U.S. equities closed sharply lower on Thursday, February 12, 2026, as technology shares led a broad-based retreat amid renewed investor caution around artificial intelligence-related developments and their potential disruptive effects. The session reflected a shift in sentiment following recent strength, with major indexes pulling back from elevated levels.

Equity markets saw meaningful declines across benchmarks.

The S&P 500 fell 108.71 points, or 1.6%, to close at 6,832.76 — marking one of its steeper daily drops in recent months while remaining not far from late-January highs.

The Dow Jones Industrial Average declined 669.42 points, or 1.3%, ending at 49,451.98.

The Nasdaq Composite dropped 469.32 points, or 2.0%, to 22,597.15, reflecting heavier pressure in growth and tech-oriented names.

The Russell 2000 index of smaller companies also retreated 53.64 points, or 2.0%, to 2,615.83.

For the week through Thursday, the S&P 500 was down about 1.4%, the Dow 1.3%, and the Nasdaq 1.9%.

The U.S. dollar index (DXY) held steady in a narrow range, closing near 96.92-97.00, showing limited directional movement as currency markets digested the broader risk-off tone without major catalysts.

Commodities experienced pressure in line with the session's tone.

Gold futures pulled back notably, with April contracts trading lower amid the unwind of certain positions, though exact closing levels varied across reports amid volatility.

Crude oil prices also eased, with benchmarks settling in the low-to-mid $60s per barrel range, reflecting softer demand signals and a retreat from earlier geopolitical-driven gains.

No major U.S. macroeconomic data releases occurred on February 12, but markets remained attuned to the prior day's stronger-than-expected January jobs figures (130,000 nonfarm payrolls added, unemployment at 4.3%) and their implications for Fed policy timing.

Attention now centers on upcoming January CPI data due Friday, which could influence yield and rate expectations.

Overseas, global equity benchmarks showed mixed but generally contained moves, with some European and Asian indexes holding firmer amid regional factors, though the U.S.-led tone contributed to caution.

Entering Friday's open, the financial backdrop features equities at lower levels after the pullback, with the S&P 500 near 6,833, the Dow around 49,452, and the Nasdaq near 22,597 — all reflecting a recalibration in growth-sensitive areas.

Treasury yields sit in the 4.10% vicinity for the 10-year, the dollar index hovers near 97, and commodities show recent softness.

These conditions set a cautious frame for trading, with inflation figures likely to drive near-term volatility and context around policy, capital flows, and risk appetite.