Week In Perspective | Supreme Court Rules Against White House Tariffs[23-February-26]

Updated: 23-February-2026

The Week on Wall Street

Stocks ended a choppy four-session run in the green, with tech-led momentum earlier in the week prevailing over news of a slowing economy, sticky inflation, and geopolitical tensions.

The Standard & Poor’s 500 Index advanced 1.07 percent, while the Nasdaq Composite Index rallied 1.51 percent. The Dow Jones Industrial Average inched up 0.25 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.75 percent.^1,2

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

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 percent in Q4, lower than the 2.5 percent expected and slower than the 4.4 percent 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

Monday: 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 Earnings

Tuesday: 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.}

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.