Nasdaq-100 and S&P 500 Futures Finished Lower for a Second Week. 2/13/26

Why It Matters

Yield declines and a softening dollar reshape valuation dynamics, while upcoming Fed minutes and a packed earnings season could trigger decisive market moves for investors.

Key Takeaways

• Treasury yields fell sharply across 5‑ to 30‑year maturities.
• 10‑year yield hit lowest level since Oct 2024 overall.
• US dollar posted weakest weekly close since early 2022.
• Nasdaq‑100 and S&P 500 logged second consecutive weekly decline.
• Earnings season continues with 275 billion‑dollar‑cap companies reporting.

Summary

The market focus this week centers on U.S. Treasury yields, which have slumped across the curve—from the 5‑year to the 30‑year—dragging the 10‑year rate to its lowest point since October 28, 2024. The yield plunge helped the dollar close its weakest week since early 2022, adding pressure to equity valuations.

All four major U.S. indexes ended the prior week in the red, marking a second straight weekly decline for both the Nasdaq‑100 and the S&P 500. Meanwhile, precious metals showed modest gains—gold and silver edged higher—while industrial commodities such as copper and crude oil fell.

Investors will be parsing the upcoming FOMC minutes for any hint of flexibility in the Fed’s rate trajectory, a factor that could quickly shift sentiment. The earnings calendar remains busy, with 275 companies boasting market caps above $1 billion slated to report, including heavyweights like Walmart, Carvana, DoorDash, and Analog Devices.

If the minutes signal a softer stance on interest rates, equities could rebound, but a continued sell‑off in yields may sustain the dollar’s weakness and keep risk assets under pressure. The breadth of earnings reports will further test market resilience amid this macro backdrop.

Original Description

Equity index futures faced continued pressure as the Nasdaq-100 and S&P 500 futures finished lower for the second consecutive week. Despite the weakness in equities, Treasury yields experienced a double-digit drop from the 5-Year to the 30-Year, bringing the 10-Year yield to its lowest point since October. This yield move contributed to the U.S. Dollar reaching its lowest weekly aggregate close since early 2022. Market participants are looking ahead to a heavy economic calendar, including the release of FOMC minutes and U.S. GDP data. Earnings season continues with reports from Walmart, Deere and Company, and Palo Alto Networks.

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