Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)

Major indexes were sliding Monday morning as recent news about tariffs has injected some uncertainty into the market. And this is on top of a software stock sell-off that has been gaining momentum in recent weeks. As investors are selling, are there any opportunities? After all, broad sell-offs like this can create great opportunities when high-quality businesses get pulled down with weaker names. One stock I think investors may want to consider buying (albeit in moderation) on this sell-off is Amazon (NASDAQ: AMZN) . The stock has been slammed even more than the broader market this year, declining about 12% year to date -- and that's after underperforming the S&P 500 in 2025. Despite the market's recent pessimism toward the stock, the e-commerce and cloud-computing giant just reported a strong fourth quarter, and the biggest near-term pressure point in the story -- elevated AI (artificial intelligence) investment spending -- looks more like short-term noise than a real issue. Continue reading

格隆汇2月24日｜恒指期货夜盘收跌0.75%，报26869点，低水202点。

Lenders begin to worry about how AI agents could undermine their borrowers.

Key PointsCitrini Research published a report today outlining the economic risks of AI agents.

Binance (CRYPTO: BNB) co-founder Changpeng "CZ" Zhao said Thursday that cryptocurrency doesn’t rely on government rescues after Sen. Elizabeth Warren (D-Mass.) asked the Trump administration not to bail out billionaires in the current bear market. CZ’s Response To Warren CZ...

South Africa's stock market has been trending steadily higher for nearly two years, brushing aside volatility in the U.S. and elsewhere, helped by heavy exposure to gold prices. The uptrend recently reset itself after a brief shakeout at the start of the month, putting the iShares MSCI South Africa ETF (EZA) back on our radar. EZA has reestablished short-term momentum within its long-term uptrend. A bullish crossover in the daily MACD serves as a positive technical catalyst, following a successful test of support at the 50-day moving average (MA) and the cloud model, highlighted by the shaded area on the chart. Momentum measures point higher across time frames for South Africa proxies. On the weekly chart, EZA is supported by three rising and diverging moving averages. On the monthly chart, a rising MACD histogram reinforces the long-term uptrend. Together, these signals suggest that intermediate- and long-term momentum remains healthy behind South African equities. Relative to the U.S., South Africa's equity market has delivered consistent outperformance since the start of 2025. The ratio of EZA to the S & P 500 Index (SPX) is trending higher in line with price, supported by renewed short-term momentum and long-term moving averages. This indicates that South African equities could extend their relative strength through 2026. Adding exposure after a strong advance can be hard for investors, but the recent MACD crossover strengthens the case for near-term upside follow-through. At the same time, overbought/oversold indicators do not yet signal meaningful upside exhaustion. With EZA trading near all-time highs, there is no overhead resistance. Nearby support from the daily cloud, currently in the $68 to $71 range, reinforces the uptrend and offers a reference point for stop-loss placement and risk management. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors...

The following companies are expected to report earnings after hours on 02/23/2026. Visit our Earnings Calendar for a full list of expected earnings releases.ONEOK, Inc. (OKE)is reporting for the quarter ending December 31, 2025. The oil/gas company's consensus earnings per share

Is Apple (NASDAQ: AAPL) a tech stock or not? Based on recent trends, Apple stock is not performing like the rest of the technology market. In the past six months, the iPhone maker's share price is up about 17%, strongly outperforming the Nasdaq-100 index (up 8%) and major AI stocks like Nvidia (NASDAQ: NVDA) (up 8.5%), Microsoft (NASDAQ: MSFT) (down 22%), and Meta Platforms (NASDAQ: META) (down 11.3%). AAPL data by YCharts Continue reading

AMD Zen 6 And Intel Nova Lake-S May Both Debut In 2027 For A Next-Gen CPU Showdown HotHardware

2月23日，美国参议院一群民主党议员发布了一项法案，要求强制退还根据唐纳德·特朗普总统此前提高的关税所支付的税款。最高法院已于上周五判定这些关税违宪。 民主党参议员罗恩·怀登（Ron Wyden）、珍妮·沙欣（Jeanne Shaheen）和埃德·马基（Ed Markey）于正式提出法案，要求政府退还在最高法院裁决中被判定为非法的关税税款。 据宾夕法尼亚大学沃顿预算模型（Penn Wharton Budget Model）估计，美国政府可能面临超过1,750亿美元的退款责任。 怀登称特朗普的关税政策是“非法的征税计划”；而白宫则反击称，特朗普利用关税振兴了美国制造业，民主党的做法是在“破坏美国人民的利益”。

According to a Securities and Exchange Commission (SEC) filing dated Feb. 17, 2026, Ananym Capital Management, LP, liquidated its entire holding of 795,411 shares in Six Flags Entertainment (NYSE:FUN) . The estimated transaction value for the sale was $18.07 million based on the quarterly average share price. The quarter-end value of the stake was reduced by $18.07 million, capturing both the sale and any price drift during the period. Ananym Capital fully sold out of Six Flags Entertainment, which previously represented 6.9% of its reportable AUM in the prior quarter. As of Feb. 19, 2026, shares of Six Flags Entertainment were priced at $17.59, down 61.6% over the past year with an alpha of -74.0% versus the S&P 500. Continue reading

You can't afford not to know more about this unseen AI stock giant MSN

Valdo Calocane released in 2020 after mental health staff considered research on over-representation of young black men in detention Mental health professionals decided not to detain the Nottingham triple killer Valdo Calocane despite a violent incident in 2020, after they considered research that addressed the over-representation of young black men in custody, a public inquiry has been told. Calocane, who has paranoid schizophrenia, fatally stabbed 19-year-old students Barnaby Webber and Grace O’Malley-Kumar, and 65-year-old Ian Coates, and severely injured three others on 13 June 2023. Continue reading...

格隆汇2月24日｜标普全球：更广泛的关税政策不确定性仍是全球信用展望的关键风险，也是市场波动的潜在触发因素。

MicroStockHub Harmony Biosciences ( HRMY ) is down ~10% in Monday trading after analysts at Deutsche Bank and Truist cut their rating. Both firms cited a potential negative outcome of an intellectual property case between the company and AET Pharma US involving Harmony's main drug, Wakix (pitolisant), which is approved for excessive daytime sleepiness. Deutsche Bank downgraded the stock to hold from buy, saying that the judge in the case appears to be siding against Harmony. Analyst David Hoang said that if Harmony loses exclusivity, Wakix generics could hit the market as early as this year instead of 2030. Truist's Danielle Brill noted that the judge's initial comments following the trial do "not bode well for HRMY.... Given increasing uncertainty around the durability of the Wakix franchise, and noting it remains the sole value driver in our prior valuation, we are downgrading the stock to hold from buy." More on Harmony Biosciences Harmony Biosciences Makes The Grade Harmony Biosciences: Still Undervalued But Unappealing Risk/Reward (Downgrade) Harmony Biosciences Holdings, Inc. (HRMY) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript Harmony Biosciences Holdings, Inc. Q4 2025 Earnings Preview Harmony Bio granted FDA label expansion for Wakix in children with narcolepsy

Continuing a decline that saw shares end Friday's session lower than the day before, Freshworks (NASDAQ: FRSH) stock is off to a bearish start this week. An analyst has taken a more pessimistic stance on the software stock, and investors have taken note. As of 1:51 p.m. ET, shares of Freshworks are down 7.3%. Image source: Getty Images. Continue reading

The European Central Bank must be “agile” in setting monetary policy, despite currently being well positioned, according to President Christine Lagarde . “We have to assess whether we are in that good place that I’m characterizing now,” the Frenchwoman said Monday in Washington. That implies “that we have to be agile and determine whether something needs to be done.” Following a speech accepting the Paul A. Volcker Lifetime Achievement Award, Lagarde reiterated that policymakers will set interest rates “meeting by meeting, each and every step of the way,” and again described the balance of risks as “broadly balanced.” Officials aren’t keen to tweak borrowing costs, with inflation near their 2% target and economic growth resilient to geopolitical friction and US tariffs. Some worry about a rally in the euro weighing on consumer-price gains, however. The single currency may see renewed strength after the US Supreme Court struck down Donald Trump ’s reciprocal levies last week. Other key comments: Amid speculation about her future, Lagarde reiterated that her “baseline” is to see out her full term as ECB head When asked what the greatest challenge will be for Kevin Warsh when he takes over at the Federal Reserve , she said “to do his job” Central-bank independence is “is critically important to the mission that we have to deliver upon. And I think that without that independence being protected, being cherished and being celebrated as well as protected by accountability, I don’t think that we would be capable of responding in the way we have”

Key PointsBaker Bros. Advisors added 2,005,813 shares of Kymera Therapeutics; the estimated transaction value was $135.45 million.

Anthropic：Claude Code能自动Cobol现代化。 COBOL（全称为 Common Business-Oriented Language，通用面向商业语言）是一门已有数十年历史的编程语言，广泛应用于商业数据处理领域，而这正是IBM的核心业务板块。如今大量交易系统仍基于COBOL运行，包括支付处理、零售交易系统等，使其成为高性价比AI改造的重点目标。 Anthropic在周一的一篇博客文章中提到，举例而言，美国约95%的ATM交易都由COBOL处理。 “每天有数千亿行COBOL代码在生产环境中运行，支撑着金融、航空、政府等领域的关键系统。尽管如此，真正掌握这门语言的人却逐年减少。”Anthropic在博客中写道，“AI非常擅长简化那些曾让COBOL现代化改造成本高到难以承受的工作。” 文章进一步解释，Claude Code能够帮助现代化改造COBOL代码库：梳理数千行代码间的依赖关系、文档化工作流程、识别出 “人类分析师需要数月才能发现” 的风险点。 “遗留代码现代化改造多年停滞不前，原因是理解旧代码的成本比重写还高。而AI彻底扭转了这一局面。”

OlekStock New York Governor Kathy Hochul on Monday announced proposed rules for consumer protection in Buy Now, Pay Later financing options. The rules seek to establish a licensing and supervision framework for the firms; prohibit excessive fees and limit late fees and other penalties; set rules for the timely resolution of consumer disputes; and protect consumer data. Furthermore, lenders can be required to disclose if loans will be reported to credit reporting agencies. Buy Now, Pay Later loans are not subject to uniform rules on disclosure of loan terms, data privacy, credit reporting, and fees that other consumer loans must adhere to, the Monday press statement said . "These new nation-leading regulations ensure that lenders know we have clear disclosures, limits on fees, and real oversight so families don't get pushed into a debt spiral while big financial companies cash in," said Hochul. The draft regulations are subject to a 10-day preproposal comment period beginning today. The law and regulation will take effect 180 days after the rule is adopted. Related tickers include Affirm ( AFRM ), Block ( XYZ ), Klarna ( KLAR ), PayPal ( PYPL ), and Sezzle ( SEZL ). More on related tickers Klarna: Paying Attention Here PayPal stock jumps after stock slump said to spark suitors' interest Optimist Fund takes new stake in Affirm in Q4, exits Fiverr

Getty Images Investment Thesis Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning. Winston Churchill was talking about war. We're talking about a €22 billion balance sheet (reset). Stellantis N.V. ( STLA ) looks like this today: a stock that appears to be in perpetual limbo, at an extraordinary level of undervaluation ( A+, according to Seeking Alpha ), and the market has no confidence in it. Seeking Alpha Is it wrong to have no confidence? Personally, I'm staying Hold, because the multiples are deep value, and it's not easy to ignore them, but they're discounted for a specific reason, not because the market wants to give you opportunities. Why is STLA trading at such low levels? What's really driving these prices? Is it a "value trap"? I'll try to answer these questions with three scenarios as we approach the next earnings release on February 26th. Seeking Alpha Finally, I will conclude by providing an example of how one may theoretically estimate the upside potential based upon a valuation model; however, this will only be possible once credibility returns to the financial reporting. At this point, it is still too early to consider buying an automotive company based solely upon its low price-to-earnings ratio. Company Overview Stellantis has always been a tricky stock to invest in. I've never had much luc k th e few times I've held it. The company is huge, with many well-known brands (e.g., Chrysler, Peugeot, Jeep) and several manufacturing plants located around the world. Company Presentation It has years of history, and there are many national (and international) interests. In the latest preliminary publication, the word "reset" resounded like a cannon, demonstrating how the company has decided to throw in the towel and start over, admitting all its problems in writing. It's a kind of confession. It implies a possible reorganization. It's a restructuring plan. The company announced additional costs of €...

PM Images/DigitalVision via Getty Images Market Review The start of 2025 was marked by political transition and policy changes in Washington, but closed with discussions centered around Artificial Intelligence ( AI ), interest rate cuts, and labor market weakness. The Federal Reserve (Fed) cut interest rates three times in 2025, and while inflation remained stubbornly above its 2% target, growing strain in the labor market may justify further cuts in 2026. The Federal Open Market Committee (FOMC) dot plot shows expectations of one cut, but economists are projecting the possibility of multiple reductions. Despite hiring stagnation, layoffs remain fairly low and real wage growth is steady. PGIM's proprietary recession sentiment indicator developed by the Quantitative Solutions group shows reduced recession fears. The Fed's Q4 Survey of Professional Forecasters projects 1.8% GDP growth over the next year—slower, but not recessionary. Core CPI rose 2.7% year over year in November, coming in below the 3.1% forecast—a downside surprise that may have been distorted due to data disruptions stemming from the government shutdown. Unlike the U.S., the Eurozone is closer to its inflation target, allowing the European Central Bank greater flexibility to cut rates compared to the Fed. In contrast, the Bank of Japan (BoJ) hiked rates to 0.75% in December, as mounting inflation alongside strong GDP growth has set the stage for a hawkish shift in monetary policy. Nonetheless, the BoJ is not expected to hike again until at least the second half of 2026. As 2026 begins, tariffs remain a key issue, with the potential to drive inflation higher and weigh on consumer spending. The Supreme Court is set to review the legality of 2025 tariffs, potentially invalidating more than 70% of them and causing fresh policy uncertainty which could significantly alter trade dynamics. While a temporary U.S.-China trade truce is in place, elevated tariffs are dampening Chinese retail and industrial activ...

财联社2月24日讯（编辑 史正丞） 当地时间周一，美联储理事克里斯托弗·沃勒在第42届全国商业经济学会（NABE）经济政策年会上发表讲话，期间对他的鸽派立场进行些许修正，同时强调美国经济数据正表现出令人困惑的反差。 作为背景，过去半年 沃勒两度投票反对美联储利率决议 ，呼吁美国货币政策制定者应更加重视劳动力市场的疲软信号。 但随着1月非农新增就业人数比之前9个月之和还要高，沃勒也松口了。 （美国非农就业人数，来源：tradingeconomics） 他在周一的演讲中表示， 如果2月数据能延续1月的强劲态势，他将加入大多数同僚行列，支持在3月继续维持现状。 沃勒说道：“如果这些数据能够支持这样的判断：即1月劳动力市场出现改善，并在2月得以延续，同时通胀在向2%目标迈进方面取得进一步进展，那么我的前景判断可能会变得略微更加积极。我对合适货币政策的看法， 可能会在即将召开的会议上倾向于暂停行动 。” 但他也强调，美国经济目前传递出来的信号是矛盾的，连他自己都感到困惑。 沃勒指出，总体而言，美国当前可能正处在一个货币政策制定极为棘手的阶段。“ 这是我职业生涯、甚至人生中第一次看到这样一种情况：经济在增长，但就业零增长 ，”他说，“我甚至不知道该如何去理解，因为我从未见过这种局面。” 他认为，今年要么就业增长会重新出现，要么“我们正处在一个我此生从未见过的经济活动阶段”。他说：“总有些东西必须被纠正。” 基于1月非农就业报告中的例行年度修正，美国2025年全年新增的非农就业数据只有18.1万个，折合每月仅为1.5万。考虑到修订数据仅涵盖前3个月，按照美国就业数据“虚高”的惯例，后面9个月的数字很有可能在明年初迎来一波大幅下修。 沃勒警告称，2025年的就业创造异常疲弱，是自2002年以来、除经济衰退时期外最弱的一年。如果最终数据修订至负数，将会是1945年以来第三次发生这种情况，因此“ 1个月的好消息并不能构成趋势 ”。 他也预告称，如果2月就业数字更贴近2025年的水平，他更有可能继续推动降息，而出现好坏两种结果的概率“几乎是抛硬币”。 沃勒也在周一表示，美国最高法院裁定特朗普总统去年依据《国际紧急经济权力法》（IEEPA）实施的关税非法，可能对消费者和企业需求产生正面影响，但影响幅度及持续时间仍不确定。沃勒也质疑称，如果与关税相关的成本下降，企业是否真的会下调价格，或是在...

格隆汇2月24日｜美国南方司令部：在加勒比海对一艘疑似毒品快艇发动的空袭中，三人被击毙。

PM Images/DigitalVision via Getty Images The Invesco Senior Income Trust ( VVR ) is a closed-end fund that aims to provide its owners with a very high level of current income. The fund seemingly does very well at this task, as it boasts a 13.94% yield at the current share price. While this yield may be attractive, it could be a good idea to be cautious, as the market generally does not allow any security to have a yield that is this high unless it has concerns about the fund’s ability to sustain its distribution. In the case of this fund, that concern might be warranted, as VVR primarily achieves its objectives by investing in floating-rate loans, and the yields of floating-rate securities have been declining over the past two years as the Federal Reserve has attempted to reduce interest rates. Furthermore, the Federal Reserve is widely expected to continue to reduce short-term interest rates over the course of 2026, a move that will cause the income that this fund receives from its portfolio to decline. As the securities in which this fund holds provide little to no capital gains as interest rates decline, it seems certain that the fund will indeed have to cut its distribution in the near future. For this reason, it may be a good idea for investors to remain cautious and hold off on buying this fund until it reduces its distribution to a more sustainable level. The Invesco Senior Income Trust Versus Fixed-Income Indices As mentioned in the introduction, the Invesco Senior Income Trust has a 13.94% yield at the current share price. This almost certainly appears to be very attractive, and one reason for this is that it is substantially higher than the yield of just about any fixed-income index fund. We can see that in this chart: Index/ETF Current Yield Bloomberg U.S. Aggregate Bond Index ( AGG ) 3.85% Bloomberg High Yield Very Liquid Index ( JNK ) 6.54% Vanguard Total World Bond ETF ( BNDW ) 4.08% Vanguard Total International Bond Index Fund ( BNDX ) 4.36% J.P. Morg...

Nacer HA/iStock via Getty Images The last time I wrote about Gilead Sciences, Inc. ( GILD ), it was with respect to a Seeking Alpha article entitled " Gilead: Expansion Of Livdelzi For PBC Continues With European Marketing Approval ". In this article, I mentioned that the European Commission (EC) granted conditional marketing authorization for seladelpar for the treatment of patients with biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults. It's important to note that this would be in patients with an inadequate response to UDCA alone or as a monotherapy in those unable to tolerate UDCA. At that time, I had placed a "Buy" rating on the stock because of this and every other aspect of its portfolio. Today, I'm downgrading the stock from a "Buy" rating to a "Hold" rating despite the Arcellx ( ACLX ) acquisition I'm about to go over below. This acquisition might be good in the long run, but it remains highly speculative. This is because while the Biologics License Application (BLA) of antio-cel for the treatment of patients with relapsed or refractory multiple myeloma (r/r MM) was accepted by the FDA with a Prescription Drug User Fee Fact (PDUFA) action date of December 23, 2026, there is no guarantee that approval will happen. Secondly, as noted in the press release of the acquisition transaction, even if anito-cel is approved, it is not expected to be accretive to earnings per share of the company until 2028 and after. The bright spot is that Gilead, through this acquisition of Arcellx, gained the D-Domain CAR technology platform, which could be used to enhance future CAR-Ts and bispecific therapies. Thus, the reason for my "Hold" rating is that a few years from now, Gilead might incorporate this technology to help it overcome competition, but this remains to be seen. It recently announced Q4 of 2025 revenues, which saw an increase of 5% year over year to $7.9 billion. The problem is that this was partially offset by lower sales of Vekl...

Alberto Case | Getty Images Many student loan borrowers who get their debt forgiven in 2026 can expect a hefty tax bill next year. That's because a law that shielded the relief from taxation at the federal level — part of the American Rescue Plan Act of 2021 — expired in December. Most impacted borrowers will be those who have their debt excused under the U.S. Department of Education's income-driven repayment plans , or IDRs. Enacted in the 90s , IDR plans cap people's monthly payments at a share of their discretionary income — and erase any remaining debt after a certain period, typically 20 or 25 years. More from Financial Advisor Playbook: Here's a look at other stories affecting the financial advisor business. Bigger SALT cap may 'drive higher refunds,' tax expert says — who benefits Trump accounts could grow to $50,000 or more, president says. Advisors weigh in Housing affordability isn't just hurting buyers: More homeowners are falling behind In an affordability crunch, Gen Z adults lean on their parents for financial help Penalty-free withdrawals from 401(k)s can now pay for long-term care insurance Tax changes Social Security beneficiaries may see based on new laws 53% of investors with a required withdrawal for 2025 still haven't taken it: Fidelity The first step workers should take after a layoff, as job losses soar Politics is now the No. 1 money worry, financial planners say How to maximize Trump's bigger SALT deduction limit for 2025 More than 12 million student loan borrowers are enrolled in IDR plans, according to higher education expert Mark Kantrowitz. Because that forgiven federal student debt may now be considered income by the IRS, the tax liability can be substantial. The average loan balance for borrowers enrolled in an IDR plan is around $57,000, said Kantrowitz. For those in the 22% tax bracket, having that amount forgiven would trigger a tax burden of more than $12,000, Kantrowitz estimated. Lower earners, or those in the 12% tax bracket, wo...

Deadliest start to a year in more than a decade, according to the International Organization for Migration A least 606 people trying to reach Europe in search of refugee have been reported dead or missing in the Mediterranean since the beginning of 2026, marking the “deadliest start to a year” in more than a decade, the UN’s migration agency said on Monday. The figure includes at least 30 people who are feared dead or missing after their boat capsized in severe weather off the coast of Greece on Saturday. Authorities rescued 20 people, including four minors, and recovered the bodies of three men and one woman, the International Organization for Migration (IOM), said. Continue reading...

The Democratic Republic of Congo’s president replaced the top two officials at the influential state-owned copper and cobalt mining company, Gecamines. President Felix Tshisekedi named Deogratias Ngele Masudi and Baraka Kabemba as chairman and chief executive officer, respectively, according to a presidential decree read out on state television Monday. Gecamines holds minority stakes in copper-cobalt mines controlled by major companies including CMOC Group Ltd. , Glencore Plc and Eurasian Resources Group . The state firm has also been increasing activity in trading a portion of the metals produced by the joint ventures at a time when the Trump administration is looking to Congo to help shore up US mineral supply chains. Congo’s copper production has boomed in the past decade, rising to 3.5 million metric tons in 2025, cementing its place as the world’s top supplier after Chile. It’s also the biggest source of battery cobalt, although Tshisekedi’s government introduced strict export controls last year. The two metals are normally extracted together from Congolese mines. While Chinese-controlled projects accounted for more than 80% of copper output last year, Congo and the US signed a partnership in December intended to encourage more American investment in the central African nation’s abundant mineral reserves. Masudi is a former justice minister and ex-secretary general of Gecamines, while Kabemba is a partner at consultancy firm EY who specializes in the mining sector. Guy Robert Lukama is the departing chairman and Placide Nkala Basadilua the outgoing chief executive.