WEEKLY MARKET RECAP – FEBRUARY 20, 2026

Major U.S. indexes regained much of the prior week’s losses, continuing the uneven start to 2026. The NASDAQ rose 1.5%, breaking a streak of five straight weekly declines, while the S&P 500 advanced 1.1% and the Dow added 0.3%.

In a 6–3 ruling, the U.S. Supreme Court determined that the Trump administration overstepped its authority last year when it imposed tariffs on imports from several key trading partners. The decision did not clarify whether previously collected tariff revenues must be refunded.

Economic growth slowed more than expected late last year. Fourth-quarter GDP expanded at a 1.4% annualized pace, well below the roughly 2.5% consensus forecast and sharply down from the third quarter’s 4.4% rate. A drop in federal spending tied to the extended government shutdown weighed on growth.

Inflation data sent mixed signals. The Fed’s preferred measure, the Personal Consumption Expenditures Price Index, showed prices rising at a 2.9% annual rate in December—the fastest pace since March 2024. The report followed a Consumer Price Index release the prior week indicating inflation had cooled to 2.4% in January.

Oil prices climbed nearly 6% for the week, reaching their highest level in more than six months. U.S. crude traded above $66 per barrel, up about 17% year to date, amid escalating tensions between the United States and Iran.

Large-cap growth stocks narrowed their performance gap with value shares. The Russell 1000 Growth Index gained about 1.5% for the week, outperforming the Russell 1000 Value Index, which rose 0.7%.

Treasury yields edged higher but remained below recent highs. The 10-year U.S. Treasury yield ended the week near 4.08%, up slightly from the prior week’s year-to-date low of 4.05%. In mid-January, the yield had climbed as high as 4.31%, its highest level since last August.