Market Brief: Trade Policy Shifts Drive Global Volatility Global financial markets entered a period of heightened sensitivity today, Monday, February 23, 2026. The primary catalyst is a landmark U.S. Supreme Court ruling that struck down several broad global tariffs. In response, the administration has pivoted to alternative mechanisms. This includes a new **10%** global tariff under Section 122 and a flat **15%** import levy. These rapid policy shifts have injected fresh uncertainty into global trade dynamics, prompting a significant flight to safety. Equity and Fixed Income U.S. equity markets opened the week under pressure as investors weighed the impact of the new trade measures. The **Nasdaq 100** is testing key support levels near **24,500**, while the **S&P 500** remains sensitive to the "tariff turbulence." The **Dow Jones Industrial Average** has seen sharper declines compared to tech-heavy indices. Volatility is rising as market participants demand a higher risk premium for geopolitical and policy uncertainty. In the bond market, the **10-year Treasury yield** eased slightly to **4.075%**, down from a high of **4.106%** late last week. Despite the slight dip, yields remain elevated as the market reassesses the long-term inflationary impact of the revised trade duties. Commodities and Energy Precious metals are the primary beneficiaries of the current risk-averse sentiment. Spot **Gold** prices surged **1.61%** today, trading near **$5,160** per ounce. **Silver** outperformed with a massive **5%** rally, reaching **$86** per ounce. Analysts note that gold has established a firm short-term base near the **$5,000** psychological level. Bullion is finding strong support from a combination of trade friction and rising tensions in the Middle East. Energy markets are reflecting a mixed outlook. **Brent Crude** futures are trading around **$71** a barrel, while **WTI** sits at **$65.75**. While geopolitical risks provide a floor, Goldman Sachs has maintained a surplus forecast of **2.3 million** barrels per day for 2026, which may cap significant price gains. Digital Assets and Currency The cryptocurrency market is experiencing a "bearish bias" as appetite for risk assets wanes. **Bitcoin** dropped more than **4.5%** to start the week, sliding toward the **$65,000** support area. Market sentiment in the crypto space has plunged into "extreme fear," with indicators dropping to levels not seen in months. The **$70,000** mark now serves as a formidable near-term resistance level. In the currency space, the **U.S. Dollar** has shown some weakness following the court ruling, allowing the **EUR/USD** pair to climb above the **1.18** handle. Central Bank Outlook The Federal Reserve remains in a holding pattern with the target rate at **3.50%–3.75%**. While the Fed paused its rate-cutting cycle in January, the market is looking toward potential cuts in March or June if labor data softens. Upcoming U.S. data, including Consumer Confidence and GDP revisions, will be critical in determining if the current economic slowdown necessitates a more dovish pivot later this year.