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Businesses will have a tough time getting tariff refunds...
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Think it’ll snow? While you may be justifiably sick of winter, it produced a real feel-good moment for the USA yesterday, when the American men’s ice hockey team defeated Canada in overtime at the Olympic final. It happened exactly 46 years after the “Miracle on Ice,” when the US team beat the Soviet Union in 1980, which was also the last time Team USA won a gold medal in men’s ice hockey before yesterday.

This team needs a nickname, too. We humbly propose: “The United Skates of America.”

Holly Van Leuven, Brendan Cosgrove

MARKETS: YEAR-TO-DATE

Nasdaq

22,886.07

S&P

6,909.51

Dow

49,625.97

10-Year

4.086%

Bitcoin

$64,843.07

Hims & Hers

$15.63

Data is provided by

*Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean.

  • Markets: The three major indexes finished in the green last week, thanks in part to a big day on Friday, following the Supreme Court’s tariff ruling. This week, tech earnings are expected to set the pace. (More on both below.)
  • Stock spotlight: Hims & Hers hasn’t been the healthiest stock pick this year, amid GLP-1 legal drama. The telehealth provider reports earnings after today’s closing bell, and investors are interested in hearing its response to FDA scrutiny and Novo Nordisk’s patent infringement lawsuit.
 

CORPORATE

President Trump with members of his administration at a press conference

The Washington Post/Getty Images

What do the businesses that shelled out $175 billion for Trump tariffs and anyone who was supposed to fly to the Northeast today have in common? They’re figuring out how to get refunds in light of drastic turns of events.

ICYMI: On Friday, the Supreme Court ruled that President Trump lacked authority to impose tariffs under the International Emergency Economic Powers Act without congressional approval, and that means the ones he created cannot stand.

In theory, that means the tariffs already collected ought to be refunded. But the Supreme Court stopped short of saying how, leaving it to the US Court of International Trade to figure out the refund process.

That might take a minute…

After the Supreme Court’s announcement on Friday, President Trump suggested refunds would not be easy to come by for companies seeking them, saying, “We’ll end up being in court for the next five years.”

But many businesses seem eager to get money back ASAP, since they began legal proceedings long before Friday. According to Reuters:

  • Two big US firms have filed hundreds of tariff refund cases since Liberation Day in April 2025, including those for J. Crew, Illumina, Dole, Diageo, Costco, EssilorLuxottica, Revlon, and more.
  • Smaller firms are handling hundreds of additional tariff lawsuits. Richard O’Neill from the 10-person law firm Neville Peterson said of companies that want to file suit, “The time to do it was yesterday. The next best time to file is today.”

Tariff Magic 8 Ball says “Cannot Predict Now”

International trade lawyer Nancy Fischer told Reuters that the amount of time it will take to disburse refunds “depends on whether the administration decides to play hardball. It could get resolved quickly…but I am not so sure that necessarily is going to be the case.”

Zoom out: Some companies may never try to get their refunds in an attempt to stay on the administration’s good side. US Trade Representative Jamieson Greer told ABC’s This Week that Trump’s tariff policy hasn’t changed and that the president will enact tariffs by other means.—HVL

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WORLD

a crowd of people in the NYC blizzard

Ryan Murphy/Getty Images

Nor’easter impacts millions, especially in NYC’s tri-state area. But Delaware, Pennsylvania, Maryland, and New England will be impacted, too. Six states declared states of emergency this weekend, ahead of the blizzard expected to dump up to 2 feet across the region, starting yesterday and continuing today. New York City declared its first “old-school snow day” (without virtual instruction) since 2019 and banned all road travel from 9pm last night through at least noon today. Boston also braced for its first blizzard since 2022. What makes a snowstorm a blizzard? “Snow and/or blowing snow reducing visibility to 1/4 mile or less for 3 hours or longer,” and “sustained winds of 35 mph or greater,” according to the National Weather Service.

TSA PreCheck abruptly closed, then reopened, amid partial govt shutdown. For several hours yesterday, air travelers wondered whether snow would be their only airport hindrance. Around 6am ET, the Department of Homeland Security said that TSA PreCheck and Global Entry would be suspended at US airports as a consequence of the partial government shutdown stemming from congressional Democrats and Republicans failing to reach a deal to fund the Department of Homeland Security. By 12:40pm ET, however, DHS updated its statement to remove mention of closing PreCheck, although the Global Entry suspension remained in place. The department did not specify why the change was made.

Mexican army killed leader of Jalisco New Generation Cartel, sparking violence across Mexico. Nemesio Rubén Oseguera Cervantes, known as “El Mencho,” was wounded yesterday in an operation meant to capture him in Tapalpa, Jalisco, and he died in flight to Mexico City, according to the country’s Defense Ministry. The US Embassy in Mexico called the operation the result of “bilateral cooperation” with US authorities, who provided “complementary intelligence.” According to the Associated Press, the US Drug Enforcement Agency considers the Jalisco cartel to be as powerful as the Sinaloa cartel. It is one of the main suppliers of cocaine and fentanyl to the US. In response, cartel members launched violent attacks in almost a dozen Mexican states. American visitors to the tourist city of Puerto Vallarta in Jalisco were told to shelter in place yesterday by the US State Department.—HVL

RETAIL

New Axe body spray

Unilever

Axe is looking to get out of the cloud business. The body spray company knows it’s infamous for making locker rooms look like cigar lounges, so it’s taking a lighter approach by redesigning its product to avoid overspraying.

Cloud-control tactics: Axe’s new “spray tech” makes the bottle’s weight and the scent’s application lighter, improving on the bug-bomb technology of the past. While cans now weigh 2.9 ounces instead of 4 ounces, they actually contain 10% more sprays, according to Axe, which is running ads that warn against “overdoing” things.

The smelly smells that smell smelly. Axe, the brand of male grooming products that Unilever first launched in the French market in 1983, hit the US market in 2002 and quickly elbowed out the competition with its racy (or sexist, depending on whom you ask) ads:

  • By 2006, Axe had reached $71 million in US sales, according to Vox.
  • By 2012, Axe’s US product sales were close to half a billion dollars, CNBC reported, citing market research firm Kline & Company.

But then the sweet smell started to sour. According to the Wall Street Journal, Axe’s estimated market share of deodorant sprays in the US fell from 24% in 2020 to 16.3% in 2025. Dolores Assalini, head of Axe US, told Brand Innovators she’s confident the new campaign is better suited for the future.—BC

Together With Green Coffee Company

CALENDAR

Bruno Mars

Kevin Mazur/Getty Images

Ain’t no earnings like Nvidia earnings: There are a lot of chips riding on Nvidia’s Q4 earnings on Wednesday. The tech giant is the world’s most valuable company by market cap—accounting for nearly 8% of the entire S&P 500—and investors will be eager to check the temperature of the overall AI sector. Elsewhere in the tech world, Salesforce, Intuit, Snowflake, Dell, and CoreWeave all deliver results this week.

The state of our union is…?: You’ll get to hear how President Donald Trump answers that question during his annual address to Congress tomorrow. The speech is usually a chance for presidents to recap their accomplishments and lay out their vision for the coming year, but there’s some extra drama this time. Trump will be in the room with Supreme Court justices for the first time since the high court struck down a lot of his global tariffs. Expect the issue to get mentioned, along with affordability, immigration enforcement, and Iran. Watch closely: Between all of the smiles, scowls, and standing ovations, the address is basically the Body Language Olympics.

It’s a good week to stay inside: Snow and cold temperatures got you down? Why not step into Paradise. Season 2 of the post-apocalypse show premieres tonight on Hulu. Or warm up with Season 4, Part 2 of Bridgerton, which hits Netflix on Thursday. Still feeling under the weather? Medical show Scrubs returns to ABC on Wednesday. That’s not the only good comeback story, though: Scream 7 hits cinemas on Friday, the same day that Bruno Mars’s first solo album in a decade, The Romantic, comes out.

But wait, there’s more:

  • Apple’s annual shareholder meeting is set for tomorrow morning.
  • Tomorrow marks four years since Russia launched a full-scale invasion of Ukraine.
  • Home Depot reports earnings tomorrow, and Lowe’s reports on Wednesday.
  • Samsung is expected to unveil its new Galaxy phone lineup on Wednesday.
  • More inflation data is on the way: The producer price index (PPI) report for January will be released on Friday.

STAT

2026 US Olympic figure skating team

Jamie Squire/Getty Images

The US Olympic team went into Milan and Cortina and sledded, skied, and skated out with 12 gold medals (and 33 total medals), the country’s most-ever in a Winter Olympics, while Norway finished with the most golds (18) and medals overall (41).

The US had strong showings across a range of individual events, led by gutsy performances from Elana Meyers Taylor (monobob), Mikaela Shiffrin (skiing slalom), Alysa Liu (figure skating), and Jordan Stolz (speed skating).

Then, the men’s and women’s hockey teams tied a golden bow on the whole thing, with overtime wins over Canada. Just when “Golden” from KPop Demon Hunters had finally gotten unstuck from your head.

Now, attention turns to Los Angeles, which will host the 2028 Summer Games.—BC

Together With Pernas Research

NEWS

  • An armed man was shot and killed yesterday after breaching a secure perimeter at Mar-a-Lago and raising his weapon, according to the Secret Service.
  • President Trump demanded that Netflix kick former Obama national security advisor Susan Rice off its board or “face the consequences,” as the streamer attempts to buy Warner Bros. Discovery.
  • Bitcoin fell below $65,000 amid renewed global trade tensions.
  • Mattel is struggling to bring the American Girl Doll series into contemporary pop culture—and increased profitability—as it celebrates the brand’s 40th anniversary this year.
  • OpenAI CEO Sam Altman called SpaceX CEO Elon Musk’s plan to put data centers in space “ridiculous” and “not something that’s going to matter at scale this decade.”
  • One Battle After Another won the BAFTA for best film, and Princess Catherine returned to the red carpet at the award show for the first time since 2023.

RECS

To-Do List

Clip: These Japanese stainless steel nail clippers are a pleasure to wield.**

Salivate: Here are 14 cozy casserole recipes for a snowy day.

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