsustainably straining cash flows, inflating earnings through extended depreciation, and forcing record debt issuance. Critics argue his structural concerns may be valid but caution that his timing has historically been early, not wrong. Burry fired back, defending his long track record of major macro and equity calls, while drawing parallels between today’s AI enthusiasm and the 1920s radio bubble, where transformative technology didn’t prevent devastating stock losses.

Domino’s Pizza (DPZ) shares are up over +5% premarket after reporting Q4 results that featured a slight EPS miss at $5.35 but a solid revenue beat, with sales rising +6.4% YoY. Growth was driven by higher supply chain revenues, improved U.S. franchise royalties and advertising revenue, and a +1.7% increase in food basket pricing, supported by stronger order volumes. U.S. same-store sales climbed +3.7%, while global retail sales rose +4.9%, with net store growth of 392 locations in the quarter.

Novo Nordisk (NVO) shares plunged more than -14% in premarket trading after its next-generation obesity drug, CagriSema, failed to match Eli Lilly’s (LLY) tirzepatide in a Phase 3 trial, missing its primary non-inferiority endpoint. Patients on CagriSema lost -20.2% of body weight over 84 weeks versus -23.6% for LLY's treatment, dampening expectations that the therapy would rival its key competitor. The setback raises fresh concerns about CagriSema’s sales potential as NVO faces mounting competition and looming patent expirations for Wegovy and Ozempic, while LLY shares climbed on the news.