New York, Feb 19, 2026, 16:14 (EST) — Trading after the bell.
The Dow Jones Industrial Average dropped 273.79 points, or 0.55%, to finish at 49,388.87 on Thursday, with private-capital names sliding after Blue Owl Capital took steps to sell assets and halt redemptions at a fund. The S&P 500 edged down 0.28%, while the Nasdaq Composite slipped 0.31%. Apple and Nvidia put notable pressure on the major indexes. “The market is trying to grapple with what business lines are under threat,” said Keith Buchanan, senior portfolio manager at Globalt Investments. Reuters
This shift is grabbing attention, with investors on edge over two big stories: credit hazards lurking in “private” finance, plus new uncertainty about how AI’s next wave will reshape winners and losers across sectors. Throw in pricier oil, and suddenly every fresh inflation print feels like a wall traders can’t ignore.
Blue Owl plans to offload $1.4 billion in assets tied to three of its credit funds, and it’s locking the door on withdrawals for its Blue Owl Capital Corp II fund for good. Co-president Craig Packer tried to reassure analysts: “We’re not halting redemptions, we are simply changing the method,” he said, outlining a switch from tender offers to quarterly return-of-capital payouts. Shares of rivals Apollo Global, KKR, and Blackstone all felt some pressure on the news. Reuters
Oil tacked on fresh gains. Brent crude finished 1.9% higher at $71.66 a barrel, while U.S. West Texas Intermediate climbed 1.9% to $66.43—both marking six-month peaks. Traders eyed escalating U.S.-Iran tensions and potential threats to supply near the Strait of Hormuz. “The market will continue to rally in anticipation of something happening,” said Andrew Lipow, president of Lipow Oil Associates. Reuters
U.S. weekly jobless claims came in lower than anticipated, pointing to limited layoffs despite a patchy hiring backdrop. Initial claims slid by 23,000 to a seasonally adjusted 206,000 for the week ended Feb. 14. But continuing claims climbed to 1.869 million, indicating it’s taking longer for some laid-off workers to land new roles.
Uncertainty still hangs over rates. According to minutes from the Federal Reserve’s Jan. 27-28 meeting, most policymakers wanted to keep rates steady, but opinions diverged on the next steps—“several” said hikes could be back on the table if inflation lingers, while others pointed to more cuts if disinflation takes hold. “They can’t even agree on whether the current rates are restrictive or neutral,” said David Russell, global head of market strategy at TradeStation. The Fed is also starting to factor in AI’s potential effects on jobs and productivity in a more deliberate way. Reuters
The Dow found some support from earnings. Walmart posted a 4.6% gain in U.S. same-store sales and a 27% surge in online revenue, plus it rolled out a $30 billion share repurchase plan. “We see the customers being choiceful in their spending,” CEO John Furner said. Reuters
Deere shares surged after the company lifted its profit outlook for the year and highlighted rising demand for construction and small-ag equipment. The equipment giant also pointed to some tariff pressure. “These positive developments reinforce our belief that 2026 represents the bottom of the current cycle,” CEO John May said. Reuters
Off the Dow, action was fast and unforgiving. Omnicom surged after topping fourth-quarter revenue forecasts post-Interpublic deal and rolled out a $5 billion buyback. CEO John Wren said, “We’ve secured new business and extended contracts with leading brands.” Over at EPAM Systems, shares tumbled—Jefferies flagged the 2026 revenue growth guide as conservative compared to last year. Reuters
The next spark might just flip things the other way. Should inflation come in stronger, oil prices hold their ground, or jitters in private credit start leaking into broader funding markets, stocks may lose their cushion — quickly.
Friday brings the U.S. Personal Consumption Expenditures (PCE) Price Index report, set for release Feb. 20. This index, published monthly as part of the Personal Income and Outlays data, measures what Americans are actually paying for goods and services.
