Supreme Court Rejects White House Tariffs:
Stocks finished a volatile four-session period with gains, as early-week momentum from the tech sector outweighed concerns about a slowing economy, persistent inflation, and geopolitical tensions.
The S&P 500 Index advanced 1.07%, while the Nasdaq Composite Index rallied 1.51%. The Dow Jones Industrial Average inched up 0.25%. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.75%.1,2
Source: Bloomberg Finance, L.P. (Performance data normalized 2/13/26 = 0)
Focus on Tech
Stocks kicked off the shortened trading week with a yawn as continuing investor angst over AI disruption in the software industry kept gains modest.3
But tech-led market momentum picked up—including gains from lesser-known names—as investors digested minutes from the Fed’s January meeting.4
Stocks then came under pressure as investors fretted over geopolitical tensions in the Middle East and concerns about private credit in the financial sector.5
Markets rallied on Friday after the Supreme Court struck down the White House tariffs. The news overshadowed a sticky inflation report and a disappointing update on Q4 gross domestic product (GDP), which was hurt by federal spending during the government shutdown.6
Sources: U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Charles Schwab
Friday Focus
All week, the markets were eyeing the Friday economic updates and were a bit surprised at the timing of the tariff news.
GDP rose 1.4% in Q4, lower than the 2.5% expected and slower than the 4.4% pace in Q3. The slowdown reflected declines in federal and consumer spending.7
While the Supreme Court’s ruling on tariffs had been expected, the news still took investors by surprise when it arrived on Friday. The decision was widely expected, but the timing of the news was uncertain. Investors appeared to welcome the news, as companies may have greater pricing flexibility without tariffs.
This Week: Key Economic Data
Source: Bloomberg Finance L.P.
This Week: Companies Reporting Earnings
Source: EarningsWhispers
Author
Gary Aiken
Chief Investment Officer
Concord Asset Management
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Footnotes and Sources
1WSJ.com, February 20, 2026
2Investing.com, February 20, 2026
3CNBC.com, February 17, 2026
4CNBC.com, February 17, 2026
5CNBC.com, February 19, 2026
6WSJ.com, February 20, 2026
7WSJ.com, February 20, 2026
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