Despite a small bounce on Friday, the S&P 500 notched its deepest losing week since November 2025.
Stocks
The S&P 500 rose to start the week, fueled by a continued rebound in tech stocks that started the prior Friday. The index was coming off a big bounce of nearly 2% the Friday before, after it dropped over 3% earlier in the week. Stocks then fell modestly on Tuesday as the market digested the recent rally. Major retailers and financial names dropped on the day. On Wednesday, January's delayed Bureau of Labor Statistics nonfarm payrolls report revealed stronger-than-expected jobs growth. However, the reaction from stocks was relatively muted. Thursday brought deeply bearish price action to the index, with the S&P 500 dropping 1.57%. Some analysts believe growing concern over how disruptive AI will be contributed to the drop. Then, a positive inflation report helped stocks bounce on Friday, providing some relief going into the weekend. Overall, utilities, producer manufacturing, and non-energy minerals were the strongest-performing sectors during the week, while commercial services, technology services, and finance lagged.
Bonds
Wednesday's release of the previously delayed Bureau of Labor Statistics nonfarm payrolls report showed that jobs growth was significantly higher than expected. This initially sent Treasury yields higher after they posted sizable drops on Tuesday, fueled by weak retail sales data for December. They then dropped on Thursday on weaker-than-expected home sales data, with both the 10 and 30-year yields falling over 8 basis points, and on Friday following data suggesting inflation may be cooling.
Oil
Overall, key oil benchmarks spent most of the week trading within their prior week's range. They got a boost on Wednesday on new developments in geopolitical tensions that increased the possibility of supply risk. On Thursday, however, they fell after the International Energy Agency lowered their forecast for demand in 2026, and on Friday after new hopes that geopolitical tensions may be cooling.
Gold
Both gold and silver prices spent most of the week trading within their prior week's ranges, despite falling significantly on Thursday (gold prices fell over 3%, while silver fell over 10%). Both also rallied on Friday alongside equities and crypto. The metals are coming off a strong rally from the prior week after dropping substantially the week before that.
Crypto
After posting a 12.2% rally the Friday before, bitcoin and the rest of the crypto market were relatively quiet this week, spending much of the time slowly drifting lower, before bouncing alongside equities on Friday. At one point during the week, bitcoin traded below its previous bull market high of $68,997. Over the last several months, crypto has been outperformed by equities and metals. Sentiment among crypto investors remains less than positive.
| Past week | Year-to-date | 5-year | |
|---|---|---|---|
| S&P 500 | –1.4% | –0.5% | 75.6% |
| Oil (WTI crude) | –0.5% | 9.2% | 5.7% |
| Gold (New York) | 0.3% | 17.0% | 184.4% |
| Bitcoin | –2.3% | –22.5% | 41.0% |
Source: Yahoo Finance, as of February 13, 2026.
KEY DATA FOR THE WEEK OF FEBRUARY 16
Earnings reports will continue updates from large retail and software companies, among others. A host of economic reports are on deck for Wednesday.
| Medtronic ( |
Retail sales – Tuesday |
| Palo Alto Networks ( |
Durable goods orders – Wednesday |
| Constellation Energy ( |
Housing starts and permits – Wednesday |
| Analog Devices ( |
FOMC minutes – Wednesday |
| Booking Holdings ( |
Industrial production – Wednesday |
| Walmart ( |
Jobless claims – Thursday |
| See the full earnings calendar (login required). | See the full economic calendar. |
Source: Fidelity.com, as of February 13, 2026.