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The Supreme Court rebuked President Trump’s use of the International Emergency Economic Powers Act to impose sweeping ‘Liberation Day’ tariffs, ruling that the Constitution gives Congress — not the president — authority over tariffs.

But the decision may not be the final word. From the Trade Expansion Act to the Trade Act of 1974 and even Depression-era statutes, multiple legal avenues remain that could allow Trump to reassert aggressive trade powers.

In a 6-3 decision led by George W. Bush-appointed Chief Justice John Roberts, the court ruled that the ‘framers gave [tariff] power to Congress alone, notwithstanding the obvious foreign affairs implications of tariffs.’

George H.W. Bush-appointed Justice Clarence Thomas, Trump-appointed Justice Brett Kavanaugh and George W. Bush-appointed Justice Samuel Alito dissented.

On ‘Liberation Day’ in 2025, Trump cited the International Emergency Economic Powers Act (IEEPA), drafted by former Rep. Jonathan Brewster-Bingham, D-N.Y., to declare an emergency situation in which foreign countries were ‘ripping off’ the U.S.

With that avenue now closed by Roberts, Trump could try to use the same national security rationale to invoke the Trade Expansion Act of 1962, which in part allows the Commerce Department to impose tariffs on ‘article[s]… imported… in such quantities or under such circumstances as to threaten or impair the national security.’

Unlike the IEEPA, the JFK-era law has been tested in the courts, and Commerce Secretary Howard Lutnick has since built on his predecessor Wilbur Ross’ 2018 steel and aluminum tariffs imposed under the act, adding 407 more imports to the tariff list on the grounds that they are ‘derivative’ of the two approved metals.

During his 2025 confirmation hearing, Lutnick voiced support for a ‘country by country, macro’ approach to tariffs and agreed with the president that the U.S. is ‘treated horribly by the global trading environment.’

While tariffs imposed under Section 232 of the Trade Expansion Act are not immediate and require the Commerce Department to conduct a formal investigation, the law provides a court-tested avenue for the president.

In the wake of Friday’s ruling, Sen. Rand Paul, R-Ky., and others celebrated the court’s affirmation that Trump cannot use ’emergency powers to enact taxes,’ but Congress has previously approved another avenue to impose tariffs.

Then-Rep. Albert Ullman, D-Ore., crafted a bill signed by President Gerald Ford that expressly gave presidents broader authority to impose tariffs: the Trade Act of 1974.

A federal appeals court in September ruled against thousands of companies that challenged tariffs on China imposed under Section 301 of the Trade Act.

In this case, U.S. Trade Representative Jamieson Greer, a Trump appointee, could seek retaliatory tariffs against countries with unfair trade barriers, according to Global Policy Watch.

An investigation, including negotiations with the targeted countries, would then ensue, and Greer could ultimately be cleared to impose trade restrictions if the probe finds that the U.S. is being denied trade agreement benefits or that such a deal is unjustifiable.

However, in most cases, imposed tariffs sunset after four years, according to reports.

In Trump’s favor, it could be argued that the same reasoning Roberts used to strike down the IEEPA authority could backfire on tariff opponents because the 1974 law explicitly gives the executive branch trade-restriction authority.

Another section of the Ford-signed law could also be used to unilaterally impose tariffs.

Section 122, the ‘Balance of Payments’ portion of the law, allows Trump to temporarily enforce tariffs or import quotas in certain situations.

A president may impose tariff duties of up to 15% for 150 days against all or certain countries if they are found to be ‘maintain[ing] unjustifiable or unreasonable restrictions on U.S. commerce,’ according to the Retail Industry Leaders Association.

‘This authority is intended to give the executive branch flexibility to respond quickly to trade practices that may harm U.S. economic interests or to correct significant balance-of-payments deficits,’ the trade group said in a June report.

However, reports show Section 122 has not been tested in court as extensively, which could lead to lawsuits and legal uncertainty.

Another potential policy option for Trump is one that drew sharp criticism when President Herbert Hoover signed it against the advice of economists early in the Great Depression.

The Smoot-Hawley Tariff Act of 1930, named for Republican Sen. Reed Smoot of Utah and Rep. Willis Hawley of Oregon, imposed tariffs on tens of thousands of imports in hopes of protecting American producers facing dire economic conditions.

Hawley’s great-granddaughter, Carey Cezar of Baltimore, told NBC News in 2025 that she voted for Kamala Harris and opposed Trump’s tariffs after her ancestor’s name resurfaced in public discourse.

Other critics of Smoot-Hawley say it is a key reason the Depression was so dire and expansive.

However, the law still provides a mechanism for the Commerce Department to determine when a good is being ‘dumped’ on U.S. consumers or whether a foreign country is unfairly subsidizing an export to the U.S., and to respond with tariffs.

Additionally, while Trump has imposed tariffs largely on a country-by-country basis, Smoot-Hawley requires that levies be applied on a product-by-product basis.

A fifth avenue that is largely unreachable by Trump is the Fordney-McCumber Tariff Act of 1922.

Sen. Porter McCumber, R-N.D., and Rep. Joseph Fordney, R-Mich., passed a bill allowing Republican President Warren Harding to impose much higher tariffs than were standard at the time, in hopes of protecting U.S. farmers from a sharp decline in revenue following World War I.

In one of the first contemporary rebukes of protectionism, Fordney-McCumber was criticized for permitting tariffs as high as 50% on countries, including allies, which opponents said had the unintended consequence of hurting America’s ability to service its war debts.

Fordney-McCumber was eventually superseded by Smoot-Hawley, and any remaining provisions are considered obsolete following the Reciprocal Trade Agreements Act, signed by President Franklin Roosevelt to undo some of Congress’ trade restrictions.

The RTAA shifted tariff authority from Congress to the president, granting authority for bilateral negotiations aimed at lowering tariffs at the time.

That dynamic, often called ‘reciprocity,’ is being used in the Trump era not to lower tariffs but to raise them.

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: The State Department has finalized a new privacy-preserving app intended to give users worldwide access to what officials describe as the same uncensored internet available to Americans, even in countries with strict online repression such as China and Iran and as Europe enacts tighter content oversight. 

The platform, Freedom.gov, will roll out ‘in the coming weeks,’ Fox News Digital has learned. 

It will operate as a one-click desktop and mobile application compatible with iOS and Android devices.

The app is open-source and includes built-in anonymity protections. 

‘In the interest of total transparency, we made Freedom.gov completely open-source. But we also made it completely anonymous,’ a State Department official said. ‘Anyone can see how it works. No one, including us, can track or identify you.’

According to the official, the application does not log IP addresses, session data, browsing activity, DNS queries or device identifiers that could be used to personally identify users.

Specific details about the app’s underlying technical structure were not disclosed.

Governments with sophisticated censorship systems historically have moved quickly to block or criminalize circumvention tools. Authorities can restrict app downloads, block domains, throttle traffic or impose penalties on users.

Whether Freedom.gov maintains accessibility in heavily restricted environments may depend on its technical architecture and its ability to adapt to countermeasures.

The initiative is being led by Under Secretary for Public Diplomacy Sarah Rogers, who oversees the State Department’s Digital Freedom office.

‘Freedom.gov is the latest in a long line of efforts by the State Department to protect and promote fundamental freedoms, both online and offline,’ Rogers said. ‘The project will be global in its scope, but distinctly American in its mission: commemorating our commitment to free expression as we approach our 250th birthday.’

Reuters previously reported that the State Department was developing the Freedom.gov platform.

The rollout comes amid intensifying global battles over internet governance, as governments across Europe and beyond move to assert greater control over online content.

In Europe, regulators have tightened oversight under new laws aimed at policing digital platforms. The European Union’s Digital Services Act expands government authority over major platforms and requires removal of illegal content, including hate speech and extremist material, with regulators empowered to impose steep fines for violations.

In the United Kingdom, the Online Safety Act imposes new obligations on platforms to address harmful and illegal content and includes age-verification requirements for certain services. Critics warn the measures risk incentivizing aggressive content removal and expanding government influence over lawful speech online.

Elsewhere, restrictions have been more direct. Russia recently moved to ban WhatsApp, further consolidating state control over digital communications.

China maintains the world’s most sophisticated online censorship system, widely known as the ‘Great Firewall,’ blocking foreign news outlets and social media platforms while promoting a state-controlled digital ecosystem.

Iran repeatedly has imposed sweeping internet shutdowns during periods of unrest. During protests, government blackouts have cut citizens off from global communications.

The Wall Street Journal previously reported that thousands of Starlink satellite internet terminals were covertly brought into the country following a blackout, in an effort backed by the United States to help dissidents bypass censorship. 

Iranian authorities have attempted to jam satellite signals and criminalized possession of such equipment. Satellite connectivity — which does not rely on domestic telecommunications infrastructure — has emerged as one of the few viable lifelines during shutdowns.

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Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. recently defended a move by President Donald Trump to protect and boost the production of a precursor chemical for pesticides, which just two years ago RFK Jr. said was a major contributor to ‘America’s chronic disease epidemic,’ and if elected he would ‘ban’ it. 

Citing national defense imperatives, Trump passed an executive order earlier this week to protect a precursor element used in the production of an herbicide known as glyphosate. Trump’s executive order described glyphosate-based herbicides as ‘a cornerstone’ of the United States’ agricultural productivity. 

The directive created a furor among proponents of the Make America Healthy Again (MAHA) agenda. Just two years ago, in June 2024, when Kennedy was still running for president, he posted on X, formerly Twitter, that ‘glyphosate is one of the likely culprits in America’s chronic disease epidemic.’

‘The herbicide Glyphosate is one of the likely culprits in America’s chronic disease epidemic. Much more widely used here than in Europe. Shockingly, much of our exposure comes from its use as a desiccant on wheat, not as an herbicide. From there it goes straight into our bodies,’ RFK Jr. said in 2024 while running for president. ‘MY USDA will ban that practice.’

A MAHA Commission report released in May 2025 highlighted the concerns surrounding glyphosate as well. 

‘Some studies have raised concerns about possible links between some of these products and adverse health outcomes, especially in children, but human studies are limited,’ the report said. ‘For example, a selection of research studies on a herbicide (glyphosate) have noted a range of possible health effects, ranging from reproductive and developmental disorders as well as cancers, liver inflammation and metabolic disturbances.’

Trump’s executive order was immediately praised by agriculture industry leaders, but MAHA loyalists were sharply critical. 

‘This move betrays the very MAHA voters who put this administration in power,’ Kelly Ryerson, co-executive director of American Regeneration and a leading grassroots voice within MAHA, said in a statement. ‘It stands in direct opposition to the President’s original promise to address the contribution of pesticides to chronic disease.’

‘The right is captured by Big Glyphosate,’ added Alex Clark, a podcast host affiliated with Turning Point USA, founded by the late-Charlie Kirk. 

‘It feels like MAHA is going through a breakup, or just found out our husband was having an affair,’ she told the Wall Street Journal.

When reached for comment, RFK Jr. said Trump’s directive on glyphosate ‘puts America first where it matters most,’ citing the nation’s defense readiness and food supply.

‘We must safeguard America’s national security first, because all of our priorities depend on it,’ he said in a statement to Fox News Digital. ‘When hostile actors control critical inputs, they weaken our security. By expanding domestic production, we close that gap and protect American families.’

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A leading domestic energy advocacy group praised EPA Administrator Lee Zeldin’s announcement that his agency would undo recent additions to the federal ‘mercury and air-toxics standards’ (MATS) for coal-fired power plants.

Zeldin said removing the restrictions allows the already ‘robust’ MATS standards to remain in effect, ensuring both public health and the health of America’s coal industry amid a push for U.S. energy dominance.

‘The Biden-Harris Administration’s anti-coal regulations sought to regulate out of existence this vital sector of our energy economy. If implemented, these actions would have destroyed reliable American energy,’ Zeldin said at the Mills Creek Power Plant in Kentucky, adding that protecting the environment and supporting industry and baseload power is not a ‘binary choice.’

In response, Power the Future founder Daniel Turner told Fox News Digital the move is a significant step toward revitalizing the American coal industry and, in turn, fueling economies in economically depressed industrial communities throughout Appalachia and beyond.

‘Since the war on coal, we have weakened our grid, driven electricity prices through the roof, outsourced major industries to Mexico and China, but most of all driven tens of thousands of Americans into ruin because of a globalist agenda,’ Turner said Friday, adding that the costs of a crippled coal industry went far beyond shuttered infrastructure:

‘The cruel Obama-led war on coal ruined numerous towns across rural America, drove families into poverty, caused alcoholism, opioid addiction, domestic violence, and suicide to skyrocket.’

‘Power The Future started because of coal miners, the acceptable casualties in the globalist climate change agenda,’ said Turner, whose group is based in coal-heavy Virginia.

‘Restoring America’s coal dominance is good for our national security and economy, and it restores the dignity of small-town coal workers whose labor is vital to America’s survival.’

Many of America’s poorest counties are in what were once very wealthy coal communities — including McDowell and Mingo counties in West Virginia and Bell, Letcher, McCreary, and Breathitt counties in Kentucky, where Vice President JD Vance’s family is from.

During much of the 20th century, McDowell County — and its seat, Welch — was the No. 1 coal-producing county in the U.S. and home to 100,000 people — a population boom some credit with spurring construction of what became the nation’s first parking deck, which is still standing today in Welch.

Now, about one-quarter of McDowell residents live in poverty while the median income is around $30,000.

Turner alluded to those conditions in comments to Fox News Digital, saying people must ‘never forget or forgive the drivers of the war on coal for their cruel attacks on a vital industry found only in rural America.’

‘[Anti-coal politicians] fly private jets to attend global climate summits while they orchestrated an evil attack on the coal miner making America weaker and China richer.’

Turner quipped that any ‘anti-coal activist’ is invited to join him in visiting coal-producing communities but may be unhappy to get dirt on their clothing and find lodging not up to ‘Four Seasons’ standards.

‘We need coal. There is not one product around you right now that was not touched by coal, and to lower prices, bring market stability and ensure economic growth, we need to dominate the coal industry,’ Turner said.

‘Sadly, the liberal elite who launched the war on coal are too ignorant or too indifferent to know this. The ignorant can be educated, and that’s what I try to do at Power The Future. But the indifferent must be defeated, as they are a threat to our liberty, property and prosperity. I will never stop until I defeat them all,’ he said, calling President Donald Trump the ‘greatest coal president in history.’

Former EPA Administrator Gina McCarthy fired back at the policy change, telling the AP that ‘by weakening pollution limits and monitoring for brain-damaging mercury and other pollutants, they are actively undermining any attempt to make America — and our children — healthy.’

This post appeared first on FOX NEWS

President Donald Trump on Friday signed an order imposing a 10% ‘global tariff’ following the Supreme Court’s 6-3 decision that he does not have the authority to levy sweeping tariffs under a specific emergency powers law.

‘It is my Great Honor to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately,’ Trump wrote in a Truth Social post Friday evening.

The order was issued under Section 122 and applies in addition to the standard tariffs that are already in place, the president announced during a White House press briefing Friday afternoon.

He also announced the launch of several Section 301 investigations and other inquiries aimed at shielding the U.S. from what he described as unfair trade practices by foreign governments and companies.

The high court blocked Trump’s tariffs levied under the International Emergency Economic Powers Act in what amounts to a major test of executive branch authority. 

The president noted he will pursue ‘alternatives’ to tariffs under emergency law.

‘Other alternatives will now be used to replace the ones that the court incorrectly rejected,’ Trump said. ‘We have alternatives. Great alternatives. Could be more money. We’ll take in more money, and we’ll be a lot stronger for it. We’re taking in hundreds of billions of dollars. We’ll continue to do so.’

Trump called the ruling ‘deeply disappointing,’ saying he was ‘ashamed’ of certain members of the court.

‘I’m ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what’s right for our country,’ the president said. ‘In actuality, I was very modest in my ask of other countries and businesses because… I wanted to be very well-behaved.

‘I didn’t want to do anything that would affect the decision of the court, because I understand the court. I understand how they are very easily swayed. I want to be a good boy. I have very effectively utilized tariffs over the past year to make America great again,’ he said.

A source outside the Trump administration told Fox News that an aide came into the closed-door White House breakfast with governors earlier Friday and handed Trump a note about the Supreme Court ruling.

The source said Trump ‘called it a disgrace, and then he went on with the remarks.’

Some of the Supreme Court’s nine justices will likely be sitting in the audience when the president delivers the State of the Union address on Tuesday.

‘The Democrats on the court are thrilled, but they will automatically vote no,’ Trump said during the news conference. ‘They also are a, frankly, disgrace to our nation… They’re very unpatriotic and disloyal to our Constitution. It’s my opinion that the court has been swayed by foreign interests and a political movement that is far smaller than people would ever think.’

In the opinion, the high court declared, ‘Our task today is to decide only whether the power to ‘regulate… importation,’ as granted to the President in IEEPA, embraces the power to impose tariffs. It does not.’

Trump has made tariffs a key plank of his economic agenda since retaking the Oval Office last year, but his policies have not come without controversy.

Republican reaction to the ruling has been mixed.

Rep. Buddy Carter, R-Ga., slammed the high court’s decision.

‘The Supreme Court just undercut the President’s ability to defend American workers. President Donald Trump was elected to fight unfair trade and stop the United States from being ripped off. I’m outraged by this decision; it’s clearly judicial overreach,’ Carter asserted in a post on X.

But Sen. Rand Paul, R-Ky., welcomed the ruling.

‘In defense of our Republic, the Supreme Court struck down using emergency powers to enact taxes. This ruling will also prevent a future President such as AOC from using emergency powers to enact socialism,’ Paul noted in a post on X.

Rep. Don Bacon, R-Neb., also hailed the decision.

‘The Constitution’s checks and balances still work. Article One gives tariff authority to Congress. This was a common-sense and straightforward ruling by the Supreme Court. I feel vindicated as I’ve been saying this for the last 12 months. In the future, Congress should defend its own authorities and not rely on the Supreme Court. Besides the Constitutional concerns I had on the Administration’s broad-based tariffs, I also do not think tariffs are smart economic policy. Broad-based tariffs are bad economics,’ Bacon wrote in a post on X.

House Speaker Mike Johnson, R-La., said Congress and the administration will determine the ‘best path forward’ in the coming weeks.

‘No one can deny that the President’s use of tariffs has brought in billions of dollars and created immense leverage for America’s trade strategy and for securing strong, reciprocal America-first trade agreements with countries that had been taking advantage of American workers for decades,’ Johnson wrote in an X post.

This is a developing story. Please check back for updates.

This post appeared first on FOX NEWS

A leading domestic energy advocacy group praised EPA Administrator Lee Zeldin’s announcement that his agency would undo recent additions to the federal ‘mercury and air-toxics standards’ (MATS) for coal-fired power plants.

Zeldin said removing the restrictions allows the already ‘robust’ MATS standards to remain in effect, ensuring both public health and the health of America’s coal industry amid a push for U.S. energy dominance.

‘The Biden-Harris Administration’s anti-coal regulations sought to regulate out of existence this vital sector of our energy economy. If implemented, these actions would have destroyed reliable American energy,’ Zeldin said, adding that protecting the environment and supporting industry and baseload power is not a ‘binary choice.’

In response, Power the Future founder Daniel Turner told Fox News Digital the move is a significant step toward revitalizing the American coal industry and, in turn, fueling economies in economically depressed industrial communities throughout Appalachia and beyond.

‘Since the war on coal, we have weakened our grid, driven electricity prices through the roof, outsourced major industries to Mexico and China, but most of all driven tens of thousands of Americans into ruin because of a globalist agenda,’ Turner said Friday, adding that the costs of a crippled coal industry went far beyond shuttered infrastructure.

‘The cruel Obama-led war on coal ruined numerous towns across rural America, drove families into poverty, caused alcoholism, opioid addiction, domestic violence, and suicide to skyrocket.

‘Power The Future started because of coal miners, the acceptable casualties in the globalist climate change agenda,’ added Turner, whose group is based in coal-heavy Virginia.

‘Restoring America’s coal dominance is good for our national security and economy, and it restores the dignity of small-town coal workers whose labor is vital to America’s survival.’

Many of America’s poorest counties are in what were once very wealthy coal communities, including McDowell and Mingo counties in West Virginia and Bell, Letcher, McCreary and Breathitt counties in Kentucky, where Vice President JD Vance’s family is from.

During much of the 20th century, McDowell County — and its seat, Welch — was the No. 1 coal-producing county in the U.S. and home to 100,000 people — a population boom some credit with spurring construction of what became the nation’s first parking deck, which is still standing today in Welch.

Now, about one-quarter of McDowell residents live in poverty while the median income is around $30,000.

Turner alluded to those conditions in comments to Fox News Digital, saying people must ‘never forget or forgive the drivers of the war on coal for their cruel attacks on a vital industry found only in rural America.

‘[Anti-coal politicians] fly private jets to attend global climate summits while they orchestrated an evil attack on the coal miner making America weaker and China richer.’

Turner quipped that any ‘anti-coal activist’ is invited to join him in visiting coal-producing communities but may be unhappy to get dirt on their clothing and find lodging not up to ‘Four Seasons’ standards.

‘We need coal. There is not one product around you right now that was not touched by coal, and to lower prices, bring market stability and ensure economic growth, we need to dominate the coal industry,’ Turner said.

‘Sadly, the liberal elite who launched the war on coal are too ignorant or too indifferent to know this. The ignorant can be educated, and that’s what I try to do at Power The Future. But the indifferent must be defeated, as they are a threat to our liberty, property and prosperity. I will never stop until I defeat them all,’ he said, calling President Donald Trump the ‘greatest coal president in history.’

Former EPA Administrator Gina McCarthy fired back at the policy change, telling the AP that ‘by weakening pollution limits and monitoring for brain-damaging mercury and other pollutants, they are actively undermining any attempt to make America — and our children — healthy.’

This post appeared first on FOX NEWS

The CIA on Friday said that director John Ratcliffe had ordered the retraction or ‘substantive revision’ of 19 intelligence assessments over the past decade that were deemed to be politically biased.

In a release, the CIA included three redacted assessments from between 2015 and 2021 that related to White women’s extremist radicalization, attacks on LGBT activists in the Middle East and Africa, and the COVID-19 pandemic limiting access to birth control in developing countries.

‘The intelligence products we released to the American people today — produced before my tenure as DCIA — fall short of the high standards of impartiality that CIA must uphold and do not reflect the expertise for which our analysts are renowned,’ Ratcliffe said in a statement.

He added, ‘There is absolutely no room for bias in our work and when we identify instances where analytic rigor has been compromised, we have a responsibility to correct the record. These actions underscore our commitment to transparency, accountability, and objective intelligence analysis. Our recent successes in Operation ABSOLUTE RESOLVE and Operation MIDNIGHT HAMMER exemplify our dedication to analytic excellence.’

The CIA release said the assessments were identified by the President’s Intelligence Advisory Board, which did an independent review on hundreds of reports from the last decade, adding that the assessments ‘did not meet CIA and IC analytic tradecraft standards and failed to be independent of political consideration.’

The agency said an internal review led by Deputy Director Michael Ellis ‘agreed that they did not meet the high standards the American people expect from CIA’s elite analytic workforce.’

The first of the three reports included in the release was titled ‘Women Advancing White Racially and Ethnically Motivated Violent Extremist Radicalization and Recruitment,’ and was published in October 2021, in the first year of the Biden administration.

It focused on women in groups overseas ‘that incite, facilitate or conduct violence because they believe that their perception of an idealized, white European ethnic identity is under attack from people who embody and support multiculturalism and globalization.’

The second report was titled ‘Middle East-North AfricaLGBT Activists Under Pressure, and was released near the end of the Obama administration.

That assessment claimed that ‘The tough stance taken against the lesbian, gay, bisexual, and transgender (LGBT) community by governments in the Middle East probably is driven by conservative public opinion and domestic political competition from Islamists, and is hindering US initiatives in support of LGBT rights.’

The last declassified report included in the CIA release was titled ‘Worldwide: Pandemic-Related Contraceptive Shortfalls Threaten Economic Development, and was published in July 2020, nearly the end of President Donald Trump’s first term.

‘The COVID-19 pandemic is limiting contraceptive access in the developing world and will probably undermine efforts to address population pressures there that are hindering economic development,’ it stated.

A senior administration official who spoke to The New York Times on condition of anonymity said that most of the rest of the flagged assessments dealt with diversity, equity and inclusion.

The Times added that former officials it spoke to both questioned the decision to declassify the three documents and the claims that the assessments were flawed, believing they just showed the policy priorities of past administrations.

This post appeared first on FOX NEWS

The tech rally that powered markets through 2025 is being tested in 2026.

In early February, a broad tech selloff hit markets, fueled by various elements, including aggressive artificial intelligence (AI) capital spending guidance from hyperscalers, as well as the rapid release of new AI models, which sparked disruption concerns within the software sector. This powerful combination forced investors to separate durable AI leaders from stocks whose gains were driven mainly by sentiment and stretched valuations.

Technology benchmarks saw significant losses. From December 31, 2025, to its February 5 year‑to‑date low, the S&P Technology Index (INDEXSP:SP500-45) dropped by nearly 7 percent. Software-focused measures were hit especially hard; the iShares Expanded Tech-Software Sector ETF (BATS:IGV) declined by almost 25 percent.

Meanwhile, semiconductor‑focused peers like the iShares Semiconductor ETF (NASDAQ:SOXX) remained up more than 5 percent over the same stretch. The divergence underscored how quickly a broad AI theme can split into clear winners and laggards depending on where revenues and profits are actually showing up.

Indexes have since returned some of their losses, but investors with a multi‑year horizon need portfolio construction that can withstand the volatile nature of a sentiment-sensitive sector like tech. In this kind of environment, the challenge becomes building exposure to long‑term AI growth without drifting into a concentrated valuation risk trade.

James Learmonth serves as co-chief investment officer at Harvest ETFs and oversees strategies including the Harvest Tech Achievers Growth & Income ETF (TSX:HTA). Over the same period, it declined only by about 7 percent, underscoring the difference between a diversified, income‑oriented structure and a pure software basket.

Why did tech stocks sell off in early February?

After piling into AI‑linked software and services names on strong cloud and AI‑related revenue growth, the technology sector underwent a steep correction from its October 2025 high. The decline followed earnings reports that included guidance pointing to sustained, capital‑intensive buildouts and longer payback periods.

After hyperscalers signaled aggressive 2026 infrastructure spending, market participants began to question return‑on‑investment timelines, even as fundamentals largely held up.

Companies with less certain paths to monetization saw their share prices decrease rapidly, while those showing profitable AI‑driven growth and measurable returns on invested capital were hit less hard. Disruption‑driven headlines, such as the launch of Anthropic’s Claude Cowork tools and new AI assistants aimed at legal and accounting workflows, added to the perception that many software business models are at risk, even if long‑term AI adoption remains intact.

The move exposed the limits of a purely thematic AI basket approach; in this environment, a passive, set‑and‑forget AI allocation can quickly morph from a growth‑oriented bet into a concentrated valuation risk trade, which is where active managers like Learmonth are trying to draw a sharper line between structural growth and speculation.

For Harvest ETFs, that line starts with business quality rather than a story about AI.

“Obviously it’s a rapidly evolving landscape across AI right now,” he said. “I think having competitive moats in place is paramount for companies maintaining their leadership position over time. From a valuation perspective, we like to look at P/E with that growth multiplier peg applied to us, so you have that growth lens applied to the valuation.”

Several lenses help distinguish structural winners from speculative names.

Learmonth pointed to growing margins, return on equity and return on invested capital as key markers that AI‑driven capex is actually creating value, rather than just inflating a headline growth story.

“You want to make sure companies are actually growing profitably, and not just generating revenue for the sake of generating revenue, but not able to pass that through in terms of bottom‑line growth as well. I think return on equity and return on invested capital, along those same lines, are key metrics to look at too,’ he noted.

Companies with clear, recurring AI‑related revenue streams, such as infrastructure or enabling hardware, tend to fare better than those whose AI exposure is largely driven by narrative.

“We have for a long time argued that the hardware and semiconductor side of the business is where we want to be (more heavily focused) right now, because it is seeing the revenue and profit generation directly from the infrastructure investment. That being said, particularly with the severity of the declines that we’ve seen in the software side over the past few weeks, I think (some opportunities) might be starting to spring up there,’ said Learmonth.

“We have reduced our software exposure a little bit over the past few quarters, but we are still maintaining some software exposure in those companies where we think they have competitive moats, whether that’s specialized areas like tax preparation and accounting, things like that,’ the expert elaborated.

Following the earlier correction, which Wedbush Securities analyst Dan Ives says may have been an overreaction, AI‑sensitive stocks are now trading at more reasonable multiples than at their October 2025 peak.

For the S&P 500 Software & Services group, the average forward P/E multiple has fallen from about 32.6 times to 22.7 times expected profits, even though analysts still forecast double‑digit revenue and earnings growth, plus net margins close to 30 percent. That average hides a wide gap between names that still trade on premium “AI story” multiples and others that have rerated much more sharply, which is where stock picking becomes critical.

In a recent note, Morgan Stanley (NYSE:MS) spotlighted Atlassian (NASDAQ:TEAM), Shopify (NYSE:SHOP) and Palo Alto Networks (NASDAQ:PANW) as some of the most compelling software opportunities for investors looking to buy the dip.

Investor takeaway

Against this backdrop, the focus is shifting from “how much AI” to “how AI is structured.’

For investors who want to stay exposed to AI‑driven tech, but are wary of sharp, headline‑driven swings, vehicles like the Harvest Tech Achievers Growth & Income ETF could offer a middle ground by combining active stock selection in structural winners with a covered‑call overlay.

“That’s how we generate enhanced yields — by selling calls on our long equity positions to generate option premiums, which we then pay as distributions on a fixed monthly basis,” explained Learmonth.

“That sale of options can help to mitigate some of the month‑to‑month volatility across the fund, with the tradeoff being some foregone upside in a strong bull market.”

As the AI trend evolves, success will likely favor those who view AI as a long-term, multi-year structural shift rather than a short-term theme. Winners will employ active management, prioritize income and utilize a disciplined structure to separate signal from noise.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Friday (February 20) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin (BTC) was priced at US$67,697.37, up by 0.9 percent over the last 24 hours.

Bitcoin price performance, February 20, 2026.

Chart via TradingView.

Antonio Di Giacomo, a senior market analyst at XS.com, noted that BTC deepened its corrective phase after the US Federal Reserve’s January meeting minutes revealed a division over the future path of interest rates, increasing volatility and weakening appetite for speculative assets.

A combination of macroeconomic caution, persistent price pressures, and geopolitical tensions has kept the Fed on a cautious stance, thus keeping BTC volatile and trading between technical resistance and intermediate support.

Its future direction will largely depend on the evolution of US data, interest rates and regulatory developments.

Ether (ETH) was priced at US$1,968.25, up by one percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$1.42, up by 0.6 over 24 hours.
  • Solana (SOL) was trading at US$84.56, up by 3.1 percent over 24 hours.

Today’s crypto news to know

White House stablecoin talks advance amid yield/rewards debate

The White House hosted its third meeting with its Crypto Policy Council, led by Executive Director Patrick Witt, Senate Banking Committee staff, crypto representatives and banking executives on Thursday (February 19), focusing on the yield v reward debate for stablecoins as part of negotiations for the CLARITY Act and GENIUS Act updates.

The first meeting, a broad introductory discussion that ended without a resolution, was held on February 2. The second meeting, held on February 10, was reportedly more focused, with banks presenting yield and interest prohibition principles, prohibiting rewards tied to holding stablecoins. The closed-door meetings, with no public records, were described by anonymous sources, attendees and journalists as productive but inconclusive.

During the latest meeting, the White House reportedly pushed for a compromise, allowing rewards tied to transaction activity, but not to idle holdings that resemble bank deposits; however, no final deal was reached.

Banking representatives from Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC) Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), PNC Financial (NYSE:PNC) and US Bancorp (NYSE:USB), as well as trade groups like Bank Policy Institute, American Bankers Association and Independent Community Bankers of America, were said to actively work on language to that end, though a final draft will still have to be circulated and weighed by the banks.

CME moves crypto derivatives to 24/7 schedule

CME Group will begin offering round-the-clock trading for its cryptocurrency futures and options on CME Globex starting May 29, 2026, pending regulatory approval.

The decision follows a record US$3 trillion in notional crypto derivatives volume in 2025. Year-to-date in 2026, crypto derivatives average daily volume has climbed 46 percent year over year to 407,200 contracts, while futures ADV is up 47 percent. Average daily open interest currently stands at 335,400 contracts.

By eliminating weekend closures, CME allows traders to hedge in real time as crypto markets move, reducing the price gap risk that builds when traditional markets are shut.

Bitcoin ETFs extend five week outflow streak

Spot Bitcoin exchange-traded funds logged another US$165.8 million in net redemptions on February 19, stretching a five-week outflow streak to nearly US$4 billion.

Weekly withdrawals since mid-January have ranged from US$318 million to US$1.49 billion, raising questions about whether institutional demand is cooling.

Despite the steady redemptions, Bitcoin edged up 1.4 percent over the past day to roughly US$67,800, lifting the broader crypto market cap to around US$2.4 trillion.

Solana meme coin PUNCH surges after exchange listing

A Solana-based meme coin known as PUNCH has surged sharply after securing a listing on a major exchange, briefly jumping more than 80 percent in a single session and posting eye-catching weekly gains.

The token’s market capitalization climbed past US$30 million as it ranked among CoinGecko’s top gainers.

The coin draws branding from a viral story about a rescued baby long-tailed macaque named Punch, which gained traction across social media.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Anglo American (LSE:AAL,OTCQX:NGLOY) has slashed the value of its De Beers diamond business by US$2.3 billion, cutting the unit’s carrying value in half and pushing the FTSE 100 miner to a US$3.7 billion annual loss as a prolonged slump in the global diamond market deepens.

After previous charges of US$2.6 billion in 2023 and US$2.9 billion in 2024, De Beers is now valued at US$2.3 billion—a fraction of what it was worth just a few years ago.

The impairment drove Anglo to a net loss of US$3.7 billion for the year, compared with a US$3 billion loss previously. Losses at De Beers also widened sharply to US$511 million from just $25 million the year before, as the business recorded a third straight annual drop in production and trimmed its 2026 output forecast.

“There is at the moment a plentiful supply of rough diamonds in the market,” CEO Duncan Wanblad told reporters.

The diamond sector has been squeezed by several forces at once. US tariffs on India, where most rough diamonds are polished, have disrupted trade flows. Competition from lab-grown stones has also intensified, leading to the erosion of pricing power held by market players.

Anglo has been trying to exit diamonds as part of a sweeping restructuring announced after it fended off a £39 billion takeover approach from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) in 2024. The plan includes divesting its diamond, coal, and platinum units and refocusing on copper and iron ore.

Wanblad said the sale of Anglo’s 85 percent stake in De Beers is at an advanced stage, with several credible bidders in the process alongside discussions with Botswana. The country currently owns 15 percent of the business and supplies about 70 percent of its annual rough diamond output.

Wanblad said he is “optimistic” that the company would “see a deal signed” this year.

Despite the hit from De Beers, Anglo’s underlying earnings before interest, tax, depreciation and amortisation rose 2 percent to US$6.4 billion, buoyed by strong copper prices. The company declared a dividend of US$0.23 per share, down from US$0.64 a year earlier, while net debt fell to US$8.6 billion.

Copper and iron ore remain the miner’s core profit drivers and are expected to anchor earnings once the restructuring is complete.

Anglo’s proposed combination with Canada’s Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK,OTCPL:TCKRF), which would expand its copper portfolio with assets including the Quebrada Blanca mine in Chile, has been approved by shareholders and is awaiting regulatory clearance.

Still, diamonds remain a drag at a time when the broader industry is facing structural change. Producers are currently grappling with falling prices, lab-grown competition, and shifting consumer trends.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com