New York, Feb 19, 2026, 07:21 EST
- U.S. stock index futures slipped before the bell, as pressure resurfaced on AI-linked megacaps.
- Walmart reports before the bell—investors watching closely for a read on consumer demand and what it might mean for retail stock valuations.
- Investors are sifting through Fed minutes, with central bank speeches on deck and fresh inflation data looming.
Stock index futures in the U.S. slipped early Thursday, putting the brakes on a three-session climb for the S&P 500. Investors appeared cautious, eyeing fresh jitters about artificial intelligence-related spending and holding off ahead of Walmart’s latest earnings report. Reuters
The shaky start matters—this rally’s been riding on a handful of tech behemoths, and investors want evidence that hefty AI bets actually translate into lasting profit gains. Walmart’s results arrive just as new Federal Reserve signals drop, a pairing that could jolt both rate bets and consumer stocks.
Futures, which track an index before regular trading kicks in, can set the early mood. Plenty for traders to react to this day—a packed U.S. schedule of economic data and a roster of “Fedspeak,” those policy remarks that can flip market sentiment fast. Seekingalpha
As of 5:03 a.m. ET, Dow E-minis had dropped 123 points, or 0.25%. The S&P 500 E-minis were off 16.25 points, down 0.24%. Nasdaq 100 E-minis lost 80.25 points, a decline of 0.3%.
Walmart shares slipped 0.9% in premarket action as investors waited for results set to land before the bell. Analysts are eyeing the retailer for signals on consumer spending. The company enters earnings season under new chief executive John Furner.
Evercore ISI’s Greg Melich pointed out, “Historically management tends to be conservative” in its initial annual outlook. Still, with the stock trading close to all-time highs, he says investors are expecting a lot.
Apple, Nvidia, and Meta slipped early, taking the edge off megacaps and growth stocks that fueled Wednesday’s bounce. On the previous day, major indexes had closed up, helped by Nvidia, Amazon, and other techs clawing back from the most recent AI-driven drop.
The nerves aren’t just about a single earnings print. Investors are weighing if the AI buildout is racing too far ahead of actual demand, and a few have begun factoring in disruption risks across entire sectors as these tools get better.
Beyond the tech giants, shares of DoorDash surged as the company projected first-quarter marketplace gross order value ahead of what Wall Street had penciled in. “The convenience proposition is resonating strongly,” eMarketer analyst Rachel Wolff said, noting that demand remains solid despite stubbornly high living costs.
EBay shares moved higher following a positive first-quarter revenue forecast, coupled with news it will acquire Depop—a fashion resale platform—from Etsy for roughly $1.2 billion in cash. Etsy also saw its stock rise, with investors shrugging off the Depop divestiture to zero in on a renewed emphasis on Etsy’s main marketplace.
Carvana shares fell as the company missed fourth-quarter profit estimates. Higher costs weighed on results—a sign that margin pressure hasn’t let up, despite steady consumer spending.
The Fed’s Wednesday minutes revealed that while officials were nearly united in leaving rates unchanged at their most recent meeting, there’s no clear consensus on the path forward. “The bias will be toward keeping interest rates on hold,” Oxford Economics lead U.S. economist Bernard Yaros wrote, pointing to a split within the committee.
Chicago Fed President Austan Goolsbee, Vice Chair for Supervision Michelle Bowman, and at least two other Fed officials are set to give remarks later Thursday. Investors are also watching for the latest weekly jobless claims, with Friday’s release of the personal consumption expenditures price index (PCE)—the inflation measure favored by the Fed—up next.
Still, that balance could tip quickly. A wary forecast from Walmart, tough talk out of the Fed, or a surprise jump in Friday’s PCE would be enough to jolt volatility—particularly while some assets keep betting on an easy drop in rates.
