⚡ MARKET RECAP → The S&P 500 (VOO) and the major averages saw gains on Friday as the Supreme Court struck down tariffs.

⚖️ TRUMP TARIFF POWER CHECKED → The Supreme Court has struck down most of Trump’s tariff regime as unconstitutional, sidelining a key pillar of his trade agenda while he seeks alternate, temporary tools to keep duties in place and re-ignite his broader protectionist strategy.

🎮 SPENCER STEPS ASIDE AT XBOX → Phil Spencer is retiring from Microsoft Gaming after a storied career; Asha Sharma, a seasoned AI exec, will lead the Xbox and broader gaming business, as the company reshuffles its leadership and reorients strategy for the next era.

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For the week beginning February 16, 2026

⚖️ Supreme Court strikes down Trump’s sweeping tariff authority. In Learning Resources, Inc. v. Trump, the U.S. Supreme Court ruled 6–3 that former President Donald Trump exceeded his authority under the 1977 International Emergency Economic Powers Act (IEEPA) by imposing broad “reciprocal” tariffs on imports — a decision that lands a major blow to one of his signature economic policies and restricts unilateral executive trade powers.

🔥 Trump lashes out and pivots to other tools. After the ruling, Trump publicly blasted the justices he appointed, calling the decision a “disgrace” and vowing to pursue alternative statutory avenues to maintain tariffs, including a limited 10 % global tariff under the Trade Act of 1974 that can only last for 150 days.

🌍 Economic and legal ripples are already spreading. The court’s rejection emphasizes that only Congress has the power to levy tariffs under the Constitution; the decision raises uncertainty for existing global trade policy, could trigger demands for refunds on tolls already collected, and underscores a constitutional check on executive overreach in trade — even in the context of national emergencies.

🎮 Phil Spencer is retiring after nearly four decades at Microsoft and 12 years leading Xbox. The veteran gaming executive, who helped grow Microsoft’s gaming division through Game Pass, big acquisitions and console strategy, is stepping down as CEO of Microsoft Gaming after 38+ years with the company.

🤖 Asha Sharma, an AI and tech veteran, will take the helm. Microsoft has tapped Asha Sharma, currently a senior AI product leader, as the new CEO of Microsoft Gaming — a move that signals a fresh strategic direction that leans into AI, content and platform evolution. At the same time, Xbox President Sarah Bond is leaving and Matt Booty is being promoted to EVP and Chief Content Officer.

📊 For investors and players, it’s both continuity and change. Spencer’s tenure spanned major transitions — from Xbox Game Pass expansion to the Activision Blizzard acquisition — and now the baton passes to Sharma, whose background centers on AI and product at scale. The leadership shakeup could influence Xbox’s future focus on console, cloud, content and AI innovation.

Trump says he’s considering limited military strike against Iran (CNBC)

S&P 500 jumps after Supreme Court knocks down Trump’s emergency tariffs: Live updates (CNBC)

Morgan Stanley is bullish on this aerospace stock, says market underestimates growth drivers (CNBC)

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