Market Pulse

Feb 22

  IndexLast Week1-Month (Trailing)YTD
DJIA
      +0.16%
      +2.31%
      +3.23%
S&P 500
      +1.13%
      +1.75%
      +1.10%
Nasdaq
      +1.14%
      +0.12%
      −0.90%
Russell 2000
      +0.63%
      +0.77%
      +7.50%
MSCI EAFE
      +0.63%
      +7.02%
      +9.24%
MSCI EM
      +2.00%
      +8.78%
      +13.95%
Bloomberg U.S. Agg
      −0.09%
      +1.23%
      +1.02%
Bloomberg U.S. Corp HY
      +0.19%
      +0.15%
      +0.46%
Data as of: Friday, February 20, 2026, 4:00 p.m. ET

See important disclosures below.

Weekly Recap

02/16/2026 - 02/20/2026

U.S. Economy

Supreme Court voided IEEPA tariffs; Trump announced new 10% global tariff

Soft Q4 GDP and hotter PCE kept Fed rhetoric hawkish

Equity Market

Choppy trading as big tech led and software lagged

AI headlines and tariffs limited broader market direction

Bond Market

Treasury yields edged higher with curve steepening

June rate-cut expectations largely unchanged

Around the Globe

Gold and silver surged as the dollar weakened

Iran strike speculation failed to dent risk appetite

The Week Ahead…

02/23/2026 - 02/27/2026

Mon

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Domino’s Pizza earnings
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BioMarin Pharmaceuticals earnings
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Durable, Factory Orders
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Tue

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Home Depot, American Tower earnings
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HP, Workday earnings
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Consumer Confidence, FHFA HPI
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Wed

```
Nvidia earnings
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Lowe’s, TJX Companies earnings
```

Mortgage Applications, Crude Inventories

Thu

Baidu, Shake Shack, Papa John’s earnings

```
Autodesk, Dell, Intuit earnings
```
```
Weekly Jobless Claims
```

Fri

```
Producer Price Index
```
```
Chicago PMI
```
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Construction Spending
```

The week ahead features a busy earnings calendar as reporting season enters its final stretch, with Nvidia’s results on Wednesday after the close as the central focus. Investor attention will also be on consumer and enterprise bellwethers including Home Depot, Lowe’s, TJX Companies, Workday, Dell, Intuit, and Autodesk, offering insight into consumer demand, IT spending, and margins amid still-elevated costs and tighter financial conditions.

Economic data will help shape expectations around growth and inflation trends. Monday brings durable and factory orders, followed by Tuesday’s consumer confidence and FHFA house price index, which should provide an update on household sentiment and housing momentum. Weekly jobless claims arrive Thursday, while Friday’s Producer Price Index, Chicago PMI, and construction spending will round out the week and inform views on inflation pressures and manufacturing activity.

Markets will also be digesting the implications of recent tariff developments and ongoing Federal Reserve messaging. With rate-cut expectations still centered on midyear, this week’s data and earnings should play an outsized role in shaping near-term sentiment across equities and rates.

-Matt Shaw, CFA

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This report and the opinions provided herein are for informational purposes only, are not a solicitation, and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or investment. All opinions expressed herein constitute the author’s judgement as of the date of this document and are subject to change without notice. Statements made are not facts, including statements regarding trends, market conditions and the experience or expertise of author are based on current expectations, estimates, opinions and/or beliefs. Such statements are not facts and involve known and unknown risks, uncertainties and other factors. Past events and trends do not predict or guarantee or indicate future events or results. Information cited in this report has been drawn from sources believed to be reliable and was captured at a point in time. Therefore, the data is subject to change and its accuracy is not guaranteed. DJIA, S&P, Russell 2000, and NASDAQ indices are referenced directly; MSCI EAFE, MSCI EM, BB U.S. Aggregate, Bloomberg U.S. Corp. HY, and all sector figures refer to the respective ETFs as a representative figure. Ategenos Capital, LLC d/b/a AC Wealth Partners does not own or control and is not affiliated with any third-party content provided via hyperlink, quoted, or cited herein. Investors seeking more information should contact their financial advisor. Investing involves risk, including the possible loss of principal. It is not possible to invest directly in an index. Past performance does not guarantee future results. AC Wealth Partners is an investment adviser registered with the SEC. SEC registration does not imply any specific level of training or skill.

Matt Shaw