Markets and the Supreme Court Tariffs Ruling Aftermath, Novo Nordisk Tumbles, Winter Storm Impact 2/23/26

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This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

Jim Cramer (0:59)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:06)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures a bit soft after the S&P's first positive week in three. Locked to process after Friday's SCOTUS decision. The EU may move to halt approval of its US trade deal. Big week of earnings from NVIDIA to Home Depot plus State of the Union. Our roadmap begins with the fallout after the Supreme Court struck down Trump's tariffs. Trump's saying he will now move to hike global tariffs to 15

David Faber (1:35)

Plus travel chaos as the winter blizzard cripples the Northeast, forcing thousands of flights to be grounded. And the US and Iran are set to resume talks. This comes as the president reportedly weighs a larger attack on Iran if diplomacy or an initial smaller strike doesn't force the country to stop its nuclear program.

Carl Quintanilla (1:57)

Let's begin with this winter storm blasting the Northeast. According to forecasts, some areas could be hit with up to two feet of snow. You got blizzard warning stretching from Maryland to Maine, including the first for New York City since 2017 Hundreds of thousands are without power. Since yesterday, more than 10,000 flights have been canceled. According to FlightAware, today there have been more than 9000 delays. This is not exactly what the air travel industry needs, Jim, especially with this partial shutdown still in place.

Jim Cramer (2:26)

No, what happened last week, that group fell apart even after Americans said that the first two months of the year were good. We don't want to lose the travel bull market. People felt the company bookings was a little bit soft too. I mean, David, if you remember the numbers that the president was talking about, like we had the government shutdown and that knocked off 0.9% of growth.

David Faber (2:43)

Yeah, from GDP.

Jim Cramer (2:44)

When you have these, we used to say, uh-oh, bad for brick and mortar, good for Amazon. No one says that anymore. It's kind of like Amazon doesn't mean as much to retail. Trying to figure out what it means, earnings per share to anything.

David Faber (2:58)

I don't know, it's just a part of the fabric now, Amazon. So yeah, listen, we're all here. Subway work, thank you MTA workers for getting in today so that we can get in.

Jim Cramer (3:08)

I was trying to think of the earnings per share.

David Faber (3:09)

I know, I just, I mean, it's weather. It's bad. It's not two feet, by the way. I don't know where that came from. It's like eight inches of snow out there.

Jim Cramer (3:17)

Okay.

David Faber (3:18)

All right, that's my forecast.

Jim Cramer (3:19)

Now, when I say tariffs, is he going to say, well, it really doesn't matter, you see, because it was easy to get in today. Tariffs, you said to?

David Faber (3:26)

Yeah, let's move on to that. Wherever else you want to go. I don't really have a lot of time for the weather.

Do you?

Jim Cramer (3:33)

Really?

David Faber (3:33)

You want to sit here and talk about the weather?

Jim Cramer (3:35)

I discuss it with my team.

David Faber (3:36)

You want to sit here and talk about the weather? Like, we're here. Let's go.

Carl Quintanilla (3:42)

Let's move to the markets. We're coming off a Positive Friday Session for Stocks. Of course, the Supreme Court ruled down the president's reciprocal tariffs. In response, the president announced this 15% global tariff, this time under Section 122 You might have heard of it by now, but under the 1974 Trade Act. Waller's on the tape today as well, issuing some comments. He says the ruling is unlikely to have a significant impact on monetary policy. Actually had some comments about the labor market, which is really where his calculus around rates pivots.