Listen to The Northbound Wealth Podcast on Apple, Spotify, Youtube or Anywhere you listen to Podcasts. The S&P 500 index rose 1.1% this week, led by communication services, as investors digested changes to US tariff policy amid a Supreme Court ruling. The Standard & Poor’s 500 Index advanced 1.07% and ended Friday's session at 6,909.51. Still, the weekly gain - which came in just four sessions as the market was closed on Monday for Presidents Day - wasn't enough to move the market benchmark into positive territory for the month. The S&P 500 is down 0.4% for February but up 0.9% for the year. 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 Focus on Tariffs & TechUS President Donald Trump said on Friday he will sign an order imposing additional 10% global tariffs, under Section 122, after the Supreme Court invalidated his reciprocal tariffs imposed under the International Emergency Economic Powers Act. "We are also initiating several Section 301 and other investigations to protect our country from unfair trading practices," Trump wrote in a social media post. The developments came as official data showed US economic growth was well below Wall Street's expectations in the final three months of 2025 as federal spending contracted due to the longest-ever government shutdown. Real gross domestic product rose at an annual rate of 1.4% in the December quarter, the slowest pace in three quarters; the consensus estimate was for 2.8% growth, according to a survey compiled by Bloomberg. A delayed release of economic data also showed US consumer spending growth unexpectedly held steady in December, while the Federal Reserve's preferred inflation metric accelerated more than Wall Street's estimates to 3% year over year. Communication services had the largest percentage increase of the week, climbing 2.3%, followed by gains of 1.7% each in consumer discretionary and industrials. Financials and technology added 1.5% each. Energy and real estate also eked out small gains. Omnicom Group (OMC) led the gainers in communication services, jumping 21% as the company reported Q4 revenue above analysts' mean estimate and unveiled a $5 billion share-repurchase program, including $2.5 billion under an accelerated buyback. Omnicom also maintained its quarterly dividend rate. Garmin (GRMN) shares led the climb in consumer discretionary as the company reported fiscal Q4 pro forma net income per share as well as net sales above analysts' expectations. Garmin also forecast 2026 pro forma earnings per share and revenue above Street views at the time. Shares rose 16%. Deere (DE) was the top performer among industrials, climbing 9.9% as the company reported fiscal Q1 earnings per share and net sales above analysts' mean estimates. On the downside, consumer staples fell 2.3%, followed by a 0.6% decline in health care and a 0.5% loss in utilities. Materials also edged lower. Walmart (WMT) was among the hardest-hit stocks in consumer staples, falling 8.1%. The retailer's fiscal Q4 adjusted earnings per share and revenue slightly surpassed analysts' mean estimates, but its guidance ranges for fiscal Q1 and fiscal 2027 adjusted EPS came in below Street views. |
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Source: YCharts.com, February 21, 2026. Weekly performance is measured from Friday, February 13, to Friday, February 20. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points. |
Charts Of The Week:1. JPMorgan Asset Management | Guide To The Markets (Slide 16) | S&P 500 Annual Returns and Intra-Year Declines This chart shows the price return and maximum drawdown of the S&P 500 in each year since 1980. Despite significant intra-year declines, the S&P 500 has finished the majority of years with positive returns, encouraging investors to stay the course. Returns are based on price index only and do not include dividends. Intra-year drops refers to the largest peak-to-trough decline during the year. Returns shown are calendar year returns from 1980 to 2025, over which the average annual return was 10.7%. Past performance is no guarantee of future results. Source: FactSet, Standard & Poor’s, J.P. Morgan Asset Management. Guide to the Markets – U.S. Data are as of January 30, 2026.
2. The Magnificent 7 vs. S&P 500 Index (Cap-Weighted) vs. S&P 500 Index (Equal-Weighted) - 2026 YTD (YCharts)
3. Software Stocks vs. Semiconductor Stocks - 2026 YTD (YCharts)
4. Growth Stocks vs. Value Stocks - 2026 YTD (YCharts)
5. Fed Funds Rate vs. Inflation
This Week: Key Economic DataMonday: Factory Orders (Dec). Fed Governor Christopher Waller speaks. Tuesday: S&P Case-Shiller Home Price Index (Dec). Fed Presidents Austan Goolsbee (Chicago) and Raphael Bostic (Atlanta) speak. Fed Governors Waller and Lisa Cook speak. Wholesale Inventories (Dec). Consumer Confidence. Wednesday: Richmond Fed President Tom Barkin speaks. Thursday: Weekly Jobless Claims. Friday: Producer Price Index (Jan). Construction Spending (Nov, Dec). Source: Investors Business Daily - Econoday economic calendar; February 20, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision. This Week: Companies Reporting EarningsTuesday: The Home Depot, Inc. (HD). Constellation Energy Corporation (CEG). American Tower Corporation (AMT). Wednesday: NVIDIA Corporation (NVDA). Salesforce, Inc. (CRM). The TJX Companies, Inc. (TJX). Lowe’s Companies, Inc. (LOW). Synopsys, Inc. (SNPS). Thursday: Intuit Inc. (INTU). Monster Beverage Corporation (MNST). Dell Technologies Inc. (DELL). Warner Bros. Discovery, Inc. (WBD). Friday: Berkshire Hathaway Inc. (BRK.A / BRK.B). Source: Zacks, February 20, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice. |
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"I'm not embarrassed anymore about anything that people, that human beings are going through." – Mary J. Blige |
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Owe the IRS Money? Here’s How to PayIf you owe federal taxes, you may be required to pay by the April deadline. Remember, if you get an extension to file your taxes, payment is still due by the April deadline. You can set up a payment plan if you can’t pay the full amount you owe now.
This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov8 |
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Eating To Your Heart’s ContentDeciding to change your diet can feel daunting. It can be challenging to figure out which one is “best” for you. Many fad diets come and go, but a few have stuck around, the most popular being the Mediterranean diet. The Mediterranean diet is more of a lifestyle shift toward healthier eating patterns. Modeled after principles of Italian and Greek cuisine, which have remained relatively unchanged since the 1960s, this diet may lead to lower rates of heart disease, type 2 diabetes, and other chronic illnesses. The diet emphasizes eating more fruits, vegetables, legumes, nuts, seeds, fatty fish, whole grains, olive oil, and fewer meats and dairy products. The diet is flexible. Restriction isn’t the intent; rather, it's about favoring more nutrient-rich foods over energy-dense ones. Food is life, and healthy choices can help support a healthier life. While the Mediterranean diet could be a good option, no single diet will fit everyone’s lifestyle, preferences, and health needs. Discuss your dietary choices with your physician or registered dietitian first. Tip adapted Mayo Clinic9 |
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Brothers and sisters, I have none, but this man's father is my father's son. Who am I talking about? Last Week's Riddle: Olivia throws a softball as hard as she can, and even though it doesn’t touch anything and nobody touches it, the softball comes right back to her. How is this possible? Answer: She throws it straight up in the air. |
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Piz Bernina Swiss Alps, Switzerland |
Footnotes And Sources1. WSJ.com, February 20, 2026 10. MT Newswires, YCharts.com Feb. 16 - Feb. 23, 2026 |
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. The Nasdaq Composite is an index of the common stocks and similar securities listed on the Nasdaq stock market and considered a broad indicator of the performance of stocks of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.
U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.
Please consult your financial professional for additional information.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.
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