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Squawk on the Street

SOTS 2nd Hour: SCOTUS Tariffs decision - Analysis, Movers, Market Impact & What Comes Next 2/20/26

Squawk on the Street

CNBC

News, Investing, Business

4.0566 Ratings

🗓️ 20 February 2026

⏱️ 62 minutes

🧾️ Download transcript

Summary

The Supreme Court ruling 6-3 AGAINST President Trump's tariffs: Hear a jam-packed hour of analysis from Carl Quintanilla, Sara Eisen, and David Faber - spanning key takeaways, the market impact, what happens to any refunds, China's quiet win between the lines, and breakouts across retail, the autos, and even Apple... Plus Apollo's Chief Economist, Ariel Investment's Charles Bobrinskoy, and even a legal expert's take on the action. Squawk on the Street Disclaimer

Transcript

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0:00.0

Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Continia and David Faber.

0:04.9

We are live at Post 9, as always, from the New York Stock Exchange. Coming up this hour,

0:09.2

we're watching the Supreme Court. Potential key decision on the Trump administration's tariff agenda and on the fate of the Fed governor, Lisa Cook,

0:16.4

will bring you any headlines as soon as we get them. Plus, Apollo's torsion slot will be with us to help break down today's big miss on GDP

0:23.6

and hotter than expected inflation print.

0:25.6

And we'll get to the latest on Iran after a breakout week for energy prices, as President Trump

0:30.6

says he'll make a decision about possible action within the next 10 to 15 days.

0:35.6

We've worked our way through GDP, some PMIs.

0:38.4

Now let's get some U-Mission more with Rick Santelli.

0:41.0

Hey, Rick.

0:42.6

Yes, indeed.

0:43.5

Now, these are our February final reads, February final reads on University of Michigan,

0:48.6

and there's some big changes.

0:50.3

The headline number was 57.3.

0:53.3

It now gets downgraded to 56.6.

0:56.7

That would be the weakest since just January of this year when it was 56.4.

1:01.1

But the 57.3 we threw out and changed was the highest since August of 25.

1:07.1

So lost some ground there.

1:08.6

Same for current conditions.

1:10.2

58.3 was our mid-month

1:12.5

read goes all the way down. Also, 56.6. And I, it really is weird because all these numbers are

1:19.6

the same. 56.6 in this case would be the weakest since January 1 was 55.4. And once again,

...

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