U.S. stock markets opened with mixed to softer sentiment early Thursday as investors digested recent earnings and the Federal Reserve’s January meeting minutes released Wednesday. Futures on the Dow, S&P 500, and Nasdaq were slightly down as weakness in some big-cap tech names offset gains elsewhere. Oil prices climbed, while Treasury yields ticked higher as markets weighed economic signals.

• S&P 500 and Nasdaq futures slipped modestly following a three-day winning streak.
• Gold and Bitcoin remained relatively steady amid broader risk-off sentiment.
• Jobless claims came in lower than expected, signaling ongoing strength in the labor market.

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🏛️ Fed Minutes Reaction (From Yesterday)

The January Federal Open Market Committee (FOMC) minutes revealed a divided Fed, with many policymakers favoring a pause on future rate cuts while a smaller faction kept open the possibility of tightening if inflation re-accelerates. This split stance added to market caution, particularly around interest-rate-sensitive sectors like tech and consumer discretionary. Yields climbed slightly in response to the minutes, reinforcing the idea that the Fed may remain data-dependent rather than easing rates again soon.

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📈 Earnings Movers – Feb. 19, 2026

🔹 Carvana (CVNA)

• Shares down sharply after reporting Q4 profit metrics that fell short of expectations, with adjusted EBITDA missing consensus and higher costs pressuring margins.
• Carvana’s stock was among the weaker premarket performers after earnings.

🔹 DoorDash (DASH)

• Stronger guidance lifted shares, with DoorDash forecasting higher gross order value for Q1 despite reporting mixed Q4 results. Investors focused on growth prospects rather than the earnings miss.
• The stock rallied significantly in premarket and extended trading.

🔹 Figma (FIG)

• Solid earnings and guidance propelled Figma higher, with the company beating expectations and estimating continued strong sales growth for 2026.

🔹 eBay (EBAY)

• eBay reported better-than-expected earnings and revenue, plus strategic moves like a dividend hike and stock buyback, lifting shares.
• The marketplace also agreed to acquire Depop from Etsy, which boosted sentiment.

🔹 Etsy (ETSY)

• Etsy surged as news of the Depop sale and solid Q4 results invigorated investors, with the stock seeing double-digit gains premarket.

🔹 Lemonade (LMND)

• Lemonade results also impressed, with shares up strongly on earnings that beat estimates — aiding a broader consumer-tech rebound. (From today’s stock movers reports)

🔹 Deere & Company (DE)

• Deere posted better-than-expected results and raised its outlook, helping the heavy-equipment maker’s stock climb in premarket trade.

🔹 Walmart (WMT)

• Walmart beat Q4 earnings and revenue slightly, but its full-year outlook was softer than analysts hoped, weighing on the stock.
• The retailer also raised its dividend, though caution around consumer spending kept investor interest measured.

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📌 What Investors Are Watching Next

• Economic data releases Friday including GDP and core inflation figures will influence rate expectations.
• Walmart’s earnings call comments are expected to shed light on consumer demand trends.
• Ongoing geopolitical factors and commodities prices could continue to affect market rotation and sector leadership.