Daily Business News Digest — Tuesday, February 24, 2026

40 articles analyzed · 2 sources · 5 key highlights

Key Highlights

Market Overview

Global markets faced renewed turbulence Tuesday as investors grappled with mounting concerns across multiple fronts: JPMorgan's CEO warning of pre-crisis behavior in financial markets, a major setback for Novo Nordisk's obesity drug pipeline, and continued anxiety over artificial intelligence's disruptive potential. The Supreme Court's ruling striking down Trump administration tariffs created legal uncertainty even as the president promises new global levies, while IBM suffered its worst single-day decline in over 25 years on AI-driven concerns about its legacy business.

Banking Sector Flashes Warning Signs

JPMorgan Chase CEO Jamie Dimon delivered a sobering assessment of competitive dynamics in the financial industry, telling investors he's observing parallels to the pre-2008 financial crisis era. Dimon characterized rival institutions as doing "dumb things" in their rush to make loans—rhetoric that echoes the reckless lending practices that preceded the Great Financial Crisis. The comments came during an investor event where Dimon also discussed navigating the AI era, suggesting the banking giant sees both technological disruption and traditional credit risks converging. His warning carries particular weight given JPMorgan's position as America's largest bank and Dimon's reputation for prescient market calls. The frank assessment suggests lending standards may be deteriorating as banks compete aggressively for market share in a challenging environment. Meanwhile, Goldman Sachs reported that hedge funds sold global equities at the fastest pace since April 2025's tariff meltdown, according to data from the firm's Prime Services Desk. The selling pressure reflects growing caution among sophisticated investors about market valuations and macroeconomic uncertainty.

Pharma Battle: Novo's Setback Hands Victory to Lilly

Novo Nordisk suffered a significant blow in the lucrative obesity drug market as its next-generation CagriSema treatment delivered disappointing results. The Danish pharmaceutical giant's drug achieved 20.2% weight loss after 84 weeks—falling short of rival Eli Lilly's tirzepatide, which delivered 23.6% weight loss. The shortfall represents another setback for Novo as it struggles to maintain its position against Lilly in the rapidly expanding weight-loss medication market. Novo's Chief Scientific Officer Martin Holst Lange attempted to frame the results positively, outlining the company's broader obesity treatment pipeline. However, investors reacted negatively to the news, which compounds concerns about Novo's competitive positioning in one of pharma's hottest segments. The obesity drug market has become a multi-billion dollar battleground, with both companies racing to develop more effective treatments for what's increasingly viewed as a chronic condition requiring pharmacological intervention.

AI Disruption Claims Major Victim

IBM shares plunged in their worst single-day performance since 2000 after AI startup Anthropic announced its Claude Code tool can help modernize Cobol—the decades-old programming language that runs on IBM computers. The dramatic selloff underscores investor fears about how rapidly advancing AI could disrupt even the most entrenched technology businesses. Cobol has long been viewed as IBM's moat, with countless legacy systems in banking, government, and enterprise depending on the language and IBM's expertise in maintaining it. Anthropic's claim that AI can handle Cobol modernization threatens this lucrative maintenance revenue stream and raises questions about IBM's long-term relevance. The AI anxiety extended beyond IBM, with broader software sector weakness sparking concerns about artificial intelligence's impact on traditional technology companies. Citrini Research co-author Alap Shah called for governments to consider taxing AI to cushion sweeping job losses, warning about technology's disruptive potential following a recent AI-driven market selloff.

Private Credit Market Turbulence

The $1.8 trillion private credit market experienced continued anxiety following Blue Owl's decision to permanently close one of its tech-focused funds, preventing investors from making their regular quarterly withdrawals. The firm began selling assets to return capital to investors—a move that has rattled confidence across the alternative lending sector. The Blue Owl situation represents the latest sign of stress in private credit markets, which have exploded in size over the past decade as institutional investors sought higher yields. Concerns are mounting about overleveraged lending to AI and technology companies, the sector's disruptive potential, and whether lending standards have deteriorated during the long period of easy money. Private equity returns also slumped for a fourth consecutive year as the industry sat on $3.8 trillion of unsold assets and struggled to raise money for new funds, further highlighting challenges in alternative investment markets.

Tariff Legal Battles Begin

FedEx became the first major American company to file suit seeking refunds following the Supreme Court's 6-3 ruling that deemed Trump administration tariffs illegal. The shipping giant's lawsuit could open the floodgates for other companies to seek restitution for levies paid under the now-invalidated tariff regime. The legal victory for businesses may prove short-lived, however, as President Trump has indicated he plans to move forward with new sweeping global tariffs using different legal authorities. The uncertainty over trade policy continues to weigh on corporate planning and investment decisions, with companies caught between seeking refunds for past payments and preparing for potential new levies. House Ways and Means Committee Chairman Jason Smith discussed next steps on trade policy, though concrete details remain scarce on how the administration will restructure its tariff approach to withstand legal scrutiny.

Commodity and Currency Markets

Copper prices jumped as Chinese markets reopened after the Lunar New Year break, with traders optimistic about potentially lower US tariffs on the world's second-largest economy. China's onshore shares opened higher as well, with investors balancing tariff relief hopes and enthusiasm for homegrown technologies against Wall Street's AI-induced selloff. Gold held a four-day gain as heightened uncertainty over US trade policy and Middle East tensions drove safe-haven demand. India's central bank is likely to begin buying dollars to bolster foreign exchange reserves once the rupee strengthens to 88-89 per dollar, according to Citigroup, suggesting emerging market monetary authorities are preparing for potential currency volatility.

Outlook

The convergence of multiple risk factors—deteriorating lending standards, AI disruption, private credit stress, and trade policy uncertainty—suggests investors face a challenging environment in the weeks ahead. Federal Reserve officials' comments that the US likely shed jobs last year and signals of potential rate cuts add to concerns about economic momentum. Markets will be watching closely for President Trump's State of the Union address and any clarity on the administration's trade policy following the Supreme Court setback. The coming days may prove pivotal in determining whether recent market anxiety represents a temporary correction or the beginning of a more significant repricing of risk assets.