February 18, 2026

Markets:

Stock futures were higher on Wednesday, led by tech as traders awaited the release of the minutes from the Federal Reserve’s most recent policy meeting.

Those gains were limited, however, as oil prices jumped, with investors digesting the latest details on the recent nuclear talks between the U.S. and Iran. Vice President JD Vance said Tuesday that Iran failed to address U.S. red lines in this week’s talks and that military action is still a possibility.

Nvidia shares gained 2% in the premarket on the heels of Meta announcing Tuesday that it’s going to use millions of Nvidia’s chips in its data center buildout.

Additionally, fellow “Magnificent Seven” member Amazon rose around 1% after regulatory filings showed Bill Ackman’s Pershing Square grew its stake in the e-commerce giant by 65% during the fourth quarter. That makes Amazon the fund’s third-largest holding. The move comes after the stock snapped a nine-day losing streak.

Micron Technology also saw gains after David Tepper’s Appaloosa Management increased its holdings in the chipmaker.

Wall Street is coming off a muted session, with the major averages eking out small gains. The software sector, which has already been under pressure due to fears of disruption by artificial intelligence, fell during the session.

Portfolio:

We enter the session holding CIFR, ONDS, TGB, CORZ, and SD.

Our view hasn’t changed, we likely remain in consolidation into NVDA earnings, and then expansion follows. That compression is building energy.

Encouragingly, buybacks are flowing into beaten-down names today — that’s healthy sponsorship underneath the market.

Wildcard: markets historically sell the initial war headline, then rally sharply once uncertainty is confirmed. It’s a pattern. If escalation becomes official, watch for volatility followed by opportunity. Watch oil.

Be ready today.