Entering the final trading week of February, Carl Quintanilla, Jim Cramer and David Faber explored what&#x27;s at stake for the markets, especially after Friday&#x27;s Supreme Court ruling that struck down many of President Trump&#x27;s reciprocal tariffs — and the president responding with plans to raise global tariffs by 15%. Shares of Novo Nordisk tumbled: Trial results show its next-generation obesity treatment was less effective than the Eli Lilly drug marketed as Zepbound and Mounjaro. Also in focus: The winter storm blasting the Northeast results in more than 10,000 flight cancellations, Alphabet upgraded, software stocks downgraded, AI roundup, Netflix-Warner latest from Ted Sarandos to Susan Rice and Trump.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets and the Supreme Court Tariffs Ruling Aftermath, Novo Nordisk Tumbles, Winter Storm Impact 2/23/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Participants

- **Carl Quintanilla** (CNBC)
- **Jim Cramer** (CNBC)
- **David Faber** (CNBC)

## Transcript

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This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash market update podcast or find Schwab Market Update wherever you get your podcasts.

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla here with Jim Cramer. David Faber at Post 9 of the New York Stock Exchange. Future's a bit soft after the S&P's first positive week in three. A lot to process after Friday's SCOTUS decision. The EU may move to halt approval of its U.S. trade deal. Big week of earnings from NVIDIA to Home Depot plus State of the Union.

Our roadmap begins with the fallout after the Supreme Court struck down Trump's tariffs. Trump's saying he will now move to hike global tariffs to 15. Plus travel chaos as the winter blizzard cripples the Northeast, forcing thousands of flights to be grounded. And the U.S. and Iran are set to resume talks. This comes as the president reportedly weighs a larger attack on Iran if diplomacy or an initial smaller strike doesn't force the country to stop its nuclear program.

Let's begin with this winter storm blasting the Northeast. According to forecasts, some areas could be hit with up to two feet of snow. You've got blizzard warnings stretching from Maryland to Maine, including the first for New York City since 2017. Hundreds of thousands are without power. Since yesterday, more than 10,000 flights have been canceled, according to FlightAware. Today there have been more than 9,000 delays. Not exactly what the air travel industry needs, Jim, especially with this partial shutdown still in place.

Well, and what happened last week, that group fell apart even after Americans said that the first two months of the year were good. We don't want to lose the travel bull market. People felt the company bookings was a little bit soft, too. I mean, David, if you remember the numbers that the president was talking about, like we ha...

Markets and the Supreme Court Tariffs Ruling Aftermath, Novo Nordisk Tumbles, Winter Storm Impact 2/23/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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Markets and the Supreme Court Tariffs Ruling Aftermath, Novo Nordisk Tumbles, Winter Storm Impact 2/23/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.