Traders work at the New York Stock Exchange on Feb. 18, 2026.
NYSE
Stock futures fell Thursday after the major averages posted a winning session. Investors also looked ahead to quarterly results from retail giant Walmart, due in the morning.
Futures tied to the Dow Jones Industrial Average lost 183 points, or 0.4%. S&P 500 futures slipped 0.3%, while Nasdaq 100 futures dropped 0.4%.
The S&P 500 on Wednesday closed higher by nearly 0.6%, while the Nasdaq Composite added 0.8%. The 30-stock Dow gained 129 points, or about 0.3%.
The indexes were buoyed by gains across the “Magnificent Seven” technology stocks and strength in financials and energy names. Nvidia added 1.6%, while Amazon rose 1.8%.
“A rebound in mega‑cap stocks, along with a pause in the rotation and broadening theme that has defined market performance this year, would not be surprising in the weeks ahead,” said Edward Jones senior global investment strategist Angelo Kourkafas.
“Selling has been broad and indiscriminate, and in some cases, valuations may already reflect a substantial degree of disruption risk relative to current fundamentals,” he added.
To be sure, Kourkafas said that even as pessimism in the tech sector has likely become overstated, the prospect of the group “regaining sustainable leadership remains doubtful” as the macroeconomic environment continues to favor cyclical stocks.
Geopolitical volatility on Wednesday pushed up oil prices by more than 4%. The move happened after Vice President JD Vance said that Iran did not address core U.S. demands in nuclear talks this week. He said that President Donald Trump maintains the right to use military force if diplomatic efforts do not stop Iran’s nuclear program.
Elsewhere, investors weighed minutes from the Federal Reserve’s January meeting, which reflected a divide among central bank officials on the future outlook for monetary policy.
On the earnings front, Walmart’s fourth-quarter report is due on Thursday morning. The company’s results are often viewed as a bellwether for the U.S. economy and consumer spending. Shares of Walmart have been on a tear in 2026, up more than 13%. The retailer’s market capitalization recently put it in the $1 trillion club, which means the stock’s reaction could set the tone for the major averages.
Traders will also be watching for weekly jobless claims data due Thursday, as well as the pending home sales report. The major event in the way of economic releases this week will be Friday’s release of the personal consumption expenditures price index, a preferred inflation gauge for the Fed.