Investors Search for Rotation Trade Winners
February 20, 2026
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10:33Now PlayingInvestors Search for Rotation Trade Winners
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as posted by the channelAnastasia Amoroso, Chief Investment Strategist of Private Wealth at Partners Group, discusses the outlook for European growth and the rotation of interest from US to international markets.
Stocks held on to modest gains after an early surge triggered by the Supreme Court’s rejection of President Donald Trump’s global tariffs, as investors tempered initial relief with questions about how much the ruling changes US trade policy. Bonds and the dollar fell.
About 320 shares in the S&P 500 rose, with the gauge adding to this week’s advance. The court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.
“It seemed like only the Administration was holding out the expectation that IEEPA tariffs would be upheld,” said Brian Jacobsen at Annex Wealth Management. “This just means the Trump Administration will pivot to country-specific and sector-specific tariffs. Those take longer to impose.”
Jacobsen also noted Trump could issue a temporary blanket tariff, but that is much more limited as to the amount and the duration. It will help buy him time to jump through the procedural hurdles to get the tariffs he wants, he said.
Neil Dutta at Renaissance Macro Research says he doesn’t think we have heard the last from Trump and tariffs as there’s a vast legal architecture that the White House can draw from to prosecute this
“The issue is if he does not dial the tariff threat back on, he basically looks like a ‘lame duck’,” Dutta said. “If Trump turns the trade knob back on, we get more uncertainty. If he decides to give in, then he is basically cooked politically.”
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