US stocks finished the holiday‑shortened week ended Friday, February 20, 2026 higher, as a landmark Supreme Court decision scrapping President Trump’s emergency “Liberation Day” tariffs overshadowed softer growth data and firmer inflation readings.finance.

Index performance

• S&P 500: up about 0.7% on Friday and roughly 1.1% for the week, leaving the index modestly positive year‑to‑date.
• Nasdaq Composite: gained around 0.9% on Friday and about 1.5% over the week, again leading the major benchmarks as growth and tech shares outperformed.
• Dow Jones Industrial Average: rose roughly 0.2–0.5% on Friday and about 0.25–0.3% for the week, lagging the tech‑heavy Nasdaq but still closing in the green.
• The Russell 2000 small caps index lovely slightly .05% lower over the last 5-days.

A broad swath of trade‑sensitive and globally exposed names moved higher into the close, with transportation shares briefly up more than 1.5% at their intraday peak and several consumer and industrial stocks adding around 2%.

Macro data and Fed implications

The data backdrop was more mixed. Fourth‑quarter 2025 US GDP was revised down to about 1.4% annualized, a clear step down from roughly 4.4% in the prior quarter and below consensus, underscoring a noticeable loss of momentum as the economy exited last year. At the same time, the Fed’s preferred inflation gauge, core PCE for December, came in hotter than expected on both a monthly and yearly basis, reinforcing the message that disinflation is progressing but uneven and complicating the timing and size of potential 2026 rate cuts.

Investors also tracked signs of stress in parts of private credit after a high‑profile fund suspended withdrawals, renewing debate over pockets of leverage tied to software names under pressure from AI‑driven disruption. Even so, equity volatility remained contained and risk appetite improved as the policy news on tariffs shifted from open‑ended escalation toward somewhat clearer, if still evolving, guardrails.finance.

Supreme Court ruling on tariffs

The central driver of Friday’s rally was the Supreme Court’s 6–3 ruling that President Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) when he used emergency powers to impose sweeping, near‑global “Liberation Day” tariffs. The decision invalidates that emergency‑based framework and opens the door for companies to seek refunds on some levies already paid, an amount that could reach well into the hundreds of billions of dollars over time..

Markets welcomed the ruling as a reduction in the most unpredictable piece of the recent trade regime, especially for import‑heavy sectors such as retail, autos, industrials, and select technology hardware. Trade‑sensitive shares, including major manufacturers and consumer brands, climbed on the session as investors priced in potentially lower effective tariff costs and improved visibility on cross‑border supply chains. The decision also weighed modestly on the dollar and nudged Treasury yields higher, consistent with a “risk‑on” response and a reassessment of growth prospects if trade frictions ease at the margin.

What comes after “Liberation Day” tariffs

Even as the Court curtailed his use of IEEPA for broad, peacetime tariffs, President Trump moved quickly to signal a “Plan B.” In remarks Friday, he said he has ordered a new 10% “global tariff” on imports under different statutory authority, on top of existing duties, and administration officials reiterated that they will lean on other trade laws, including national‑security and unfair‑trade statutes, to preserve as much of the tariff structure as possible.

Crucially, the ruling does not touch tariffs imposed under Section 232 and other established tools, which still apply to a wide range of products—from metals and certain industrial inputs to some higher‑end technology components—so meaningful cost pressures remain for specific supply chains. For markets, that nuance matters: the immediate takeaway is relief from the broadest, most discretionary measures, but not a wholesale rollback of protectionism, leaving investors to game out the practical scope and timing of any new 10% blanket tariff and the likely responses of key trading partners.

Sector and market tone

Sector performance reflected this balance of relief and caution. Tech and growth stocks led gains on the week, helped by the view that a less chaotic tariff regime supports global hardware demand and AI‑related capex, even as some components remain under legacy duties. Transport, retail, and selected industrial names rallied on the prospect of easing import costs and more predictable trade rules, while more defensive, rate‑sensitive areas such as utilities and real estate lagged amid slightly higher yields and a firmer risk tone.

Overall, the week ended with a somewhat unusual mix: growth decelerating, inflation still sticky, parts of private credit flashing stress, but equities advancing as a single, highly visible policy overhang—the emergency tariff architecture—was at least partially resolved and replaced with a more conventional, if still contentious, trade policy debate.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Eupraxia Pharmaceuticals (EPRX)

Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, is pleased to announce the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.

Modular Medical (MODD)

• Closed at $.4922, up +10.11% over the last 5-days. Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
• Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

FIGS, Inc. (FIGS)

FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.

GeoVax Labs (GOVX)

• GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
• On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
• Shares can gap sharply on any trial or regulatory update, positive or negative.

DoubleVerify (DV)

• DV traded in the context of that modest risk‑off tone closing at $9.59; no major company‑specific headline surfaced in the reviewed sources.
• DoubleVerify continues to benefit from secular tailwinds in digital ad verification and brand safety as advertisers prioritize measurable, fraud‑free impressions across social, CTV, and open web channels. In an environment where macro uncertainty still pressures marketing budgets, DV’s performance‑oriented value proposition and recurring‑revenue profile keep it well positioned within the ad‑tech stack.

The InterGroup Corporation (INTG)

• The InterGroup Corporation, a small‑cap real estate and hospitality‑focused holding company, and closed at $27.75 on Friday. Recent filings and commentary highlight that results for the quarter ended December 31, 2025, benefited from improved hotel metrics and gains on real estate transactions, even as the company continues to carry substantial mortgage and subordinated note obligations. With a market capitalization in the low‑$60 million range and thin trading, INTG remains a tightly held, event‑driven real estate story where periodic asset sales and refinancing activity can materially influence quarterly earnings.

Serina Therapeutics (SER, $1.62)

• Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.

Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)

• Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
• On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA)

• NVDA closed near $189.82, +1.54% over the last 5-days.
• Nvidia stays at the center of the AI trade as hyperscale and enterprise demand for accelerated computing remains robust, even as some of its high‑end H‑series chips remain subject to legacy Section 232 tariff structures. The Supreme Court decision removes one layer of tariff uncertainty, and while new trade measures could emerge, the company’s strong pricing power and product cycle momentum continue to underpin the bull case.

McDonald’s (MCD)

• Closed at $329.23. Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
• McDonald’s continues to showcase defensive attributes with a combination of resilient traffic, disciplined pricing, and an increasingly digital‑first operating model. In a world of uneven growth and sticky services inflation, the brand’s value positioning and global scale keep it a core holding for many income and quality‑growth investors.

Nokia (NOK)

• Nokia closed at $7.77, +11.48% over the last 5-day and remains a value‑tilted telecom and network‑equipment play that is trading more with global cyclical and communications hardware sentiment than with high‑beta tech, and it did not appear as a major driver in today’s U.S.‑centric headlines.

Opendoor (OPEN)

• Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
• Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
• OPEN shares closed at $5, +14.16% over the last 5-days.

The Sources

1. Yahoo Finance – “Dow, S&P 500, Nasdaq jump to post weekly gains as Supreme Court strikes down Trump tariffs”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-jump-to-post-weekly-gains-as-supreme-court-strikes-down-trump-tariffs-210043602.html[ca.finance.yahoo]​
2. Yahoo Finance (UK/CA mirrors of same coverage)
   https://uk.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-jump-to-post-weekly-gains-as-supreme-court-strikes-down-trump-tariffs
   https://ca.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-jump-to-post-weekly-gains-as-supreme-court-strikes-down-trump-tariffs-000111638.htmlfinance.yahoo+1
3. Investopedia – “Markets News, Feb. 20, 2026: Stocks Rise After Supreme Court …”
   https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02202026-11910464[investopedia]​
4. Reuters – “Wall Street ends higher after Supreme Court rules against Trump tariffs”
   https://www.reuters.com/business/us-stock-futures-muted-ahead-economic-data-2026-02-20/[reuters]​
5. Nasdaq – “S&P 500 Gains 0.7% As Supreme Court Strikes Down Tariffs”
   https://www.nasdaq.com/articles/stock-market-today-feb-20-sp-500-gains-07-supreme-court-strikes-down-tariffs[nasdaq]​
6. Nasdaq – “Stock Market News for Feb 20, 2026”
   https://www.nasdaq.com/articles/stock-market-news-feb-20-2026[nasdaq]​
7. Zacks – “Stock Market News for Feb 20, 2026”
   https://www.zacks.com/stock/news/2872566/stock-market-news-for-feb-20-2026[zacks]​
8. Fox 32 Chicago – “US stocks remain relatively calm after Supreme Court strikes down Trump’s tariffs”
   https://www.fox32chicago.com/news/us-stocks-remain-relatively-calm-after-supreme-court-strikes-down-trumps-tariffs[fox32chicago]​
9. Supreme Court / legal coverage – SCOTUSblog “Supreme Court strikes down tariffs”
   https://www.scotusblog.com/2026/02/supreme-court-strikes-down-tariffs/[scotusblog]​
10. GBH News – “Supreme Court strikes down Trump’s sweeping tariffs, upending central plank of economic agenda”
    https://www.wgbh.org/news/national/2026-02-20/supreme-court-strikes-down-trumps-sweeping-tariffs-upending-central-plank-of-economic-agenda[wgbh]​
11. Finance & Commerce – “U.S. Supreme Court strikes down Trump’s global tariffs”
    https://finance-commerce.com/2026/02/supreme-court-blocks-trump-ieepa-tariffs/[finance-commerce]​
12. Wall Street Journal Live Coverage – “Trump Says He Will Impose 10% Tariff Under Different Authority”
    https://www.wsj.com/livecoverage/stock-market-today-us-gdp-report-02-20-26[wsj]​
13. Forbes – “Markets Rise After Supreme Court Strikes Down Tariffs”
    https://www.forbes.com/sites/martinadilicosa/2026/02/20/markets-rise-after-supreme-court-strikes-down-tariffs/[forbes]​
14. Yahoo Finance – “Trump says he’s enacted a 10% global tariff by executive order”
    https://ca.finance.yahoo.com/news/latest-supreme-court-strikes-down-153617294.html[ca.finance.yahoo]​