Weekly Market Update – February 23, 2026
- Taylor Champion
- 13 minutes ago
- 3 min read
Price Return Last Week
S&P 500 +1.1% S&P Mid Cap +1.2% Russell 2000 +0.7%
MSCI EAFE +0.8% MSCI EM +0.8%
10 Yr US Treasury Rate – rose from 4.06% to 4.09%
Source: Refinitiv Eikon
Recent News
Supreme Court Rules Against Trump Tariffs – On Friday, the Supreme Court ruled that many of President Trump’s recently implemented tariffs were unconstitutional. All tariffs tied to the International Emergency Economic Powers Act (IEEPA) were struck down. Justice Neil Gorsuch wrote that “the legislative process helps ensure each of us has a stake in the laws that govern us and in the Nation’s future” and that “the tables will turn and the day will come when those disappointed by today’s result will appreciate the legislative process for the bulwark of liberty it is.” These tariffs accounted for over $100 billion in collections and nearly 70% of all tariffs in the 2025 fiscal year. It remains unclear how these tariffs will be refunded, as many U.S. companies hope to recover funds previously paid.
Source: The Hill, The Wall Street Journal
President Trump Announces New Tariffs – Subsequent to the Supreme Court announcing that IEEPA tariffs were unconstitutional, President Trump announced a new 15% global tariff on all imports into the U.S. using a different legal principle. The new tariffs are to be implemented using Section 122 of the Trade Act of 1974, a provision that has never been used for tariffs previously. This provision allows a president to implement tariffs of up to 15% for as long as 150 days but cannot be country-specific. Certain items such as pharmaceuticals, rare earth minerals, and products covered under the free-trade pact with Canada and Mexico will be exempted from the new tariffs. Furthermore, these tariffs will not be placed on top of sector-specific tariffs currently in place on items such as cars and steel. Prior to the Supreme Court’s ruling, the effective tariff rate was 16%, then falling to 9.1% after the ruling, and now settling at 13.7% with the new tariff announcement.
Source: The Wall Street Journal
GDP – Q4: 1.4% (Reuters Poll est. 3.0%) Q3: 4.4%
GDP continued its bumpy journey in 2025 with a report far below analyst expectations. Over the course of the year, GDP change went from -0.5% in Q1 to 4.4% in Q3. Multiple government shutdowns and changes to tariffs have been contributing factors to the volatile nature of economic activity. Overall, when you measure the change in GDP at the end of 2025 compared to 2024, GDP grew by 2.2%. This was slightly below the 2.4% growth seen in 2024.
Source: Refinitiv Eikon, The Wall Street Journal
Sky High Savings – Wall Street research firm Jefferies recently discussed some of the ancillary benefits of Americans taking GLP-1 weight loss drugs. In their note to clients, they estimated that a 10% reduction in the average airline passenger weight could translate into 2% total aircraft weight savings, 1.5% lower fuel costs, and as much as a 4% increase to airline earnings.
Source: CNBC.com
Upcoming Events
2/23 – Notable Earnings Reports: ONEOK
2/24 – Consumer Confidence, Notable Earnings Reports: American Tower, Home Depot, NRG Energy, Constellation Energy, First Solar, HP
2/25 – Notable Earnings Reports: Lowe’s, TJX, Salesforce, NVIDIA, Synopsys, Vici Properties
2/26 – Notable Earnings Reports: Vistra, Intuit
2/27 – PMI
Source: Refinitiv Eikon
This material is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA). Indexes are unmanaged, not investable, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.