The Gore Report - February 23, 2026 Wal-Mart Earnings, Supreme Court Ruling on Tariffs, PCE & GDP Releases

Walmart Earnings
Walmart’s e-commerce business turned profitable for the first time, validating its years-long push to build a digital operation capable of competing with Amazon.

Supreme Court & IEEPA Tariffs
The Supreme Court struck down the legal backbone of Trump’s tariff agenda, ruling that the emergency powers law he relied on never actually authorized tariffs.

PCE Hotter Than Expected The Fed’s preferred inflation gauge came in hotter than expected, crushing any near-term hopes for interest rate cuts.

Q4 GDP Miss
The economy stumbled in Q4, with the government shutdown acting as the primary reason for the miss.

On Tap for this week: Nvidia & Home Depot Earnings New Home Sales & Consumer Confidence Data