Mei Ri Jing Ji Xin Wen·2026-02-20 15:57Market Performance - On February 20, US stock indices opened lower but quickly rebounded, with the Dow Jones up 0.23%, Nasdaq up 0.93%, and S&P 500 up 0.54% at the time of reporting [1]. Technology Sector - Major tech stocks showed mixed performance, with Google rising by 3.5% following the release of its latest foundational model, Gemini 3.1 Pro, which has doubled its reasoning performance compared to the previous version released in November [3]. Legal and Regulatory Developments - The US Supreme Court ruled against the Trump administration's large-scale tariff measures, stating they lacked clear legal authority under the International Emergency Economic Powers Act [6][7]. - The court's decision, which was passed with a 6-3 vote, indicated that the tariffs imposed to combat fentanyl smuggling exceeded the administration's authority [7]. - The estimated tariffs collected under this act exceeded $175 billion, and the ruling raises the possibility of refunds to importers, with a 66% probability of a court order for refunds by July 2026 [7]. Economic Outlook - The US Bureau of Economic Analysis reported that the GDP growth for 2025 is projected at 2.2%, down from 2.8% in 2024, with the overall price index expected to rise by 2.6% [8]. - The core Personal Consumption Expenditures (PCE) price index is anticipated to increase by 2.8%, slightly lower than the previous year's 2.9% [8]. - Preliminary estimates suggest that the GDP growth for Q4 2025 will be 1.4%, significantly lower than the 4.4% growth in Q3, primarily driven by increased consumer spending and investment, while government spending and exports declined [8].