23rd February 2026 – Stocks finish higher despite Investors Juggling Multiple Key Risks

The 23 February MPC Morning Call covers a resilient US equity session despite renewed Trump tariffs, slowing growth, sticky inflation and rising Iran-related geopolitical risk, alongside strength in precious metals, emerging private credit stress via Blue Owl, and an improving local earnings tone led by Ampol, ahead of a catalyst-heavy week for AI bellwethers, Fed speakers and key inflation prints.​US equities closed about 0.8% higher, led by the MAG7, despite the Supreme Court ruling on Trump’s tariff powers and his announcement of new 15% tariffs.​US data showed slower growth (GDP 1.4% vs 2.8% forecast) but hotter Core PCE (0.4% vs 0.3%), tilting towards a stagflationary backdrop.​Military build-up around Iran helped lift precious metals, with gold up 1.2% and silver and platinum up around 5%, as China returns from its holiday shutdown.​Blue Owl’s private credit issues, including frozen redemptions on a US$1.7bn retail fund and concerns over a US$4bn CoreWeave data centre deal, hit CoreWeave by about 12% and raised sector worries.​Nvidia and Salesforce earnings this week are seen as key tests for AI leadership and monetisation, especially with ongoing pressure on SaaS and cyber from agentic AI fears.​Ampol posted a solid result, with NPAT slightly ahead, a strong Lytton refinery, improving convenience retail (shop sales up 4.8%, tobacco 16% of sales) and lower leverage, supporting a recovery narrative.