Feb 18, 2026 · QQQ/SPY Market Review · 50 headlines
QQQ and SPY opened 0.47% and 0.39% above their previous closes, returned close to those baselines around 10:31, and later reached intraday highs of 1.38% and 0.91%. They finished up 0.68% and 0.44%, leaving QQQ 0.24 percentage points ahead. Mixed durable-goods and housing data, two-sided Fed guidance, AI commercial agreements and Iran risk formed the day's main news backdrop.
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Both ETFs opened above their previous closes, fell back near those baselines around 10:31, and then climbed to session highs. A later fade left QQQ up 0.68% and SPY up 0.44%, with QQQ ahead by 0.24 percentage points.
December durable-goods orders fell 1.4%, less than the 1.8% estimate, while core orders rose 0.9% and building permits reached 1.448 million. Fed minutes showed broad support for holding rates steady, while several participants wanted guidance that also allowed for hikes if inflation stayed above target.
Microsoft's revised agreement gives it 20% of OpenAI revenue through 2032. Separately, reports of explosions in Tehran and Shiraz were followed by White House warnings, visa restrictions and later reporting that U.S. military planners had discussed a possible strike timeline.
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