Thursday, February 12, 2026…4:10 PM ET
[4:00 PM ET closing prices for stocks; 3:50ish for commodities and bonds.]
Stocks struggled, make that ‘tumbled,’ as concerns over technology profits spurred an industry rout following Cisco Systems Inc.’s weak margin outlook as part of its earnings report released after the close Wednesday. Cisco fell 12%.
Wall Street has been growing anxious about the outlook for the industry that has powered the bull market, but sentiment has deteriorated recently despite solid results from the megacaps, with traders dumping a broad range of tech shares. Besides all the worries over whether artificial-intelligence investments will pay off, fears about disruption have been mounting, witness the release of various “tools” by the likes of Anthropic and Altruist and the response in various sectors such as software and wealth management.
Gold and silver tumbled, the former about 3%, extending its sharp correction as a cross-asset unwind forced investors to liquidate precious metals to meet margin calls and cover losses elsewhere. The decline came even as the U.S. 10-year Treasury yield slid to its lowest level in over two months, suggesting that the move was not driven by higher rate expectations but by short-term liquidity demands and position unwinding after an extended rally.
Silver and copper dropped sharply, highlighting the breadth of the selling pressure across metals. Although markets expect Friday’s CPI data to show moderating inflation and still price in two Federal Reserve rate cuts later this year, near-term flows were dominated by deleveraging rather than policy repricing.
But despite the setback, easing yields, continued central bank purchases, and persistent geopolitical uncertainty continue to provide an underlying foundation for bullion once liquidation pressures stabilize. Silver has the industrial demand factor going for it.
Crude oil fell 2%, pressured by persistent oversupply despite the ongoing Iran risk. The International Energy Agency said global oil inventories rose at the fastest pace since 2020 last year and expects a sizable surplus in 2026 as supply exceeds demand. Rising stockpiles reinforce expectations of an oversupplied market.
Finally, it looks like we are headed to a minimal federal shutdown Friday night, but this only impacts Department of Homeland Security funding.
However, if you are flying over the Presidents’ Day holiday weekend, expect some delays as TSA agents will be working without pay, so expect more agent absences, fewer staff, lower morale and longer wait times at airport security.
Dow Jones -669…-1.3% [49451]
S&P 500 -108…-1.6% [6832]
Nasdaq -469…-2.0% [22597]
Oil (WTI) $62.85
Gold $4920
Silver $74.55
Bitcoin $65,400 [4:00 PM ET]
U.S. 2-yr. 3.46%
U.S. 10-yr. 4.10%
Japanese 10-yr. 2.22%.
Check out Week in Review tomorrow, Friday, posted around 4:30 PM ET.
Markets are closed, Monday, for the holiday. Thus, no post. At least as of now.
Drink responsibly.
🙂
Brian Trumbore
