The Week Ahead: Markets Eye Tariff Ruling, Nvidia Earnings, and Key PPI Report

Published: February 22, 2026

Key Points

• Supreme Court tariff ruling lifts policy overhang and steadies U.S. markets.
• Nvidia earnings headline the week as AI leadership tests market momentum.
• Friday’s PPI and Core PPI data could reset rate expectations and sector leadership.

Market Overview

U.S. equities closed higher last week as trade uncertainty eased and investors focused on earnings and rate expectations. The S&P 500 finished at 6,909.51 (+1.07%), the Nasdaq Composite advanced to 22,886.07 (+1.51%), and the Dow Jones Industrial Average ended at 49,625.98 (+0.25%). Leadership remained concentrated in large-cap technology, while the Dow posted more modest gains.

The Supreme Court’s decision to strike down IEEPA-based tariffs removed a key policy overhang. The administration’s immediate move to implement a 10% tariff under Section 122 limited market disruption and shifted attention back toward growth, inflation, and earnings.

Economic Releases & Notable Earnings

Monday (Feb 23)

• Before the Open:
  • Domino’s Pizza (DPZ), est. $5.38
  • Axsome Therapeutics (AXSM), est. -$0.70
  • Freshpet (FRPT), est. $0.39
• Economic Releases:
  • 13:00 GMT – FOMC Member Waller Speaks
  • 15:00 GMT – Factory Orders m/m, forecast -0.4% (prior 2.7%)
• After the Close:
  • Diamondback Energy (FANG), est. $2.00
  • ONEOK (OKE), est. $1.50

Tuesday (Feb 24)

• Before the Open:
  • Home Depot (HD), est. $2.53
  • American Tower (AMT), est. $2.54
  • Keurig Dr Pepper (KDP), est. $0.59
• Economic Releases:
  • 13:00 GMT – FOMC Member Goolsbee Speaks
  • 14:00 GMT – HPI m/m, forecast 0.3% (prior 0.6%)
  • 15:00 GMT – CB Consumer Confidence, forecast 87.6 (prior 84.5)
• After the Close:
  • First Solar (FSLR), est. $5.14
  • Workday (WDAY), est. $2.32

Central Bank Activity

Heavy Fed speaker volume increases the probability of rate repricing, particularly around inflation persistence and labor conditions.

Technical Outlook

Dow Jones Industrial Average Index Analysis

Dow Jones: 49,625.98 (+0.25%), support at 48,428.13, resistance at 50,512.79.

Nasdaq Composite Index (IXIC) Analysis

Nasdaq: 22,886.07 (+1.51%), support at 21,898.29, resistance at 23,988.27.

S&P 500 Index (SPX) Analysis

S&P 500: 6,909.51 (+1.07%), support at 6,775.50, resistance at 7,002.28.

Outlook

Producer inflation and Consumer Confidence are the primary data catalysts. Friday’s PPI and Core PPI readings will directly influence rate expectations, while Tuesday’s confidence data will test whether consumer sentiment is stabilizing after January’s sharp drop. Earnings remain the second driver, with Nvidia positioned as the key sentiment gauge for AI leadership.

About the Author

James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement.