Investment Review №339. Playing Defense
S&P 500 from February 12 to February 23, 2026
Key Events on the US Stock Market
12.02.2026 — 6832
- Nebius Group reported Q4 2025 results, missing consensus on both revenue and adj. EBITDA. Management’s guidance came in slightly more conservative than expected.
13.02.2026 — 6836
- U.S. CPI (January) rose below expectations: headline +0.17% MoM (consensus +0.3%), core +0.29% MoM (consensus +0.3%).
19.02.2026 — 6861
- Walmart (WMT) delivered Q4 FY2026 results ahead of consensus. Revenue grew >5% YoY, with global e‑commerce up 24%. Total quarterly revenue hit $129.2bn, outperforming forecasts.
20.02.2026 — 6909
- U.S. GDP (Q4 2025) expanded 1.4% YoY, below expectations, weighed down by a sharp drop in government spending following the shutdown. Consumer demand remains resilient, despite softening outlays on durables.
- U.S. Supreme Court struck down IEEPA-based tariffs, reducing the effective rate from 13.6% to 6%. Replacement tariffs under Section 122 of the Trade Act lift the effective rate to 10–12%.
23.02.2026 — 6837
- Paramount Skydance submitted an improved all-cash buyout offer to the Warner Bros. Discovery board, reportedly ~$32/share.