S&P 500 stocks rise today while Bitcoin loses momentum.

• S&P 500 up today; Bitcoin down.
• Investors are awaiting PCE on Friday.
• Bitcoin ETFs register billions in outflows.

Wednesday, February 18, 2026 – US stock futures are trading higher on Wednesday, reflecting increased short-term confidence on Wall Street. The move comes as investors monitor the corporate earnings season and await clearer signals about the Federal Reserve's next steps.

S&P 500 futures advanced about 0,4%, while the Nasdaq 100 rose approximately 0,45%. The Dow Jones also posted a slight increase, around 0,2%, after the main indexes closed the previous trading session with moderate gains.

Part of the improvement is linked to reduced immediate concerns about the impact of artificial intelligence on the margins of technology companies. Even so, the market remains attentive to macroeconomic developments that could influence monetary policy throughout 2026.

The main focus now is on the Personal Consumption Expenditures (PCE) index, which will be released on Friday. This indicator is closely watched by investors as it is the Federal Reserve's preferred inflation metric and could influence expectations of interest rate cuts in the coming months.

Bitcoin retreats today and tests the US$67 region.

While stocks are rising, Bitcoin is currently trading near $67, down approximately 1,4% in the last few hours. This movement reflects a scenario of lower buying flow and caution ahead of the PCE release on Friday.

Since October, approximately $8,5 billion has flowed out of Bitcoin spot ETFs listed in the United States. Simultaneously, exposure to futures contracts traded on the CME has declined significantly compared to the peak observed at the end of 2024.

The so-called Coinbase premium remains negative for much of 2026, indicating that prices on the platform used by many American institutions are below those quoted on offshore exchanges. This signal is often interpreted as selling pressure in the US market.

“Demand for leveraged exposure on the CME hasn’t been this low since the pre-ETF surge of mid-2023,” said David Lawant, head of research at Anchorage Digital. According to him, the reduction in leverage limits both the intensity of rallies and the natural absorption during dips.

Furthermore, arbitrage strategies between the spot and futures markets have lost attractiveness following the compression of spreads relative to Treasury bond yields.