by Ivan Martchev
February 24, 2026
Contrary to hasty reporting by many media outlets on Friday – after the Supreme Court ruling on the Trump administration’s use of International Economic Emergency Powers Act (IEEPA) – they did not rule tariffs being, in and of themselves, illegal. The Supreme Court ruled the administration cannot use IEEPA to impose tariffs. In a speech given Friday, Treasury Secretary Scott Bessent elaborated on “Plan B,” which he said, if executed properly, will result in the cancelled IEWPA tariffs being a wash. Zero. Nada. It is like the Supreme Court never intervened on tariffs, if plan B is successfully executed.
To back up the Treasury Secretary’s words, President Trump initially imposed a global tariff of 10% under section 122 of the Trade Act of 1974, a statute allowing the president to impose temporary levies for 150-days. Then, on Saturday, he hiked the global tariff to 15%, which is very close to the weighted-average of the trade deals so far reached by his administration, so Plan B was all ready to roll out.
What the President cannot do (according to the Supreme Court, as implied by their ruling) is tweet in the middle of the night something extreme like “If I don’t get Greenland, I will slap on extra 25% tariffs.” Tariffs need to be about trade, not about whimsical reactions. I understand Greenland is important to U.S. long-term security strategy, with the President negotiating on TV, in his flamboyant style, but some curbs to such behavior would be welcome, just from a pure volatility in financial markets point of view.
I could see part of Greenland coming under U.S. sovereignty, which would likely be an economic boost to this giant island, which has been neglected by Denmark and the EU. Making Greenlanders’ lives better would go a long way towards helping them feel OK about giving up part of their frozen rock.
I also fully support the Trump administration’s attempt to reverse the disastrous U.S. de-industrialization trend, which I have witnessed personally for over 30-years. However, I would like to make it clear U.S. manufacturing, in the aggregate, has not shrunk. Instead, no one invested in it enough to grow strongly, so it grew much slower than the service sector of the economy. Basically, American businesses invested heavily in Chinese manufacturing – to single out the biggest beneficiary of this strategy – rather than at home. In this situation, the administration’s forceful attempts to reverse this myopic trend are welcome.
I would ignore the initial reactions on Friday and would not frame the ruling as “positive.” Instead, it felt like another short squeeze, given the Trump administration cancelled out the Supreme Court decision for the next 150-days. Wilbur Ross, Trump’s Commerce Secretary in his first term, did connect the Supreme Court ruling to Iran, as reported by The Wall Street Journal: “I don’t think he can take this loss and then be seen as backing down on Iran.” If this is the case, the Supreme Court just tipped the scales to a bigger sell-off in the stock market, regardless of the initial bullish reaction by investors.
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
Although Friday ended positively, the S&P 500 and the NASDAQ 100 both registered new lows for the year before rebounding. Because of the rotation out of the tech sector, the S&P 500 has delivered horrendous flips this year, registering five clearly visible 200-point swings, three-down and two-up. It is possible this distributive action turns out to be nothing to worry about if there is no war in Iran and economic news comes out on the strong side, but I don’t know if anyone can call Iran with certainty given the amount of firepower parked near the Islamic Republic. All it would take is one or two closes below the red line above (6780) and we may be looking at a retest for the 200-day moving average and November lows.
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
The price of oil registered a new high for 2026 last week, peaking above $67, and the price of oil will say a lot this week as to where these tensions with Iran are going. Oil can very easily go to $100 per-barrel if the Strait of Hormuz traffic is interrupted, which has to be on Iranians’ minds in any military situation.
If you can call the outcome and duration of the Iranian standoff (which nobody can, at this point), you can call the next big move in the stock market. I expect Nvidia earnings will be good tomorrow, but good earnings can produce a “sell on the news” reaction, as they did in November. We should keep this in mind, given the many geopolitical cross currents likely to dominate the news this week, in my view.
Navellier & Associates; own Nvidia Corp (NVDA) in managed accounts. Ivan Marchev does not own Nvidia Corp (NVDA), in a personal account.
All content above represents the opinion of Ivan Martchev of Navellier & Associates, Inc.
Also In This Issue
A Look Ahead by Louis Navellier
America’s New “Declaration of Independence”
Income Mail by Bryan Perry
A Preliminary First Quarter Scorecard – Despite Some Speed-Bumps
Growth Mail by Gary Alexander
Don’t Panic, NASDAQ Investors: “The NAZ” Will Rise Again
Global Mail by Ivan Martchev
A “Tariff-ic” Week for the Stock Market
Sector Spotlight by Jason Bodner
This Sector Rotation May End Soon
View Full Archive
Read Past Issues Here
Ivan Martchev
INVESTMENT STRATEGIST
Ivan Martchev is an investment strategist with Navellier. Previously, Ivan served as editorial director at InvestorPlace Media. Ivan was editor of Louis Rukeyser’s Mutual Funds and associate editor of Personal Finance. Ivan is also co-author of The Silk Road to Riches (Financial Times Press). The book provided analysis of geopolitical issues and investment strategy in natural resources and emerging markets with an emphasis on Asia. The book also correctly predicted the collapse in the U.S. real estate market, the rise of precious metals, and the resulting increased investor interest in emerging markets. Ivan’s commentaries have been published by MSNBC, The Motley Fool, MarketWatch, and others. All content of “Global Mail” represents the opinion of Ivan Martchev
Important Disclosures:
Although information in these reports has been obtained from and is based upon sources that Navellier believes to be reliable, Navellier does not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute Navellier’s judgment as of the date the report was created and are subject to change without notice. These reports are for informational purposes only and are not a solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in these reports must take into account existing public information on such securities or any registered prospectus.To the extent permitted by law, neither Navellier & Associates, Inc., nor any of its affiliates, agents, or service providers assumes any liability or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any securities recommendations made by Navellier. in the future will be profitable or equal the performance of securities made in this report. Dividend payments are not guaranteed. The amount of a dividend payment, if any, can vary over time and issuers may reduce dividends paid on securities in the event of a recession or adverse event affecting a specific industry or issuer.
None of the stock information, data, and company information presented herein constitutes a recommendation by Navellier or a solicitation to buy or sell any securities. Any specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. The holdings identified do not represent all of the securities purchased, sold, or recommended for advisory clients and the reader should not assume that investments in the securities identified and discussed were or will be profitable.
Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. Individual stocks presented may not be suitable for every investor. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. Investment in fixed income securities has the potential for the investment return and principal value of an investment to fluctuate so that an investor’s holdings, when redeemed, may be worth less than their original cost.
One cannot invest directly in an index. Index is unmanaged and index performance does not reflect deduction of fees, expenses, or taxes. Presentation of Index data does not reflect a belief by Navellier that any stock index constitutes an investment alternative to any Navellier equity strategy or is necessarily comparable to such strategies. Among the most important differences between the Indices and Navellier strategies are that the Navellier equity strategies may (1) incur material management fees, (2) concentrate its investments in relatively few stocks, industries, or sectors, (3) have significantly greater trading activity and related costs, and (4) be significantly more or less volatile than the Indices.
ETF Risk: We may invest in exchange traded funds (“ETFs”) and some of our investment strategies are generally fully invested in ETFs. Like traditional mutual funds, ETFs charge asset-based fees, but they generally do not charge initial sales charges or redemption fees and investors typically pay only customary brokerage fees to buy and sell ETF shares. The fees and costs charged by ETFs held in client accounts will not be deducted from the compensation the client pays Navellier. ETF prices can fluctuate up or down, and a client account could lose money investing in an ETF if the prices of the securities owned by the ETF go down. ETFs are subject to additional risks:
- ETF shares may trade above or below their net asset value;
- An active trading market for an ETF’s shares may not develop or be maintained;
- The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track;
- The cost of owning shares of the ETF may exceed those a client would incur by directly investing in the underlying securities; and
- Trading of an ETF’s shares may be halted if the listing exchange’s officials deem it appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Grader Disclosures: Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. The sample portfolio and any accompanying charts are for informational purposes only and are not to be construed as a solicitation to buy or sell any financial instrument and should not be relied upon as the sole factor in an investment making decision. As a matter of normal and important disclosures to you, as a potential investor, please consider the following: The performance presented is not based on any actual securities trading, portfolio, or accounts, and the reported performance of the A, B, C, D, and F portfolios (collectively the “model portfolios”) should be considered mere “paper” or pro forma performance results based on Navellier’s research.
Investors evaluating any of Navellier & Associates, Inc.’s, (or its affiliates’) Investment Products must not use any information presented here, including the performance figures of the model portfolios, in their evaluation of any Navellier Investment Products. Navellier Investment Products include the firm’s mutual funds and managed accounts. The model portfolios, charts, and other information presented do not represent actual funded trades and are not actual funded portfolios. There are material differences between Navellier Investment Products’ portfolios and the model portfolios, research, and performance figures presented here. The model portfolios and the research results (1) may contain stocks or ETFs that are illiquid and difficult to trade; (2) may contain stock or ETF holdings materially different from actual funded Navellier Investment Product portfolios; (3) include the reinvestment of all dividends and other earnings, estimated trading costs, commissions, or management fees; and, (4) may not reflect prices obtained in an actual funded Navellier Investment Product portfolio. For these and other reasons, the reported performances of model portfolios do not reflect the performance results of Navellier’s actually funded and traded Investment Products. In most cases, Navellier’s Investment Products have materially lower performance results than the performances of the model portfolios presented.
This report contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of The U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “estimate,” “plan,” “intend,” “believe,” “anticipate,” “may,” “will,” “should,” “could,” “continue,” “project,” or similar statements or variations of such terms. Our forward-looking statements are based on a series of expectations, assumptions, and projections, are not guarantees of future results or performance, and involve substantial risks and uncertainty as described in Form ADV Part 2A of our filing with the Securities and Exchange Commission (SEC), which is available at www.adviserinfo.sec.gov or by requesting a copy by emailing info@navellier.com. All of our forward-looking statements are as of the date of this report only. We can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially. You are urged to carefully consider all such factors.
FEDERAL TAX ADVICE DISCLAIMER: As required by U.S. Treasury Regulations, you are informed that, to the extent this presentation includes any federal tax advice, the presentation is not written by Navellier to be used, and cannot be used, for the purpose of avoiding federal tax penalties. Navellier does not advise on any income tax requirements or issues. Use of any information presented by Navellier is for general information only and does not represent tax advice either express or implied. You are encouraged to seek professional tax advice for income tax questions and assistance.
IMPORTANT NEWSLETTER DISCLOSURE:The hypothetical performance results for investment newsletters that are authored or edited by Louis Navellier, including Louis Navellier’s Growth Investor, Louis Navellier’s Breakthrough Stocks, Louis Navellier’s Accelerated Profits, and Louis Navellier’s Platinum Club, are not based on any actual securities trading, portfolio, or accounts, and the newsletters’ reported hypothetical performances should be considered mere “paper” or proforma hypothetical performance results and are not actual performance of real world trades. Navellier & Associates, Inc. does not have any relation to or affiliation with the owner of these newsletters. There are material differences between Navellier Investment Products’ portfolios and the InvestorPlace Media, LLC newsletter portfolios authored by Louis Navellier. The InvestorPlace Media, LLC newsletters contain hypothetical performance that do not include transaction costs, advisory fees, or other fees a client might incur if actual investments and trades were being made by an investor. As a result, newsletter performance should not be used to evaluate Navellier Investment services which are separate and different from the newsletters. The owner of the newsletters is InvestorPlace Media, LLC and any questions concerning the newsletters, including any newsletter advertising or hypothetical Newsletter performance claims, (which are calculated solely by Investor Place Media and not Navellier) should be referred to InvestorPlace Media, LLC at (800) 718-8289.
Please note that Navellier & Associates and the Navellier Private Client Group are managed completely independent of the newsletters owned and published by InvestorPlace Media, LLC and written and edited by Louis Navellier, and investment performance of the newsletters should in no way be considered indicative of potential future investment performance for any Navellier & Associates separately managed account portfolio. Potential investors should consult with their financial advisor before investing in any Navellier Investment Product.
Navellier claims compliance with Global Investment Performance Standards (GIPS). To receive a complete list and descriptions of Navellier’s composites and/or a presentation that adheres to the GIPS standards, please contact Navellier or click here. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities made in this report.
FactSet Disclosure: Navellier does not independently calculate the statistical information included in the attached report. The calculation and the information are provided by FactSet, a company not related to Navellier. Although information contained in the report has been obtained from FactSet and is based on sources Navellier believes to be reliable, Navellier does not guarantee its accuracy, and it may be incomplete or condensed. The report and the related FactSet sourced information are provided on an “as is” basis. The user assumes the entire risk of any use made of this information. Investors should consider the report as only a single factor in making their investment decision. The report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security. FactSet sourced information is the exclusive property of FactSet. Without prior written permission of FactSet, this information may not be reproduced, disseminated or used to create any financial products. All indices are unmanaged and performance of the indices include reinvestment of dividends and interest income, unless otherwise noted, are not illustrative of any particular investment and an investment cannot be made in any index. Past performance is no guarantee of future results.