Weekly Market Recap – February 23, 2026

New year, new equity market. Value is off to its strongest ever start against growth, and only one Mag 7 is positive, but it’s reasonable to question both the durability and rationality of parts of this rotation. First and foremost, it’s been led by cyclicals like small caps and the energy, industrials and materials sectors. While economic growth should accelerate in 2026, it probably won’t last much longer than people’s tax refund checks.