Bloomberg News Now
Stocks Close Lower on Tariff Jitters, Blizzard Hammers Northeast, More
23 Feb 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
news when you want it with Bloomberg News Now. I'm Amy Morris. There's your closing bell for this Monday on Wall Street where stocks fell and bonds rose over the impact of AI on profits and worries about tariff uncertainty. And of course, we bring you the closing numbers. We do that each day here at Bloomberg. The S&P 500 is down 72 points. NASDAQ down 259 points. The Dow Down 822 points.
The 10-year Treasury yield at 4.02 percent. The two-year yield at 3.43 percent. IBM shares now 13 percent lower. That's its biggest drop since March of 2020 as the AI startup Anthropic says its Claude Code tool can help with modernizing COBOL, which is a dated programming language. Most of the mainframe computers that run COBOL are made by IBM. IBM down nearly 30% off a P-Kit earlier this month.
The stock now on track for its biggest one-month percentage drop since 1992. Nassim Taleb warns investors to brace for escalating volatility and potential bankruptcies in the software sector as the AI-driven rally enters a more fragile phase. The Black Swan author says markets are underpricing structural risks and overestimating today's AI leaders.
The Western world, the United States and Europe, cannot afford another oil shock like the one we had in the 1970s. For those who remember what happened then, it's something, it's both inflation, stagflation that we had, inflation, commodity-driven inflation, that is not easy to remedy with monetary policy.
Author and risk analyst Nassim Taleb at a Universa Investments event in Miami spoke exclusively to Bloomberg Businessweek Daily. UK police have arrested former British ambassador to the US, Peter Mandelson, on suspicion of misconduct in public office. This comes after the Department of Justice released emails allegedly showing him forwarding government information online. to Jeffrey Epstein.
Police also searched two properties linked to Mandelson as part of their criminal probe. His arrest deepens the crisis, engulfing Prime Minister Keir Starmer over his decision to appoint Mandelson as U.S. envoy, despite his known links to Epstein. Mandelson has not been charged and his lawyer has declined to comment.
A powerful winter storm has buried New York City in one of its 10 snowiest days on record. The coast of New England is getting hammered by an intense blizzard. Mayor Zoran Mamdani.
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Chapter 2: What factors are affecting stock market performance today?
There is still more to come. Snow is projected to linger through the afternoon with another 1.5 to 2.5 inches expected by 8 p.m. Wind gusts are expected to remain as high as 40 miles per hour into the evening.
Bloomberg meteorologist Rob Carolin.
The snowfall rates have been ridiculous, between 2 and 5 inches an hour. I'm seeing totals now east of Islip, Long Island, at around 27, 28 inches of snow. We've seen Providence, Rhode Island, get 2 feet of snow this morning. They may get over 28 inches of snow from this storm.
Bloomberg meteorologist Rob Carolin says this is a classic nor'easter, but more intense, bringing ferocious winds up to 80 miles per hour. The Supreme Court's decision to nix President Trump's reciprocal tariffs is throwing fresh confusion over global trade deals.
Chairman Jason Smith of the House Ways and Means Committee tells Bloomberg the Supreme Court decision leaves tariffs effectively unchanged.
The Supreme Court decision is not going to affect the revenue that's coming in for the most part, because under federal trade statutes, the president is going to be able to levy his authority to implement virtually the same tariffs that were in place that the Supreme Court threw out.
But the European Union is poised to freeze the ratification process of its agreement with Washington. Bloomberg Intelligence senior analyst Nathan Dean tells Bloomberg Intelligence Republicans are starting to voice their own concerns.
I think most of the Republican Party understands that tariffs are a tax on the American people. You know, there have been significant numbers of Republicans that have voiced their uneasiness with tariffs. But, you know, when it comes to affordability, you know, President Trump will say the prices have come down, inflation has come down.
But, you know, the markets sort of say something differently. And so, you know, anecdotally, if you've just been to the grocery store, food prices are certainly up.
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Chapter 3: How is AI impacting major companies like IBM?
Scheinbaum says there's more calm in Mexico today and all flights are expected to resume tomorrow. A State Department official says the U.S. has ordered non-essential diplomats and family members to leave Lebanon as tensions over Iran rise with the threat of a potentially imminent military strike.
The official says a continuous assessment of the regional security environment determined it was prudent to draw down the embassy's footprint. A federal judge has permanently barred the release of a report by special counsel Jack Smith on his investigation into President Trump's hoarding of classified documents at Mar-a-Lago. U.S.
District Judge Eileen Cannon granted a request from Trump to keep that report under wraps, saying its release would present a manifest injustice to Trump and his two co-defendants. That's news when you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth. The news doesn't stop on the weekends.
Context changes constantly. And now Bloomberg is the place to stay on top of it all.
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Chapter 4: What warnings does Nassim Taleb give about market volatility?
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