February 2026 Market Update
- Feb 6
- 1 min read
The story of January wasn't the headline S&P return. It was what happened underneath. Russell 1000 Value outpaced Russell 1000 Growth by roughly 6 percentage points; small caps posted strong gains amid rising earnings expectations; and the "Impressive 493" continued to outperform the Magnificent 7 for the third consecutive month.
Meanwhile, energy jumped 14%, GDP growth continued to run hot, and Kevin Warsh was officially nominated to lead the Fed starting in May. The setup for the year ahead is constructive but constrained, with bond spreads at multi-decade tights and markets priced close to perfection.
Our February 2026 Market & Economic Review breaks down the shift in leadership, the state of the economy, and the three key takeaways from our Centralized Investment Committee.
Read the full report below.
The commentary, data, and visuals provided are not intended to be investment advice. Please seek the advice of an independent financial advisor for your personal financial decisions.
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