February 2026 Market Quick Hit

• U.S. stocks declined modestly during the month as stronger-than-expected economic data pushed back expectations for near-term Federal Reserve rate cuts. Higher yields pressured rate-sensitive sectors, while mega-cap technology stocks saw some profit-taking.

• Bond markets weakened as inflation readings (particularly services and wage data) remained sticky, leading markets to reduce the number of projected Fed cuts in 2026. The 10-year Treasury yield moved higher, flattening portions of the yield curve and weighing on duration-heavy fixed income sectors.

• Q4 earnings season concluded with generally solid results, particularly in technology and industrials. However, forward guidance turned more cautious in select consumer and cyclical industries, reflecting margin pressures and slower global demand.

• Renewed geopolitical tensions and supply concerns contributed to volatility in energy markets. Oil prices firmed during the month, adding to inflation concerns.

• Investment-grade credit spreads remained relatively stable, supported by healthy corporate balance sheets, while pockets of stress appeared in lower quality segments.

Positioning & Outlook

• While economic growth has remained firm, leading indicators are suggesting a gradual slowdown.

• Equity market performance will likely depend on whether earnings growth expands beyond mega-cap technology into cyclicals, small- and mid-cap companies.

• The timing and magnitude of Fed rate cuts remain a primary catalyst for both stocks and bonds with inflation, wage growth and labor market data in focus.

• Tighter financial conditions could expose lower quality companies with the potential for credit spreads to widen.

• We continue to recommend a diversified exposure to equities to capture a broadening contribution outside of mega-cap technology.

• Within fixed income, we favor shorter duration and higher quality to mitigate both interest rate and credit risk.

Advisory services are provided by Bison Wealth, LLC (“Bison”) an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is believed to be reliable, has not been independently verified and is based on the opinions of Bison and subject to change at any time without notice. Nothing herein should be deemed an offer or solicitation to buy or sell a security or to provide investment advice. All investments contain risks to include the total loss of invested amounts. Past performance is not indicative of future results. Diversification does not protect against losses.

Index Disclosure
An index typically measures the performance of a basket of securities intended to replicate a certain area of the market, asset class or geopolitical region among others. Indices do not represent investments in actual accounts. Investors cannot invest directly in an index. The asset classes noted here reflect the following indices: “U.S. Large Cap” represented by the S&P 500 Index. “US Mid Cap “represented by the S&P 400 Index “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/ credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.