The trade deal with the US is done, almost. But there are new clouds on the horizon. The US has massed its forces in the Persian Gulf as it closes in on a strike on Iran. An attack could damage market badly, as investors fear a possible closure of the Strait of Hormuz

Dow Jones, S&P 500, and Nasdaq Composite opened lower on 19 February 2026, amid bellwether stock Walmart's muted outlook and investors weighing AI-related concerns. Here's what investors need to know about the US market today.

Investors continued to seek precious metals amid rising geopolitical tensions, with gold prices hitting an intraday high of $5,040. The Fed's conflicting views on interest rates add to market uncertainty, while silver also shows gains.

Aluminium prices declined to $3,030 per ton, impacted by a strong dollar and increased inventories. Kotak Securities forecasts a structural deficit in the market through FY2028E, predicting demand growth primarily from ex-China markets, with Vedanta positioned favourably.

Macquarie raises concerns about PhonePe's ESOP costs and revenue concentration ahead of its IPO. High ESOP expenses impact EBITDA margins, and regulatory changes could reduce revenues by 20-25%. PhonePe's upcoming IPO includes an offer-for-sale of shares.