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Happy Friday. This is TheStreet’s Stock Market Today for Feb. 20, 2026. You can follow the latest updates on the market here in our daily live blog.

Update: 4:00 p.m. ET

Closing Bell

The U.S. markets are now closed for the week. Here’s how we closed it out:

Update: 2:54 p.m. ET

Cybersecurity Stocks Fall After New Anthropic Feature Launched

Update: 2:27 p.m. ET

Refunds when? Not anytime soon

Now that President Donald Trump has imposed fresh tariffs under a different section of the law book, there’s one big question that remains: how will everybody get their money back?

Businesses that paid into the IEEPA tariffs struck down this morning should be entitled to a refund. In today’s TheStreet Daily segment, we tackled the big question, including why the answer won’t be “soon.”

Update: 1:44 p.m. ET

Brief tariff reprieve ends with new 10% tariff

Wall Street cheered to the end of President Donald Trump’s IEEPA tariffs, but just a few short hours later, the President is putting the U.S. back on the Tariff Train by announcing a new 10% global tariff.

The new Section 122 tariff will be in effect for 150 days, using different authorities than the emergency powers utilized by the President in his first act in the Rose Garden. After that point, they will need to be renewed by Congress. That might be a difficult ask as the midterm elections loom heavy.

It’s more likely, for these reasons, that these tariffs will not be disputed given they have clear and set terms, including an end date. After rising before the press conference, stocks were little moved on the news.

Update: 1:18 p.m. ET

Midday Movers

Into midday, the Nasdaq (+0.53%) is still leading the way among major indexes. The S&P 500 (+0.32%) is trailing, while the Dow (-0.03%) and Russell 2000 (-0.38%) are declining. With that, we can turn our attention to our Midday Movers to see the stories emerging in individual stocks.

Winners

Losers

Grail (-49.4%) nearly halved today after its cancer detection test failed in a UK study, introducing fresh questions about the business’s future. It’s joined by Dnow (-20.4%) and Chemours Company (-19.4%) to round out the top three.

Also notable: Figure Technology Solutions (-10.2%) is down after experiencing a catastrophic data breach.

Update: 10:16 a.m. ET

Supreme Court strikes IEEPA tariffs

After a month-long wait, the U.S. Supreme Court struck down President Donald Trump’s far-reaching emergency power tariffs.

The highest court in the land argued that the International Emergency Economic Power Acts, the law under which the tariffs were created, “does not authorize the President to impose tariffs.”

The decision will affect many of Trump’s reciprocal tariffs which were imposed in April of last year, while other industry-specific tariffs which were imposed under a section act (Section 232 of the Trade Expansion Act of 1962) will stand.

Over the next few days, much attention will be paid to how the President will move to impose similar tariffs. In a press conference after the tariffs were struck, Trump said that he had “a plan”, while calling the decision “a disgrace.” He had previously said that ending the tariffs would

At the same time, businesses will also be lining up for refunds on the so-called reciprocal tariffs. There’s much to be decided still about the when, where, and how of those refunds.

The Reaction

The news has helped push stocks, which started the session down by a few basis points, into the green. 58.3% (3,240) issues are advancing against 2,060 (37.1%) in decline. The Nasdaq (+0.57%) and S&P 500 (+0.40%) are hitting day highs, joined by the Dow (+0.29%). The Russell 2000 (+0.31%), meanwhile, seems to have popped and pulled back.

Here is the S&P 500 heat map (15 min delayed):

Update: 9:30 – 10:00 a.m. ET

Opening Bell: Data & Earnings

Good morning. The U.S. stock market is now open for the day. For the moment, U.S. equities are trading to the downside, likely a product of We’ll round back in about 30 minutes for an update. In the meantime, let’s dig into the swath of economic data which just dropped:

S&P Global Composite Is Out

The S&P Global Composite PMI Flash for February is out now, dropping to 52.3 (from 53). Decliners were also seen in the Global Manufacturing PMI Flash (down to 51.2 from 52.4) and Global Services PMI Flash (down to 52.3 from 52.7). Both results were below analysts’ expectations.

Michigan Consumer Confidence Rises

The University of Michigan Consumer Sentiment Final for February came in little-moved at 56.6 (up from 56.4 last month), missing expectations which were closer to the index’s preliminary February reading of 57.3.

A.M. Earnings: AngloGold, PPL Corp, Lamar

Friday is generally a slow day for earnings; they’re even more in the margins today with all of the reports that are dropping. Per FinViz, there are a little more than a dozen reports today. Here they are:

Update: 8:31 a.m. ET

GDP Comes In Light, PCE Shows Signs of Acceleration

Good morning. U.S. equity futures are tilted to the downside this morning after the GDP Growth Rate Adv decelerated significantly quarter-over-quarter. In the fourth quarter, GDP grew just 1.4%, while the consensus was closer to 3%. The month-long government shutdown likely had a lot to do with this readout.

At the same time, Core PCEadvanced 0.4% month-over-month in December, up from 0.2% in November. The combination of slowing GDP and price acceleration is unlikely to be a welcome sight.

To that end, here are all of the reports that just dropped: