Traders work at the New York Stock Exchange on Feb. 18, 2026.
NYSE
Stock futures fell Thursday after the major averages posted a winning session. Investors also looked ahead to quarterly results from retail giant Walmart, due in the morning.
Futures tied to the Dow Jones Industrial Average lost 183 points, or 0.4%. S&P 500 futures slipped 0.3%, while Nasdaq 100 futures dropped 0.4%.
The S&P 500 on Wednesday closed higher by nearly 0.6%, while the Nasdaq Composite added 0.8%. The 30-stock Dow gained 129 points, or about 0.3%.
The indexes were buoyed by gains across the “Magnificent Seven” technology stocks and strength in financials and energy names. Nvidia added 1.6%, while Amazon rose 1.8%.
“A rebound in mega‑cap stocks, along with a pause in the rotation and broadening theme that has defined market performance this year, would not be surprising in the weeks ahead,” said Edward Jones senior global investment strategist Angelo Kourkafas.
“Selling has been broad and indiscriminate, and in some cases, valuations may already reflect a substantial degree of disruption risk relative to current fundamentals,” he added.
To be sure, Kourkafas said that even as pessimism in the tech sector has likely become overstated, the prospect of the group “regaining sustainable leadership remains doubtful” as the macroeconomic environment continues to favor cyclical stocks.
Geopolitical volatility on Wednesday pushed up oil prices by more than 4%. The move happened after Vice President JD Vance said that Iran did not address core U.S. demands in nuclear talks this week. He said that President Donald Trump maintains the right to use military force if diplomatic efforts do not stop Iran’s nuclear program.
Elsewhere, investors weighed minutes from the Federal Reserve’s January meeting, which reflected a divide among central bank officials on the future outlook for monetary policy.
On the earnings front, Walmart’s fourth-quarter report is due on Thursday morning. The company’s results are often viewed as a bellwether for the U.S. economy and consumer spending. Shares of Walmart have been on a tear in 2026, up more than 13%. The retailer’s market capitalization recently put it in the $1 trillion club, which means the stock’s reaction could set the tone for the major averages.
Traders will also be watching for weekly jobless claims data due Thursday, as well as the pending home sales report. The major event in the way of economic releases this week will be Friday’s release of the personal consumption expenditures price index, a preferred inflation gauge for the Fed.
‘Mag-7’ not cheap even after correction, says Yardeni
The valuations among “Magnificent Seven” stocks are less expensive, but they are still not cheap, according to Ed Yardeni of Yardeni Research.
“Purely from a valuation standpoint, the Mag-7 isn’t as expensive as it was, but it’s not cheap either. The group’s forward price-to-sales (P/S) ratio has fallen to 7.10, down from its November 3, 2025 peak of 8.33. But the P/S ratio remains higher than it has ever been outside of the past two years,” he said in a note to clients.
— Fred Imbert
Investor David Einhorn shuns AI in favor of a unique mix of companies
Greenlight Capital’s David Einhorn has been vocal about his concerns around artificial intelligence driving overvaluation in the stock market.
His fund’s latest moves reflect those views.
Einhorn spent tens of millions of dollars buying shares of Graphic Packaging, Capri Holdings and healthcare stocks in the fourth quarter of 2025, avoiding big tech names and clear beneficiaries of artificial intelligence investment, regulatory filings show. The hedge fund manager also established a position in software payments stock Global Payments, suggesting he views it as safe from AI’s technological disruption. More here.
— Alex Harring
Carvana, Etsy, DoorDash among stocks moving in after-hours trading
Check out the companies making headlines in after-hours trading.
- DoorDash — The food delivery company’s stock price jumped about 10%, reversing an earlier decline. The company reported that its total orders increased 32% in the fourth quarter from the year-ago period. Revenue for the period was also up 38%. Still, fourth-quarter results on the top and bottom line missed estimates.
- Figma — Shares of Figma jumped 16% after the company’s fourth-quarter results and quarterly guidance blew past the Street’s expectations. The design software manufacturer reported adjusted earnings of 8 cents per share on $303.8 million in revenue, while analysts polled by LSEG expected 7 cents per share in earnings on $293.15 million in revenue. On a year-over-year basis, Figma’s revenue grew 40% in the fourth quarter, according to a statement.
- Etsy — Etsy shares jumped nearly 16% after the e-commerce company agreed to sell Depop, a consumer-to-consumer fashion marketplace, to eBay for $1.2 billion in cash, subject to certain price adjustments. EBay stock rose more than 6%.
For the full list, read here.
— Pia Singh
