PUT IN WORK (2/23/2026)

We’re back with another issue! After a three-day weekend (markets were closed on Monday), last week showed resilience with a strong rebound. The Nasdaq (QQQ) finished up 1.2%, and the S&P 500 (SPY) ended up 1.1%.

Tuesday got things started with a volatile session that ultimately went nowhere. The Nasdaq and S&P 500 both showed minimal gains after getting through a pretty ugly start, with investors sort of holding onto cash and waiting to see how the day—and week—would pan out. The big focus was Friday’s incoming PCE inflation report, and it remained in the back of investors' minds.

Wednesday was the cleaner day, with the Nasdaq climbing 0.8% and the S&P 500 gaining 0.6%, helped by big tech. The Fed minutes were the real headline: they showed policymakers are split on what comes next—some want to keep the door open for hikes while others want to continue cutting. Nvidia (NVDA) also got a boost after Meta (META) announced a deal to buy millions of its chips.

Thursday was a small step back. Both the Nasdaq and S&P 500 slipped 0.3%, snapping the short win streak as investors stayed cautious in preparation for Friday’s inflation numbers. It was otherwise a fairly quiet day, with little news or major troubles.

Friday put a bow on the week and even surprised investors positively. Stocks jumped, with the Nasdaq up 0.9% and the S&P 500 up 0.7%, after the Supreme Court struck down President Trump’s sweeping tariffs from last year. This shut down some of that lingering uncertainty. At the same time, PCE inflation came in a little hotter than expected: 2.9% year-over-year, while core PCE came in 3.0% year-over-year.

All in all, it was a good week—especially considering how nervous the market’s been lately. It was yet another lesson in how quickly the market can change: one day it’s faltering tech, the next it’s Fed minutes, and then it's a ruling regarding tariffs. Despite the events of the previous weekend, we’re excited to see how things pan out and hopeful that investors can keep the market elevated.

(Nasdaq ETF (QQQ) price from February 2025 - 2026 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Our portfolio failed to sustain the positive momentum, with some of our more volatile positions either remaining flat or taking small steps in either direction. While our portfolio usually exaggerates movements depending on market conditions, last week saw mostly stagnation with one or two outliers to the upside. We plan to hold all currently owned stocks for the foreseeable future. As always, thanks for reading, and happy investing.