The Gemini team discusses Bill Cara's INSTAT Report covering global market trading, February 23, 2026

The INSTAT Master Market Pulse Report from February 23, 2026, details a severe global market downturn triggered by the U.S. executive branch’s refusal to accept the Supreme Court ruling on tariffs, and its decision to bypass Congress and impose a 15% universal tariff. This policy shift caused trillions in capital losses and sparked a massive flight to safety, where investors abandoned high-multiple tech and growth stocks in favor of gold, utilities, and government bonds. The analysis categorizes assets into tariff winners, such as domestic steel and defense contractors, and casualties, notably Chinese solar firms, the automotive industry, and export-heavy nations like Mexico and Germany. While most sectors are currently in a breakdown phase, commodity-rich regions like Canada and Australia are showing relative resilience. Ultimately, the report describes a market defined by extreme dispersion, where capital is rotating away from international trade exposure and toward defensive, regulated industries.