Key Takeaways
- U.S. Customs to stop collecting IEEPA duties at 12:01 a.m. EST on Feb. 24, following a landmark Supreme Court ruling that invalidated the President's authority to impose tariffs under the Emergency Economic Powers Act.
- Jefferies slashed its price target for Intuit (INTU) from $850 to $650, joining a wave of analysts resetting expectations for the software giant amid fears of AI-driven disruption.
- Cisco (CSCO) and NVIDIA (NVDA) partnered with Sharon AI (SHAZ) to launch Australia’s first Secure AI Factory, featuring a massive cluster of 1,024 Blackwell Ultra GPUs.
- South Korea’s KOSPI index experienced a sharp reversal, turning lower after surging 2.12% in early trade, signaling a potential cooling of the record-breaking rally seen earlier this month.
- Berenberg analysts issued mixed healthcare updates, lifting the price target for Swedish Orphan Biovitrum (SOBI) while cutting the target for Chemometec (CHEMM).
U.S. Trade Policy: Suspension of Emergency Duties
The U.S. Customs agency has announced it will stop collecting duties under the International Emergency Economic Powers Act (IEEPA) effective 12:01 a.m. EST on February 24, 2026. This move follows a 6-3 Supreme Court ruling which held that the IEEPA does not grant the executive branch the power to impose tariffs, a right reserved for Congress.
While the IEEPA duties are being suspended, the administration is expected to pivot to Section 122 of the Trade Act of 1974 to implement a replacement 10% to 15% global import surcharge. This transition creates a brief "on the water" exception for goods in transit, but market participants remain wary of the long-term implications of this shift in statutory authority.
AI Infrastructure: Australia’s First Secure AI Factory
Cisco (CSCO) and Sharon AI (SHAZ) have officially launched Australia’s first Cisco Secure AI Factory in partnership with NVIDIA (NVDA). The facility is powered by 1,024 NVIDIA Blackwell Ultra GPUs and utilizes Cisco’s UCS servers and Nexus Hyperfabric technology.
The initiative is designed to provide sovereign AI capabilities, ensuring that all data processing remains within Australia to meet strict security and compliance standards. This partnership aims to accelerate enterprise AI adoption across the Asia-Pacific region, supporting Australia’s National AI Plan for responsible and scalable innovation.
Equity Markets: Analyst Revisions and KOSPI Volatility
In the software sector, Jefferies lowered its price target for Intuit (INTU) to $650 from $850, maintaining a Buy rating despite the $200 cut. The adjustment reflects a broader market re-rating of software stocks as investors weigh the risks of AI disrupting traditional business models in tax and accounting.
Global markets showed mixed signals as the KOSPI turned lower on Monday after an initial 2.12% jump. The reversal follows a period of "decoupling" where South Korean stocks hit record highs despite U.S. tech struggles. Meanwhile, in Europe, Berenberg lifted its target for Swedish Orphan Biovitrum (SOBI) to SEK 500 while cutting Chemometec (CHEMM) to DKK 900, citing shifting growth dynamics in the cell and gene therapy markets.
Regional Stability and Environmental Alerts
Tom Barrack, the U.S. Special Envoy handling the Iraqi file, emphasized that an effective Iraqi leadership aligned with stability-advancing policies is essential for regional security. His comments come as Washington presses Baghdad to curb the influence of armed groups and accelerate government formation to ensure long-term economic recovery.
In the fixed-income market, Indonesia reported that bond demand has eased, with recent auctions seeing the lowest bid-to-cover ratios in months. Despite the decline, officials stated that demand remains adequate to meet the country's financing needs for the 2026 fiscal year.
On the environmental front, the USGS reported a 6.3-magnitude earthquake in the Nikolski region of Alaska. The quake occurred at a very shallow depth of 0.6 miles; however, due to the remote location, no immediate reports of significant damage or casualties have been issued.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.