U.S. stocks sold off sharply on Monday as fresh tariff uncertainty from Washington and mounting concerns over AI-driven disruption sparked a broad risk-off move across Wall Street, driving a roughly 800‑point slide in the Dow and sending the S&P 500 and Nasdaq decisively lower for the session.

Markets

• The Dow Jones Industrial Average dropped about 1.7%, or just over 800 points, led by declines in major financials and economically sensitive names as investors reassessed the trajectory of global trade.
• The S&P 500 finished firmly in the red, with selling pressure concentrated in cyclicals and growth sectors tied to trade and technology demand.
• The Nasdaq Composite slid as renewed volatility hit software, IT services, and broader tech, though a handful of AI leaders held up better ahead of key earnings later in the week.
• Treasury yields fell as investors moved into perceived safe havens, while equity market volatility picked up alongside the risk‑off shift.

Drivers

• Trade policy: After last week’s Supreme Court ruling curbing his earlier “reciprocal” tariffs initially buoyed risk assets, President Trump’s weekend move to announce a new 15% baseline tariff on imports reset the trade narrative and rattled global markets.
• Global reaction: The European Union pushed back, stressing that “a deal is a deal” and signaling resistance to additional U.S. tariffs, while reports pointed to delayed trade steps and weaker European equity benchmarks.
• AI “scare trade”: A fresh wave of anxiety around AI‑driven disruption resurfaced after Anthropic unveiled a tool aimed at automating high‑value analytical work, pressuring consulting, IT services, and software stocks as investors contemplated margin and business‑model risk.
• Sector moves: Names in consulting and IT services, including IBM, Accenture, and Cognizant, were among the notable decliners, while high‑multiple software names faced renewed multiple compression on AI competition concerns.
• Flight to defensives: Consumer staples and other defensive pockets outperformed, with some grocery, household‑products, and personal‑care names relatively unscathed by the selloff as investors rotated toward earnings and cash‑flow stability.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Eupraxia Pharmaceuticals (EPRX, $8.16)

Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, is pleased to announce the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.

Modular Medical (MODD)

• Closed at $.4871. Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
• Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

FIGS, Inc. (FIGS, $10.91)

FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.

GeoVax Labs (GOVX, $1.63, +6.54%)

• GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
• On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
• Shares can gap sharply on any trial or regulatory update, positive or negative.

DoubleVerify (DV, $8.85)

• DV traded in the context of that modest risk‑off tone closing at $9.59; no major company‑specific headline surfaced in the reviewed sources.
• DoubleVerify continues to benefit from secular tailwinds in digital ad verification and brand safety as advertisers prioritize measurable, fraud‑free impressions across social, CTV, and open web channels. In an environment where macro uncertainty still pressures marketing budgets, DV’s performance‑oriented value proposition and recurring‑revenue profile keep it well positioned within the ad‑tech stack.

The InterGroup Corporation (INTG, $28.22, +1.69%)

• The InterGroup Corporation, a small‑cap real estate and hospitality‑focused holding company, and closed at $27.75 on Friday. Recent filings and commentary highlight that results for the quarter ended December 31, 2025, benefited from improved hotel metrics and gains on real estate transactions, even as the company continues to carry substantial mortgage and subordinated note obligations. With a market capitalization in the low‑$60 million range and thin trading, INTG remains a tightly held, event‑driven real estate story where periodic asset sales and refinancing activity can materially influence quarterly earnings.

Serina Therapeutics (SER, $1.57)

• Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.

Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)

• Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
• On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA, $191.55, +.91%)

• Nvidia stays at the center of the AI trade as hyperscale and enterprise demand for accelerated computing remains robust, even as some of its high‑end H‑series chips remain subject to legacy Section 232 tariff structures. The Supreme Court decision removes one layer of tariff uncertainty, and while new trade measures could emerge, the company’s strong pricing power and product cycle momentum continue to underpin the bull case.

McDonald’s (MCD, $334.56, +1.62%)

• Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
• McDonald’s continues to showcase defensive attributes with a combination of resilient traffic, disciplined pricing, and an increasingly digital‑first operating model. In a world of uneven growth and sticky services inflation, the brand’s value positioning and global scale keep it a core holding for many income and quality‑growth investors.

Nokia (NOK, $7.57)

• Nokia remains a value‑tilted telecom and network‑equipment play that is trading more with global cyclical and communications hardware sentiment than with high‑beta tech, and it did not appear as a major driver in today’s U.S.‑centric headlines.

Opendoor (OPEN, $4.78)

• Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
• Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
• OPEN shares closed at $5, +14.16% over the last 5-days.

The Sources

1. Yahoo Finance – “Stock market today: Dow falls 800 points, S&P 500, Nasdaq slide amid Trump’s new tariff threats, AI fears”
   https://finance.yahoo.com/news/live/stock-market-today-dow-falls-800-points-sp-500-nasdaq-slide-amid-trumps-new-tariff-threats-ai-fears-210027026.html[finance.yahoo]​
2. CNBC – “Dow drops 800 points as AI disruption fears and tariff woes weigh on markets”
   https://www.cnbc.com/2026/02/22/stock-market-today-live-updates.html[cnbc]​
3. The Wall Street Journal – “Stock Market Today: Dow, Dollar Fall on Tariff Uncertainty”
   https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-tariffs-02-23-2026[wsj]​
4. MarketWatch – “Stock Market Today: Dow down 800 points, S&P 500 and Nasdaq retreat after Trump hikes global tariffs”
   https://www.marketwatch.com/livecoverage/stock-market-today-dow-set-for-300-point-retreat-s-p-500-and-nasdaq-to-slide[marketwatch]​
5. Investopedia – “Stock Market Today: Major Indexes End Sharply Lower Amid Tariff Uncertainty, AI Disruption; Dow Sheds 800 Points”
   https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02232026-11911667[investopedia]​
6. Bloomberg Opinion – “The AI ‘Scare Trade’ Is Healthy for the Stock Market”
   https://www.bloomberg.com/opinion/articles/2026-02-23/the-ai-scare-trade-is-heathy-for-the-stock-market[bloomberg]​
7. Finviz – “Dow Drops 821 Points on AI, Tariff Concerns”
   https://finviz.com/news/319421/dow-drops-821-points-on-ai-tariff-concerns[finviz]​
8. AInvest – “Dow Tumbles 800 Points: Tariff Uncertainty and AI Fears Shake Markets”
   https://h5.ainvest.com/frontPage/regular/news-page/index.html?id=stocks-slide-investors-weigh-nvidia-earnings-rising-rent-poses-[h5.ainvest]​
9. Volato Group & M2i Global press release – “Volato Group and M2i Global Reaffirm Targeted First Quarter 2026 Merger Timeline” (Business Wire/Yahoo Finance)
   https://finance.yahoo.com/news/volato-group-m2i-global-reaffirm-160000235.html[finance.yahoo]​
10. Volato Group & M2i Global press release – “Volato Group and M2i Global Reaffirm Targeted First Quarter 2026 Merger Timeline” (company IR site version)
    https://ir.flyvolato.com/news-events/press-releases/detail/131/volato-group-and-m2i-global-reaffirm-targeted-first-quarter-2026-[ir.flyvolato]​
11. Volato Group & M2i Global merger details – “Volato Group Sets Preliminary Shareholder Meeting Date to Approve Merger with M2i Global”
    https://ir.flyvolato.com/news-events/press-releases/detail/122/volato-group-sets-preliminary-shareholder-meeting-date-to-approve[ir.flyvolato]​