Our Top Market Takeaways for February 20th, 2026.

 

Index definitions:

 

The S&P 500 Index is an unmanaged broad-based index that is used as representation of the U.S. stock market. It includes 500 widely held common stocks. Total return figures reflect the reinvestment of dividends. “S&P500” is a trademark of Standard and Poor’s Corporation.

 

The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.

 

The information presented is being provided for informational and educational purposes only. It is not intended nor should it be relied upon as investment advice, guidance or a recommendation to purchase, hold or sell any investment or strategy.

 

Any companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.

 

JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. Information presented on these webpages is not intended to provide, and should not be relied on for tax, legal and accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.

 

Risk considerations: (REMOVE THE DISCLOSURES THAT ARE NOT APPLICABLE BEFORE PUBLICATION.)

 

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. YOU MAY NOT INVEST DIRECTLY IN AN INDEX.

 

THE PRICE OF EQUITY SECURITIES MAY RISE OR FALL DUE TO THE CHANGES IN THE BROAD MARKET OR CHANGES IN A COMPANY’S FINANCIAL CONDITION, SOMETIMES RAPIDLY OR UNPREDICTABLY. EQUITY SECURITIES ARE SUBJECT TO ‘STOCK MARKET RISK’ MEANING THAT STOCK PRICES IN GENERAL MAY DECLINE OVER SHORT OR EXTENDED PERIODS OF TIME.

 

INVESTING IN FIXED INCOME PRODUCTS SUBJECT TO CERTAIN RISKS, INCLUDING INTEREST RATE, CREDIT, INFLATION, CALL, PREPAYMENT AND REINVESTMENT RISK. ANY FIXED INCOME SECURITY SOLD OR REDEEMED PRIOR TO MATURITY MAY BE SUBJECT TO SUBSTANTIAL GAIN OR LOSS.

 

IN GENERAL, THE BOND MARKET IS VOLATILE AND BOND PRICES RISE WHEN INTEREST RATES FALL AND VICE VERSA. LONGER TERM SECURITIES ARE MORE PRONE TO PRICE FLUCTUATION THAN SHORTER TERM SECURITIES. ANY FIXED INCOME SECURITY SOLD OR REDEEMED PRIOR TO MATURITY MAY BE SUBJECT TO SUBSTANTIAL GAIN OR LOSS. DEPENDABLE INCOME IS SUBJECT TO THE CREDIT RISK OF THE ISSUER OF THE BOND. IF AN ISSUER DEFAULTS NO FUTURE INCOME PAYMENTS WILL BE MADE.

 

WHEN INVESTING IN MUTUAL FUNDS OR EXCHANGE-TRADED AND INDEX FUNDS, PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES ASSOCIATED WITH THE FUNDS BEFORE INVESTING. YOU MAY OBTAIN A FUND’S PROSPECTUS BY CONTACTING YOUR INVESTMENT PROFESSIONAL. THE PROSPECTUS CONTAINS INFORMATION, WHICH SHOULD BE CAREFULLY READ BEFORE INVESTING.

 

INVESTORS SHOULD UNDERSTAND THE POTENTIAL TAX LIABILITIES SURROUNDING A MUNICIPAL BOND PURCHASE. CERTAIN MUNICIPAL BONDS ARE FEDERALLY TAXED IF THE HOLDER IS SUBJECT TO ALTERNATIVE MINIMUM TAX. CAPITAL GAINS, IF ANY, ARE FEDERALLY TAXABLE. THE INVESTOR SHOULD NOTE THAT THE INCOME FROM TAX-FREE MUNICIPAL BOND FUNDS MAY BE SUBJECT TO STATE AND LOCAL TAXATION AND THE ALTERNATIVE MINIMUM TAX (AMT).

 

INTERNATIONAL INVESTMENTS MAY NOT BE SUITABLE FOR ALL INVESTORS. INTERNATIONAL INVESTING INVOLVES A GREATER DEGREE OF RISK AND INCREASED VOLATILITY. CHANGES IN CURRENCY EXCHANGE RATES AND DIFFERENCES IN ACCOUNTING AND TAXATION POLICIES OUTSIDE THE U.S. CAN RAISE OR LOWER RETURNS. SOME OVERSEAS MARKETS MAY NOT BE AS POLITICALLY AND ECONOMICALLY STABLE AS THE UNITED STATES AND OTHER NATIONS. INVESTMENTS IN INTERNATIONAL MARKETS CAN BE MORE VOLATILE.

 

INVESTMENTS IN EMERGING MARKETS MAY NOT BE SUITABLE FOR ALL INVESTORS. EMERGING MARKETS INVOLVE A GREATER DEGREE OF RISK AND INCREASED VOLATILITY. CHANGES IN CURRENCY EXCHANGE RATES AND DIFFERENCES IN ACCOUNTING AND TAXATION POLICIES OUTSIDE THE U.S. CAN RAISE OR LOWER RETURNS. SOME OVERSEAS MARKETS MAY NOT BE AS POLITICALLY AND ECONOMICALLY STABLE AS THE UNITED STATES AND OTHER NATIONS. INVESTMENTS IN EMERGING MARKETS CAN BE MORE VOLATILE.

 

INVESTMENTS IN COMMODITIES MAY HAVE GREATER VOLATILITY THAN INVESTMENTS IN TRADITIONAL SECURITIES, PARTICULARLY IF THE INSTRUMENTS INVOLVE LEVERAGE. THE VALUE OF COMMODITY-LINKED DERIVATIVE INSTRUMENTS MAY BE AFFECTED BY CHANGES IN OVERALL MARKET MOVEMENTS, COMMODITY INDEX VOLATILITY, CHANGES IN INTEREST RATES, OR FACTORS AFFECTING A PARTICULAR INDUSTRY OR COMMODITY, SUCH AS DROUGHT, FLOODS, WEATHER, LIVESTOCK DISEASE, EMBARGOES, TARIFFS AND INTERNATIONAL ECONOMIC, POLITICAL AND REGULATORY DEVELOPMENTS. USE OF LEVERAGED COMMODITY-LINKED DERIVATIVES CREATES AN OPPORTUNITY FOR INCREASED RETURN BUT, AT THE SAME TIME, CREATES THE POSSIBILITY FOR GREATER LOSS.

 

REAL ESTATE INVESTMENTS TRUSTS MAY BE SUBJECT TO A HIGH DEGREE OF MARKET RISK BECAUSE OF CONCENTRATION IN A SPECIFIC INDUSTRY, SECTOR OR GEOGRAPHICAL SECTOR. REAL ESTATE INVESTMENTS MAY BE SUBJECT TO RISKS INCLUDING, BUT NOT LIMITED TO, DECLINES IN THE VALUE OF REAL ESTATE, RISKS RELATED TO GENERAL AND ECONOMIC CONDITIONS, CHANGES IN THE VALUE OF THE UNDERLYING PROPERTY OWNED BY THE TRUST AND DEFAULTS BY BORROWER.

 

INVESTMENT IN ALTERNATIVE STRATEGIES IS SPECULATIVE, OFTEN INVOLVES A GREATER DEGREE OF RISK THAN TRADITIONAL INVESTMENTS INCLUDING LIMITED LIQUIDITY AND LIMITED TRANSPARENCY, AMONG OTHER FACTORS AND SHOULD ONLY BE CONSIDERED BY SOPHISTICATED INVESTORS WITH THE FINANCIAL CAPABILITY TO ACCEPT THE LOSS OF ALL OR PART OF THE ASSETS DEVOTED TO SUCH STRATEGIES.

 

STRUCTURED PRODUCTS INVOLVE DERIVATIVES AND RISKS THAT MAY NOT BE SUITABLE FOR ALL INVESTORS. THE MOST COMMON RISKS INCLUDE, BUT ARE NOT LIMITED TO, RISK OF ADVERSE OR UNANTICIPATED MARKET DEVELOPMENTS, ISSUER CREDIT QUALITY RISK, RISK OF LACK OF UNIFORM STANDARD PRICING, RISK OF ADVERSE EVENTS INVOLVING ANY UNDERLYING REFERENCE OBLIGATIONS, RISK OF HIGH VOLATILITY, RISK OF ILLIQUIDITY/LITTLE TO NO SECONDARY MARKET, AND CONFLICTS OF INTEREST. BEFORE INVESTING IN A STRUCTURED PRODUCT, INVESTORS SHOULD REVIEW THE ACCOMPANYING OFFERING DOCUMENT, PROSPECTUS OR PROSPECTUS SUPPLEMENT TO UNDERSTAND THE ACTUAL TERMS AND KEY RISKS ASSOCIATED WITH THE EACH INDIVIDUAL STRUCTURED PRODUCT. ANY PAYMENTS ON A STRUCTURED PRODUCT ARE SUBJECT TO THE CREDIT RISK OF THE ISSUER AND/OR GUARANTOR. INVESTORS MAY LOSE THEIR ENTIRE INVESTMENT, I.E., INCUR AN UNLIMITED LOSS. THE RISKS LISTED ABOVE ARE NOT COMPLETE. FOR A MORE COMPREHENSIVE LIST OF THE RISKS INVOLVED WITH THIS PARTICULAR PRODUCT, PLEASE SPEAK TO YOUR J.P. MORGAN TEAM.

 

AS A REMINDER, HEDGE FUNDS (OR FUNDS OF HEDGE FUNDS) OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS. THESE INVESTMENTS CAN BE HIGHLY ILLIQUID, AND ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, AND MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION. THESE INVESTMENTS ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS; AND OFTEN CHARGE HIGH FEES. FURTHER, ANY NUMBER OF CONFLICTS OF INTEREST MAY EXIST IN THE CONTEXT OF THE MANAGEMENT AND/OR OPERATION OF ANY SUCH FUND. FOR COMPLETE INFORMATION, PLEASE REFER TO THE APPLICABLE OFFERING MEMORANDUM.

 

FOR INFORMATIONAL PURPOSES ONLY — J.P. MORGAN SECURITIES LLC DOES NOT ENDORSE, ADVISE ON, TRANSMIT, SELL OR TRANSACT IN ANY TYPE OF VIRTUAL CURRENCY. PLEASE NOTE: JPMORGAN SECURITIES LLC DOES NOT INTERMEDIATE, MINE, TRANSMIT, CUSTODY, STORE, SELL, EXCHANGE, CONTROL, ADMINISTER, OR ISSUE ANY TYPE OF VIRTUAL CURRENCY, WHICH INCLUDES ANY TYPE OF DIGITAL UNIT USED AS A MEDIUM OF EXCHANGE OR A FORM OF DIGITALLY STORED VALUE.

 

THE PRICES AND RATES OF RETURN ARE INDICATIVE, AS THEY MAY VARY OVER TIME BASED ON MARKET CONDITIONS.

 

ADDITIONAL RISK CONSIDERATIONS EXIST FOR ALL STRATEGIES.