Daily Market Report – February 13, 2026

The US inflation report for January has noticeably relieved the markets at the end of the week. The consumer price index rose by 0.2% compared to the previous month and was 2.4% higher than the previous year (December: 2.7%). Core inflation (excluding energy and food) was 0.3% compared to the previous month and 2.5% compared to the previous year – the lowest level since early 2021. The decline in energy prices (especially gasoline) and a cooling off in housing-related components were particularly relieving; at the same time, price pressure in the services sector remains a topic.

The two-year Treasury yield slipped toward 3.4%, approaching its lowest level since 2022; the ten-year yield stood at 4.07%. Money market contracts priced in around 63-64 basis points of Fed cuts for 2026; the probability of a third cut by December was estimated at about 50%.

In the stock market, there was a broad but not euphoric recovery. Many stocks in the S&P 500 gained, but index gains remained moderate as individual heavyweights trended weaker. In sector analysis, cyclical areas benefited most from the declining interest burden, while technology stocks remained uneven following the fluctuations of the previous week. Overall, the CPI report acted as a stabilizer: it keeps the prospect of further easing steps by the Fed in play.

Applied Materials AMAT released its quarterly numbers on Thursday evening after US market close, after which the stock rose by nearly 10% on Friday. The decisive factor was less the past quarter than the surprisingly strong outlook: The equipment supplier for chip factories projected values for the upcoming quarter that were clearly above expectations for both revenue and profit, citing an accelerated investment dynamic around data centers, high-performance storage, and advanced chip manufacturing technologies.