U.S. stocks closed Friday, Feb. 20, 2026 higher across the board after the Supreme Court struck down President Donald Trump’s emergency tariffs, according to CNBC’s live coverage, with the S&P 500 (^GSPC) finishing at 6,909.51 (+0.69%) and the Nasdaq Composite (^IXIC) leading (+0.90%). The weekend setup is a policy whipsaw: CNBC reported Saturday that Trump plans to hike global tariffs to 15% from 10% “effective immediately,” even as U.S. markets are closed as usual on Saturday (Feb. 21) and Sunday (Feb. 22). The next risk test comes from tariff implementation headlines, growth/inflation cross-currents after Friday’s weak GDP print, and a catalyst-heavy earnings slate led by Palo Alto Networks (PANW) and Cadence Design Systems (CDNS).
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- The S&P 500 (^GSPC) closed Friday, Feb. 20 at 6,909.51 (+0.69%), with the Nasdaq (^IXIC) up 0.90% and the Dow (^DJI) up 0.47% (Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z).
- RingCentral (RNG) surged 34.40% to $39.50, and CNBC reported a broader beaten-down software rebound that also included Five9 (FIVN).
- Gold (GC=F) jumped 2.11% to 5,080.90/oz even as equities rallied, while WTI (CL=F) was little changed (+0.08%) and Bitcoin (BTC-USD) slipped 0.05% (Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z).
- Policy risk re-escalated over the weekend: CNBC reported Trump plans to hike global tariffs to 15% from 10% “effective immediately.”
- The week ahead is earnings-heavy, with estimates including Medtronic (MDT) EPS $1.33, Palo Alto Networks (PANW) EPS $0.49, and Cadence (CDNS) EPS $1.55 (Yahoo Finance API earnings calendar).
Market Overview
Friday’s session (Feb. 20) ended with a broad rebound in U.S. equities, led by growth, after the Supreme Court struck down Trump’s emergency tariffs, according to CNBC’s live market coverage. The S&P 500 (^GSPC) closed at 6,909.51 (+47.62, +0.69%), the Nasdaq Composite (^IXIC) finished at 22,886.07 (+203.34, +0.90%), and the Dow Jones Industrial Average (^DJI) ended at 49,625.97 (+230.81, +0.47%), based on the Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z.
| Index (Feb. 20 close) | Close | Change | % Change |
|---|---|---|---|
| S&P 500 (^GSPC) | 6,909.51 | +47.62 | +0.69% |
| Nasdaq Composite (^IXIC) | 22,886.07 | +203.34 | +0.90% |
| Dow Jones Industrial Average (^DJI) | 49,625.97 | +230.81 | +0.47% |
Verified facts: The S&P 500 traded between 6,836.33 and 6,915.86, while the Nasdaq ranged from 22,539.05 to 22,948.87, per the Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z.
Market context (reported): CNBC tied Friday’s rally to the Supreme Court decision striking down Trump emergency tariffs. (CNBC live updates)
What to watch next: Friday’s close set up a fragile “relief-rally” backdrop heading into Monday because weekend tariff headlines can quickly reprice risk at the open.
Outlook and Key Events Ahead
The most important setup for the week is that markets just rallied on tariff relief, but the policy tape shifted again within 24 hours. CNBC reported Saturday that Trump plans to hike global tariffs to 15% from 10% “effective immediately,” which raises the odds that Monday’s trade is driven by headline interpretation rather than clean fundamentals. (CNBC on tariff hike)
Economic Calendar: growth disappoints while inflation stays sticky
Friday delivered a difficult macro mix for risk assets: CNBC reported fourth-quarter U.S. GDP rose just 1.4%, badly missing estimates, while inflation “firms” at 3%. (CNBC on GDP and inflation)
Why it matters: When growth slows while inflation remains elevated, markets can become hypersensitive to any new inflation impulse. Tariffs are one potential impulse, which is why the weekend tariff-hike headline matters even after Friday’s tariff-relief rally.
Earnings Watch: software sentiment, cybersecurity, EDA, medtech, and energy
Software is a key “tell” for risk appetite right now because it has been volatile and narrative-driven. CNBC reported that beaten-down software stocks RingCentral (RNG) and Five9 (FIVN) rallied as earnings “quelled some AI concerns,” helping fuel a sharp single-name rebound even as macro uncertainty persisted. (CNBC on RNG and FIVN)
Names to watch from the verified earnings calendar (estimates):
- Medtronic (MDT) — reports pre-market; EPS est: $1.33
- Palo Alto Networks (PANW) — reports after-hours; EPS est: $0.49
- Cadence Design Systems (CDNS) — reports after-hours; EPS est: $1.55
- Constellation Energy (CEG) — EPS est: $2.18
- Energy Transfer (ET) — reports pre-market; EPS est: $0.34
- Devon Energy (DVN) — reports after-hours; EPS est: $0.81
- Republic Services (RSG) — reports after-hours; EPS est: $1.62
- Labcorp (LH) — reports pre-market; EPS est: $3.95
- Leidos (LDOS) — reports pre-market; EPS est: $2.57
- Vulcan Materials (VMC) — reports pre-market; EPS est: $2.13
Actionable framing (analysis): If PANW and CDNS results reinforce stable enterprise spending, it could extend Friday’s growth leadership signaled by the Nasdaq’s +0.90% gain. If guidance disappoints, the market could treat Friday’s software snapback as a one-day positioning reset rather than the start of a durable rotation.
Central Bank & Policy: tariff relief vs tariff escalation
Two tariff headlines now sit back-to-back. On Friday, stocks rose after the Supreme Court struck down Trump’s emergency tariffs, per CNBC’s live updates. (CNBC live updates) On Saturday, CNBC reported Trump plans to hike global tariffs to 15% from 10% “effective immediately.” (CNBC on tariff hike)
Why investors should care (analysis): This is a classic volatility setup: markets can rally on legal/policy relief, then immediately have to discount a new policy path. That tends to increase dispersion (big single-name moves like RNG) and reduce the reliability of index-level “signals” from one session.
Technical Levels & Sentiment: what Friday’s ranges imply
Friday’s ranges show where buyers and sellers fought. The S&P 500’s intraday range (6,836.33–6,915.86) ended near the high, and the Nasdaq’s range (22,539.05–22,948.87) also finished near its upper bound, per the Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z.
Actionable framing (analysis): When a session closes near the top of its range after a discrete catalyst (the Supreme Court tariff decision), follow-through often depends on whether the next headline confirms the new regime. The weekend tariff-hike report increases the probability that the market re-tests the lower end of Friday’s range early next week.
Risks & Catalysts: geopolitics, private credit plumbing, and AI capex expectations
- Iran / oil risk (reported): CNBC reported Trump said he’s considering a limited military strike against Iran, and noted the oil market’s fear of disruption through the Strait of Hormuz. (CNBC on Iran and oil risk)
- Private credit (reported): CNBC reported Blue Owl sold $1.4 billion of its software-industry loans at 99.7% of par value. (CNBC on Blue Owl)
- AI compute spend expectations (reported): CNBC reported OpenAI told investors it’s targeting roughly $600 billion in total compute spend by 2030 after previously touting a $1.4 trillion figure. (CNBC on OpenAI compute spend target)
How this ties together (analysis): You have three cross-currents that can collide in the same week: (1) tariff policy uncertainty, (2) sticky inflation alongside weaker growth, and (3) AI-driven capex narratives that swing software sentiment. That combination often produces a market where “good news” is quickly faded unless it’s reinforced by subsequent data and guidance.
Top Movers
Friday’s biggest percentage gainers in the verified market snapshot were led by RingCentral (RNG), which surged on the day. CNBC separately reported that RNG and Five9 (FIVN) rallied as earnings quelled some AI concerns, fitting the session’s risk-on tone. (CNBC)
| Ticker | Price (Feb. 20 close) | Change % | Reason |
|---|---|---|---|
| RNG | $39.50 | +34.40% | CNBC reported a beaten-down software rebound after earnings helped quell some AI concerns. |
| LGN | $55.24 | +16.84% | Moved sharply higher in the Feb. 20 Yahoo Finance API snapshot’s top gainers list. |
| TLX | $7.69 | +14.61% | Moved sharply higher in the Feb. 20 Yahoo Finance API snapshot’s top gainers list. |
| SYRE | $43.21 | +14.28% | Moved sharply higher in the Feb. 20 Yahoo Finance API snapshot’s top gainers list. |
| FSM | $12.27 | +12.57% | Moved sharply higher in the Feb. 20 Yahoo Finance API snapshot’s top gainers list. |
Analysis (inference): A +34.40% single-session move in RNG is consistent with a high-dispersion tape where investors are repricing narrative risk quickly. If the week’s enterprise-facing reports (PANW) and “picks-and-shovels” tech reports (CDNS) come in clean, the market may tolerate more of these rebounds; if not, the same dispersion can work in reverse.
Sector Performance
Friday’s index split pointed to growth leadership: the Nasdaq (^IXIC) gained 0.90%, ahead of the S&P 500’s 0.69% and the Dow’s 0.47%, per the Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z. CNBC’s reporting on the software rebound (RNG, FIVN) fits that pattern of investors leaning back into growth-sensitive areas after the tariff ruling. (CNBC)
What to watch next: If the tariff-hike headline hardens into actual implementation details, leadership can rotate away from globally exposed growth and back toward more defensive positioning, even if Friday’s close looked constructive.
Macroeconomic Developments
Macro headlines were not uniformly “risk-on” even though stocks rallied. CNBC reported Q4 U.S. GDP rose just 1.4%, badly missing estimates, while inflation “firms” at 3%. (CNBC)
Policy uncertainty remained front and center. CNBC’s live updates said stocks rose Friday after the Supreme Court ruled against Trump’s tariffs. (CNBC live updates) Then, CNBC reported Saturday that Trump plans to hike global tariffs to 15% from 10% “effective immediately.” (CNBC)
What to watch next: The market’s next move likely depends on whether investors treat tariffs as a one-off legal headline (bullish relief) or a persistent inflation/margin variable (bearish uncertainty) layered on top of slowing growth.
Commodities and Global Markets
Friday’s cross-asset picture was mixed, with equities higher but hedges also bid. Gold (GC=F) closed at 5,080.90/oz (+105.00, +2.11%), WTI crude (CL=F) ended at $66.48/bbl (+0.05, +0.08%), and Bitcoin (BTC-USD) finished at 67,973.02 (-32.41, -0.05%), based on the Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z.
- Gold (GC=F): 5,080.90/oz (+2.11%)
- Crude Oil WTI (CL=F): $66.48/bbl (+0.08%)
- Bitcoin (BTC-USD): 67,973.02 (-0.05%)
Market context (reported): Oil remains sensitive to geopolitics after CNBC reported Trump is considering a limited strike against Iran and highlighted fears of disruption through the Strait of Hormuz. (CNBC)
What to watch next: If geopolitical headlines push oil higher, it can feed inflation expectations—complicating the “weak growth” narrative that already showed up in Friday’s GDP miss.
Common Pitfalls or Pro Tips
- Pitfall: treating a court-driven rally as an “all clear.” Friday’s move was tied to the Supreme Court tariff decision (CNBC), but CNBC also reported a new tariff escalation on Saturday. That sequence can turn clean trend days into gap-risk Mondays.
- Pro tip: separate index beta from single-name earnings beta. RNG’s +34.40% move to $39.50 (Yahoo Finance API snapshot fetched 2026-02-22T03:06:28Z) is not “market-like” volatility. If you’re positioned in earnings-sensitive software, you need a plan for outsized gaps.
- Pitfall: ignoring hedge demand when stocks are green. Gold up 2.11% on the same day the S&P 500 rose 0.69% can be a sign that investors are still paying for protection, which often precedes higher volatility.
Conclusion
Friday, Feb. 20 closed with a broad rebound—S&P 500 (^GSPC) +0.69%, Nasdaq (^IXIC) +0.90%, Dow (^DJI) +0.47%—as CNBC reported stocks climbed after the Supreme Court struck down Trump’s emergency tariffs. The near-term setup is less straightforward after CNBC reported Trump plans to hike global tariffs to 15% from 10% “effective immediately,” keeping policy risk elevated into Monday’s open.
Map your watchlist to the week’s highest-impact events: tariff headline flow, macro interpretation after the 1.4% GDP print and 3% inflation figure (CNBC), and earnings catalysts including PANW, CDNS, and MDT from the verified earnings calendar.