Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 17, 2026.
Brendan McDermid | Reuters
Stock futures were higher on Wednesday, led by tech, as traders awaited the release of the minutes from the Federal Reserve’s most recent policy meeting.
Futures tied to the Dow Jones Industrial Average rose 178 points, or 0.4%. S&P 500 futures climbed 0.5%, while Nasdaq 100 futures advanced 0.7%.
Amazon shares rose more than 1.6% after regulatory filings showed Bill Ackman’s Pershing Square grew its stake in the e-commerce giant by 65% during the fourth quarter. That makes Amazon the fund’s third-largest holding. The move comes after the stock snapped a nine-day losing streak. Micron also gained more than 1% after David Tepper’s Appaloosa Management increased its holdings in the chipmaker.
Nvidia shares ticked 2.2% higher in the premarket as well.
Wall Street is coming off a muted session, with the major averages eking out small gains. The software sector, which has already been under pressure due to fears of disruption by artificial intelligence, fell during the session.
“No one knows exactly how this is going to play out,” Truist Wealth’s Keith Lerner said of the tech pullback on CNBC’s “Closing Bell” Tuesday. “From our perspective, though, at least you have reset those expectations where if earnings do come through, a little bit of good news can go a long way,”
“As we look at the forward earning estimates among the sectors, tech, by far, is still the strongest, over the last four months, up about 20%. … We still think it deserves the benefit of the doubt,” the firm’s chief market strategist added.
Traders are also watching for the minutes from the Fed’s January meeting. The next big catalyst this week, however, will likely be the personal consumption expenditure price index reading that’s due on Friday.
The PCE, the Fed’s preferred inflation gauge, will give further insight into the state of the economy. Markets are “likely in a semi-holding pattern” ahead of the report, especially as the artificial intelligence trade becomes increasingly difficult to navigate, according to Ameriprise chief market strategist Anthony Saglimbene.