Pre-Bell | U.S. Futures Slip; Lemonade Surges 13%; Figma Jumps 12%; DoorDash Pops 11%; Carvana Sinks 16%

01 Stock Market

As of Feb 19, U.S. stock index futures performed as follows: Dow futures down 0.28%, S&P 500 futures down 0.22%, and Nasdaq 100 futures down 0.27%. The mild pullback points to a cautious tone as investors digest big-cap tech spending plans, earnings updates in energy and software, and fresh read-throughs from central bank commentary. Semiconductor leadership remains a swing factor, while a firm bid in crude adds support to energy-linked names ahead of the opening bell.

Notable Stock Movers: Strength in select software and insurance names contrasted with weakness in auto retail and megacaps. FIG up 12.36% at $27.18; LMND up 12.72% at $74.09; DASH up up 10.74% at $192; OXY up 4.44% at $49.20. In contrast, CVNA down 16.30% at $302.60. Among tech bellwethers: NVDA down 0.34% at $187.35; MSFT up 0.56% at $400.93; AAPL down 0.60% at $262.77; TSLA down 0.73% at $408.30. Storage and memory names were mixed: WDC up 1.13% at $299.91; MU up 0.10% at $421.36. Additional moves: GOOG down 0.42% at $302.65; PLTR down 0.87% at $134.20; INTC down 0.46% at $45.25.

Pre-bell leadership reflects company-specific catalysts: upbeat software guidance and monetization plans buoyed design-platform sentiment, while oil-linked earnings support firmed energy interest. Auto retail weakness is tied to cost pressures and margin commentary, and mega-cap tech remains sensitive to AI capex narratives and partnership headlines. Overall, breadth appears mixed as investors balance AI infrastructure winners against potential disruptors, with sector rotation and earnings execution likely to steer the early session.

02 Other Markets

• 10-year U.S. Treasury yield rose 0.37%, to 4.10%.

• U.S. Dollar Index rose 0.07% to 97.79.

• WTI crude oil futures rose 1.89% to 66.17 USD/barrel; COMEX gold futures rose 0.14% to 5003.00 USD/ounce.

03 Key News

1. Nvidia and Meta expanded their infrastructure partnership, reinforcing large-scale GPU and networking deployments. Meta plans to build hyperscale clusters using Nvidia’s next-generation platforms, including advanced GPUs and Spectrum-X networking. The collaboration is expected to improve performance per watt and scalability, underscoring sustained AI capex and Nvidia’s central role in AI data centers.

2. Figma guided full-year revenue above expectations, boosting investor confidence in its AI-driven product roadmap. Management projected robust growth as new features and integrations deepen usage across design and development teams. The company is introducing a monetization model combining seat-based pricing with AI credit consumption, which may affect margins near term while supporting long-term expansion.

3. DoorDash guided first-quarter marketplace gross order value above consensus, signaling resilient demand and platform scale. The company highlighted strong order trends and continued expansion across grocery, retail, and international markets. Integration efforts across its technology stack aim to streamline operations and enhance customer experience, despite elevated investment needs.

4. eBay beat quarterly expectations, raised near-term guidance, and agreed to acquire Depop from Etsy for about $1.2 billion. The company plans to fund the transaction with cash on hand, positioning Depop for accelerated growth by leveraging eBay’s scale and operational capabilities. Management emphasized AI-driven improvements to the shopping experience alongside momentum in recommerce.

5. Occidental Petroleum topped profit estimates, aided by midstream strength, and outlined disciplined capex and debt reduction targets. Improved gas margins, optimized transportation, and favorable pricing dynamics supported results despite softer crude realizations. The company reaffirmed capital spending and production ranges and reported meaningful progress lowering total debt.

6. Carvana missed profit expectations as higher reconditioning and depreciation costs weighed on per-unit economics. Despite strong revenue growth and demand for pre-owned vehicles, elevated operating expenses pressured margins. Shares fell in pre-market trading as investors reassessed cost-control progress and profitability trajectory.

7. Deere raised its full-year net income forecast, citing cost controls and recovering demand in construction and small agriculture. Management noted inventory discipline with dealers and maintained a cautious view of large agriculture. The improved outlook lifted sentiment around the cycle’s bottoming prospects and earnings visibility.

8. Microsoft disclosed insider buying as a board member purchased 5,000 shares, signaling confidence in the company’s outlook. The transaction, filed with regulators, adds to recent instances of insider accumulation across software names. Investors view such purchases as a constructive signal amid debates about AI spending and monetization timing.

9. OpenAI is finalizing initial commitments for a mega funding round reportedly targeting about $100 billion. The prospective raise would further finance compute, model development, and product deployment at scale. The development underscores intensifying competition for AI capital and the strategic importance of securing long-term infrastructure.

10. Federal Reserve minutes showed policymakers divided on the policy path and evaluating AI’s macro impact. While most favored patience, several participants were open to possible hikes if inflation proves sticky, and others saw scope for cuts if disinflation resumes. Officials also discussed how AI might influence productivity, valuations, and financial stability, reinforcing a data-dependent stance.

Sources: Reuters, Dow Jones, Tiger Newspress, public market data

Disclaimer: For informational purposes only; not investment advice.