Why did U.S. stocks open lower today?
Here's your midday brief for Monday, February 23rd. I'm Alex Osola for The Wall Street Journal. U.S. stocks opened lower today after President Trump this weekend said he would increase his new global tariff to 15%. The Dow fell more than 1% this morning, with declines in American Express, Goldman Sachs, and JP Morgan weighing the index. The dollar weakened and gold and silver prices climbed.
Meanwhile, President Trump posted on social media this morning that the Supreme Court unwittingly gave him, quote, "...far more power and strength." when it ruled last week against his broad global tariffs, adding that other levies could be used, quote, in a much more powerful and obnoxious way.
Lawmakers in the European Parliament could shelve a key vote on the European Union's trade deal with the U.S. following a Supreme Court ruling that Trump's global tariffs are unlawful. The EU had already reached a political trade agreement with the U.S. last year, and the Parliament had been working on ratifying legal texts that would lower tariffs on U.S. industrial goods.
But the Supreme Court ruling and Trump's response of raising global tariffs have triggered uncertainty in Europe. A spokesperson for the European Commission told reporters today that officials need more clarity before deciding on any next steps.
And Novo Nordisk shares fell sharply after the Danish drugmaker said its next-generation obesity treatment failed to outperform Eli Lilly's Zetbound in a head-to-head study. The study results are a setback for Novo Nordisk in its efforts to regain ground lost to Eli Lilly in the obesity drug market.
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