Major indices are currently all are mostly near session lows, aside from the Russell 2000 which is moving near the highs of the day. 

Four sectors are moving higher in today’s session, with Energy (XLE) in the lead as oil prices continue to get a boost from tensions in the Middle East. The sector is also benefiting from a favorable earnings reaction on Occidental Petroleum (OXY). The runner up is Utilities (XLU), which got a boost from positive earning reactions from Sourthern Company (SO) and Edison International (EIX).

On the other hand, Financials (XLF) are the laggard, with private equity and private credit names contributing to the decline. This comes as Blue Owl Capital (OWL) announced it will permanently restrict redemptions for one of its debt funds.

Economic Data

The Philadelphia Manufacturing Index rose to 16.3 in February from 12.6 in January and came in above expectations of 8.5.

Notable Points:

• New orders fell to 11.7 from 14.4
• Shipments lost 9 points to 0.3
• Employment declined from 9.7 to -1.3
• Prices paid fell to 38.9 from 46.9
• Prices received moved down 11 points to 16.7
• Future activity rose to 42.8 from 25.5

Conference Board’s Leading Economic Index declined 0.2% M/M in December following a 0.3% decline in the prior month and missing estimates of no change.

Consumer expectations, new orders, and average weekly hours were the largest contributors to the decline, partially offset by building permits and financial components.

Pending home sales fell 0.8% M/M in January from a 7.4% decline in December, missing forecasts of a 1.3% increase. Regionally, the Northeast and South saw declines, while the Midwest and West saw increases.

Continuing jobless claims for the week ending on February 7^th rose to 1.869M from 1.852M in the prior week and coming in above estimates of 1.860M.

Additionally, initial jobless claims for the 2^nd week of February fell by 23K from the prior week to 206K, below expectations of 225K.

Comments

Given the weather and the political activities, housing and jobless rates are not too surprising, plus consumer spending does not really match consumer sentiment, MSM spin has a very profound affect! Tom Sanders on 2/19/2026 2:09:04 PM

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