OPENING CALL
Markets were headed for muted losses at the open on Thursday, as the boost from technology stocks faded.
Oil prices hit their highest level since the summer on rising concerns that a strike against Iran could be imminent.
The threat of military action and subsequent disruption to oil trade and shipping also helped to push gold back above $5,000 an ounce.
The Wall Street Journal reported Wednesday night that the U.S. has amassed the most air power in the Middle East since the 2003 invasion of Iraq , and was in position to strike Iran.
Kpler reported renewed satellite interference off Iran's Assaluyeh complex --the country's largest petrochemical hub.
"These interferences typically occur when anti-air defense measures are activated," it said.
Walmart fell around 1% premarket ahead of earnings this morning.
It headlines corporate reports in this holiday-shortened week, and there will also be a batch of economic data, including an advance look at fourth-quarter GDP and the Federal Reserve's preferred inflation gauge.
Further afield, India's Prime Minister Narendra Modi inaugurated the AI summit in New Delhi, with global tech leaders expected to attend.
Stocks to Watch
Avis Budget logged lower revenue and recorded an impairment charge as it reduces its electric vehicle rental fleet. Shares retreated 12% after hours.
Carvana expects reconditioning costs to be higher than expected and missed analysts' expectations for adjusted Ebitda. The stock slid 17% premarket.
DoorDash posted a revenue bump and said it expects gross order value to be higher than analysts were anticipating. Shares jumped 13% premarket.
EBay agreed to buy Depop from Etsy for $1.2 billion. Both stocks rallied ahead of the open.
Molson Coors Beverage's results missed top-line guidance. Shares fell 6.5% off hours.
Watch For:
Trade for December; Weekly Jobless Claims; EIA Weekly Petroleum Status Report; Canada Trade for December; Earnings from Walmart, Deere, Akamai Technologies, Live Nation, Newmont; Fed's Mary Daly conversation with Goldman Sachs Vice Chairman and former Fed of Dallas President Rob Kaplan
Today's Top Headlines/Must Reads:
- Uber, Latest Victim of Disruption Panic, Still Has Role in Robotaxis
-The Accomplice Who Was Going to Testify Against Jeffrey Epstein-Then Went Dark
- From Paris to New Delhi, the Push to Ban Teens From Social Media Is Going Global
MARKET WRAPS
Forex:
The DXY dollar index was weaker, but the currency was near a two-week high after the Fed minutes showed several policymakers were open to potentially raising interest rates if inflation remained elevated.
"The mere suggestion that the key interest rate could rise again is obviously making some market participants sit up and take notice," Commerzbank said.
A rate cut in March appears unlikely and the market wasn't even fully pricing in two rate cuts this year.
Friday's PCE inflation and fourth-quarter economic growth data could boost the dollar further if they exceed expectations, it added.
ING said today's focus will be on the December trade balance.
"A narrower-than-expected December trade deficit today would add to expectations of a decent 4Q GDP figure tomorrow and could provide the dollar with a little short-term support."
The euro could fall if Friday's eurozone purchasing managers' surveys reinforce doubts over the economic recovery , Commerzbank said.
"This would make the euro more vulnerable in the coming weeks if fundamental and price data come in weaker than expected, as speculation about interest-rate cuts could pick up again."
Tuesday's German ZEW survey damped bets that fiscal stimulus will boost growth and traders were now less certain the ECB won't cut rates further.
The PMI data therefore could gain importance for the euro, it added.
Sterling was at risk of weakening as the BOE looked on course to cut interest rates further even as inflation remains elevated, Commerzbank said.
The Swiss franc should remain strong, ING said, adding that until the U.S. turns away from the Middle East, the euro looked set to stay pressured versus the franc.
Bonds:
Treasury yields rose but were off from earlier levels reached after the Fed's minutes after the Fed's minutes indicated upside risks to inflation.
"The FOMC minutes from the January meeting showed officials remained surprisingly cautious about cutting rates, with several even noting that another hike could be warranted if inflation proves sticky," Danske Bank said.
Kudotrade pointed to upside surprise in industrial production , sustained business investment momentum signaled by durable goods orders, while housing indicators point to continued demand.
"Together, these data releases challenge the view that monetary policy is weighing on activity."
Energy:
Oil extended its gains from the previous session as traders grow increasingly worried about potential U.S. action against Iran.
"With a deal looking increasingly difficult to reach, it also means it will be more challenging to find a route to de-escalation, especially following the US military build-up we have seen in the region," ING said.
"And if de-escalation is not possible, the key question will then be what type of action the U.S. takes and how Iran responds to this."
Metals:
Gold climbed back above $5,000, as inconclusive U.S.-Iran nuclear talks and concerns over potential military escalation in the region boosted the metal's appeal.
"Buyers took advantage of the price drop ahead of the release of the Federal Reserve's meeting minutes," ANZ said.
"Speculative positions are lean, and fresh longs can return as structural drivers are still in place."
Silver futures also rose.
Gold Chart
Comex gold futures were likely now trending upward, RHB Retail Research said, based on the daily chart.
As long as the commodity remains above strong support at $4,800, overall technical setup will favor gold bulls, and it could now attempt to climb toward immediate resistance at $5,500.
TODAY'S TOP HEADLINES
Airbus Shares Slide as Engine Shortages Hit A320 Production
Airbus said significant Pratt & Whitney engine shortages had forced it to slow production of its bestselling A320 jets and pursue a lower-than-expected plane delivery goal this year, the latest setback for the company as it continues to struggle with supply-chain bottlenecks.
Shares in the company fell more than 6% early Thursday. The A320 is of paramount importance to Airbus given its popularity among airlines. The model accounted for nearly 80% of all aircraft deliveries last year.
Nestle to Shed Ice-Cream Business in Shakeup
Nestle said it plans to offload its ice-cream business, as the Swiss food giant slims down its structure to focus on four main categories.
The maker of KitKat chocolate bars and Nescafe coffee is pursuing a turnaround under recently appointed Chief Executive Officer Philipp Navratil after a string of snags, weaker-than-expected results and two abrupt CEO changes in a year have shaken the company. The group is also looking to move past a crisis that engulfed its infant-formula business and prompted product recalls across the industry.
Rio Tinto Annual Net Profit Down 14%; Underlying Earnings, Payout Flat
Rio Tinto on Thursday reported a 14% drop in annual net profit, but kept its full-year payout to shareholders flat as underlying earnings remained steady.
The world's second-biggest miner by market value said it made a net profit of $9.97 billion in 2025, down from $11.55 billion a year earlier.
What to Make of This Very Weird Market
It isn't just you. The market is weird. Stocks are swinging about as though there's a full-blown crisis, while the S&P 500 is just 2% from its high.
One way to measure the scale of moves is to look at sectors. The gap between the three best-performing sectors over six weeks and the three worst has rarely been bigger, and usually during some sort of panic. At least in data back to the mid-1990s, it's highly unusual that sectors should diverge so much yet the index stay so stable.
China Should Shift Economic Gears to Consumption-Led Growth, IMF Says
China's economy has held up remarkably well against shocks like U.S. tariffs but continued resilience will need consumption to drive growth, rather than external demand, according to a report by the International Monetary Fund.
The world's second-largest economy is built on a growth model that faces increasing challenges, top IMF officials said in a statement alongside one of the fund's periodic reviews.
The Reign of the Dollar Is Coming to an End. What Investors Can Do About It.
The dollar is in decline, and investors have to learn to live with it.
The past 12 months were tough for the greenback. The U.S. Dollar Index, which measures the dollar's value against a basket of developed currencies, slid 8% over the past year-and the list of potential concerns grows longer and longer. They include the breakdown in the U.S.-led multilateral system, growing concern that the dollar will continue to be weaponized through sanctions and seizures, worries about Federal Reserve independence, unease about profligate U.S. government spending, and a long overdue rebalancing as growth and yields abroad become more relatively attractive.
Former Prince Andrew Arrested Over Epstein Probe, BBC Reports
LONDON-British public broadcaster the BBC said police had arrested Andrew Mountbatten-Windsor, the former Prince Andrew, on suspicion of misconduct in public office.
Thames Valley Police said Thursday they had arrested a man in his 60s and were carrying out searches at addresses in Norfolk and Berkshire.
Ukraine's Neighbors Threaten to Cut Off Energy Supplies
KYIV, Ukraine-Hungary and Slovakia threatened to cut off energy supplies to Ukraine in a dispute over an oil pipeline, potentially compounding a crisis that has left millions of Ukrainians without reliable power during the coldest months of the year.
The countries are fighting over a disruption to the Russian Druzhba, or Friendship, oil pipeline, which crosses Ukraine. Kyiv says that the disruption was caused by a Russian attack near the western town of Brody in late January.
Write to clare.kinloch@wsj.com
TODAY IN CANADA
Earnings:
Altus Group
Cenovus Energy
Discovery Silver
Eldorado Gold
Fairfax Financial Holdings
Lundin Gold
Lundin Mining
MTY Food Group
Economic Indicators $(ET)$:
0830 Dec International merchandise trade
0830 Jan New Housing Price Index
0830 Dec Employment Insurance
Stocks to Watch:
Alamos Gold Increases Div by 60% to an Annual Rate of $0.16 Per Shr; Raises Qtr Dividend to 4c; 4Q EPS $1.03 >AGI.T; 4Q Rev $575.3M >AGI.T; Produced 545,400 Ounces of Gold in 2025 4Q Adj EPS 54c;
Alamos Gold Consolidated Production Expected to Increase 12% From 2025 to Range of 570,000 to 650,000 Ounces in FY26; Sees 1Q Production Between 120,000 and 135,000 Ounces; Gold Production Is Expected to Increase to Between 650,000 and 730,000 Ounces in 2027
BriaCell Therapeutics and BriaPro: Enter Into Asset Purchase Agreement for Exclusive Soluble CD80 License; BriaPro Agreed to Purchase BriaCell's Exclusive License to Develop and Commercialize Soluble CD80 as Biologic Agent for Treatment of Cancer
B2Gold Corp 4Q Basic EPS $0.13; 4Q Revenue $1.05B; FactSet Est. $1.14B; 4Q Adj Net Income $147.3M; 4Q Net Income $180.3M; 4Q EPS $0.11; FactSet Est. $0.20; B2Gold Corp 4Q EPS Misses Estimates
Capstone Copper Target Price Cut 20% to A$15.60/Share by Macquarie
Capstone Copper Price Target Cut 3.1% to A$15.50/Share by UBS
Capstone Copper Price Target Cut 4.6% to A$16.60/Share by Morgans
Choice Properties REIT 4Q FFO CAD 189.9M; 4Q Net Loss CAD 53.4M; 4Q Rental Revenue CAD 354.4M; Reports 4Q Rental Revenue of CAD 354.4 Million
Equinox Gold 4Q Adj EBITDA $579M; 4Q Net Income $197.5M; 4Q Adj Net Income $272.9M; 4Q Revenue $681.4M; FactSet Est. $951.4M; 4Q Adj EPS $0.35; FactSet Est. $0.21; 4Q Revenue Misses Estimates
Firan Technology 4Q EPS C$0.14; 4Q Rev C$51.7M; Firan Technology 4Q Adj EPS C$0.14
Fortuna Mining 4Q Adj EBITDA $157.2M; 4Q Sales $270.2M; FactSet Est. $264.9M; 4Q Adj Net Income $71.3M; 4Q Net Income $68.1M; 4Q Basic EPS $0.22; 4Q Sales Above Estimates
Kinross Gold 4Q Sales $2.02B; 4Q Adj EPS 67c; 4Q EPS 75c; Raises Quarterly Dividend to 4c Vs. 3.5c
Nutrien Increases Quarterly Dividend And Announces Intent To Launch A New Share Repurchase Program; 4Q Adj EPS $0.83; 4Q Net Income $580M; 4Q Sales $5.34B; 4Q EPS $1.18; 4Q Adj EBITDA $1.28B; 4Q Sales of $5.34 Billion
OR Royalties 4Q EPS 34c; 4Q Rev $90.5M
Pan American Silver 4Q EPS $1.07; 4Q Rev $1.18B
Taseko 4Q Net Income CAD 4.45M; 4Q Adj Net Income CAD 41.5M; 4Q Adj EBITDA CAD 116.5M; 4Q Revenue CAD 243.8M; FactSet Est. CAD 253M; 4Q Revenue Misses Estimates
Teck Resources 4Q Rev C$3.06B; Analysts Had Seen Teck Resources 4Q Rev at $C3.1 Bln; Teck Resources 4Q Net Pft C$544M; 4Q Adj. Ebitda C$1.51B; Analysts Had Seen Teck Resources 4Q Adj. Ebitda at $C1.36 Bln; Teck Resources 4Q Adj EPS C$1.37; Backs 2026 Production Guidance; Says Working With Anglo American to Net Regulatory Green Lights for Merger; Well-Positioned to Execute Business Plans, Advance Merger, CEO Says
Torex Gold 4Q Revenue $465.3M; FactSet Est. $435M; 4Q Free Cash Flow $165.6M; 4Q Adj EBITDA $281.5M; 4Q Net Income $166.8M; 4Q EBITDA $260.4M; 4Q Adj Net Income $167M; 4Q Revenue Beats Estimates
Triple Flag Precious 4Q EPS 37c; 4Q Net $76.8M; 4Q Rev $118.9M; 4Q Adj EPS 33c; Long-term Organic Growth Outlook Is 140,000 to 150,000 GEOs by 2030; Expects 2026 Stream Sales and Royalty Rev of 95,000 to 105,000 GEOs; Reiterates Outlook of 135,000 to 145,000 GEOs in 2029
Other News:
Canada Seeks Meeting With USTR Greer to Address Bilateral Trade Irritants
Expected Major Events for Thursday
10:00/ITA: Dec Balance of Payments
11:00/FRA: 4Q OECD Quarterly National Accounts: GDP growth
11:00/UK: Feb CBI Industrial Trends Survey
13:00/RUS: Weekly International Reserves
13:30/US: Dec Advance Economic Indicators Report
13:30/CAN: Dec International merchandise trade
13:30/US: Dec U.S. International Trade in Goods & Services
13:30/US: Feb Philadelphia Fed Business Outlook Survey
13:30/CAN: Jan New Housing Price Index
13:30/CAN: Dec Employment Insurance
13:30/US: 02/14 Unemployment Insurance Weekly Claims Report - Initial Claims
13:30/US: U.S. Weekly Export Sales
15:00/US: Dec Leading Indicators
15:00/US: Jan Pending Home Sales Index
15:30/US: 02/13 EIA Weekly Natural Gas Storage Report
17:00/US: 02/13 EIA Weekly Petroleum Status Report
21:30/US: Federal Discount Window Borrowings
21:30/US: Foreign Central Bank Holdings
23:30/JPN: Jan CPI (Nation), CPI ex-food (Nation)
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Expected Earnings for Thursday
Americold Realty Trust Inc (COLD) is expected to report $0.09 for 4Q.
Appian Corp (APPN) is expected to report $-0.03 for 4Q.
Bandwidth Inc $(BAND)$ is expected to report $-0.08 for 4Q.
Brady Corp - A Share $(BRC)$ is expected to report $1.01 for 2Q.
Canadian Tire Corp Ltd - Class A (CTC.A.T,CTC.T) is expected to report for 4Q.
Cenovus Energy Inc (CVE,CVE.T) is expected to report $0.39 for 4Q.
CenterPoint Energy Inc $(CNP)$ is expected to report $0.51 for 4Q.
Choice Hotels International Inc $(CHH)$ is expected to report $1.14 for 4Q.
Deere & Co (DE) is expected to report $2.06 for 1Q.
Donegal Group Inc - A Share (DGICA,DGICB) is expected to report $0.38 for 4Q.
EPAM Systems Inc $(EPAM)$ is expected to report $2.06 for 4Q.
ESAB Corp $(ESAB)$ is expected to report $1.19 for 4Q.
Etsy Inc $(ETSY)$ is expected to report $0.85 for 4Q.
GATX Corp $(GATX)$ is expected to report $2.31 for 4Q.
Garrett Motion Inc (GTX) is expected to report $0.34 for 4Q.
Gentherm Inc (THRM) is expected to report $0.55 for 4Q.
IDACORP Inc (IDA) is expected to report $0.73 for 4Q.
Insmed Inc (INSM) is expected to report $-1.07 for 4Q.
Integer Holdings Corp $(ITGR)$ is expected to report $1.23 for 4Q.
LKQ Corp $(LKQ)$ is expected to report $0.57 for 4Q.
Laureate Education Inc (LAUR) is expected to report $0.77 for 4Q.
MTY Food Group Inc (MTY.T) is expected to report $0.96 for 4Q.
Mastech Digital Inc $(MHH)$ is expected to report $0.10 for 4Q.
Obsidian Energy Ltd (OBE.T,X-OBE) is expected to report for 4Q.
Pediatrix Medical Group Inc (MD) is expected to report $0.49 for 4Q.
Polaris Renewable Energy Inc (PIF.T) is expected to report for 4Q.
Pool Corp $(POOL)$ is expected to report $0.97 for 4Q.
Protagonist Therapeutics Inc (PTGX) is expected to report $-0.33 for 4Q.
Quanta Services Inc $(PWR)$ is expected to report $2.03 for 4Q.
Southern Co $(SO)$ is expected to report $0.65 for 4Q.
Supremex Inc (SXP.T) is expected to report for 4Q.
Talkspace Inc $(TALK)$ is expected to report $0.02 for 4Q.
Targa Resources Corp (TRGP) is expected to report $2.29 for 4Q.
Teck Resources Ltd - Class B (TECK,TECK.A.T,TECK.B.T) is expected to report $0.66 for 4Q.
UL Solutions Inc (ULS) is expected to report for 4Q.
Upbound Group Inc (UPBD) is expected to report $0.94 for 4Q.
Visteon Corp $(VC)$ is expected to report $2.00 for 4Q.
Walmart Inc $(WMT)$ is expected to report $0.73 for 4Q.
Wayfair Inc (W) is expected to report $0.01 for 4Q.
YETI Holdings Inc $(YETI)$ is expected to report $0.79 for 4Q.
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ANALYST RATINGS ACTIONS
AtriCure Cut to Perform From Outperform by Oppenheimer
BioAge Labs Raised to Buy From Hold by Jefferies
Cadence Design Systems Raised to Buy From Neutral by Rosenblatt
Gemini Space Station Cut to Neutral From Overweight by Cantor Fitzgerald
Genuine Parts Cut to Hold From Buy by Truist Securities
Goosehead Insurance Raised to Overweight From Neutral by Piper Sandler
Itron Raised to Outperform From Neutral by Baird
Knife River Cut to Underweight From Equal-Weight by Wells Fargo
Masimo Cut to Equal-Weight From Overweight by Wells Fargo
Masimo Cut to Neutral From Buy by BTIG
Medpace Holdings Raised to Hold From Sell by TD Cowen
Mister Car Wash Cut to Equal-Weight From Overweight by Wells Fargo
Mister Car Wash Cut to Market Perform From Outperform by William Blair
Palantir Technologies Raised to Outperform From Neutral by Mizuho
Rush Street Interactive Raised to Market Outperform From Market Perform by Citizens
Stubhub Holdings Raised to Neutral From Sell by Citigroup
Toro Cut to Market Perform From Outperform by Raymond James
Waystar Raised to Buy From Hold by Freedom Capital Markets
Workday Cut to Market Perform From Market Outperform by Citizens
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
February 19, 2026 06:01 ET (11:01 GMT)
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