Stocks plummet as worries flare on new tariffs

Plus: Binance employees find users sent $1.7B in crypto to Iranian entities

Author

Matt Davis
February 24, 2026

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Happy Tuesday, !

This week’s world-famous news haiku competition™ is, in somewhat timely news, about the Supreme Court ruling that emergency powers don’t cover imposing tariffs. Send me your entry — to our spiffy email address, haiku at cheddar dot com — by noon ET Thursday, for consideration by your Cheddar peers.

Now let’s get on with this.

Matt Davis — Need2Know Chedditor

News You Need2Know

What’s the stock market up to, eh?

Companies mentioned in today’s newsletter

Stocks plummet as worries flare on new tariffs

You can just imagine I led this story with a picture of a concerned stock market trader. We’ve all seen them so often that I figure I can just write the description and you’ll play along. No? Okay. Okay. Here:

That’s what’s happening! (Note: I did not make this myself. It’s from Giphy.)

Wall Street stumbled Monday, with major indices experiencing a sharp decline tied to tariff tensions and concerns surrounding AI competition. The Dow Jones Industrial Average $DJI ( ▼ 1.66% ) dropped 835 points (1.7%), while the Nasdaq $NASDAQ ( 0.0% ) composite shed 1.3%. The S&P 500 $SPX ( ▼ 1.04% ) also fell 1.4%, underscoring broad investor unease across sectors.

Tech stocks led the declines as artificial intelligence developments raised disruption fears. Cybersecurity leader CrowdStrike $CRWD ( ▼ 9.85% ) experienced an 11.4% dip amid speculation about tools from Anthropic that could challenge industry players. Other companies in the sector also suffered, with Palo Alto Networks $PANW ( ▼ 3.07% ) slipping 4.3% and Zscaler $ZS ( ▼ 10.31% ) losing 6.7%. Beyond tech, streaming giant Netflix $NFLX ( ▼ 3.37% ) fell 2.1%, continuing its volatile trend amidst cost-cutting measures.

The markets were further rattled by President Trump's controversial new tariff policies, a 15% tariff on select imports for up to 150 days. Apple $AAPL ( ▲ 0.61% ) , relying heavily on global supply chains, saw a 2.9% drop, and manufacturing giant Caterpillar $CAT ( ▼ 0.43% ) was down 3.6%. Kim Jung-kwan, South Korea’s trade minister, cautioned, “Uncertainty may worsen if the Trump administration continues imposing new tariffs under alternative laws."

Chris Larkin from E*Trade $ETFC ( ▼ 1.58% ) captured market sentiment well, telling the AP, “It quickly became clear that the decision was simply going to open a new chapter in the trade saga, not end it.”

Whoops! Binance finds $1.7B in crypto was sent to Iranian entities

By me!

Binance $BNB ( ▼ 3.06% ) , the world’s largest cryptocurrency exchange, is facing renewed, let’s say, criticism after internal investigators uncovered troubling connections between its platform and Iranian entities tied to terrorism.

Last year, investigators discovered that more than 1,500 Iranian accounts accessed Binance, with approximately $1.7 billion flowing from two accounts to entities potentially violating international sanctions, one of which was linked to a Binance vendor.

Despite reporting these findings to executives, Binance retaliated against fired or suspended at least four employees involved in the investigation. The company cited “violations of company protocol” regarding client data handling. Rachel Conlan, a Binance representative, responded, stating, “Any suggestion that Binance knowingly allowed sanctionable activity to continue unchecked is incorrect and defamatory.”

She confirmed that flagged accounts were removed and authorities were notified.

This revelation comes years after Binance admitted to violating money-laundering laws in 2023 and paid $4.3 billion in penalties. These recent findings raise questions about its ongoing commitment to compliance and security — but not defamatory ones, you understand.

The situation has drawn more attention due to Binance’s ties with President Donald Trump’s crypto startup, World Liberty Financial $WLFI ( ▼ 8.06% ) . Trump also pardoned Binance’s founder, Changpeng Zhao, who in 2024 pleaded guilty to violating money-laundering laws.

Quote of the Day

❝

JPMorgan, as the Goliath of Goliaths, is in fighting condition and ready to expand more aggressively.

Shoot a month’s weightloss drugs in one ‘pen’

Eli Lilly $LLY ( ▲ 4.86% ) announced the launch of a new device for its blockbuster obesity drug, Zepbound, offering patients a more convenient option: A month’s worth of doses in a single pen. The innovative multi-dose device, called the KwikPen, is now available for cash-paying customers through Lilly’s direct-to-consumer platform, LillyDirect, with prices starting at $299 per month for the lowest dose level.

The KwikPen allows patients to take four weekly doses of Zepbound with a single device, simplifying their treatment regimen. Until now, patients either relied on single-dose auto-injectors used weekly or vials that required manual preparation with a syringe. The new offering aims to make the medication more user-friendly and accessible.

“As part of our commitment to supporting people living with obesity in their weight management journey, we are introducing a new option with the Zepbound KwikPen, a device trusted by patients globally and in the United States for other Lilly medicines,” said Ilya “Huffa Puffa” Yuffa of Lilly USA.

The rollout comes as Zepbound sees surging demand following its launch in late 2023. The drug generated $4.2 billion in U.S. revenue during Eli Lilly's fourth quarter, firmly establishing the company as a leader in the weight-loss drug market, surpassing rival Novo Nordisk $NVO ( ▼ 16.43% ) .

Song of the Day: Jessie Ware, ‘Ride’

Here’s a sultry, club-ready track with inane lyrics. Enjoy!

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JPMorganChase wants to reinvest $2B a week

Investors in JPMorganChase

Jamie “Shine Bright Like A” Dimon, CEO of JPMorganChase $JPM ( ▼ 4.22% ) , faced investors and analysts yesterday to justify the bank’s aggressive $2 billion weekly spending strategy. Dimon urged them to “trust him” on the massive investment’s long-term payoff, emphasizing that staying ahead in a fiercely competitive industry requires bold action.

“We’re not going to try to meet some expense target, and then 10 years from now you’ll be asking us the question, how did JPMorgan get left behind,” Dimon said.

The spending plan, which totals $105 billion in expenses for 2026 — a 10% increase from previous estimates — covers recruitment, technology, marketing, and new branches. Despite skepticism, JPMorganChase remains profitable, earning over $1 billion per week in 2024 and 2025, far outpacing its rivals, much like this newsletter.

While some question the scale of the spending, analysts like Wells Fargo's Mike “Hold The” Mayo support this strategy. “JPMorgan, as the Goliath of Goliaths, is in fighting condition and ready to expand more aggressively,” Mayo told the Financial Times.

As Dimon emphasized, JPMorgan has a competitive advantage in its excess capital —currently $60 billion above regulatory requirements — fueling its ability to drive further growth while maintaining industry-leading returns.

Cartel leader’s killing leads to … more killing

Mexico’s military executed a high-stakes raid on the weekend, killing Nemesio “El Mencho” Oseguera, leader of the Jalisco New Generation Cartel (CJNG), one of the country’s most powerful criminal organizations. The death of Oseguera, known for his paramilitary tactics and global drug trafficking empire, marks a major escalation in Mexico’s war against cartels.

It’s also sparked a wave of violence and canceled flights.

According to Mexico’s Security Ministry, special forces attacked Oseguera’s compound in rural Jalisco, backed by air force and elite national guard units. The U.S. provided intelligence support for the operation.

Oseguera’s death follows pressure from President Trump, who called on Mexican President Claudia “La Yenta” Sheinbaum to curb narcotics trafficking and considered deploying U.S. military forces. Sheinbaum rejected direct involvement but ramped up security collaboration with the U.S.

Often celebrated in narco-ballads — much like this newsletter — Oseguera controlled vast territories and a cocaine pipeline stretching from Colombia to the U.S. His death triggered immediate retaliation: cartel gunmen torched vehicles and blocked roads in Guadalajara and Puerto Vallarta.

“The Mexican government will have to fill that vacuum,” warned Mike “El Schnorrer” Burgoyne, a former U.S. military attaché, talking to the Wall Street Journal, and predicting further violence as rival factions battle for control of the CJNG’s empire. Mexican authorities are bracing for what comes next.

Should you check your 401(k) today?

👎️ 

Not unless you’re a masochist, no.

Poll of the day: Is spending $2B a week okay?

How do you feel about JPMorgan's $2B-a-week spending plans?

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Bonus poll of the day: Pick a color?

My wife and I want to repaint our too-dark-blue bedroom and we need your help picking a color, courtesy of these Sherwin-Williams $SHW ( ▲ 1.01% ) swatches. Thanks!

Pick a color. In order: Top left to top right, middle left to middle right, bottom left to bottom right.

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Poll of the day: You’re done with tariffs

We asked: “Is it time for a policy shift away from tariffs?”

You answered:

🟩🟩🟩🟩🟩🟩 I agree with the (checks notes) Wall Street Journal's editorial board. "If your tariff policy is so unpopular that you have to bully the central bank into not talking about it, maybe it’s time for a new policy." (577)
⬜️⬜️⬜️⬜️⬜️⬜️ No, I love tariffs. I will always love tariffs. From my cold dead hands you must take these tariffs. (34)

611 Votes via @beehiiv polls

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