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Closing Bell

Closing Bell Overtime: SCOTUS Delivers Tariff Ruling 2/20/26

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 20 February 2026

⏱️ 43 minutes

🧾️ Download transcript

Summary

Markets react to a dramatic turn in the tariff debate as the Supreme Court struck down the IEEPA tariffs. Kristina Partsinevelos breaks down the market recap, while Eamon Javers and Emily Wilkins track the political response from the White House and Capitol Hill. Steve Liesman examines the broader economic implications, and Stifel’s Brian Gardner analyzes what it means after key tariffs are struck down. Bob Elliott, CEO of Unlimited, and Adam Crisafulli of Vital Knowledge join to assess the market reaction, positioning shifts and whether volatility sticks. In retail, Dana Telsey breaks down sector reaction and what changing trade dynamics could mean for consumer-facing companies. Looking ahead, NVIDIA takes center stage. John Belton, Portfolio Manager at Gabelli Funds, previews what’s at stake for the AI trade and the broader tech outlook.

Transcript

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0:00.0

The bell is bringing an end to the trading day at the NYSC, She-T-O, ringing the bell,

0:05.4

and at the NASDAQ, iron horse acquisition, doing the honor.

0:08.9

Welcome to closing bell overtime, live from Studio B at the NASDAQ market site.

0:12.9

I'm Mike Santoli.

0:14.1

Melissa Lee is off today.

0:16.1

Stocks closing higher as the Supreme Court strikes down the president's tariffs,

0:20.0

but President Trump announces

0:21.7

a new 10% global tariff in response. The Dow up more than 200 points on the day, the S&P 500,

0:28.0

up about two-thirds of a percent, the NASDAQ, up nearly 1%. All the major averages higher for the

0:34.1

week as well. Our team is covering every angle of the tariff decision.

0:38.7

Amon Jabbers was at the president's press conference.

0:41.2

Emily Wilkins is on Capitol Hill talking to lawmakers.

0:44.0

Steve Leesman tracking the economic impact.

0:46.5

But let's start with Christina Parks and Nevelas on today's market action.

0:51.6

That's somewhat of a choppy end to the week.

0:53.3

The Supreme Court, like you mentioned, struck down

0:54.9

most of Trump's tariffs, so the president fired back with potentially a new 10% global levy

0:59.5

under a different law. I bring that up because Amazon, for example, closed 2.5% higher.

1:04.6

Wed Bush estimates roughly 70% of its consumer goods actually come from China, so it has a lot

1:10.0

riding on tariff relief. Ad giants also closed higher. Julia just spoke about that, but snap up nearly 3%. Pinterest jumping 5%. Reddit, almost 3% of tariff relief, is expected to boost ad spend from direct-to-consumer brands. App Loving is the name I want to bring up because it was a big mover

1:27.5

on the NASDAQ. Oh, well, big. It was granted. It was up almost 2% closing a little bit lower than

1:32.3

two on reports. It's building a next-gen generation social networking platform. And then we got to

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