Tech slump drags Nasdaq

February 12, 2026 at 21:00 UTC

5 min read

Nasdaq and VGT decline visualization showing tech sector slump and utilities leading US equities

Key Points

Norges Bank's reiterated 2% inflation focus and warning on upside core inflation has reduced market odds of near-term cuts and supported the Norwegian krone.
RBA Assistant Governor Sarah Hunter has said the labour market has stabilised but remained tight, reinforcing upside inflation risk and supporting repricing of short-term rates and modest AUD strength.
Samsung's start of mass production and commercial shipments of HBM4 has driven Samsung shares higher and focused attention on memory suppliers and buyers including NVDA, MU and SSNLF.

Global Market Summary

The Nasdaq Composite (^IXIC) fell 2.02% as technology weakness, reflected in the VGT technology ETF (VGT -2.47%), pressured US equities. European markets were mixed, with the CAC 40 (FRA40) up 0.33% while the FTSE (UKX) slipped 0.67% as sector divergence limited regional gains. Asian indexes were uneven: Shanghai (000001.SS) was essentially flat (+0.05%) while Hong Kong (HSI) declined 0.86% amid mixed local and global flows.

Top Movers

Utilities led among sector ETFs with XLU (+1.55%) and consumer-defensive XLP (+0.88%), while Technology (VGT -2.47%) and Financials (XLF -1.92%) underperformed. Top gainers included FSLY (+71.80%), CGNX (+35.97%) and IPGP (+34.80%). Largest decliners were ICLR (-39.90%), RXO (-22.57%) and APP (-19.66%).

Macro highlights

Norges Bank Governor Ida Wolden Bache reiterated the bank's commitment to a 2% inflation target and warned that upside surprises in core inflation complicate easing, which reduced market odds of near-term cuts and supported the Norwegian krone. RBA Assistant Governor Sarah Hunter said the labour market has stabilised but remains tight, reinforcing upside inflation risk and supporting repricing toward a higher terminal path for short-term rates and modest AUD strength. India completed a large switch operation to buy back short-dated securities and issue 8.30% 2040 paper, lengthening the government debt maturity profile and altering G-Sec supply and INR positioning, while Egypt's central bank cut key policy rates by 100bp and lowered the reserve ratio to 16%, easing local funding conditions and supporting Egyptian bonds.

News that moved markets

Samsung began mass production and commercial shipments of HBM4; market reports said Samsung shares rose sharply and the announcement focused attention on memory suppliers and buyers including NVDA, MU and SSNLF. Zebra Technologies (ZBRA) beat and raised FY2026 guidance while authorizing a $1.0 billion buyback, sending shares up over 17% intraday. Iridium (IRDM) released FY2025 results and an OEBITDA outlook of $480–$490 million with a timing change to incentive compensation, and reports said the guidance and cash-compensation shift weighed on the stock. Completed transactions included Ally Services' completion of three add-on acquisitions expanding its residential HVAC platform and a joint venture by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners completing the acquisition of Sotherly Hotels Inc. Announced deals included New Frontier Minerals' binding option to acquire 90% of the Advanced Pomme rare-earth project in Quebec and several strategic acquisitions such as MPS/Unbound Medicine, EWR Digital/Modalpoint and BriefCatch/WordRake.

Upcoming session watchlist

US Inflation Rate MoM (JAN) — consensus 0.3% vs 0.3% prior, Feb 13, 01:30 PM | Tracks monthly change in headline inflation and current price pressures.
US Core Inflation Rate MoM (JAN) — consensus 0.3% vs 0.2% prior, Feb 13, 01:30 PM | Gauges monthly change in core inflation and overall price dynamics.
US Inflation Rate YoY (JAN) — consensus 2.5% vs 2.7% prior, Feb 13, 01:30 PM | Indicates annual headline inflation trend and longer-term price pressures.
US Core Inflation Rate YoY (JAN) — forecast 2.5% vs 2.6% prior, Feb 13, 01:30 PM | Shows annual core inflation trend and persistence of price pressures.

Key Takeaways

Technology weakness pressured US equities and sent the Nasdaq lower, as VGT and other tech ETFs underperformed and weighed on market returns.
Utilities-led strength supported sector ETFs while Technology and Financials underperformance limited regional equity gains and contributed to mixed European results.
Samsung's HBM4 mass production and commercial shipments lifted Samsung shares and refocused investor attention on memory suppliers and key buyers such as NVDA and MU.
Earnings and corporate actions produced idiosyncratic stock moves: Zebra's beat and buyback drove a strong intraday gain while Iridium's guidance timing and OEBITDA outlook weighed on its shares.