Major U.S. stock indexes closed mixed on Thursday, February 26, 2026, with technology shares under pressure even as broader cyclicals and small caps showed resilience. The session highlighted ongoing investor tension between enthusiasm for AI-driven growth and concern about stretched valuations and policy uncertainty.
Major Indexes
The S&P 500 fell about 0.5% to roughly 6,909, snapping a two‑day advance as tech and communication services weighed on the benchmark. The Nasdaq Composite lost about 1.2% to around 22,878, reflecting concentrated weakness in megacap growth and chip stocks. The Dow Jones Industrial Average was roughly flat, edging up around 0.03% to near 49,499, while the Russell 2000 gained about 0.5% to 2,677 as investors rotated into smaller domestically focused names.
Sector Highlights
Technology and semiconductor stocks led declines as traders took profits in AI leaders following a strong multi‑month run. Financials, real estate, and some industrial names outperformed, helped by stable yields and optimism that growth can remain solid even as inflation drifts closer to central bank targets. Healthcare and select biotech names attracted defensive interest, with investors continuing to favor large, cash‑generative platforms alongside a curated list of high‑conviction innovators.
Key Corporate Updates
Nvidia delivered another blockbuster quarter, with fiscal Q4 revenue around 68 billion dollars, up more than 70% year‑over‑year on surging data‑center and AI server demand, and guidance that topped Wall Street expectations. Despite the beat, the stock fell roughly 5% as investors focused on the pace of future growth, supply‑chain capacity, and the company’s willingness to return more cash via buybacks and dividends, which weighed on the broader chip complex. Across the AI ecosystem, sentiment was mixed: some cloud and infrastructure names saw modest gains on the back of Nvidia’s spending signals, while highly valued software and model‑centric plays faced renewed scrutiny over premium multiples.
In healthcare, Street research and screeners highlighted a fresh list of “promising pharmaceutical” and “top biotech” names to watch, reinforcing ongoing interest in rare‑disease, oncology, and metabolic‑disease pipelines as potential 2026 outperformers. Deal and capital‑markets activity remained active at the margin, including continued use of at‑the‑market equity programs by emerging biotechs seeking to extend cash runways into upcoming data catalysts.
Macroeconomic, Interest Rate, and Mortgage Backdrop
Weekly U.S. jobless claims ticked up by about 4,000 to a still‑low 212,000, underscoring a labor market that is cooling from 2024’s pace but remains broadly stable. Inflation nowcasting from the Cleveland Fed points to year‑over‑year CPI running in the mid‑2% range for February, suggesting that price pressures have eased materially from prior peaks but have not yet fully settled at the Fed’s 2% goal. An IMF Article IV assessment released this week projected U.S. growth around the mid‑2% range in 2026 with inflation gradually converging to target by early 2027, reinforcing the “soft‑landing” narrative underpinning risk assets.
The Federal Reserve is holding the federal funds rate in a 3.5% to 3.75% range after a series of cuts in 2025, with policymakers signaling patience before any further easing. Fed officials, including Chicago Fed President Austan Goolsbee, reiterated that several additional cuts are possible later in 2026 but stressed they will not accelerate the process without clearer evidence that inflation is durably returning to 2%. Treasury yields drifted lower on the day as investors weighed the steady‑growth, cooling‑inflation backdrop and looked ahead to upcoming inflation releases and Fed communication.
Against that policy setting, mortgage financing conditions have continued to improve. The average 30‑year fixed mortgage rate sits around 5.8% to 5.9% today, down notably from roughly 6.8% a year ago, while 15‑year fixed rates hover in the mid‑5% range. Refinance rates are higher than primary purchase rates but have also declined, with 30‑year refi offers clustering near 6% to 6.6%, prompting renewed interest from borrowers who locked in at the cycle peak in 2023–2024.
Commodities and Precious Metals
Silver traded in the upper‑80‑dollar‑per‑ounce range, slipping about 1% on the day but holding sizable year‑to‑date gains as investors balance industrial demand with its role as a partial inflation hedge. Gold remained anchored just above the 5,100‑dollar‑per‑ounce mark, supported by central‑bank buying and lingering geopolitical risk even as real yields stay positive.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Eupraxia Pharmaceuticals (EPRX, $8.16, $1.61%)
Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, is pleased to announce the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.
Modular Medical (MODD)
- Closed at $.4501. Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
- Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
FIGS, Inc. (FIGS, $12.47, +13.78%)
- FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.
- After the close today (Feb. 26), FIGS released its fourth quarter and full year 2025 financial results and published a financial highlights presentation on its investor relations highlighting the following: Exceeded Top and Bottom Line Expectations, Grew Q4 2025 Net Revenues 33.0% to a Record $201.9 Million, Achieved Q4 2025 Net Income Margin of 9.2% and Adjusted EBITDA Margin of 13.2% & Plans Low Double-Digit Net Revenues Growth and Margin Expansion in FY 2026. FIGS shares have traded up to $13.74 in the aftermarket today.
GeoVax Labs (GOVX, $1.60)
- GeoVax announced (Feb. 24) the formation of its Oncology Advisory Board with the appointment of three internationally recognized leaders in immuno-oncology, translational medicine, and clinical development. This Advisory Board will play a central role in guiding the scientific, translational, and clinical advancement of GeoVax’s oncology program, focused primarily on Gedeptin(R), the company’s gene-directed enzyme prodrug therapeutic (GDEPT). GeoVax plans to conduct a Phase 2 trial with Gedeptin in the neoadjuvant setting, pairing it with an immune checkpoint inhibitor (ICI) in locally advanced head and neck squamous cell carcinoma. In parallel, it will be evaluating combination Gedeptin + ICI strategies across additional solid tumor indications.
- GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
- On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
- Shares can gap sharply on any trial or regulatory update, positive or negative.
DoubleVerify (DV, $9.53, +0.00%)
- DoubleVerify, the leading software platform for digital media measurement, data and analytics, today announced financial results for the fourth quarter and full year ended December 31, 2025 and highlighted the following: Increased 2025 Revenue by 14% Year-over-Year to $748.3 Million, Driven by Global Growth in Social, CTV Measurement, and Programmatic Activation, Achieved 2025 Net Income of $50.7 Million and Adjusted EBITDA of $245.6 Million, representing a 33% Adjusted EBITDA margin, & $300 Million Authorized for Share Repurchases, the Largest Amount in DoubleVerify’s History.
The InterGroup Corporation (INTG, $30.36, +2.78%)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Serina Therapeutics (SER, $1.81, +2.26%)
- Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
NVIDIA (NVDA, $185.89)
- Nvidia delivered strong fourth-quarter results, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.
McDonald’s (MCD, $334.53, +.46%)
- Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
- In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.
Nokia (NOK, $7.50)
- On Feb. 26, Nokia announced that it has been selected by Telefónica for the deployment of networking solutions to support new Edge data center networks across Spain, marking a significant step forward in Telefónica’s next-generation digital infrastructure journey. Featuring high speed, ultra-low latency, and strong reliability, Nokia’s data center networking solutions will be implemented in Telefonica’s 17 new Edge nodes that deliver Artificial Intelligence (AI), B2B, and Telco Cloud services across residential, enterprise, and public sectors—reinforcing Spain’s position as a leader in advanced digital infrastructure in Europe.
- On Feb. 24, Nokia and AWS showcase industry-first agentic AI-powered network slicing with du and Orange
- Industry-first intent-based 5G-Advanced slicing with agentic AI offers telecommunication providers with premium network slicing services that respond to real-world situations and enable autonomous intelligence.
- This breakthrough innovation inferences and leverages open Internet data, including traffic, events, locations, maps and operator data for network slicing business.
- du and Orange first to explore this innovative slicing solution that adapts automatically to support customer demand.
Opendoor (OPEN, $5.41, +8.63%)
- Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
- Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
The Sources
- Reuters – “Nvidia’s results beat estimates, but Wall Street wants more cash return”
https://www.reuters.com/world/asia-pacific/nvidia-forecasts-first-quarter-sales-above-estimates-2026-02-25/[reuters] - CNBC – “Stock market news for Feb. 26, 2026”
https://www.cnbc.com/2026/02/25/stock-market-today-live-updates.html[cnbc] - Investopedia – “Stock Market Today: Major Indexes End Mostly Lower After Two-Day …”
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02262026-11914836[investopedia] - Yahoo Finance – “How major US stock indexes fared Thursday, 2/26/2026”
https://finance.yahoo.com/news/major-us-stock-indexes-fared-211836919.html[finance.yahoo] - The Wall Street Journal – “Stock Market Today: Nvidia Stock Falls After Earnings; Dow Rises”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-26-2026[wsj] - TheStreet – “Stock Market Today, Feb. 26: Nasdaq falls nearly 2% despite strong …”
https://www.thestreet.com/latest-news/stock-market-today-feb-26-nasdaq-falls-nearly-2-despite-strong-nvidia-earnings[thestreet] - Nasdaq – “Stock Market News for Feb 26, 2026”
https://www.nasdaq.com/articles/stock-market-news-feb-26-2026[nasdaq] - Kiplinger – “Nvidia Earnings: Live Updates and Commentary February 2026”
https://www.kiplinger.com/investing/live/nvidia-earnings-live-updates-and-commentary-february-2026[kiplinger] - MarketBeat – “Promising Pharmaceutical Stocks To Follow Now – February 26th”
https://www.marketbeat.com/instant-alerts/promising-pharmaceutical-stocks-to-follow-now-february-26th-2026-02-26/[marketbeat] - MarketBeat – “Top Biotech Stocks To Follow Now – February 26th”
https://www.marketbeat.com/instant-alerts/top-biotech-stocks-to-follow-now-february-26th-2026-02-26/[marketbeat] - Zacks – “Best Biotech Stocks to Buy for February 2026”
https://www.zacks.com/featured-articles/381/best-biotech-stocks[zacks] - Nasdaq – “This Rare‑Disease Specialist Has a Superior Portfolio and Pipeline”
https://www.nasdaq.com/articles/forget-centessa-pharmaceuticals-rare-disease-specialist-has-superior-portfolio-and[nasdaq] - Davis Polk – “Recursion Pharmaceuticals $300 million at-the-market offering”
https://www.davispolk.com/experience/recursion-pharmaceuticals-300-million-market-offering-february-2026[davispolk] - FXStreet – “Silver price today: falls on February 26”
https://www.fxstreet.com/news/silver-price-today-silver-falls-according-to-fxstreet-data-202602260930[fxstreet] - Fortune – “Current price of silver as of Thursday, February 26, 2026”
https://fortune.com/article/current-price-of-silver-2-26-2026/[fortune] - CBS News – “What is the price of silver today: February 26, 2026?”
https://www.cbsnews.com/news/price-of-silver-today-february-26-2026/[cbsnews] - USAGOLD – “Daily Silver Price History”
https://www.usagold.com/daily-silver-price-history/[usagold] - Reuters – “US weekly jobless claims rise slightly; unemployment rate …”
https://www.reuters.com/world/us/us-weekly-jobless-claims-increase-marginally-labor-market-stabilizes-2026-02-26/[reuters] - IMF – “Press Briefing Transcript: U.S. 2026 Article IV Consultation Mission”
https://www.imf.org/en/news/articles/2026/02/26/tr-0225206-press-briefing-transcript-conclusion-of-2026-us-aiv-consultation-miss[imf] - Federal Reserve – “Federal Reserve issues FOMC statement”
https://www.federalreserve.gov/newsevents/pressreleases/monetary20260128a.htm[federalreserve] - Charles Schwab – “Fed Interest Rates: FOMC Cuts Rates”
https://www.schwab.com/learn/story/fomc-meeting[schwab] - Federal Reserve Bank of Cleveland – “Inflation Nowcasting”
https://www.clevelandfed.org/indicators-and-data/inflation-nowcasting[clevelandfed] - CNBC – “Treasury yields fall as investors await more economic data”
https://www.cnbc.com/2026/02/26/us-treasury-yields-investors-await-more-economic-data-.html[cnbc] - Reuters – “Odds of early Warsh-led Fed rate cuts slide with bullish outlook”
https://www.reuters.com/business/odds-early-warsh-led-fed-rate-cuts-slide-with-bullish-outlook-2026-02-26/[reuters] - Reuters – “Fed’s Goolsbee forecasts several more rate cuts this year, but not soon”
https://www.reuters.com/business/feds-goolsbee-forecasts-several-more-rate-cuts-this-year-not-soon-2026-02-26/[reuters] - CBS News – “What are today’s mortgage interest rates: February 26, 2026?”
https://www.cbsnews.com/news/todays-mortgage-interest-rates-february-26-2026/[cbsnews] - Fortune – “Current refi mortgage rates report for Feb. 26, 2026”
https://fortune.com/article/current-refi-mortgage-rates-02-26-2026/[fortune] - Yahoo Finance – “Mortgage rates fall below 6% for first time in over 3 years”
https://finance.yahoo.com/personal-finance/mortgages/article/mortgage-refinance-interest-rates-today-thursday-february-26-2026-1[finance.yahoo]
