The Market In Pictures, February 20

by | Feb 20, 2026 | Blog, Charts

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

 

 

 

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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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Advisory services offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm’s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198.

Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama.

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