5 Things to Watch on
February 24, 2026

Markets are ticking higher today after yesterday’s sharp selloff that sent the S&P 500 down more than -1%, as investors weigh new tariffs A 10% global tariff took effect at 12:01 a.m. ET Tuesday, applying to all countries for 150 days unless exempt, following the Supreme Court’s decision to strike down much of President Donald Trump’s prior tariff framework.

Advanced Micro Devices (AMD) surges in premarket trading, up more than +10%, while Meta Platforms (META) dipped slightly, after the companies announced a major multi-year AI partnership. The deal calls for deploying up to 6 gigawatts of custom AMD Instinct GPUs and 6th Gen EPYC CPUs to power META's next-generation AI infrastructure, with initial shipments starting in the second half of 2026. AMD also granted META performance-based warrants for up to 160 million shares tied to shipment milestones. Management expects the collaboration to drive significant multi-year revenue growth and lift EPS.

Eli Lilly (LLY) fell more than -1% in premarket trading after rival Novo Nordisk (NVO) announced it will cut U.S. list prices for its GLP-1 drugs effective January 1, 2027, reducing wholesale acquisition costs by roughly 35%–50%. NVO will cut monthly list prices for Wegovy, Ozempic, and Rybelsus to $675 across all doses to compete more aggressively with LLY, aiming to improve affordability for patients and payers.

Chinese AI startup DeepSeek is reportedly set to release a new model trained on Nvidia’s (NVDA) advanced Blackwell chips, potentially breaching U.S. export controls if confirmed. U.S. officials believe the chips may be clustered in Inner Mongolia and allege the model relied on “distillation” from leading American AI systems, echoing prior warnings from OpenAI about unfair extraction practices. Beijing denied the claims and criticized expanding U.S. export controls. The episode heightens tensions over AI chip sales and China’s access to advanced GPUs amid the escalating tech rivalry.

Diamondback Energy (FANG) slipped slightly in premarket trading after reporting Q4 EPS of $1.74, missing estimates, while revenue of $3.38B fell -8.9% YoY but topped expectations. The company raised its quarterly dividend +5% and maintained a cautious “yellow light” macro outlook, noting oversupply concerns may be easing as demand remains resilient. For 2026, FANG plans to keep production roughly flat, hold capital spending between $3.6–$3.9B, and prioritize efficiency gains, free cash flow, and balance sheet strength amid uncertain oil prices.