Market Recap: 2.20.26

Summary

Markets were mixed during the week as Treasury yields edged higher, with the 10-year rising 2 basis points to 4.07%, while U.S. equity performance was uneven. The S&P 500 and Nasdaq Composite posted modest week-to-date gains of roughly +0.4% and +0.6%, respectively, while the Dow Jones Industrial Average slipped slightly. Economic data pointed to a nuanced backdrop, as durable goods orders declined in December on transportation weakness, but core orders remained firm, mortgage applications rebounded, and housing starts and permits improved even as pending home sales softened. Labor market conditions continued to imply resilience, with initial jobless claims falling sharply. Policy expectations grew more uncertain following the release of FOMC minutes, which suggested a more cautious and divided Federal Reserve, including some openness to additional hikes should inflation persist. Commodities were relatively calm, with silver and most assets finishing higher, gold modestly lower, and Bitcoin extending its downtrend, while WTI crude stood out with a sharp rally tied to renewed geopolitical concerns.

10-Year Treasury Yield

• Current Rate:  4.07% (as of February 19, 2026) 
• Week-to-date Movement:  +2bps (from 4.05% on February 13, 2026)

Major U.S. Equity Indices Performance

• S&P 500: 6,836.17 → 6,861.89 (+0.38% WTD)  
• DJIA: 49,500.93 → 49,395.16 (-0.21% WTD) 
• Nasdaq Composite: 22,546.67 → 22,682.73 (+0.60% WTD) 

Notable Market Events

• Macroeconomic Data: U.S. durable goods orders declined -1.4% in December, reversing a +5.4% increase in November, with the pullback driven largely by transportation equipment. Excluding transportation, orders rose a solid +0.9%, pointing to underlying resilience in core demand. Mortgage applications increased +2.8% for the week ending February 13th, snapping a three-week streak of declines. Housing data was mixed: housing starts and building permits advanced +6.2% and +4.3%, respectively, while pending home sales unexpectedly fell -0.8% month over month. Meanwhile, initial jobless claims for the week ending February 14 declined to 206,000, down from 229,000 the prior week, signaling continued strength in the labor market.
• Economic Policy: According to the FOMC Minutes released on Wednesday, Federal Reserve officials were divided at the January meeting, with participants appearing more cautious than expected about cutting interest rates. Several policymakers even suggested that additional rate hikes could be warranted if inflation proves stubborn. At the same time, some officials remained open to future rate cuts should inflation continue to ease, though most cautioned that progress on inflation may unfold more slowly than previously anticipated.
• Business: Walmart (NYSE: WMT) shares were choppy on Thursday after the company issued a cautious outlook amid ongoing macroeconomic uncertainty, though it reported crossing $150 billion in e‑commerce sales for the first time during the quarter. Deere (NYSE: DE) surged more than +13%, its largest one‑day gain in six years, after the world’s largest farm‑equipment manufacturer raised its annual profit outlook. Blue Owl (NYSE: OWL) shares fell -8% after the firm announced restrictions on withdrawals from its private credit fund, Blue Owl Capital Corp II. The fund will instead return capital through periodic distributions funded by loan repayments, asset sales, or other transactions. Meanwhile, Palantir (NYSE: PLTR) announced plans to relocate its headquarters from Denver to Miami in search of more permanent office space, a move that makes it the most valuable publicly traded company officially headquartered in Florida.
• Markets: Commodities had a relatively more tame week, with most ending in the green. Silver finished up +1.2%, gold finished slightly lower at -0.85%, the U.S. dollar gained +1%, and Bitcoin continued to trend downward losing -2.5%. A major outlier on the week, WTI Crude finished the week up over 12% as concerns over geopolitical tensions in the Middle East began to reignite.

Stock Sector Performance

All performance figures and market events are sourced from Bloomberg as of market close 2/19/2026, using the prior Friday’s market open as the start date. 

Disclosures

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