MARKET WRAPS

STOCKS: Stock indexes finished mixed in the wake of muted inflation data, stabilizing after the previous session's AI-driven selloff.

TREASURYS: Treasury yields declined following softer-than-expected U.S. consumer price index gains and ahead of a shortened week featuring the Fed's preferred inflation gauge.

FOREX: The U.S. dollar rose slightly against rivals, recouping losses in the wake of the inflation data.

COMMODITIES: Crude oil futures settled higher, but still finished the week losing ground.

HEADLINES

Inflation Slowed to 2.4% in January, Helped by Lower Gasoline Prices

Annual inflation slowed in January, falling more than economists expected, helped by declining prices for gasoline and used vehicles.

Cooler price increases overall are positive news for the economy, easing concerns that the Trump administration's steep tariffs will lead to broader ongoing inflation. Yet price increases in January for items like computers and washing machines suggest inflation is continuing to weigh on Americans exhausted by price hikes.

Consumer prices rose 2.4% in January from a year earlier, cooler than 2.7% in December and below the 2.5% economists surveyed by The Wall Street Journal had expected. Core prices, which exclude volatile food and energy items, rose 2.5% from a year earlier, in line with expectations.

Anthropic Adds New Board Member as It Eyes IPO

Former Microsoft and General Motors executive Chris Liddell, who helped take the automaker public, has joined Anthropic's board of directors, the company said.

The appointment adds a board member with experience steering a large company through a public listing as Anthropic eyes a potential IPO. The developer of the Claude chatbot and a key rival to OpenAI has told financial partners that it is open to the possibility of listing by the end of this year.

Liddell served as deputy chief of staff for policy coordination during President Trump's first term. At the time, he was a close ally of Jared Kushner, Trump's son-in-law, who selected Liddell to work in the Office of American Innovation at the outset of the Trump administration, The Wall Street Journal previously reported.

Detroit Automakers Take $50 Billion Hit as EV Bubble Bursts

U.S. automakers have been pumping the brakes on their electric-vehicle businesses for months, and the costs are piling up.

Following years of investments into EV technology, the Detroit Big Three-General Motors, Ford Motor and Jeep-maker Stellantis have announced more than $50 billion in combined write-downs.

EV sales fell more than 30% in the fourth quarter, after a $7,500 federal tax credit that had juiced U.S. sales expired in September. Demand cratered for the highest-profile EVs, from Tesla's Cybertruck to Ford's much hyped electric pickup. Automakers expect demand to remain muted this year.

Trump's Climate Rollback Draws Broad Backlash and Some Support

The Trump administration repealed a landmark climate finding on Thursday in a move critics say is likely to endanger public health, but which has been welcomed by the automotive industry.

The Environmental Protection Agency rescinded the Obama-era Endangerment Finding, which classifies six greenhouse gases as a threat to public health anffd welfare. Repealing the finding will end rules that require companies to report and measure emissions for vehicles, and cut credit provisions and reporting obligations for other industries.

"It didn't just regulate emissions, it regulated and targeted the American dream," EPA chief Lee Zeldin said Thursday. Zeldin said manufacturers will "no longer be burdened" by measuring and reporting on emissions, and won't have to transition to electric vehicles. There will be "no more climate participation trophies," he said.

Moderna Reiterates 10% Revenue-Growth Target as Covid Vaccine Demand Falls

Moderna reported falling fourth-quarter sales as Covid-19 vaccine demand continued to drop, but continues to target 10% revenue growth in 2026 following the launch of its next-generation Covid vaccine.

The pharmaceutical company on Friday recorded a loss of $826 million, or $2.11 a share for the quarter, compared with a loss of $1.12 billion, or $2.91 a share, a year earlier.

Analysts surveyed by FactSet were expecting a loss of $2.54 a share.

Wendy's Sales Dented by Persistent U.S. Struggles

Wendy's had a drop in same-restaurant sales in the fourth quarter as weakness in its U.S. business persisted.

Same-restaurant sales fell 10.1%, compared with the 8.5% decline that analysts had expected. This drop was mostly driven by the U.S., where same-restaurant sales fell 11.3%, while they were down 2% internationally.

"Our fourth-quarter performance was in line with our expectations, reflecting the challenges we anticipated," interim Chief Executive Ken Cook said.

Advance Auto Swings to a Profit Amid Store Closures

Advance Auto Parts swung to a profit but had a decline in revenue during its fourth quarter, as the company continued to close stores as part of its earlier restructuring plan.

The car-part seller on Friday posted a profit of $6 million, or 10 cents a share, compared with a loss of $415 million, or $6.92 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 86 cents, ahead of the 41 cents anticipated by analysts, according to FactSet.

Goldman Sachs's Top Lawyer to Step Down Following Latest Epstein Documents

Goldman Sachs general counsel Kathryn Ruemmler will step down after the Jeffrey Epstein files showed she had remained a close ally of the convicted sex offender through his 2019 arrest.

Goldman said Ruemmler, 54 years old, would resign as of June 30.

Ruemmler had risen to the top ranks of Wall Street and become a key adviser to Goldman Chief Executive David Solomon after a storied legal career. As a prosecutor, she helped try Enron executives. She was picked as White House counsel by former President Barack Obama and was once considered a candidate to be U.S. attorney general.

TALKING POINT The Big Scary Myth Stalking the Stock Market

Are you worried that investing in today's technology-focused stock market is dangerous?

Imagine a time machine, like Doc Brown's DeLorean in "Back to the Future, " that could transport us to the best possible times in history to invest. I don't know about you, but I would set the destination circuits to June 1, 1932. On that date, the S&P 500 had fallen 86.2% from its peak price in 1929.

That way, I could earn some of the highest annualized long-term total returns ever recorded: roughly 12.3%, 15.1% and 16.1% over the ensuing 10, 20 and 25 years, respectively. A 16.1% annualized return over 25 years would turn $100,000 into nearly $4.2 million.

I wouldn't thank Doc Brown's flux capacitor for my millions. Instead, I'd thank what many financial advisers and asset managers call a "dangerously overconcentrated" stock market.

You see, on June 1, 1932, 12.7% of the value of the entire U.S. stock market consisted of a single company: AT&T.

That's way more than today's biggest stock, Nvidia, which accounts for 7.8% of the market value of the S&P 500 and 6.9% of the total U.S. market.

Our time-traveling expedition is imaginary, but the numbers are real. And with stocks wobbling the past two weeks, those numbers help counteract Wall Street's latest myth: that today's market, dominated by giant tech companies, is a monster that will stomp your index funds to bits.

--Jason Zweig

Expected Major Events for Monday

00:01/UK: Feb Rightmove House Price Index

04:30/JPN: Dec Revised Industrial Production

04:30/JPN: Dec Revised Retail Sales

09:30/UK: S&P Global UK Consumer Sentiment Index

13:15/CAN: Jan Housing Starts

13:30/CAN: Dec Monthly Survey of Manufacturing

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Expected Earnings for Monday

Armada Hoffler Properties Inc (AHH) is expected to report for 4Q.

Bengal Energy Ltd (BNG.T) is expected to report for 3Q.

FRMO Corp (FRMO) is expected to report for 2Q.

Investors Title Co $(ITIC)$ is expected to report for 4Q.

Otter Tail Corp $(OTTR)$ is expected to report $1.48 for 4Q.

PAMT Corp $(PAMT)$ is expected to report for 4Q.

Sonoco Products Co (SON) is expected to report $0.65 for 4Q.

Telomir Pharmaceuticals Inc (TELO) is expected to report for 4Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

February 13, 2026 16:32 ET (21:32 GMT)

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