^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0800 - Fed’s Waller speaks
0830 - Chicago National Activity Index for December: Expected -0.08; Prior -0.04
1000 - Factory orders m/m for December: Expected -0.6%; Prior 2.7%
1000 - Core durable goods revised: Expected 0.9%; Prior 0.9%
1000 - Durable goods revised: Expected -1.4%; Prior -1.4%

NVIDIA Corp (NVDA)

-0.27%

On watch ahead of its earnings report for fiscal Q4 2026, to be released after the bell on Wednesday, February 25. Analysts are looking for the chip giant to post earnings of $1.52 per share and sales of $65.56 billion. Aletheia Capital upgraded Nvidia to Buy with a $250 price target ahead of the report, citing expectations that its Q4 results and Q1 2027 guidance will exceed consensus as inventory levels normalize and rack system deployments improve.

Crypto Stocks

-2.25%

Trading lower as a group in tandem with an early-morning selloff in Bitcoin. The cryptocurrency traded as low as $64,250 early on Monday morning before recovering to trade near $66,000 as of 7:20 AM ET. Bitcoin is poised to continue a five-week losing streak as investors digest geopolitical uncertainty and tariff concerns, with US President Donald Trump announcing a global tariff increase from 10% to 15% after the Supreme Court ruled against his administration’s tariff policy on Friday.

COIN, MSTR, MARA, RIOT, IBIT, ETHE, HUT, CLSK, IREN, CAN, HIVE

Novo Nordisk A/S (NVO)

-13.39%

Gapping down after announcing that its next-generation obesity drug CagriSema was less effective than Eli Lilly and Company’s tirzepatide in a head-to-head trial, failing to prove it was at least as effective at reducing weight. The result is a setback for Novo Nordisk as it seeks to regain its edge in the fast-growing weight-loss drug market, where demand for more effective treatments is rising.

Gold and Silver

+1.32%

Equities and ETFs related to precious metals are trading higher premarket amid ongoing geopolitical and trade tensions. Escalation in Iran remains on watch after US President Trump warned on Friday that military action could take place in Tehran without the negotiation of a “fair deal”, and the Supreme Court’s ruling against US tariffs on Friday has created further uncertainty. In a Truth Social post on Monday morning, Trump opined that the Supreme Court gave him “far more powers and strength” with regards to tariffs than he had prior to the ruling.

GLD, SLV

AI and Data Center Stocks

-0.66%

On watch after noted investor Michael Burry warned that tech giants including Microsoft, Alphabet, and Meta Platforms are using aggressive accounting methods—such as extending the useful life of AI hardware—to understate costs and inflate earnings. He estimates profits across major AI infrastructure players may be overstated by about 24%, with Oracle potentially overstating earnings by up to 48%–62%. Burry further argued that more realistic depreciation would eliminate much of their reported profitability.

MSFT, GOOGL, META, ORCL, AMZN

Natural Gas (UNG)

+2.34%

Trading higher premarket as a winter storm impacts the northeastern US. Approximately 35 million people are estimated to be impacted by the storm, which is forecast to feature heavy snow, strong winds, and flooding. A travel ban has been issued by New York City as a result.

Taiwan Semiconductor Manufacturing Co Ltd (TSM)

-1.46%

On watch after US President Trump criticized Taiwan’s semiconductor dominance in a press conference on Saturday. The comments, which included accusations of Taiwan overtaking U.S. chipmakers like Intel, came after the US Supreme Court issued a ruling against tariff measures on Friday.

Merck & Co Inc (MRK)

+0.92%

The company announced that it is separating its human-health business into two divisions to manage pressure from the upcoming patent loss of its top-selling cancer drug Keytruda. One unit will focus on cancer treatments, including Keytruda, while the other will handle the company’s non-cancer product portfolio. The development was first reported by the Wall Street Journal prior to the company’s announcement.

Vanda Pharmaceuticals Inc (VNDA)

+38.89%

Gapping up after announcing that the US Food and Drug Administration approved its antipsychotic drug Bysanti to treat schizophrenia and acute bipolar I disorder. The drug, which works by blocking dopamine and serotonin receptors to help regulate mood and behavior, is expected to launch in the US in the third quarter.

Reliance Global Group Inc (EZRA)

+41.37%

Gapping up after announcing the completion of its strategic acquisition of post-quantum cryptography company Enquantum. Reliance has an initial stake of 8% in the company and will eventually acquire a 51% ownership stake through installment payments valued at $2.125 million, according to the terms of the agreement. The stock has a market capitalization of $1.96 million and a float of 2.8 million shares, approximately 25.6% of which are sold short.