What’s Up w/Stocks, Cryptos, Gold & Silver? Brian Mudd’s Weekly Market Update February 23rd, 2026
Tariffs, the partial government shutdown & Iran are in focus entering this week...
Bottom Line: My first rule of money... Never let your money and emotions cross paths. This story is a weekly wake-up call to show you the near-worst-case scenario for stocks and crypto. Why? So, you can plan your financial future with a cool head, not a racing pulse. The odds of a near-worst case outcome almost certainly won’t happen, however if your plan accounts for it – it can help you manage even the most trying markets like what we’ve experienced this year.
The US stock market is history’s ultimate wealth-building beast. Crypto? It’s minted millionaires from early believers. Fact: Over 90% of the time, investors who try to “time” the market end up poorer than if they just stuck to their original investments. This is about dodging that trap.
Here’s how the big three indexes have fared in 2026:
- DOW: +3% (+1% last week)
- S&P 500: +1% (+1% last week)
- Nasdaq: -2% (+2% last week)
The long-anticipated tariff ruling came in from the Supreme Court on Friday producing an unhappy president, happier importers, a new 15% across-the-board tariff citing the 1974 Trade Act President Trump signed Friday night, but that can only remain in effect for 150 days. One of the notable question marks remains whether collected tariffs will be able to be retained or whether they must be refunded. The SCOTUS ruling didn’t address that question, which will likely now be litigated.
Market movement to the tariff ruling was met positively in the financial markets, although somewhat muted as the ruling was decided as had been expected, and thus priced into the market.
Another significant news item on Friday was the 4th quarter GDP report which showed that the largest partial government shutdown in history, effectively cut 4th quarter economic growth rate in half, with the economy only growing at a 1.4% annualized rate during the quarter – down from 4.4% in the 3rd quarter. With another, albeit significantly smaller shutdown ongoing – one might imagine economic growth could be slightly affected yet again.
Meanwhile, crypto currencies have stabilized a bit following the massive bear market selloff to start the year as risk-off investors, including many institutional investors, have reduced or eliminated positions as the thesis that Bitcoin is “digital gold” and Ether is “digital silver”, during times of uncertainty has failed.
- Bitcoin: -23% 2026 (-1% last week)
- Ether: -34% in 2026 (-1% last week)
- BitwiseETF (Top 10 cryptos): -27% in 2026 (slightly higher last week)
Meanwhile, gold and silver, despite a significant recent correction from record high prices, have continued to be what they’ve historically been as a store of value. Both were massive winners to start the year:
- Gold: +18% 2026 (+1% last week)
- Silver: +17% in 2026 (+7% last week)
Now for valuation calculations – starting with cryptos...Here’s a look at where they stand. I can’t value cryptos because they have no inherent value. Stocks, though? They’ve got bones. Let’s break down the S&P 500:
- Current P/E: 29.70
- Historic Avg. P/E: 16.20
Translation: On earnings alone, the maximum downside risk is a 45% drop from here—lower than a week ago as stock prices were slightly higher, with fundamentals improving faster than prices. The market is historically expensive as it’s priced near the highest multiple of the current bull market cycle.
So, What’s Your Move?
If a 45% dip wouldn’t derail your life, you’re probably golden. If it would? Time to call a pro and build a plan that doesn’t leave you sweating bullets—or making mistakes.