🗞️SCOTUS rules against Trump's tariffs

February 20th, 2026

What happened today 🇺🇸,

• The Supreme Court ruled 6-3 against President Trump’s tariffs imposed under the International Emergency Economic Powers Act…Trump called the decision a "disgrace" and vowed to reimpose similar across-the-board tariffs on trading partners using alternative authorities like Section 232 or 301, while the ruling opens the door to billions in potential refunds for importers

• FCC Chair, Brendan Carr, launched the voluntary "Pledge America Campaign" to encourage U.S. broadcasters to air "patriotic, pro-America content" ahead of the nation's 250th anniversary on July 4th, 2026

• Late last night, President Trump announced on social media that he is directing the Pentagon and other federal agencies to identify and release government files related to aliens, extraterrestrial life, unidentified aerial phenomena (UAPs), and UFOs

• Bath & Body Works launched its first authorized storefront on Amazon, offering Prime-eligible shipping for popular items like body wash, candles, hand soaps, and mists

• Phil Spencer announced his retirement as Microsoft Gaming CEO after 38 years at Microsoft effective February 23rd…Asha Sharma, Microsoft's president of CoreAI products, will succeed him

• The Information reported that OpenAI has assembled a team of over 200 people to develop a family of AI-powered consumer devices, including a smart speaker with a camera for contextual awareness (priced at $200–$300 and slated for late 2027), plus potential smart glasses, and a smart lamp

• News Corp has announced it will match the U.S. Treasury’s one-time $1,000 seed contribution into “Trump Savings Accounts” for the children of its eligible U.S. employees…read more here

• December PCE inflation, the Fed's preferred inflation measure, came in at 2.9% year over year, above expectations of 2.8%…Core PCE inflation came in at 3.0% year over year, above expectations of 2.9%

• U.S. Q4 2025 GDP growth came in at a 1.4% annualized rate, down from 4.4% in Q3 and below economists expectations of around 2.5%

• DOW up .47% / S&P up .69%

Wall Street Just Named the Most Crowded Trades of 2026

AI stocks. Metals. Crypto.

Surprise, surprise; gold crashed 16%. Silver plunged 34%. Bitcoin dropped to 1 year lows.

All supposedly "uncorrelated" assets moving in lockstep largely because of overleveraged margin.

JPM strategists warn that the same leverage is still a risk.

Those markets may be recovering now, but cascading liquidations could trigger quickly across several asset classes simultaneously.

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Plus: A look at the cost of 30-second Super Bowl ads

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Quote of the day: “There are no secrets to success. It is the result of preparation, hard work and learning from failure.” — Colin Powell

Have a great weekend!

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