Trump's State of the Union: Global Tariffs Effective, Nvidia Earnings Report Upcoming.

New Tariff Increase by Trump

On February 24, 2026, President Trump announced a new executive order to impose a 10% import tariff on goods from all countries and regions, following a Supreme Court ruling that deemed the government's previous tariff policy "overreaching."

Upcoming State of the Union Address

Trump is set to deliver a State of the Union address on February 24, outlining his administration's policy priorities for the coming year and discussing the economic situation. Supreme Court justices who ruled against the tariffs will also be present.

Economic Indicators and Market Reactions

Upcoming PPI Data

The U.S. Producer Price Index (PPI) for January will be released on Friday, providing insights into inflation trends. HSBC economists predict a 0.3% month-over-month increase, with the annual growth rate slowing from 3.0% in December to 2.8%.

Federal Reserve Rate Expectations

Investors have fully priced in two 25 basis point rate cuts this year, with the first expected in July. However, LBBW analysts warn that the Fed's meeting minutes suggest a risk of only one rate cut this year.

Hong Kong's New Budget Announcement

The Hong Kong government will unveil its new budget on February 25, with expectations of a return to surplus due to increased revenue from a booming financial market, despite ongoing capital account deficits from infrastructure investments.

Earnings Reports to Watch

Nvidia and Other Major Companies

Nvidia (NVDA) is set to release its earnings report next Wednesday, with high expectations for performance. Analysts forecast a 71% increase in earnings per share for Q4, with revenue projected at $65.9 billion. The CEO's comments may impact the broader AI sector.

Other companies reporting earnings include Hims & Hers Health (HIMS), Standard Chartered (02888.HK), Tempus AI (TEM), and the Hong Kong Stock Exchange (00388.HK).

Apple’s Annual Shareholder Meeting

Apple (AAPL) will hold its annual shareholder meeting on February 24, where shareholders will vote on board re-elections and executive compensation.

MSCI China Index Adjustments

The MSCI China Index will undergo adjustments effective after the market close on February 27, adding four new stocks and removing six others, including Zhejiang Hu-Hang-Yong and Vanke Enterprises.

Key Economic Data Releases

The U.S. will release December factory orders at 23:00, while China will announce its one-year and five-year loan market quotation rates at 9:00.

Conclusion

Investors should keep an eye on the upcoming economic data and earnings reports, as they may present significant opportunities in the market.