US Stock Pre-Market Report - February 17, 2026

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Pre‑market overview for U.S. investors, Tuesday, February 17, 2026.

Pre‑Market Performance

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• U.S. index futures\n
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  • Nasdaq‑100 futures: 24,583.3 (−0.89%, −220 pts)
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  • S&P 500 futures: 6,819.3 (−0.46%, −31.25 pts)
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  • Dow Jones futures: 49,442 (−0.26%, −127 pts)
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• Europe\n
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  • FTSE 100: 10,494.47 (+0.20%; day range 10,472.66–10,528.24)
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  • CAC 40: 8,308.05 (−0.10%)
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  • DAX: 24,780.31 (−0.08%)
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• Commodities & FX\n
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  • Brent crude ~\$67.7/bbl; WTI ~\$62.9/bbl, steady as markets watch U.S.–Iran talks and OPEC+ supply signals. timesofindia.indiatimes.com
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  • Gold ~\$4,930/oz (−~2%), slipping below \$5,000 amid thin Lunar New Year liquidity and a firmer dollar. marketwatch.com
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  • ICE U.S. Dollar Index ~97.15 (+0.2%). marketwatch.com
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Macroeconomic Policy and Data

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• Inflation: January CPI rose 2.4% y/y (consensus 2.5%; prior 2.7%). Core CPI eased to 2.5% y/y, the lowest since March 2021. Two‑year Treasury yields dipped on the print (≈3.42%). Markets lean toward mid‑year rate‑cut risks if disinflation persists. ft.com
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• Labor market: January nonfarm payrolls +130,000; unemployment rate 4.3%. Healthcare and construction led gains; 2025 payrolls were revised lower, complicating the growth picture. apnews.com
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• Fed policy: The FOMC (Jan 27–28) held the target range at 3.50%–3.75%, with two dissents favoring a 25 bp cut. Statement tone acknowledged cooling inflation while remaining cautious on the path of easing. ey.com
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• Upcoming releases\n
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  • BEA: Q4 2025 GDP (advance) and December 2025 Personal Income & Outlays due Thursday, February 20 (post‑shutdown rescheduling). bea.gov
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  • BLS: January 2026 PPI scheduled for Friday, February 27, 8:30 a.m. ET. bls.gov
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• Market take: Softer CPI alongside a still‑resilient labor market keeps the Fed in “watchful pause” mode; near‑term risk assets are sensitive to growth‑vs‑disinflation trade‑offs, while oil/gold swings and dollar firmness add cross‑currents. ft.com
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Hot News

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• U.S.–Iran talks resume in Geneva: Indirect nuclear negotiations restart amid a heavy U.S. military presence; Iran staged drills that briefly disrupted traffic near the Strait of Hormuz, a key oil chokepoint. Energy and defense sentiment remain headline‑driven. apnews.com
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• OPEC+ keeps output increases on pause through Q1: The group maintained a first‑quarter pause and launched a 2026 capacity‑assessment process for 2027 baselines—tempering supply risks but capping upside in crude. investing.com
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• Yield curve steepening: The U.S. curve reached its steepest level since early 2022, reflecting supply dynamics and shifting rate expectations—supportive for banks but a watchpoint for valuation headwinds elsewhere. barrons.com
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U.S. Stock Focus

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• Danaher and Masimo — Danaher nears a roughly \$10 billion acquisition of Masimo; press reports point to a potential ~\$180/share cash deal, sending Masimo sharply higher pre‑market while Danaher eases on deal math. ft.com
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• Warner Bros. Discovery, Paramount Skydance, Netflix — WBD set a March 20 vote on its Netflix merger and received a seven‑day waiver to let Paramount Skydance submit a “best and final” rival bid; WBD keeps recommending the Netflix deal for now. prnewswire.com
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• Norwegian Cruise Line — Activist Elliott built a stake exceeding 10%, with potential governance and strategic changes flagged; shares pop on the prospect of an operational turnaround. investing.com
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• Medtronic — FQ3 EPS \$1.36 on revenue ~\$9.0B beat estimates, but FY guidance held (\$5.62–\$5.66) and tariff headwinds weighed on sentiment; stock trades lower pre‑market. investing.com
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• Amazon — Shares recently logged their longest losing streak since 2006 as investors debate a ~\$200B 2026 capex plan tied to AI and data‑center buildouts, raising near‑term FCF concerns. finance.yahoo.com
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• Cisco — Despite a revenue/EPS beat and robust AI‑infrastructure orders (~\$2.1B), shares slid on guidance and margin pressure from higher memory costs; investors focus on trajectory of gross margins. investor.cisco.com
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• Newmont — Gold’s pullback below \$5,000/oz pressures miners; Newmont trades lower alongside bullion as haven demand cools on diplomatic headlines. marketwatch.com
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• Alphabet (Google) — The company is pursuing a rare 100‑year sterling bond after a \$20B U.S. issue and flagged 2026 capex of \$175–\$185B to fund AI infrastructure, stoking debate over return timelines. investors.com
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• Apple and YouTube — YouTube is launching an official visionOS app for Apple Vision Pro, expanding premium video formats (3D/360/VR180) and strengthening Apple’s spatial media ecosystem. theverge.com
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Notes and Market Context

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• Equity futures softness reflects a rotation out of mega‑cap tech amid scrutiny of AI capex intensity, while macro prints (CPI) and compressed data timing steer rate‑cut expectations into mid‑year. ft.com
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• Energy and precious metals remain headline‑sensitive to Middle East diplomacy and OPEC+ signaling; a firmer dollar and holiday‑light liquidity amplify intraday swings. apnews.com
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