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

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February 19, 2026 06:01 ET (11:01 GMT)

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