Wall Street Steady Despite AI Fears as Earnings Season Winds Down

Futures point to flat open as investors await key economic data and Walmart earnings.

Published on Feb. 23, 2026

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US stock futures were little changed late Wednesday, following a solid advance across the major benchmarks during the regular session. Technology megacaps helped power the rally, with renewed strength in the so-called 'Magnificent Seven' lifting sentiment. Investors also parsed minutes from the Federal Reserve's January meeting, which revealed deep divides among policymakers regarding the path forward for interest rates.

Why it matters

The stock market's performance is a key indicator of economic health and investor confidence. The mixed signals from the Fed and ongoing trade tensions with the Trump administration add uncertainty to the market outlook.

The details

Contracts tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all hovered near the flatline in late trading. Earlier in the day, the S&P 500 and Nasdaq Composite finished in positive territory, led by strength in technology giants like Nvidia and Amazon. However, trade policy headlines resurfaced as the Trump administration lashed out against the New York Federal Reserve over a report indicating US consumers and businesses are bearing the brunt of tariffs.

  • The Federal Reserve released minutes from its January meeting on Wednesday.
  • Walmart, a key retail bellwether, is scheduled to report earnings before the market opens on Thursday.

The players

Nvidia

A leading semiconductor company and a key component of the 'Magnificent Seven' tech giants.

Amazon

The e-commerce and cloud computing giant, another member of the 'Magnificent Seven' tech companies.

New York Federal Reserve

The regional Federal Reserve bank that earned the White House's ire for a report indicating US consumers and businesses are bearing the brunt of tariffs.

Walmart

The retail giant, whose earnings report is seen as a bellwether for the health of the retail sector.

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What’s next

Investors will closely watch the weekly jobless claims data and the pending home sales report due on Thursday. Walmart's earnings report will also be a key focus as it provides insight into the health of the retail sector.

The takeaway

Despite the market's recent winning streak, ongoing uncertainty around the Federal Reserve's policy path and trade tensions continue to weigh on investor sentiment. The performance of tech giants and the health of the retail sector will be crucial in determining the market's direction in the near term.