Market Recap - Week of February 9 through February 13, 2026

The S&P 500 index slipped 1.4% this week as declines led by the financial and communication services sectors outweighed utilities-led gains.

The S&P 500 ended Friday's session at 6,836.17, down 1.5% for the month. The week's decline pushed the index into the red for the year, with the market benchmark now down 0.1% for 2026.

While many companies reported quarterly results above analysts' expectations for the just-ended quarter, investors were concerned by pervasively pessimistic guidance for the coming quarters.

In economic data, a delayed report on January payrolls showed the US economy added more jobs than expected, while the unemployment rate fell versus Wall Street's expectations for it to hold steady.

However, a closer look at 2025 shows that a cumulative total of downward revisions reached 1 million jobs. Nonfarm payrolls totaled 158.27 million one year ago and as of Jan. 31 stand at 158.63 million, a monthly gain of only 30,000, which is less than the working-age population growth rate.

The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.2% in January, tamer than the expected 0.3% increase and a 0.3% gain in December. Still, the core CPI, which excludes food and energy prices, matched the consensus estimate for a 0.3% increase; this compared with a 0.2% rise in December. Food is up 2.9% since last year.

However, Real Personal Consumption Expenditures (the Fed's preferred inflation measure) is still 2 months behind. We are scheduled to get updated data on the 19th.

The US stock market will be closed on Monday for Presidents' Day.

Last Week’s Other Economic Reports

Retail Sales came in flat month over month, with annual numbers up 3.7% over a year ago before accounting for inflation.

Up Next

Next week's earnings reports will include Medtronic (MDT), Palo Alto Networks (PANW), Walmart (WMT), Deere (DE), and Alibaba Group (BABA).

Economic data will feature reports on Q4 gross domestic product as well as the December personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge. Delayed reports on November and December housing starts and new home sales are also promised to be released.

S&P 500 Sector and Stylebox Returns

How to read the stylebox: The horizontal axis represents investment style, which can be value, blend, or growth for stocks and mutual funds. The vertical axis represents market capitalization for stocks, categorized into large, medium, and small companies. The number in each box represents the percentage growth of the category that is the intersection of the column and the row. For example, large-cap value is in the top-left corner box of the 9 boxes, so the large-cap value category is up (or down) by the percentage shown in that box.

Thought of the Week

After three consecutive years of double-digit gains, including an eye-popping 65% in 2025, investor appetite for gold has never been higher. In recent years, demand for gold has accelerated amid concerns about long-term U.S. fiscal health, geopolitical tensions, inflation, and U.S. dollar weakness. This backdrop has prompted central banks, institutions, and individual investors to seek diversification by hedging against heightened macro uncertainty. Robust demand and inelastic supply—global above-ground stockpiles have only grown by an average of 1.5-2% per year—have continued to push prices higher.

While central bank demand for gold has softened in recent quarters, it remains elevated relative to pre-2022 levels and continues to anchor the positive outlook that many analysts hold for the metal. However, any gap left by central banks has been filled by rising demand from institutional and individual investors. As shown in this week’s chart, the $19 bn in inflows to gold ETFs in January 2026 was the highest monthly total in history. Coupled with a 14% gain in gold prices, the assets under management (AUM) of global gold ETFs reached a record $669 bn at the end of January. This follows nearly $89 bn ininflows to gold ETFs in 2025—the highest annual total on record.

Investors should be mindful of gold’s characteristics when considering adding the metal to their portfolios. Gold can be highly volatile, its opportunity cost is driven by interest rates, and it does not generate income. Investors seeking less-volatile, income-focused alternatives may want to consider real estate, private infrastructure, and transportation investments.

Source: JP Morgan (edited)

Thank you to all who attended this month's market Update webinar!

You can watch the replay here:

MrBeast Raises $200M & Gold's Worst Day Since 1980 – Monthly Market Update Webinar – February 2026

The episode is also available wherever you listen to podcasts!