Squawk on the Street SOTS 2nd Hour: Today's Tariff Turns (Impact for Stocks, Trade Deals, & Co. Refunds), Novo's Weight-losses, & Netflix vs. Trump 2/23/26
Feb 23, 2026
Ian Bremmer, geopolitical strategist and Eurasia Group founder, offers a global take on tariff fallout and trade leverage. Liz Ann Sonders, Charles Schwab chief strategist, breaks down market rotation, tariff-driven constraints, and AI’s ripple effects. They cover tariff refunds, trade-deal impacts, Novo Nordisk trial news, and unfolding media controversies in short, rapid-fire segments.
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Market Is Masking Severe Internal Churn
- Liz Ann Sonders highlights deep internal market churn: S&P index down 3% ytd but average member down 11%, Nasdaq index down 6% while average member down ~25%.
- That dispersion reflects rotation, concentrated winners, and ongoing risk from trade uncertainty and tariffs.
S&P Earnings Diverge From Broader Economy
- NIPA-based profits (broader economy) show flat earnings while S&P 500 reported ~12-13% growth, creating a large profit-margin and earnings divergence.
- Smaller businesses lack diversification and feel tariff and margin pressure more than large caps.
AI Has Entered A Cascade Phase Driving Sector Rotation
- Liz Ann Sonders reframed AI adoption into three phases: Create, Catalyze, Cascade (or Cultivate) with current market in Cascade where disruption attention outweighs beneficiary gains.
- Result: rapid selloffs of incumbent SaaS names as money chases short-term narratives.