Global Markets: U.S. Major Indices Close Higher, Optical Communication and Mining Stocks Rise Across the Board, New York Silver Futures Surge Nearly 9%

U.S. Stock Market: The three major U.S. stock indices closed higher across the board on February 20. At the close, the Dow Jones Industrial Average rose 230.81 points to 49,625.97, up 0.47%; the S&P 500 increased 47.62 points to 6,909.51, up 0.69%; the Nasdaq Composite gained 203.34 points to 22,886.07, up 0.9%. This week, the Dow has gained 0.25%, the Nasdaq 1.51%, and the S&P 1.07%.

Large-cap tech stocks mostly rose, with Alphabet A up over 4%, Netflix and Amazon up over 2%, Apple, Nvidia, and Meta up over 1%, and Tesla slightly higher; Microsoft declined slightly.

Optical communications and mining stocks mostly rose, with Corning up over 7%, Coherent up over 6%, and Lumentum, Pan American Silver, Hecla Mining, and Royal Gold up over 5%.

Popular Chinese concept stocks had mixed performances, with the Nasdaq Golden Dragon China Index down 0.05%. TSMC rose 2.82%, Pinduoduo up 2.93%, Alibaba up 0.12%, Baidu down 0.91%, Bitdeer Technologies Group-A down 2.02%, JD.com up 0.51%, Yum China down 1.81%, Ctrip down 1.39%, Futu Holdings up 1.22%, and NIO up 2.84%.

European Markets: The three major European stock indices all rose on February 20. The FTSE 100 in London closed at 10,686.89 points, up 59.85 points or 0.56%; France’s CAC 40 closed at 8,515.49 points, up 116.71 points or 1.39%; Germany’s DAX closed at 25,260.69 points, up 217.12 points or 0.87%.

Commodity Markets: International oil prices declined on February 20. At the close, NYMEX WTI crude futures for the current month fell $0.09 to $66.31 per barrel, down 0.14%. COMEX gold futures for the current month rose $132.60 to $5,130.0 per ounce, up 2.65%. COMEX silver futures for the current month increased $6.94 to $84.57 per ounce, up 8.93%. Spot gold rose $111.02 to $5,107.32 per ounce, up 2.22%. Spot silver increased $6.12 to $84.62 per ounce, up 7.80%.

Overnight Headlines

Trump: Will Impose an Additional 10% Tariff on U.S. Imports from Global Goods on Top of Existing Tariffs

On February 20, U.S. President Trump announced he will sign an order, under Section 122 of the U.S. Trade Act of 1974, to impose an additional 10% tariff on global imports on top of the current regular tariffs. He made this statement during a press conference following the Supreme Court ruling that his tariff policies were unlawful. He also said the 10% tariff policy is expected to take effect “within about three days.”

U.S. Supreme Court Rules Trump Administration’s Large-Scale Tariff Policies Unlawful

On February 20, the U.S. Supreme Court ruled that the large-scale tariffs implemented by the Trump administration under the International Emergency Economic Powers Act lacked clear legal authorization.

Trump: Supreme Court Ruling on Tariffs “Shameful”; Alternatives Already Considered

According to CCTV, on February 20, President Trump called the Supreme Court’s ruling on tariffs “shameful.” Sources said that during a breakfast with governors at the White House, Trump stated he has already considered alternative plans to respond to the court’s decision.

U.S. Q4 GDP Grows Only 1.4%, Economists Warn Recession Risks Are Higher Than Expected

Latest data from the U.S. Bureau of Economic Analysis released this week shows that at the end of 2025, the U.S. economy sharply cooled, with the annualized quarterly GDP growth rate revised down to 1.4%. This slowdown is mainly due to tariffs and a prolonged government shutdown weakening previous growth momentum. The data also shows that last year’s total U.S. economic growth was 2.2%, lower than the previous year’s 2.8%. Despite the impact of Trump’s tariffs, U.S. imports increased last year, and the trade deficit continued to expand.

European Parliament Member: The Era of U.S. President Arbitrarily Imposing Tariffs May Be Ending

On social media, European Parliament International Trade Committee Chair Bernd Lange stated that the Supreme Court’s decision has set “legal barriers,” and the era of the U.S. president “imposing tariffs arbitrarily and without limits may be coming to an end.” Lange said the court’s latest ruling “sends a positive signal for the rule of law,” showing that “even the U.S. president cannot override the law.”

German Chancellor Calls for Strengthening Europe’s Security and Economic Power

German Chancellor Olaf Scholz delivered a speech at the CDU party congress on February 20, stating that the current international situation is undergoing a “historic shift,” and the rules-based international order no longer exists. Germany and Europe are in a complex and challenging period. Scholz emphasized that security is the prerequisite for freedom, and Europe must enhance its defense capabilities and strengthen its economic power.

NASA: Manned Moon Mission Launch Scheduled for March 6

On February 20, NASA officials announced that after completing critical rocket tests, NASA plans to launch the Artemis II crewed lunar flyby mission on March 6. However, NASA also warned that remaining preparations could delay the launch.

High Stakes AI Investment, but Ordinary Employees Pay the Price? Meta Reportedly Cuts Equity Incentives for Two Consecutive Years

Latest reports indicate that Meta Platforms has cut equity incentives for most employees for the second consecutive year. Insiders revealed that Meta reduced the annual stock option grants for most employees by about 5%, affecting tens of thousands of staff. The company had previously cut about 10% a year earlier, which shocked many employees.

Private Equity Executive: Industry Risk Management Fails — Software Bubble Was Obvious Three Years Ago

An Apollo Global Management executive stated that the private equity industry is facing a long period of pain from software investments, as the industry failed to recognize early how AI and other new technologies would disrupt this long-favored sector. Apollo partner and co-head of private equity David Sambur said in an interview, “People are only now realizing that a multi-car pileup is about to happen on the software highway. All signs were there as early as 2022.”

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