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Happy Thursday. This is TheStreet’s Stock Market Today for Feb. 12, 2026. You can follow the latest updates on the market here in our daily live blog.
Update: 4:00 p.m. ET
Closing Bell
That’ll bethe end of another rough day for the U.S. markets. Nearly three-fourths of U.S. issues fell today in a broad selloff, which saw the Nasdaq and Russell 2000 fall over 2% amid heavy selling in the tech sector. Mega caps like Apple (-5%), Broadcom (-3.5%), and Tesla (-3%) saddled even steeper losses.
Highlights from Coinbase’s Earnings with Anil Gupta, VP of Investor Relations
After the bell, I had an opportunity connect with Coinbase’s VP of Investor Relations, Anil Gupta. The company just rounded out its fiscal year 2025 with a stronger-than-expected report. The company turned around a portion of its nearly 8% decline today in after hours.
Crypto, of course, has been a big talking point in the markets recently. Since the last time we had a sustained bear market, there have come a large number of new publicly traded businesses, including these new-fangled digital asset treasuries.
With bitcoin down 50% from all-time highs, I wanted to understand: how does Coinbase tackle that issue as an S&P 500 company? A company that has been welcomed in traditional finance for the way it connects the old system with the new system they see ahead.
“At a high level, we all know that crypto markets are volatile,” Gupta said, adding that past conditions have seen similar pullbacks. “We’ve seen all kinds of factors (macro, policy, etc) influencing crypto markets over the past few years — and not just crypto, but all risk markets.”
Gupta adds that there is “broad recognition” that crypto is volatile and Coinbase has taken steps to withstand these kinds of downturns. Per highlights provided by the company, Coinbase now has 12 unique products that make over $100 million in annual revenue; half make even more than $250 million. Most of that folds into the firm’s “Everything Exchange”, which aims to pull in nascent businesses like prediction markets, its namesake crypto businesses, and more traditional equity offerings.
Of course, if retail investors — sort of the “kindred spirits” of the markets — are feeling iced out, that definitely complicates things for Coinbase and S&P 500 peers like Robinhood. Their fortunes are largely tied to the ebb and flow of the market, but to that end, Gupta says that a long-term perspective is key: “In the short-term, markets can be very irrational, and in the long-term, markets tend to be rational.”
Update: 12:34 p.m. ET
Midday Update
Halfway through today’s trading day, the U.S. markets are sagging. The Russell 2000 (-2.09%) is off more than two percent, while the Nasdaq (-1.58%), S&P 500 (-1.13%), and Dow Jones (-1.07%) are somewhere between a one percent decline and the decline seen in the small cap index.
For some context here, it looks to be tech and financials that are weighing on the S&P 500 in particular, a trend that seems to stand up in the Russell 2000 as well; Apple (-4%), JPMorgan (-3.2%), andPalantir(-6.3%) stand out on today’s heatmap:
Midday Movers
Outside the colorful context added from the index heatmap today, we can turn our attention to our Midday Movers list to get a clearer idea of the top and bottom 25 stocks performing through midday.
Winners
Fastly (+74%) is having one of the best earnings reactions we’ve seen this season, rallying the kind of gains you rarely see unless M&A is involved. Cognex (+36.2%, strong earnings), IPG Photonics (+29.7%, strong earnings), and Crocs (+21.9%, surprise holiday season) followed thereafter.
Western Digital (+7.8%) is the most valuable stock on today’s list, lifted in part by lift to AI-related storage names like Seagate (+10.3%), among others.
Losers
Irish-based Icon Plc (-39.5%) is plummeting after the company announced an accounting probe, which could invite legal problems. The company just hit a 52-week low. Ouch.
RXO Inc (-24.6%, priced $400 million notes offering), C.H. Robinson Worldwide (-23.6%, AI jitters in the freight sector), and Neptune Insurance Holdings (-19.9%, feature in WSJ about flood insurance) follow in its stead. Among prominent names, Applovin (-18.8%, weak earnings) is the largest decliner.
Update: 10:00 a.m. ET
Existing Home Sales Fall 8.4%
Existing Home Sales fell 8.4% month-over-month in January to 3.91 million, falling short of the 4.15 million estimated by analysts.
Update: 9:30 a.m. ET
Opening Bell
The U.S. markets are open for the day.
56.1% of issues are advancing this morning against 39.7% declining, per FinViz. Despite that, it’s only the Dow (+0.38%) and S&P 500 (+0.12%) heading higher in the first few minutes of trading, while the Russell 2000 (-0.03%) and Nasdaq (-0.16%) are a touch lower.
The 10YTreasury is 3.1 bips lower at 4.152%, undoing some of yesterday’s steepening.
In Focus: S&P 500
After Hour & Premarket Earnings Reactions
Sorting by market cap, we can get to the bottom of some of the largest earnings reactions this morning. We can include yesterday’s P.M. reports first, followed by the A.M. reports from this morning.
Starting from the reports at dusk, Applovin (-12.9%) and Cisco (-7.3%) are seeing some big declines this morning. On the flip, HubSpot (+16.4%) and Equinix (+12.1%) are higher after their respective after hour reports:
And here are the moves from this morning’s reports, which include some notable moves lower from Zoetis (-6.1%) and Alnylam Pharmaceuticals (-5.36%). On the flip side, Howmet Aerospace (+9.3%) and Iron Mountain (+6.1%) are heading higher this morning.
Update: 8:31 a.m. ET
Initial and Continuing Claims Diverge In Latest Week
Initial & Continuing jobless claimsjust dropped at 8:30. Both prints were higher than analysts expected, but there’s at least a small consolation in the week-over-week decline in initial claims.
Initial Claims arrived in fashion at 227,000, down from 232,000 last week, but still above the analyst consensus of 225,000. Continuing Claims, on the other hand, rose to 1.862 million, up from 1.841 million last week; that print was quite a bit steeper than expected.
The report seems to have had little impact on futures, which are still tilted to the upside. At last look, both the Nasdaq and S&P 500 looked as though they would open up one-third of a percentage point, with the market slated to open in just an hour’s time.
Update: 8:21 a.m. ET
A.M. Update
Good morning. U.S. equity futures are seeing modest gains this morning after a decline in benchmarks yesterday.
That bout of selling yesterday was brought on by a healthy-looking jobs report, which caused stocks to pop, then plummet, then balance out a little bit. The good news for the labor market pales some bad news for investors sticking to bets on rate cuts, which harmed the Russell 2000 in particular.
I’m really taken aback by some of the revelations from yesterday’s (delayed) jobs data. For one, it’s starting to look as though things started to get materially worse for the labor market after that fabled day in the Rose Garden where President Donald Trump announced tariffs on a bunch of allies (and a few penguins, too).
Really, the only point of strength in the job market has been private education and health, which has added 773,000 jobs since Jan. 2025, while the rest of the economy has burned 414,000 jobs. In the Jan. 2026 report, it was ambulatory services and social assistance that saw the steepest gains (+42,000), while the white collar job market continued to ail.
And as we know, these numbers might continue to shape up differently as we continue to report downward revisions; it’s no secret that we have been systematically over-estimating the number of jobs added in the economy for over a year (by a million or more, actually).
That said, let’s turn our attention to today’s slate:
Earnings Today: Applied Materials, Unilever, AB InBev
Today, there are eight reports with a market cap clearing the $100 bil club, making today a pretty powerhouse day for earnings. This morning, it’s a bit of a globe-trotting affair: Unilever, Anheuser-Busch InBev, British American Tobacco, and Brookfield have reported (and we’ll follow back after the market to see their respective reactions.)
This evening, Applied Materials, Arista Networks, and Vertex Pharmaceuticals will round out the major earnings of the day. There will aos be some appearances from other retail-popular names such as Airbnb, Coinbase, and Rivian Automotive, among others.
Economic Data + Events: Initial & Continuing Claims
Before we get to the opening bell, we’re going to have Initial & Continuing Claims in just a few short moments. A bit later this morning, we’ll get Existing Home Sales, before we get some new commentary from the Fed’s Miran this evening. Here’s how it all breaks down: