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Closing Bell

Closing Bell Overtime: Tariffs, Rates & Risk Appetite: Markets Brace for NVIDIA 2/23/26

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 23 February 2026

⏱️ 44 minutes

🧾️ Download transcript

Summary

Markets juggle fresh tariff headlines, bond market volatility and looming tech catalysts. David Kelly, Chief Global Strategist at JPMorgan, and Ayoka Yoshioka, Senior Investment Strategist at Wealth Enhancement, assess the market action as stocks decline. Barry Sternlicht, Chairman and CEO of Starwood Capital, weighs in on the state of commercial real estate and travel demand, offering a read on credit conditions and economic resilience. Crypto’s roots and future with Dr. Adam Back, exploring the origins of Bitcoin and how digital assets fit into today’s macro environment. Eyes then turn to NVIDIA: Patrick Moorhead, founder and CEO of Moor Insights & Strategy, previews what’s at stake for AI, semiconductors, and the broader tech trade.

Transcript

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0:00.0

The bell is bringing an end to the trading day.

0:04.0

The NYC Information Technology team rings the closing bell.

0:08.0

And at the NASDAQ, it's the Times Square Alliance doing the honors.

0:11.0

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

0:15.0

I'm Mike Santoli.

0:17.0

Stock selling off on tariff, turmoil, and the continued software slump near the lows of the session.

0:22.6

The Dow off more than 800 points, losses of more than 1% for both the S&P 500 and the NASDA.

0:30.7

Hey there, Mike, I'm Melissa Lee live in Miami Beach at the I Connections Global Altz Conference.

0:35.7

This is a huge event with over 5,000 financial pros

0:39.0

here, asset managers, hedge fund managers, pension funds, and much more with us here today.

0:44.0

Barry Sternlich, the star with Capital and Crypto Pioneer Adam Back, also the man running the

0:48.9

whole event, Ron Biscardi, the CEO of I Connections. And Mike, obviously, I was gone for last week.

0:55.2

But you come back here, and it seems like all the worries that the markets have been dealing with over the past couple of weeks are back in the four uncertainty over trade tariffs, front and center with Friday's ruling.

1:05.1

And then also, of course, just the whole idea that AI could be so good that it could actually displace wide swaths of the economy.

1:13.8

Exactly, Melissa. And obviously, you know, some days it's only been one of those things and the rest

1:19.4

of the market picked up the slack and you were able to take heart in the decent economic

1:23.4

fundamentals. Today was a day when everything kind of got piled together, and it was from the

1:28.9

tariff stuff, and then just finding new victims for the AI disruption trade, such as IBM today,

1:34.2

which we'll talk about. So whether it's founded or not, whether in fact we're really having

1:39.0

an economic growth scare, whether the financial kind of conditions are about to tighten because of the private

1:44.9

credit stuff may not be true, but the market's acting as if it's registering some anxiety in that

1:50.9

direction. So I know you'll have plenty of folks with a good spot to weigh in on that.

...

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