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U.S./Iran Tensions Ramp
Rick Ducat, CMT
February 19, 2026
Markets are lower this morning with S&P futures (/ES) down about -0.14% as concerns about a possible U.S. military attack on Iran weighed on stocks and sent WTI crude oil futures (/CL) up +1.5%.
Yesterday’s Federal Reserve minutes showed a more hawkish outlook than expected, with some members suggesting the Fed may actually need to raise rates if inflation remains high.
OpenAI, the maker of ChatGPT, is finalizing its latest funding round that is expected to come in at more than $100B according to news reports, and could see an overall valuation above $850B.
Today’s earnings include Walmart (WMT), Deere (DE), Newmont Mining (NEM), and Akamai Technologies (AKAM). Meanwhile, economic data scheduled for today includes Initial Jobless Claims, the Philadelphia Fed Manufacturing Index, and Pending Home Sales.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are up 1.7% this morning to 66.10 after spiking yesterday as tensions between the U.S. & Iran continue and Russia/Ukraine peace talks end with no solution.
Gold (/GC) – Gold futures are down -0.1% near 5,004, continuing a sideways drift after yesterday’s 2% rally failed to break above any notable old highs.
Bitcoin (/BTC) – The cryptocurrency is up 0.4%, hanging around 66,600.
VIX – The CBOE Volatility Index is at the 20 level after closing at 19.62 yesterday, down from the previous close of 20.29.
U.S. Dollar (/DX) – The dollar is up 0.2% to 97.8.
Biggest Premarket Movers (as of 7 AM ET)
Symbol | Product | Mark % Change (Winners) |
|---|---|---|
DASH | DoorDash | +9.30% |
EBAY | Ebay | +7.51% |
DE | Deere & Co. | +5.79% |
OXY | Occidental Petroleum | +4.54% |
PWR | Quanta Services | +3.98% |
Symbol | Product | Mark % Change (Losers) |
|---|---|---|
EPAM | EPAM Systems | -16.51% |
CVNA | Carvana | -8.31% |
POOL | Pool Corp. | -6.00% |
TAP | Molson Coors | -5.41% |
CTSH | Cognizant Tech | -3.14% |
Economic Data
Time | Event |
|---|---|
8:20 AM ET | Fed’s Bostic Speaks |
8:30 AM ET | Intl. Trade in Goods (Delayed), Jobless Claims, Philly Fed Mfg. Index, Fed’s Bowman Speaks, Retail Inventories (Delayed), Wholesale Inventories (Delayed) |
9:00 AM ET | Fed’s Kashkari Speaks |
10:00 AM ET | Pending Home Sales, Leading Indicators (Delayed) |
10:30 AM ET | EIA Natural Gas Report, Fed’s Goolsbee Speaks |
12:00 PM ET | EIA Petroleum Status Report |
2:30 PM ET | Fed’s Goolsbee Speaks |
4:30 PM ET | Fed Balance Sheet |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
APPN, BAND, CNP, CHH, CWK, DE, EPAM, ETSY, KLAR, LMND, POOL, FUN, SO, FTI, TECK, VC, WMT, W, YETI | AKAM, CARG, CC, ED, CPRT, DBX, FIVN, FND, HHH, LZ, LYV, NEM, OPEN, RNG, ST, SFM, TXRH, RIG, WK | AU, WU | None |
Upgrades/Downgrades
Daiwa upgrades T-Mobile (TMUS) to Outperform from Neutral
Daiwa upgrades Verizon (VZ) to Buy from Outperform
Needham upgrades Analog Devices (ADI) to Buy from Hold
Stephens downgrades Cheesecake Factory (CAKE) to Equal Weight from Overweight
Cantor Fitzgerald downgrades Polestar (PSNY) to Underweight from Neutral
JPMorgan downgrades Huntsman (HUN) to Neutral from Overweight
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