Summary4 min read

WSJ Your Money Briefing

Episode: What’s News in Markets: Walmart Slumps, Omnicom Rallies, Moderna Comeback
Host: Jack Pitcher, The Wall Street Journal
Date: February 21, 2026

Overview

This episode delivers a concise summary of the past week’s most notable stock movements, highlighting the key drivers behind company performances including surprises and shifts in market sentiment. Host Jack Pitcher breaks down sector rotations, pivotal earnings news, and a Supreme Court decision affecting trade policy, focusing particularly on Walmart’s rare stumble, Omnicom’s market surge, and Moderna’s rebound.

Key Discussion Points & Insights

1. Stock Market Trends and Sector Rotation

[00:42-01:25]

The overall market showed “relatively muted” movement in the shortened holiday week, but significant swings occurred beneath the surface due to ongoing corporate earnings season.
Investors “regaining some confidence” in tech and growth names despite prior concerns that rapid advances in AI technology could make certain software companies obsolete.
“Communication services and information technology were the S&P 500's best performing sectors.”
In contrast, “consumer staples companies, which are often seen as a safe haven, dropped sharply.”
This signals a shift away from defensive positions (“the fear trade”) and back into riskier, growth-oriented areas.

2. Supreme Court Ruling on Trump Tariffs

[01:25-02:01]

“Yesterday the Supreme Court struck down President Trump's sweeping global tariffs.”
Initial implementation of tariffs had previously unsettled markets, but “a series of deals and carve outs… helped calm investors’ fears.”
Stocks moved higher after the court’s decision, but impact was muted: “The ruling had been largely expected and Trump said he'd keep the tariffs in place under a different authority.”
Weekly market summary:
- S&P 500: +1.1%
- Dow Jones: +0.3%
- Nasdaq: +1.5%

3. Walmart Loses Top Spot to Amazon

[02:01-02:58]

Walmart “lost a notable crown… after 17 years of being the largest company in the US by annual revenue, the retailer has officially been passed by Amazon.”
Despite this, “Walmart's quarterly results were actually pretty strong, beating analysts estimates for sales.”
Investor disappointment:
- “Investors were not impressed,” attributed to high expectations after the stock’s approximately 500% rise over 3 years, making it “expensive by traditional valuation metrics… susceptible to disappointment if forecasts are anything less than stellar.”
- CFO John David Rainey: “The company is giving conservative guidance because the economic backdrop is somewhat unstable.” [~02:45]
Walmart shares dropped 8% for the week—“among the S&P’s worst performers.”

4. Omnicom’s Cost-Cutting and Stock Surge

[02:58-03:21]

Omnicom (marketing and ad conglomerate) “told investors it was doubling its cost cut target following its acquisition of competitor IPG. It expects to cut $900 million in costs this year, primarily by reducing headcount.”
Market response:
- “Investors cheered the news, sending OMNICOM shares up 15% on Thursday and 21% for the week—making them the S&P’s best performer.”
Implicit tension as “employees may be feeling jittery.”

5. Moderna’s Comeback Following FDA Reversal

[03:21-03:47]

Background: Vaccine sales have slumped, and vaccine skepticism from Health and Human Services Secretary Robert F. Kennedy Jr. has pressured shares.
Turning point: “A major reversal from the Food and Drug Administration on Wednesday helped turn sentiment around.”
The FDA, which last week said it would not review Moderna’s new seasonal flu shot application, “has since had a change of heart… after Moderna agreed to additional testing in the elderly.”
Stock reaction:
- “Moderna shares rallied 6% on Wednesday and 18% on the week—among the best performers in the S&P.”

Notable Quotes & Memorable Moments

Sector Rotation:

“Investors seem to be regaining some confidence in tech and growth stocks… communication services and information technology were the S&P 500's best performing sectors.”
— Jack Pitcher (00:48)
Walmart’s Caution:

“Walmart's shares have risen around 500%... and that's made the stock expensive by traditional valuation metrics, which leaves it susceptible to disappointment if forecasts are anything less than stellar.”
— Jack Pitcher (02:27)
Walmart’s Economic Outlook:

“Walmart CFO John David Rainey told investors on Thursday that the company is giving conservative guidance because the economic backdrop is somewhat unstable.”
— Jack Pitcher (02:48)
Omnicom’s Strategy:

“Omnicom… told investors it was doubling its cost cut target following its acquisition of competitor IPG. It expects to cut $900 million in costs this year, primarily by reducing headcount.”
— Jack Pitcher (03:01)
Moderna and the FDA:

“The regulator has since had a change of heart, saying it'll begin review of the new shot after Moderna agreed to additional testing in the elderly.”
— Jack Pitcher (03:39)

Timestamps for Important Segments

Overall Market Trends & Sector Rotation: 00:42–01:25
Supreme Court Tariffs Decision & Market Indices: 01:25–02:01
Walmart Earnings & Loss of Top Revenue Spot: 02:01–02:58
Omnicom’s Cost Cuts and Stock Rally: 02:58–03:21
Moderna’s FDA Reversal & Stock Recovery: 03:21–03:47

Conclusion

Jack Pitcher’s sharp recap captures a week where the market’s surface calm belied significant undercurrents—spearheaded by high expectations for big names, regulatory shakeups, and shifting investor risk appetites. Listeners walk away with a clear sense of which companies and sectors are on the move, and why, positioning them to better interpret unfolding market headlines.

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Transcript3 lines

[00:00]
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Trading at Schwab is now powered by Ameritrade, Unlocking the power of thinkorswim the award winning trading platforms loaded with features that let you dive deeper into the market. Visualize your trades in a new light on thinkorswim desktop with robust charting and analysis tools all while you uncover new opportunities with up to the minute market news and insights. ThinkOrSwim is available on desktop, web and mobile to meet you where you are. It's built by the trading obsessed to help you trade brilliantly. Learn more@schwab.com trading hey listeners, your money briefing is on a break, but it will be back with more personal finance information for you in the future. Until then, here's the news Moving Markets this Week
[00:42]
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hey listeners, it's Saturday, February 21st. I'm Jack Pitcher for the Wall Street Journal and this is what's News in Markets, our look at the biggest stock moves of the week and the news that drove them. Let's get to it. Stocks were relatively muted for the shorter holiday week, but there was no shortage of action under the surface. Thanks to a big slate of corporate earnings, investors seem to be regaining some confidence in tech and growth stocks, both of which have sold off for much of the year over fears that rapid advancements in AI are going to render some software companies obsolete. But this week, communication services and information technology were the S&P 500's best performing sectors. Meanwhile, consumer staples companies, which are often seen as a safe haven, dropped sharply. That signals a rotation away from the fear trade and back into other parts of the market. Then, of course, yesterday the Supreme Court struck down President Trump's sweeping global tariffs last April, when they were first announced, they the tariffs roiled markets, but a series of deals and carve outs in the months since helped calm investors fears. Stocks turned higher after the Supreme Court's decision, but analysts noted the ruling had been largely expected and Trump said he'd keep the tariffs in place under a different authority. For the week, The S&P 500 rose 1.1% while the Dow was 0.3% higher. The tech heavy Nasdaq added 1.5%. Walmart lost a notable crown when it reported earnings on Thursday. After 17 years of being the largest company in the US by annual revenue, the retailer has officially been passed by Amazon. Still, Walmart's quarterly results were actually pretty strong, beating analysts estimates for sales. Investors were not impressed. In the last three years, Walmart's shares have risen around 500%, thanks to remarkable results, and that's made the stock expensive by traditional valuation metrics, which leaves it susceptible to disappointment if forecasts are anything less than stellar. Walmart CFO John David Rainey told investors on Thursday that the company is giving conservative guidance because the economic backdrop is somewhat unstable. Walmart shares were among the S&P's worst performers this week, dropping 8%. Investors found more to like with Omnicom's earnings, but employees there may be feeling jittery. Omnicom is the biggest marketing services and advertising conglomerate in the US and it told investors it was doubling its cost cut target following its acquisition of competitor IPG. It expects to cut $900 million in costs this year, primarily by reducing headcount. Investors cheered the news, sending OMNICOM shares up 15% on Thursday and 21% for the week, making them the S&P's best performer. The vaccine maker Moderna has been reeling in the years since sales of its COVID 19 vaccine peaked, and the vaccine skepticism of Health and Human Services Secretary Robert F. Kennedy Jr. Has been hitting its shares more recently. But a major reversal from the Food and Drug Administration on Wednesday helped turn sentiment around. Last week, the FDA said it would not review Moderna's application for a new seasonal flu shot. The decision shocked investors, but the regulator has since had a change of heart, saying it'll begin review of the new shot after Moderna agreed to additional testing in the elderly. Moderna shares rallied 6% on Wednesday and 18% on the weekend, putting them among the best performers in the S and P. And now you know what's news in markets this week. You can read about more stocks that moved on the week's news in our live markets coverage on WSJ.com today's show is produced by Alexis Moore with Deputy Editor Chris Zinsley. I'm Jack Pitcher. Have a great weekend.
[04:51]
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This episode is brought to you by Charles Schwab. Decisions made in Washington can affect your portfolio every day, but what policy changes should investors be watching? Washington Wise is an original podcast for investors from Charles Schwab that unpacks the stories making news in Washington and how they may affect your finances and portfolio. Listen@schwab.com WashingtonWise.