Stocks Slide as Traders Assess Walmart Earnings, Potential Iran Conflict: Live Updates

Why It Matters

Walmart’s results will signal consumer spending trends that influence the broader market, while rising oil prices and geopolitical tension add volatility to energy and inflation outlooks.

Key Takeaways

• Futures near flat after prior session gains.
• Walmart earnings viewed as U.S. consumer bellwether.
• Oil spikes over 4% amid Iran nuclear tension.
• Tech stocks rally, but AI overvaluation concerns persist.
• After‑hours moves: DoorDash, Figma, Etsy post earnings surprises.

Pulse Analysis

Walmart’s fourth‑quarter earnings, due Thursday, are more than a corporate report; they act as a proxy for U.S. consumer confidence and discretionary spending. Analysts will dissect same‑store sales, online growth, and margin trends to gauge whether the retailer’s recent 13% share price rally is sustainable. A strong top line could reinforce optimism about the post‑pandemic recovery, while a miss may trigger a broader pullback in cyclical stocks that have been leading the market this year.

At the same time, geopolitical developments involving Iran have pushed crude oil above the $90‑per‑barrel mark, lifting energy equities and raising inflation concerns. Vice President JD Vance’s remarks about potential U.S. military action underscored the fragility of diplomatic progress, prompting investors to reassess risk premiums across commodities and emerging‑market exposure. The oil surge also feeds into the Federal Reserve’s inflation monitoring, especially as the upcoming personal consumption expenditures index will be scrutinized for signs of price pressure.

Tech stocks continue to dominate headlines, yet the sector faces a paradox of strong earnings and lingering AI‑driven valuation worries. While Nvidia and Amazon posted gains, investors like David Einhorn are steering clear of AI‑centric names, favoring more defensive positions. After‑hours results from DoorDash, Figma and Etsy illustrate the mixed narrative: revenue growth can coexist with earnings misses, highlighting the importance of nuanced analysis beyond headline numbers. This blend of consumer, energy and technology dynamics sets the tone for market direction in the coming week.

Stocks slide as traders assess Walmart earnings, potential Iran conflict: Live updates

By Pia Singh · Updated Wed, Feb 18 2026 7:25 PM EST

Stock futures traded near the flatline Wednesday night after the major averages posted a winning session. Investors also looked ahead to quarterly results from retail giant Walmart, due in the morning.

Futures tied to the Dow Jones Industrial Average lost 43 points, or 0.09%. S&P 500 futures slipped 0.09%, while Nasdaq 100 futures dropped 0.1%.

In the regular session, the S&P 500 closed higher by nearly 0.6%, while the Nasdaq Composite added 0.8%. The 30‑stock Dow gained 129 points, or about 0.3%.

The indexes were buoyed by gains across the “Magnificent Seven” technology stocks and strength in financials and energy names. Nvidia added 1.6%, while Amazon rose 1.8%.

“A rebound in mega‑cap stocks, along with a pause in the rotation and broadening theme that has defined market performance this year, would not be surprising in the weeks ahead,” said Edward Jones senior global investment strategist Angelo Kourkafas.

“Selling has been broad and indiscriminate, and in some cases, valuations may already reflect a substantial degree of disruption risk relative to current fundamentals,” he added.

Kourkafas noted that even as pessimism in the tech sector has likely become overstated, the prospect of the group “regaining sustainable leadership remains doubtful” as the macroeconomic environment continues to favor cyclical stocks.

Geopolitical volatility on Wednesday pushed oil prices up more than 4% after Vice President JD Vance said Iran did not address core U.S. demands in nuclear talks this week. He added that former President Donald Trump maintains the right to use military force if diplomatic efforts do not stop Iran’s nuclear program.

Elsewhere, investors weighed minutes from the Federal Reserve’s January meeting, which reflected a divide among central‑bank officials on the future outlook for monetary policy.

On the earnings front, Walmart’s fourth‑quarter report is due on Thursday morning. The company’s results are often viewed as a bellwether for the U.S. economy and consumer spending. Shares of Walmart have been on a tear in 2026, up more than 13%. The retailer’s market capitalization recently put it in the $1 trillion club, meaning the stock’s reaction could set the tone for the major averages.

Traders will also be watching weekly jobless claims data due Thursday, as well as the pending home‑sales report. The major economic release this week will be Friday’s personal consumption expenditures price index, a preferred inflation gauge for the Fed.

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Investor David Einhorn shuns AI in favor of a unique mix of companies

Greenlight Capital’s David Einhorn has been vocal about his concerns around artificial intelligence driving overvaluation in the stock market. His fund’s latest moves reflect those views.

Einhorn spent tens of millions of dollars buying shares of Graphic Packaging, Capri Holdings and healthcare stocks in the fourth quarter of 2025, avoiding big‑tech names and clear beneficiaries of AI investment, regulatory filings show. The hedge‑fund manager also established a position in software‑payments stock Global Payments, suggesting he views it as safe from AI’s technological disruption.

— Alex Harring

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Carvana, Etsy, DoorDash among stocks moving in after‑hours trading

• DoorDash – The food‑delivery company’s stock jumped about 10%, reversing an earlier decline. Total orders increased 32% in the fourth quarter from the year‑ago period, and revenue was up 38%. However, fourth‑quarter results on the top and bottom line missed estimates.

• Figma – Shares jumped 16% after the company’s fourth‑quarter results and guidance blew past expectations. Adjusted earnings were 8 cents per share on $303.8 million in revenue, versus analysts’ expectations of 7 cents on $293.15 million. Revenue grew 40% year‑over‑year.

• Etsy – Shares rose nearly 16% after the e‑commerce company agreed to sell Depop, a consumer‑to‑consumer fashion marketplace, to eBay for $1.2 billion in cash, subject to certain price adjustments. eBay stock rose more than 6%.

— Pia Singh

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U.S. stock futures open little changed

Shortly after 6 p.m. ET on Wednesday, futures tied to the S&P 500 and Nasdaq‑100 each gained less than 0.1%, while futures tied to the Dow Jones Industrial Average added 11 points, or less than 0.1%.

— Pia Singh