04:51 PM EST, 02/23/2026 (MT Newswires) -- The Dow Jones Industrial Average posted its biggest one-day drop in nearly five weeks on Monday amid renewed tariffs uncertainty, while technology heavyweights came under pressure.

The Dow shed 1.7% to close at 48,804.1, its steepest one-day decline since Jan. 20. The Nasdaq Composite fell 1.1% to 22,627.3, while the S&P 500 ended 1% lower at 6,837.8. Six of the 11 sectors were in the green, led by consumer staples, while financials saw the biggest drop of 3.3%.

On Saturday, President Donald Trump said the US will raise global tariffs on countries to 15% from the 10% rate he announced on Friday. That followed a Supreme Court ruling that invalidated Trump's reciprocal levies invoked under the International Emergency Economic Powers Act.

"The tariff wars will continue, with perhaps more uncertainty than before," Thierry Wizman, global foreign exchange and rates strategist at Macquarie Group, said in a report e-mailed Monday. "Moreover, the possibility of renewed attacks by the president on the 'separation of powers' is unlikely to sit well with many investors in US assets."

The newly announced tariffs will last 150 days, with Congress unlikely to make them permanent as there are "enough Republican dissenters to block," Saxo Bank said in a report on Monday.

US Treasury yields were lower, with the 10-year rate last down 5.7 basis points at 4.03% and the two-year rate losing 3.6 basis points to 3.45%.

Several tech names declined. International Business Machines ( IBM ) was the worst performer on the S&P 500 and the Dow as the stock slumped 13%. Software maker Datadog ( DDOG ) followed IBM ( IBM ) on the S&P 500, down 11%.

CrowdStrike ( CRWD ) shares tumbled 9.9%, the third-steepest decline on the S&P 500, as Stifel lowered its price target on the cybersecurity firm's stock to $480 from $600.

"US equity markets are in the middle of a significant rotation into more cyclical sectors of the market as investors unwind from leveraged positions in technology stocks, metals, and digital assets," Wells Fargo Investment Institute said in a report.

"We are constructive on technology equity trends but expect additional investor scrutiny on equipment spending and debt financing, while revenues depend on still-developing (artificial intelligence) adoption rates in the economy," Wells Fargo Investment Institute said in a report. "As such, we have been expecting that the technology spending trend may at times run too fast, and we are staying focused on valuations."

Some 85% of S&P 500 companies have reported quarterly financial results in the current season, with earnings up 12.4% on an annual basis, Oppenheimer Asset Management said in a report. That's little changed from a 12.2% rise the brokerage reported last week based on the results of 74% of the firms in the index. Sales growth was unchanged at 8.9%.

Ahead of the reporting season, FactSet put expected earnings growth at 8.3%, according to Oppenheimer.

Nvidia ( NVDA ) , Home Depot ( HD ) , TJX (TJX), Salesforce ( CRM ) , Intuit (INTU), Dell Technologies ( DELL ) and Warner Bros. Discovery ( WBD ) are among the major companies scheduled to report this week.

Novo Nordisk's ( NVO ) US-listed shares plunged 16% after the latest trial results of the Danish pharmaceutical giant's investigational weight-loss drug showed it was less effective than Eli Lilly's ( LLY ) product. Lilly advanced 4.9%, among the top gainers on the S&P 500.

Gilead Sciences ( GILD ) agreed to acquire cancer therapy developer Arcellx ( ACLX ) in a deal worth $7.8 billion, as the biopharmaceutical company aims to strengthen its chimeric antigen receptor T-cell offerings. Arcellx ( ACLX ) surged 77%, while Gilead fell 1%.

On the monetary policy front, Federal Reserve Governor Christopher Waller said Monday that continued improvement in the labor market, along with further progress on inflation, would tilt his decision toward a pause in interest rates at the central bank's March meeting.

Waller, along with fellow Governor Stephen Miran, dissented from the majority at the Fed's meeting in January, as they both preferred to reduce rates by a quarter percentage point. At that meeting, the Federal Open Market Committee left interest rates unchanged after delivering three back-to-back 25-basis-point cuts last year amid concerns about labor market.

Official data released earlier this month showed that the US economy added more jobs than projected in January, while the unemployment rate slipped.

West Texas Intermediate crude oil was little changed at $66.47 a barrel in Monday late-afternoon trade.

Gold was last up 3.4% at $5,252.90 per troy ounce, while silver jumped 7.5% to $88.50 per ounce.