• Healthcare: NKTR (72.26 +96.31%), KPTI (8.57 +36.82%), ACHC (16.76 +25.36%)
• Materials: EGO (47.22 +21%)
• Industrials: NCI (2.46 +113.88%), GNRC (225.46 +22.85%)
• Consumer Discretionary: CPS (45.67 +31.9%), TPH (46.36 +30.72%), MGA (69.07 +27.86%), BWA (62.94 +20.5%)
• Information Technology: ICHR (46.54 +44.75%), IPGP (153.81 +40.32%), CGNX (58.81 +38.79%), TDC (33.57 +22.19%), AKAM (111.5 +17.27%), DIOD (71.11 +16.88%)
• Financials: RWT (6.62 +16.96%)
• Energy: RIG (6.49 +20.32%), NE (46.13 +17.68%)

• Healthcare: ICLR (95.71 -36.44%), CHRS (1.61 -25%), RGNX (7.99 -22.65%)
• Materials: CLF (10.40 -29.39%)
• Industrials: NSP (25.65 -34.11%), UPWK (13.27 -29.93%), TNET (39.74 -28.98%), CBZ (27.84 -27.25%), JELD (2.27 -22.53%)
• Consumer Discretionary: CHGG (0.56 -28.81%), MAT (16.44 -23.5%), MPAA (10.13 -22.91%), BFAM (66.76 -22.45%)
• Information Technology: RPD (7.11 -34.23%)
• Financials: GSHD (48.76 -26.31%), EHTH (1.71 -23.11%)

• Mon Power and Potomac Edison, subsidiaries of FirstEnergy, have selected a 35-acre site next to the companies' Fort Martin Power Station in Maidsville, WV, as the home of a new 1,200-megawatt natural gas power plant that will help keep electricity reliable and affordable for West Virginia families and businesses for years to come.
• Once complete, the plant is expected to generate enough energy to power roughly half a million homes, strengthening the region's energy supply as demand continues to grow.
• If approved by the Public Service Commission of West Virginia (PSC), site work would begin as early as 2027, with the plant coming online in late 2031. Cos expect a decision from the commission within the next year.

• Co is implementing a focused shift to align its IT and technology teams more closely with the businesses, customers, and products they support.
• As part of this alignment, George Hines will transition from his role as SVP, Chief Innovation and Technology Officer, effective as of March 1, 2026.
• Going forward, the core technology functions will now report under Tina Miller, Chief Financial Officer, and Dianna du Preez, Chief Customer Officer. To support an orderly transition, Mr. Hines will remain with the company in a non-executive role.

• "BNC is in full compliance with Nasdaq Rule 5620(a). Nasdaq rules also allow the Company to submit a plan to regain compliance if the Annual Meeting has not been held by the fiscal year end. Given that our fiscal year does not even end for two more months, YZi Labs' reckless claim that the Company is at risk of delisting is self-evidently false. Furthermore, contrary to YZi Labs' implication that the change to the Company's fiscal year end was intended to disadvantage or thwart YZi Labs, the Company transitioned its fiscal year end on June 29, 2025 - well before YZi Labs had acquired a single share of BNC stock - to align with the fiscal year end of the Company's then-largest operating business.
• This change was approved in accordance with applicable law and was properly disclosed to all stockholders on a Form 8-K filed on July 3, 2025. We are disappointed that YZi Labs would resort to promoting baseless conspiracy theories that it knows, or should know, are false.
• The Company will not be drawn into inflammatory public exchanges and remains focused on disciplined governance, long-term value creation and acting in the best interests of all stockholders."

Stocks had a choppy session that culminated in considerable late afternoon selling pressure, sending the S&P 500 (+0.1%), Nasdaq Composite (-0.2%), and DJIA (+0.1%) to a mixed finish. The S&P 500 was unable to reclaim its 50-day moving average (6,894.75), which it closed below yesterday. 

While the broader market traded higher for most of the session, the major averages moved in tandem with fluctuations across mega-cap and tech names. 

The top-weighted information technology sector (-0.5%) had a particularly volatile session. The sector spent much of the morning oscillating around its unchanged level before plotting a steady advance through the midday hours. 

Software names finally saw some relief, with the iShares GS Software ETF (IGV) finishing 2.2% higher. 

Applied Materials (AMAT 354.91, +26.52, +8.08%) and Arista Networks (ANET 141.59, +6.47, +4.79%) also contributed solid gains after their earnings reports. 

However, increasing pressure across some of the sector's largest components ultimately led it to a lower finish. NVIDIA (NVDA 182.78, -4.16, -2.23%) and Apple (AAPL 255.78, -5.95, -2.27%) were especially weak, with the losses overshadowing broad gains throughout the sector. 

The communication services sector (-0.8%) finished with the widest loss today as Meta Platforms (META 639.77, -10.04, -1.55%) and Alphabet (GOOG 306.02, -3.35, -1.08%) added to the pressure across mega-caps

The consumer discretionary sector (-0.1%) also logged a lower finish as Amazon (AMZN 198.79, -0.81, -0.41%) has yet to notch a gain since its earnings release last week. 

Ultimately, the Vanguard Mega Cap Growth ETF finished 0.6% lower, which contributed to the underperformance of the market-weighted S&P 500 (+0.1%) relative to the S&P 500 Equal-Weighted Index (+1.0%). 

Despite the persistent weakness in some of the markets' weightiest names, there were some solid performances across other sectors. 

The defensive utilities sector (+2.7%) surged higher as more defensive pockets continue to generate rotational interest amid the weakness in tech. All 31 of the sector's components finished higher. 

The health care sector (+1.0%) also notched a solid gain, while certain cyclical sectors, including the materials (+1.1%) and industrials (+0.8%) sectors, rebounded from a sharp slide yesterday. 

Meanwhile, rate-sensitive pockets of the market also outperformed today following a solid CPI report for January, which showed a cooler-than-expected increase at the headline level (0.2%; Briefing.com consensus 0.3%) that resulted in a deceleration in the year-over-year rate to 2.4% from 2.7%. Core CPI (0.3%) matched expectations, with the year-over-year growth rate decelerating to 2.5% from 2.6%.

The real estate sector (+1.5%) logged a solid gain, finishing as one of the top-performing S&P 500 sectors this week. 

The smaller-cap Russell 2000 (+1.2%) and S&P Mid Cap 400 (+0.8%) also outperformed, further distancing themselves from the major averages this year. 

Ultimately, the session underscored the market's ongoing bifurcation, with late-day pressure in mega-cap growth offset by sustained rotational strength elsewhere. Until leadership broadens meaningfully beyond the largest tech names, the major averages may continue to struggle for decisive upside traction.

U.S. Treasuries enjoyed a strong finish to the week, sending yields on the 5-year note and longer tenors to their lowest closing levels since early December, while the 2-year yield settled at its lowest level since September 2022, though it remained above its 2025 intraday low that was notched on October 17 (3.378%).

The 2-year note yield settled down six basis points to 3.41% (-9 basis points this week) and the 10-year note yield settled down five basis points to 4.06% (-15 basis points this week).

Bond and equity markets will be closed on Monday for Presidents Day.

• S&P Mid Cap 400: +7.8% YTD
• Russell 2000: +6.6% YTD
• DJIA: +3.0% YTD
• S&P 500: -0.1% YTD
• Nasdaq Composite: -3.0% YTD

Reviewing today's data:

• January CPI 0.2% (Briefing.com consensus 0.3%); Prior 0.3%, January Core CPI 0.3% (Briefing.com consensus 0.3%); Prior 0.2%
  • The key takeaway from the report is that it showed some encouraging disinflation on a year-over-year basis, which the market will perceive as an opening for the Fed to consider additional rate cuts even with GDP growth running above potential.

• The jury deliberated for more than three days before returning a verdict totaling $250,000 on behalf of the estate of York, Pennsylvania, resident Gayle Emerson, who died as a result of ovarian cancer in November of 2019 after filing her lawsuit six months earlier. The verdict included $50,000 in compensatory damages to Ms. Emerson's family and $200,000 in punitive damages against the company on claims of product liability, failure to warn about the products' dangers, and negligence.
• According to court testimony, Ms. Emerson used J&J's talc-based body powders for feminine hygiene for more than 45 years and was diagnosed with ovarian cancer in 2015 at the age of 64.

• The two new protections are designed to help users and organizations mitigate prompt injection attacks, with clearer visibility into risk and stronger controls:
• Lockdown Mode in ChatGPT, an advanced, optional security setting for higher-risk users.
• "Elevated Risk" labels for certain capabilities in ChatGPT, ChatGPT Atlas, and Codex that may introduce additional risk These additions build on our existing protections across the model, product, and system levels.
• This includes sandboxing, protections against URL-based data exfiltration?, monitoring and enforcement, and enterprise controls? like role-based access and audit logs.

• CenterWell, the healthcare services division of Humana (HUM), announces the successful completion of its acquisition of MaxHealth from Arsenal Capital Partners, a private equity investment firm that specializes in building market-leading industrial growth and healthcare companies, and MaxHealth's founder-shareholders.
• MaxHealth currently maintains a network of 54 owned primary care clinics, 4 owned specialty/ancillary clinics and 24 downstream affiliate clinics throughout West and South Florida that together provide high-quality, integrated care to more than 120,000 patients, including more than 80,000 patients in value-based care programs.

• Co appointed Matthew Farrell to the Board as a Class I director, effective as of February 12, 2026.
• Mr. Farrell served as the Chief Executive Officer of Church & Dwight (CHD), a global consumer products company, from January 2016 until April 2025 and as Chairman from 2019 until September 2025.

• Advancing this project is a key step in addressing reliability risks and ensuring long-term grid stability. This investment will benefit customers and unlock new generation opportunities across the region, reinforcing the grid as electricity supply struggles to keep pace with rising demand.
• As the regional grid operator for 13 states and D.C., PJM Board's decision reflects their determination that these reliability challenges cannot be solved with small or localized upgrades alone-extraordinary demand growth requires a suite of solutions.

• Reports Q4 (Dec) loss of $(0.45) per share, $0.34 worse than the FactSet Consensus of ($0.11); revenues rose 23.1% year/year to $878.38 mln vs the $860.9 mln FactSet Consensus.
• Pending merger: As previously announced, co agreed to be acquired by Abbott Labs (ABT). On February 20, 2026, co will hold a special meeting of stockholders to adopt the Merger Agreement. Cos are working toward closing in 2Q26, subject to obtaining required regulatory approvals and satisfaction or waiver of other customary closing conditions.

• Grady served as the 12th vice chairman of the Joint Chiefs of Staff, the second highest-ranking military officer in the United States, from 2021 until his retirement as a four-star admiral in 2025.
• His previous assignments include serving as the Commander of the U.S. Fleet Forces Command, the Commander of the U.S. Sixth Fleet and Naval Striking and Support Forces NATO and the Commander of the Carrier Strike Group 1.

• As of February 24th, the company will trade on the New York Stock Exchange as Ryerson Holding Corporation under the ticker "RYZ," which will honor both companies' former tickers and reflect the unification of their respective legacies and go-forward mission.