20 February 2026 - Daily Market Updates

Markets Daily — Broad Market Update

Market Snapshot (as of 06:09 am ET; pricing may be delayed)

S&P 500 Futures: 6884.5 (+0.11%)
Stoxx Europe 600: 628.37 (+0.49%)
Hang Seng: 26413.35 (-1.10%)
WTI Crude (front-month): 66.06 (-0.56%)
Bitcoin: 67914.55 (+1.54%)

Global overview

US: Equity futures are steady as investors await fresh economic readings and weigh ongoing geopolitical risks.
The debate around the pace and scale of Federal Reserve easing continues, with firmer growth and resilient hiring tempering expectations for multiple cuts.
Treasury yields are little changed to slightly higher and the US dollar remains broadly firm as rate differentials support the greenback.
Europe: Stocks advanced after stronger-than-expected activity surveys pointed to improving momentum, led by a rebound in manufacturing.
While sentiment has improved, the region’s benchmark has rallied for months and aggregate valuations have crept higher, leaving performance more sensitive to earnings delivery and guidance.
Asia: Trading was mixed.
Hong Kong lagged amid weakness in select growth and technology names, while other regional markets were more balanced as investors assessed the global interest-rate path and local earnings updates.

Rates and currencies

Government bonds: Core yields are edging up as investors scale back aggressive easing timelines, with attention on incoming inflation and activity data to confirm disinflation’s durability.
Foreign exchange: The dollar is firmer on the week as markets reassess the odds of near-term rate cuts.
Cyclical currencies are range-bound; the euro is supported by improving survey data but capped by relative rate dynamics.

Commodities and digital assets

Energy: Crude prices softened as supply dynamics and demand concerns offset geopolitical risk premiums.
Refining margins and inventory trends remain in focus into month-end.
Metals: Industrial metals were mixed alongside shifting global growth signals.
Crypto: Bitcoin advanced toward the high-$60,000s, with broader digital assets steady on constructive risk sentiment.

Corporate highlights

Technology and software: Select names came under pressure after conservative outlooks raised questions about near-term growth trajectories and spending priorities.
Health care and biotech: Clinical news flow sparked notable single-name volatility, highlighting trial and regulatory risk in the sector.
Consumer and luxury: European luxury leaders outperformed following robust results from a marquee outerwear brand, underscoring resilient high-end demand.
Earnings cadence: The reporting season is past its peak; further updates from utilities, payments, and communications services companies are due, with guidance and cashflow discipline in focus.

Key themes we’re watching

Policy path: Markets are balancing solid growth and sticky services inflation against the Fed’s desire to normalize policy.
Fewer cuts priced for this year support the dollar and weigh on duration.
Profit cycle: After a strong run, equity multiples leave less room for error.
Delivery on earnings, AI-related capex payoffs, and margin resilience are crucial swing factors.
Positioning and flows: Elevated cash yields continue to anchor short-duration allocations, while any sign of durable disinflation could extend risk appetite into cyclicals and small/mid caps.
Geopolitics: Ongoing tensions in the Middle East and election-year policy noise may periodically lift volatility across energy, rates, and FX.

Today’s watch list

US: Preliminary business activity surveys, housing indicators, and regional manufacturing readings
Europe: Follow-through from PMI surprises and any guidance from central bank speakers
Commodities: Weekly inventory data and refinery utilization trends
Corporate: Updates on capex plans, AI spend, and buyback intentions as management teams refine 2026 outlooks

Risk considerations

Upside risks: Faster productivity gains tied to technology investment, positive earnings revisions, and orderly disinflation.
Downside risks: Stickier inflation prompting a slower easing path, growth disappointments in China or Europe, and escalation in geopolitical hotspots.

Disclosure

This material is provided for general information only and does not constitute investment advice or a recommendation to buy or sell any security, sector, or strategy.
Market levels are as noted above and may have changed since the time of publication.
Investors should consider their individual circumstances and risk tolerance before making investment decisions.

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