CNBC Business News Update Market Close: Stocks Higher, Software Shares Rebound From Monday's Losses, New 10% Global Tariffs Take Effect 2/24/26
Feb 24, 2026
Market rebound and sharp gains across major indexes after Monday's decline. Discussion of warning signs as indices near all-time highs. Announcement that new 10% global tariffs have taken effect and a possible rise to 15% is being considered. Legal and business fallout, including companies seeking tariff refunds and calls for congressional action. Travel safety concerns in Mexico and a preview of big upcoming earnings and data.
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Range Bound Market Near All Time Highs
- Stocks bounced after Monday's drop with the Dow up 370 points and the Nasdaq gaining 236 points.
- Mike Santoli noted the market sits just a couple percent from S&P 500 all-time highs and remains range-bound, so direction is uncertain.
Consumer Stocks Rise While Bitcoin Slips
- Several consumer names hit fresh all-time highs including McDonald's, Yum! Brands, and Coca-Cola.
- Meanwhile Bitcoin struggled, tracking toward its worst month since 2022 while hovering near $64,000.
Expect Tariff Uncertainty And Legal Challenges
- President Trump's 10% global tariff on imports is now in effect, with a threatened rise to 15% still pending formal order.
- FedEx and others are suing for refunds and Senator Maria Cantwell urged relief for small businesses without costly litigation.