The Rundown What the Supreme Court's Decision to Ban Trump's Tariffs Means for Stocks
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Feb 22, 2026 John Petrides, portfolio manager at Tocqueville Asset Management, offers market analysis on tariffs, AI, and sector rotations. He reacts to the Supreme Court tariff ruling and its timing. He explains why bond moves matter, why value and international stocks are outperforming, and how AI is reshaping software valuations and capex decisions.
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Tariff Ruling Makes Bonds The Real Market Signal
- The Supreme Court striking down Trump's tariffs shifts the immediate market signal from equities to bonds.
- John Petrides says watch the bond market because lost tariff revenue affects US refinancing costs and long-end yields on the 10-year Treasury.
Market Rotation From Tech Growth To Value And International
- The market is undergoing a healthy rotation from concentrated tech growth into value and international exposure.
- Petrides describes this as a second wave of investors broadening portfolios after years of US large-cap growth dominance and DeepSeek's shock to the AI narrative.
Software Valuations Reset After AI Threat To Recurring Revenue
- Software valuation contraction reflects an existential threat from new AI entrants, not that software is dead.
- He explains recurring-revenue software had become 'the new consumer staples' and is now facing multiple-compression as risk to future moats appears.