Opening Comment — Wednesday, February 18, 2026
DJIA: 49,533.19, up 32.26
S&P 500: 6,843.22, up 7.05
NASDAQ: 22,578.38, up 31.71
Stocks higher ahead of FOMC minutes
Stock futures are higher Wednesday morning ahead of today’s release of the Federal Reserve’s (Fed’s) minutes from the January 28 Federal Open Market Committee (FOMC) meeting. Investors will also be watching for January’s industrial production data, along with December’s durable goods orders and housing figures. As of 7:15 AM ET, the Dow is rising 0.4%, while the S&P 500 is up 0.5%. The Nasdaq 100 is increasing 0.8% relative to fair value on the GLOBEX.
U.S. equities were higher on Tuesday as the New York Fed’s Empire State Manufacturing Survey headline general business conditions index showed a smaller-than-expected decline in February. Meanwhile, the National Association of Home Builders’ Housing Market Index unexpectedly declined in February. The Dow was up 0.1%, while the tech-heavy Nasdaq Composite also rose 0.1%. The S&P 500 increased 0.1% with four of 11 sectors finishing in positive territory. The Real Estate sector was the top performer, rising 1.0%, while the Consumer Staples sector was the bottom performer, falling 1.5%.
On the data front, the Mortgage Banker Association’s gauge of mortgage applications increased by 2.8% for the week ending February 13 versus the prior week’s decrease of 0.3%. The preliminary reading of December’s durable goods orders is forecasted to show a 2.0% month-over-month (MOM) decline, compared to the prior month’s 5.3% increase. Housing starts are expected to have been an annualized 1.30 million in December corresponding to a MOM increase of 1.1%. The preliminary reading of December building permits is expected to come in at an annualized 1.40 million corresponding to a MOM increase of 0.4%. Delayed data on November housing starts and building permits will also be released. The New York Fed will release their Business Leaders Survey for February, with the headline business activity index expected to improve to negative 14.2 from the prior month’s negative 16.1. Industrial production is forecasted to have increased 0.4% MOM in January, similar to the prior month’s increase, while capacity utilization is projected to have risen to 76.5% from the prior month’s 76.3%.
Across the pond, European stocks are higher in mid-day trading following the U.K.’s headline and core Consumer Price Index (CPI) for January decelerating to 3.0% and 3.1% year-over-year (YOY), respectively. Meanwhile, the country’s January Retail Price Index came in cooler than projected, while the House Price Index for December showed an increase of 2.4% YOY. The eurozone’s finalized January CPI remained unchanged from the prior reading, declining 0.3% MOM and rising 0.3% YOY.
Overnight in Asia, stocks were higher as Japan posted a smaller-than-projected trade deficit in January following a greater-than-expected increase in exports and an unexpected decline in imports. Meanwhile, the Westpac Leading Index for Australia fell slightly in January. The country’s fourth quarter Wage Price Index rose 0.8% quarter-over-quarter and 3.4% YOY.
In FOREX trading, the U.S. dollar is slightly higher as investors await additional color from the Fed’s most recent meeting with today’s release of the minutes.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.0% higher at $63.58/barrel.
In the metals complex, gold is 0.7% higher at $4,912.38/ounce despite a strengthening U.S. dollar.