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Happy Thursday. This is TheStreet’s Stock Market Today for Feb. 19, 2026. You can follow the latest updates on the market here in our daily live blog.
Update: 10:16 a.m. ET
Supreme Court Strikes Down Emergency Power Tariffs
After a month-long wait, the U.S. Supreme Court struck down President Donald Trump’s far-reaching emergency power tariffs.
The highest court in the land argued that the International Emergency Economic Power Acts, the law under which the tariffs were created, “does not authorize the President to impose tariffs.”
The decision will affect many of Trump’s reciprocal tariffs which were imposed in April of last year, while other industry-specific tariffs which were imposed under a section act (Section 232 of the Trade Expansion Act of 1962) will stand.
Over the next few days, much attention will be paid to how the President will move to impose similar tariffs. In a press conference after the tariffs were struck, Trump said that he had “a plan”, while calling the decision “a disgrace.”
At the same time, businesses will also be lining up for refunds on the so-called reciprocal tariffs. There’s much to be decided still about the when, where, and how of those refunds.
The Reaction
The news has helped push stocks, which started the session down by a few basis points, into the green. 58.3% (3,240) issues are advancing against 2,060 (37.1%) in decline. The Nasdaq (+0.57%) and S&P 500(+0.40%) are hitting day highs, joined by the Dow (+0.29%). The Russell 2000 (+0.31%), meanwhile, seems to have popped and pulled back.
Here is the S&P 500 heat map (15 min delayed):
Update: 9:30 – 10:00 a.m. ET
Opening Bell
Good morning. The U.S. stock market is now open for the day. For the moment, U.S. equities are trading to the downside, likely a product of We’ll round back in about 30 minutes for an update. In the meantime, let’s dig into the swath of economic data which just dropped:
S&P Global Composite Is Out
The S&P Global Composite PMI Flash for February is out now, dropping to 52.3 (from 53). Decliners were also seen in the Global Manufacturing PMI Flash (down to 51.2 from 52.4) and Global Services PMI Flash (down to 52.3 from 52.7). Both results were below analysts’ expectations.
Michigan Consumer Confidence Rises
The University of Michigan Consumer Sentiment Final for February came in little-moved at 56.6 (up from 56.4 last month), missing expectations which were closer to the index’s preliminary February reading of 57.3.
A.M. Earnings: AngloGold, PPL Corp, Lamar
Friday is generally a slow day for earnings; they’re even more in the margins today with all of the reports that are dropping. Per FinViz, there are a little more than a dozen reports today. Here they are:
Update: 8:31 a.m. ET
GDP Comes In Light, PCE Accelerates
Good morning. U.S. equity futures are tilted to the downside this morning after the GDP Growth Rate Adv decelerated significantly quarter-over-quarter. In the fourth quarter, GDP grew just 1.4%, while the consensus was closer to 3%. The month-long government shutdown likely had a lot to do with this readout.
At the same time, Core PCEadvanced 0.4% month-over-month in December, up from 0.2% in November. The combination of slowing GDP and price acceleration is unlikely to be a welcome sight.
To that end, here are all of the reports that just dropped:
