February 23, 2026
S&P Futures are off -0.25% this morning. Markets closed the week with modest index gains (S&P +0.69%, Nasdaq +0.90%) despite
a complex macro backdrop. Q4 GDP printed at 1.4% (below 1.9% consensus), while
December core PCE rose 0.4% m/m and 3.0% y/y — the hottest annual pace since March 2024.
The GDP chain price index came in at 3.6%, reinforcing the “slower growth, sticky inflation” narrative.
Flash February PMIs softened, with Manufacturing at 51.2 (vs 52.3 expected) and Services
at 52.3, while input prices accelerated. Final University of Michigan sentiment registered
56.6, with 1-year inflation expectations easing to 3.4%. December new home sales beat at
745K, though broader housing activity remains subdued.
Treasury yields remain rangebound but elevated (2Y at 3.48%, 10Y at 4.08%, 30Y at 4.73%),
keeping financial conditions firm. Markets continue to price roughly 50–55 bp of easing
later this year, but Fed rhetoric has leaned cautious.
Trade policy uncertainty intensified following the Supreme Court’s IEEPA ruling and the
administration’s shift to Section 122 tariffs. While near-term economic impact appears
manageable, confidence effects and supply chain adjustments remain key swing factors.
Geopolitical tensions around Iran add risk premia to energy markets, though crude has
struggled to sustain breakout follow-through.
Thematic Tail of the Tape:
The thematic bifurcation remains intact: Metals, AI infrastructure, semiconductors, and capital
equipment retain relative strength, while software and asset-light intermediaries face
margin scrutiny amid capex and disruption debates. Positioning continues to favor
balance-sheet strength, tangible asset leverage, and visible backlog over narrative beta.
Top 10 Daily Performers
| Ticker | ETF Name | 1-Day % | 1-Month % |
| SLV | iShares Silver Trust | 7.90% | -10.27% |
| SILJ | Amplify Junior Silver Miners ETF | 4.51% | 2.26% |
| KOPX | Global X Copper Miners ETF | 3.45% | 8.32% |
| FLYU | MicroSectors Travel 3x Leveraged ETN | 2.82% | -11.29% |
| TAN | Invesco Solar ETF | 2.14% | 16.08% |
| EEM | iShares MSCI Emerging Markets ETF | 2.13% | 8.78% |
| ESGE | iShares ESG Aware MSCI EM ETF | 2.07% | 8.68% |
| GLD | SPDR Gold Shares | 1.97% | 7.18% |
| GDX | VanEck Gold Miners ETF | 1.94% | 3.39% |
| KRBN | KraneShares Global Carbon Strategy ETF | 1.68% | -10.81% |
Bottom 10 Daily Performers
| Ticker | ETF Name | 1-Day % | 1-Month % |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -19.21% | -34.57% |
| WEED | Roundhill Cannabis ETF | -10.58% | -17.70% |
| CNBS | Amplify Seymour Cannabis ETF | -10.52% | -17.86% |
| MSOS | AdvisorShares Pure US Cannabis ETF | -10.02% | -17.32% |
| BUG | Global X Cybersecurity ETF | -4.94% | -12.22% |
| MJ | Amplify Alternative Harvest ETF | -4.79% | -9.87% |
| WGMI | CoinShares Bitcoin Mining ETF | -4.53% | -19.43% |
| LABU | Direxion Daily S&P Biotech Bull 3X Shares | -4.42% | -3.95% |
| YOLO | AdvisorShares Pure Cannabis ETF | -4.21% | -6.03% |
| ARKG | ARK Genomic Revolution ETF | -3.55% | -8.86% |
Top 10 – 1M Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| VTI | Vanguard Total Stock Market ETF | 0.62% | $6,218,655,345 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 0.02% | $3,639,658,920 |
| IGV | iShares Expanded Tech-Software Sector ETF | -1.22% | $2,559,959,376 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.02% | $2,494,010,750 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.02% | $2,494,010,750 |
| VTV | Vanguard Value ETF | 0.37% | $2,465,599,035 |
| BND | Vanguard Total Bond Market ETF | -0.01% | $2,364,667,000 |
| SMH | VanEck Semiconductor ETF | 1.18% | $2,020,407,390 |
| SCHD | Schwab US Dividend Equity ETF | 0.13% | $1,967,638,000 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 0.02% | $1,928,221,773 |
Bottom 10 – 1M Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| SPY | State Street SPDR S&P 500 ETF | 0.72% | $-13,750,297,071 |
| TLT | iShares 20+ Year Treasury Bond ETF | -0.23% | $-2,156,697,514 |
| VTEB | Vanguard Tax-Exempt Bond ETF | 0.14% | $-1,776,196,849 |
| SLV | iShares Silver Trust | 7.90% | $-1,641,696,000 |
| IWM | iShares Russell 2000 ETF | 0.00% | $-1,249,007,165 |
| KLMN | Invesco MSCI North America Climate ETF | 0.80% | $-672,313,200 |
| XBI | State Street SPDR S&P Biotech ETF | -1.55% | $-660,052,937 |
| KWEB | KraneShares CSI China Internet ETF | -0.15% | $-572,122,820 |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | 1.22% | $-543,433,840 |
| IYR | iShares U.S. Real Estate ETF | 0.71% | $-488,720,177 |
Top 10 – YTD Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| VTI | Vanguard Total Stock Market ETF | 0.62% | $9,330,250,051 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 0.02% | $5,869,331,274 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 0.02% | $5,302,286,102 |
| BND | Vanguard Total Bond Market ETF | -0.01% | $4,797,163,000 |
| EEM | iShares MSCI Emerging Markets ETF | 2.13% | $4,273,008,573 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.02% | $3,553,054,470 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.02% | $3,553,054,470 |
| VUG | Vanguard Growth ETF | 0.83% | $3,328,695,590 |
| SMH | VanEck Semiconductor ETF | 1.18% | $3,214,197,945 |
| SCHD | Schwab US Dividend Equity ETF | 0.13% | $2,341,850,500 |
Bottom 10 – YTD Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| SPY | State Street SPDR S&P 500 ETF | 0.72% | $-19,160,427,085 |
| TLT | iShares 20+ Year Treasury Bond ETF | -0.23% | $-3,648,867,154 |
| IWM | iShares Russell 2000 ETF | 0.00% | $-3,449,391,033 |
| QQQ | Invesco QQQ Trust Series I | 0.88% | $-3,154,079,650 |
| SLV | iShares Silver Trust | 7.90% | $-2,189,689,000 |
| VTEB | Vanguard Tax-Exempt Bond ETF | 0.14% | $-1,164,449,125 |
| VIG | Vanguard Dividend Appreciation ETF | 0.20% | $-714,010,951 |
| KLMN | Invesco MSCI North America Climate ETF | 0.80% | $-672,313,200 |
| IYR | iShares U.S. Real Estate ETF | 0.71% | $-656,099,173 |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | 1.22% | $-616,389,800 |
