CNBC Business News Update Market Midday: Stocks Sell Off, Markets All Down More Than 1%, US Businesses Want Tariff Refunds 2/23/26
Feb 23, 2026
Markets skid as tech and software stocks pull major indexes lower. Debate over U.S. tariff refunds heats up with legal scrutiny of Treasury comments. The EU pauses a trade deal ratification amid criticism of U.S. trade policy. Safety concerns and canceled travel follow cartel violence in Mexico. Biotech headlines as Novo Nordisk’s obesity drug trails Eli Lilly in trial results.
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Tech Sell-Off Drove Broad Market Decline
- Markets sold off on a tech and software rout that pushed major indexes more than 1% lower midday.
- Jessica Ettinger reports the Dow was down 734 points, S&P down 72 and Nasdaq down 273, signaling broad weakness led by tech.
Big Caps Worsened The Downturn
- Individual big-cap names amplified the drop with American Express down nearly 8% and Salesforce and Nike off about 5%.
- UBS's Ali McCartney framed the move as a reversal from last year's AI-driven optimism to a 'show me the money' profitability focus.
Companies Expect Refunds After Tariff Ruling
- After the Supreme Court struck down the reciprocal tariffs, U.S. companies expect refunds and have legal grounds to claim them.
- Neil Katyal, who argued the case, told CNBC those refunds 'should' be expected and criticized Treasury comments downplaying payouts.