Morning Dose: Bulls Reign as Tech Giants Drive Market Surge – Wednesday 2/18/2026

Good morning, everyone. Welcome to the morning dose. Everything you need to know before the market opens. It is Wednesday, February 18th, 2026. I'm seeing a lot of green on the screens this morning. Are the bulls waking up? They certainly had their coffee today. We are looking at a solid gap up to start the day. S&P 500 futures are up about 20 points. And the NASDAQ is leading the charge up over 100 points. It looks like MegaCap Tech is doing the heavy lifting again. I feel like we say that every other day. What is the catalyst this time? Is it just general sentiment or is there news? It is definitely news driven for the big names. We have reports that Nvidia and Meta platforms are expanding their chip partnership for Meta's AI build out. You know how the market loves AI infrastructure news? That is pushing Nvidia of nearly 2% and dragging the rest of the tech sector higher with it. That makes sense. Hardware is king right now. But yesterday was a bit choppy, right? I saw a software taking a hit. Exactly. It was a mixed bag yesterday. While tech finished modestly higher, software names were under pressure because of, you guessed it, fears of AI disruption. But this morning the focus is back on the hardware builders. However, we have a very busy economic calendar that could shake things up. Right. Let's run through the macro data. What are traders watching at 830? We have got December housing starts and building permits dropping. The consensus is looking for starts around 1.3 million. Then at 915, we get industrial production and capacity utilization. But the big event is this afternoon. The Fed? You got it. 2 p.m. Eastern. We get the FOMC minutes from the January meeting. Traders are going to be parsing every single word for hints on the rate path. So expect some volatility to kick in around lunchtime. Got it. Let's pivot to earnings. It is still busy out there. Who are the winners this morning? Garmin is the star of the show pre-market. They beat earnings estimates significantly, raised their dividend, and announced a new $500 million share repurchase program. The stock is flying and a log device is as another winner, beating on top and bottom lines with strong guidance. Love to see those buybacks. What about the losers? I see some red on the ticker. Yeah, look at Palo Alto Networks. They are down about 7%. They actually beat earnings estimates. But their guidance for the third quarter in fiscal year 2026 came in soft. In this market, if you guide low, you get punished. Also, keep an eye on Fiverr. They are gapping down double digits after missing revenue estimates. Brutal. Okay, let's talk technicals. What are the key levels on the SPY and the queues for the open? So the SPY has been a bit choppy lately, struggling to hold momentum. Watch resistance right around 687.50. If we clear that, we could run. Support is sitting at 684 for the QQQ that tech-heavy index resistance is at 606. If we break 606 with volume, the bulls are in control. Support is tight at 603. And from a sector perspective, where is the money flowing? Energy, ticker XLE and materials, ticker XLB are looking strong technically. On the flip side, real estate and communication services are lagging a bit. Also, just a quick note on volatility. The VXX had a minor spike recently. It's not panic levels, but it shows traders are hedging a bit ahead of those Fed minutes. All right. Quick trade idea or final thought for the open. Watch that open on Nvidia and Meta. If they hold their pre-market gains in the first 15 minutes, the NASDAQ likely rips higher. But if they fade, be careful. Don't chase the gap if the volume isn't there. Sound advice as always. Keep your head on a swivel today, folks. Thanks for listening. This has been The Morning Dose. Good luck trading and we will catch you tomorrow.