An ugly tariff Monday – North American session Market wrap for February 23

[Ben Graham]

Log in to today's North American session Market wrap for February 23

Traders came back for a ride after a tense weekend. Overall, nothing spectacular happened between the US and Iran, which could have been a relief for risk assets, but the recent tariff turmoil said otherwise.

Economic uncertainty is back, leading to today's gigantic outflows from risk assets. While the Supreme Court ruled that IEEPA (Liberation Day) tariffs were illegal, the White House's renewed aggressive stance brought the conversation back to the unstable outlook for deglobalization.

Global Equities took a turn lower, of course led by the US Indexes, which all closed down by more than 1%.

The DJIA took the most significant hit, down 1.74% at the close and breaching some concerning technical indicators to the downside. If sentiment takes a decisive turn here, US Equities could quickly spark a widespread bearish contagion.

Cryptocurrencies did not escape the most recent turn, with Bitcoin now $4,000 below its $59,900 late January trough and other altcoins unable to withstand the pressure.

Digital assets can't catch a break. Not too surprising, given the precarious investor tone since the October all-time highs in the AI and Tech sectors.

A bottom will form there when the clouds dissipate, but as seen in New York's consequential snowstorm, the weather isn't looking very clear.

At least, Precious Metal enthusiasts can rejoice, as recent turmoil brought back demand, particularly to Silver and Gold, with the two dancing higher to start the week.

The US Dollar had initially dipped at the Globex open before rebounding. It remains technically solid, though its outlook for the times ahead remains peculiar, particularly as Iran tensions remain a background catalyst underpinning the Reserve Currency.

Read More:

• Precious metals breakout: Silver (XAG/USD) and Gold (XAU/USD) tariffs outlook
• Stocks drop from tariff uncertainty – Dow Jones and US Index Outlook
• Markets Weekly Outlook - The gavel falls on global tariffs as inflationary fears return to the fold

Stock Market Heatmap for the Session

Market Close Heatmap – Source: TradingView – February 23, 2026

Today was a bloodbath in Equity Markets. Except for some local Blue Chip winners (Walmart, Eli Lilly and P&G), the overall market is red.

Not a great way to start the week – Stock bulls will want to see a prompt return to avoid a profit-taking cascade across the entire Market.

Cross-Assets Daily Performance

Cross-Asset Daily Performance, February 23, 2026 – Source: TradingView

Today's Market action marked the return of some more classical risk-off flows, with risk-assets plunging while US Treasuries and Metals loved it.

It is early to say if sentiment will remain pessimistic, but what's for sure is that it will remain unstable for times to come.

A picture of today's performance for major currencies

Currency Performance, February 23, 2026 – Source: OANDA Labs

FX moves may look strong in today's chart, but this is just a loop effect. Movements were mostly small and range-bound throughout the session.

Notable performers however are the US Dollar which remained quite resilient despite all the chaos in the US and of course, the JPY enjoying the risk-off flows.

Expect things to get moving in FX throughout the week.

A look at Economic data releasing throughout this evening and tomorrow's sessions

For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Tonight will see the People's Bank of China Rate Decision, expected to remain unchanged as Asian traders return from the Lunar New Year. Happy Flame Horse year!

For the rest, the action will be centered around Federal Reserve speeches all around. It will be interesting to learn more on their views regarding recent Tariff news and US labor market resilience.

This is a key inflexion point where traders will discover who really is dovish and who isn't (wink wink Waller who came back with some more balanced remarks, now out of the Fed Chair race).

Safe Trades!

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