S&P 500 – 6,836.17 (+0.050%)

Dow Jones – 49,500.93 (+0.099%)

NASDAQ – 22,546.67 (-0.22%)

• MARKET SUMMARY: U.S. equities finished Friday essentially flat after a largely in-line January CPI report, with the NASDAQ closing at 22,546.67 (-0.22%). U.S. stock and bond markets are closed Monday, Feb. 16, for Presidents' Day. Treasury yields fell on continued signs of disinflation, with the 10-year yield dropping to 4.05%, the lowest since last autumn. Overseas, Asian markets ended lower, while European equities traded modestly down.
• INFLATION UPDATE: The Consumer Price Index rose 2.4% in January year-over-year, signaling a slowdown in inflation, while core CPI increased 2.5%, marking the lowest annual core reading since 2021. Despite easing overall, households continue to feel pressure from rising costs, especially in food and housing.
• GOLD & COMMODITIES: Gold recovered above $5,000/oz and silver stabilized, with both ending the week higher despite earlier losses. Bitcoin rallied on Friday but remained down over the week after a volatile stretch.
• TECH & GROWTH STOCKS: Growth sectors, especially technology, lagged, with software under particular pressure. The S&P 500 software and services group is down roughly 20% amid concerns that AI advancements could impact established firms’ market share.
• CORPORATE MOVERS:
  • Airbnb (ABNB): Up after revenue topped expectations and forward guidance beat estimates.
  • Arista Networks (ANET): Surged on strong Q4 revenue and gross margins; analysts lifted price targets.
  • DraftKings (DKNG): Fell despite beating earnings; full-year guidance disappointed.
  • Roku (ROKU): Jumped after upgrade to Buy from Neutral, supported by strong Q4 results.
  • Applied Materials (AMAT): Gained on earnings and revenue beats; multiple analyst upgrades.
  • Coinbase (COIN): Advanced on strong trading volumes and subscription growth.
  • Expedia (EXPE): Slipped amid AI-driven competition concerns despite strong earnings.
  • Rivian (RIVN): Soared after reporting narrower Q4 loss and projecting 47–59% delivery growth for 2026.
  • Baxter International (BAX): Dropped after missing earnings and issuing weak guidance.
  • Nucor (NUE) & Cleveland-Cliffs (CLF): Declined on reports Trump may roll back steel and aluminum tariffs.
  • Pinterest (PINS): Tumbled after disappointing earnings and guidance.
  • “Magnificent Seven” tech stocks: All fell Thursday; Amazon declined for eight straight sessions.
  • Apple (AAPL): Slid 5% after FTC investigation announcement and Bloomberg report of Siri upgrade delays.
• HOMEBUILDERS: Shares moved higher as Treasury yields declined, providing relief to rate-sensitive sectors.
• LOOKING AHEAD: Investors have more corporate earnings to look forward to this week, which could guide markets after a mixed performance last week.

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“The four most dangerous words in investing are: ‘This time it’s different.’”
— John Templeton

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Notable Stocks

• Alphabet (GOOGL)
• Nvidia (NVDA)
• Roku (ROKU)
• Coinbase (COIN)
• Pinterest (PINS)

Weekly Notables

CPI Shows Inflation Slowed To 2.4% In January

Inflation eased more than expected in January, with the Consumer Price Index (CPI) rising 2.4% from a year earlier — a sign that price pressures across the U.S. continue to moderate. Economists surveyed by FactSet had projected a 2.5% annual increase. January’s reading marks the slowest pace of inflation since May 2025 and represents a step down from December’s 2.7% rate.

Trump Says He’ll Issue Executive Order to Push Voter-ID Rules Before Midterms

President Donald Trump said Friday that he plans to issue an executive order “shortly” outlining what he described as the legal basis for implementing national voter-identification requirements ahead of the 2026 midterm elections. In posts on Truth Social, Trump reiterated his support for a nationwide voter-ID mandate and restrictions on noncitizen voting. He argued that, if Congress does not pass such legislation, he will move forward through executive action.

Earnings Spotlight: DoorDash, Inc. (DASH)

DoorDash ended Friday at $160.34, slipping another 0.5%. That followed Thursday’s 8.2% plunge. With U.S. markets closed Monday for Presidents Day, DoorDash will post its results on Feb. 18. DASH investors are once again keeping an eye on the grocery delivery battle, along with what the company plans to spend in 2026.

What's Ahead

Economic:

• Monday (2/16): no reports
• Tuesday (2/17): Empire State Manufacturing
• Wednesday (2/18): Building Permits, Capacity Utilization, Export Prices ex-ag, Housing Starts, Import Prices, Industrial Production, MBA Mortgage Applications Index, Net Long-Term TIC Flow
• Thursday (2/19): Continuing Claims, EIA Crude Oil Inventories, EIA Natural Gas Inventories, Initial Claims, Pending Home Sales, Philadelphia Fed Index
• Friday (2/20): Chain Deflator, Q4 GDP – Advanced, PCE Prices, Personal Income, Personal Spending, University of Michigan Consumer Sentiment - Final
  

Earnings:

• Monday (2/16): Omnicom Group Inc. (OMC), Otter Tail Corp. (OTTR), Renew Energy Global PLC (RNW), Sonoco Products Co. (SON)
• Tuesday (2/17): Amrize AG (AMRZ), Cadence Design Systems Inc. (CDNS), Constellation Energy Corp. (CEG), Energy Transfer LP (ET), EQT Corp. (EQT), FirstEnergy Corp. (FE), Medtronic PLC (MDT), Palo Alto Networks Inc. (PANW), Vulcan Materials Co. (VMC)
• Wednesday (2/18): Analog Devices Inc. (ADI), Booking Holdings Inc. (BKNG), Carvana Co. (CVNA), Clean Harbors (CLH), CRH PLC (CRH), DoorDash Inc. (DASH), eBay Inc. (EBAY), Garmin Ltd. (GRMN), Global Payments Inc. (GPN), Insulet Corp. (PODD), Moody's Corp. (MCO), Occidental Petroleum (OXY), Verisk Analytics Inc. (VRSK)
• Thursday (2/19): Alliant Energy Corp. (LNT), Cenovus Energy Inc. (CVE), CenterPoint Energy Inc. (CNP), Comfort Systems Inc. (FIX), Copart Inc. (CPRT), Deere & Co. (DE), Extra Space Storage Inc. (EXR), Gold Fields Ltd. (GFI), Live Nation Entertainment Inc. (LYV), Newmont Corporation (NEM), Quanta Services Inc. (PWR), Southern Co. (SO), Targa Resources Corp. (TRGP), Walmart Inc. (WMT)
• Friday (2/20): Anglogold Ashanti PLC (AU), Balchem Corp. (BCPC), Hudbay Minerals Inc. (HBM), Lamar Advertising Co. (LAMR), PPL Corp. (PPL), Sibanya Stillwater Ltd. (SBSW), Vipshop Holdings Ltd. (VIPS)