PMC Monthly Recap February 2026

As snow fell across much of the United States in February, most key asset classes rose. The turbulent weather was matched by market volatility, though. The major exception to asset class gains last month was the S&P 500. As investors cooled to many technology stocks, the S&P 500 dipped. Jitters in private credit and geopolitical fears helped return investor interest to traditional fixed income opportunities, thus lifting bonds. The US-Israel-Iran conflict created a new bout of investor anxiety as February ended. Oil prices surged as war broke out. What we’re watching: How will this new Middle Eastern conflagration unfold? Has “Peak Tariff” truly passed, or will trade wars reheat in 2026?