By Stephen Culp

NEW YORK, Feb 18 (Reuters) - U.S. stocks chased their European counterparts higher on Wednesday, but lost some momentum as the session progressed, while ongoing geopolitical strife helped prompt a rebound in crude and gold prices.

Reports that European Central Bank President Christine Lagarde would leave her post early, and the minutes from the Federal Reserve's most recent policy meeting kept central banks on center stage.

I will go into more detail on today's market moves below. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.
I'd love to hear from you, so please reach out to me with comments at stephen.culp@thomsonreuters.com.
 
  Today's Key Market Moves 

• STOCKS: Madison Square Garden Sports MSGS.N surged to record highs on potential Knicks spin-off, Garmin GRMN.N and MGM Resorts MGM.N were among the top performers, all "magnificent seven" stocks gained, with Amazon.com AMZN.O leading the pack
• SECTORS/SHARES: Energy .SPNY, consumer discretionary .SPLRCD, tech .SPLRCT and transports .DJT all outperformed the broader market
• FX: Euro weakens over report of Lagarde's departure from the ECB, dollar gains against a basket of world currencies
• BONDS: U.S. Treasury yields gain after solid data suggests Fed will stand pat on rates, for now
• COMMODITIES/METALS: Simmering geopolitical tensions sent crude prices surging on supply concerns, gold rising on renewed safe-haven demand

Today's Key Reads

1. Meta Platforms CEO Zuckerberg faced questioning over the effects of Instagram on the mental health of young users
2. Satellite images show Iran repairing and fortifying sensitive military sites amid mounting U.S.-Iran tensions
3. Artificial Intelligence boom still fueling U.S. business investment in equipment; housing market still weak
4. Germany will pursue "strategic partnership" with China in response to U.S. tariffs
5. The Vatican has announced that it will not participate in U.S. President Donald Trump's "Board of Peace," adding that efforts to handle crisis situations should be managed by the United Nations

Today's Talking Points * Christine Lagarde intends to step down as ECB president The Financial Times reported Lagarde would leave her post prior to next year's French election in order to give French leader Emmanuel Macron a say in picking her successor. News of Lagarde's possible early departure prompted speculation regarding her potential successor. * U.S.-mediated peace talks between Russia and Ukraine end abruptly After two days of negotiations, talks ground to a stop. Ukrainian President Volodymyr Zelenskiy called the talks "difficult" and accused Russia of deliberately delaying progress toward a deal to end the war. * U.S. business spending ended 2025 on a strong note New orders for U.S.-manufactured core capital goods - which exclude aircraft and defense items, and are considered a barometer of U.S. corporate capex plans - increased more than expected in December and shipments of these products surged, pointing to solid business spending and economic growth in the fourth quarter. * Fed minutes reveal policymakers divided on the central bank's next move

      Minutes from the Fed's most recent monetary policy meeting revealed officials were in near-unanimous agreement to hold interest rates steady, but remained split over their next move.     
 

       What could move markets tomorrow?
    

• U.S. international trade balance (December)
• U.S. jobless claims (last week)
• U.S. pending home sales (January)
• Euro zone consumer confidence (February)
• Euro zone construction output (December)
• Canada trade balance (December)
• A spate of U.S. Federal Reserve officials are due to speak, including Atlanta Fed President Raphael Bostic, Fed Vice Chair for Supervision Michelle Bowman, Minneapolis Fed President Neel Kashkari, and Chicago Fed President Austan Goolsbee

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

(By Stephen Culp; Editing by Deepa Babington)

((stephen.culp@thomsonreuters.com))