The Market In Pictures, February 20

Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from earnings and divergent reactions, to massive sector rotations, and spending splits across age and income. Have a great weekend!

Brad: Earnings continue to show broad strength

Source: Goldman Sachs as of 02.13.2026

Brad: with most sectors moving ahead of prior expectations for both sales and earnings

Data as of 2.17.2026

John: but the index as a whole is finding difficulty following through with higher prices

Source: Bespoke as of 02.19.2026

Jake: The story of 2026 has been a shift from former leadership sectors to new ones

Graphic via WSJ as of 02.19.2026

Brett: with the equal-weighted version of the S&P 500 dominating

Source: Bespoke as of 02.17.2026

John Luke: We’ve seen enormous performance dispersion across individual stocks

Source: Bespoke as of 02.17.2026

Ten: following through on the odd post-April chase of “low quality” stocks

Graphic via WSJ 02.19.2026

 JL: We take it as a good sign that industrial companies are seeing the benefits of pro-growth policies

Data as of 02.17.2026

Dave: part of an overall theme of broad fundamental strength in cyclicals

Data as of 02.12.2026

Beckham: Part of that strength also stems from supporting the continued spending of the AI hyperscalers

Brian: and part of the recent performance challenges for the big spenders is a growing concern about that nonstop spending growth

Data as of January 2026

JD: Speaking of nonstop spending, the federal government can’t help itself

Graphic via WSJ 02.19.2026

JD: resulting in ever-growing government debt

Graphic via WSJ 02.19.2026

John Luke: Continuing on the spending theme, the highest-income consumers continue to drive overall activity

Graphic via WSJ 02.18.2026

John Luke: and there’s a growing age component in place as well

Joseph: the result being, the “K-shaped” feelings at the heart of today’s public debate

Disclosures

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed. 

Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially. 

This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible. 

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