S&P price on Feb 13, 2026 at 12pm EST?
Short Answer
Both the model and the market overwhelmingly agree that the S&P price on Feb 13, 2026 at 12pm EST will be 6,700 or above, with only minor residual uncertainty.
1. Executive Verdict
- Market anticipated stable federal funds rates in 2025, followed by easing.
- S&P 500 concentration reached new highs, driven by top tech firms.
- S&P 500 earnings growth was 12.1% by December 2025.
- Inverted Treasury yield curve signaled recession probability by February 2026.
Who Wins and Why
| Outcome | Market | Model | Why |
|---|---|---|---|
| 6,870 or above | 30.0% | 0.0% | Market higher by 30.0pp |
| 6,845 or above | 90.0% | 100.0% | The market's high confidence (88.5%) was halved in log-odds space due to conflicting evidence from a recent major selloff, resulting in a revised probability that acknowledges both the current price buffer and significant downside momentum. |
| 6,850 or above | 84.0% | 100.0% | The initial 81.5% probability (logit 1.483) was significantly reduced by a Grade A evidence weight (-2.0) from the pervasive AI-driven tech selloff, which overwhelmed the bullish counter-argument that sector rotation signaled underlying economic strength. |
| 6,820 or above | 1.0% | 100.0% | The market's 98% certainty is undermined by substantial evidence of an acute, AI-catalyzed selloff, introducing a level of intraday volatility risk that is significantly under-priced. |
| 6,855 or above | 74.0% | 100.0% | Model higher by 26.0pp |
Current Context
The S&P 500 experiences fluctuations amid AI concerns and significant market shifts. As of February 13, 2026, around 12 PM EST, the index was reported at 6,949.09, showing an intraday gain of 7.62 points [^]. However, other reports indicated it was down approximately 0.18%, or 12 points [^]. This intraday volatility followed a substantial decline on February 12, 2026, when the S&P 500 closed at 6,832.76, marking a 1.57% decrease [^]. A dominant theme driving investor behavior is deepening Wall Street selloff due to fears of artificial intelligence (AI) disruption to established business models, leading to a rotation out of technology and other risk-sensitive sectors [^]. Examples include Cisco plunging 12.3% and AppLovin experiencing a significant tumble due to AI competition worries [^]. Conversely, defensive sectors such as utilities, consumer staples, and real estate, along with industrials, energy, and basic materials, are gaining favor [^]. The equal-weighted S&P 500 is notably outperforming the market-cap weighted index, Nasdaq, and the "Magnificent Seven" tech stocks, signaling a broader market rally [^]. The Q4 earnings season is more than halfway complete, with S&P 500 companies reporting solid results and achieving double-digit year-over-year earnings growth for the fifth consecutive quarter, particularly led by Information Technology, Industrials, and Communication Services, with Applied Materials shares surging 11% due to strong earnings [^].
Recent economic data and expert opinions shape market sentiment and future forecasts. Recent U.S. economic data points include weaker-than-expected retail sales, a slight rise in weekly initial jobless claims, and a significant decrease in January's existing-home sales, raising concerns about consumer health and the labor market [^]. January Consumer Price Index (CPI) data showed core prices rising 0.3% month-over-month, with annual core inflation easing to 2.5%, and the overall CPI rose 2.4% year-over-year against a 2.5% expectation, which increased the odds of a Federal Reserve rate cut in June to 83% [^]. Market analyst Axel Rudolph indicated the S&P 500 is under pressure and likely to test lower support levels due to AI fears [^]. Andrew McElroy of Seeking Alpha warned investors to "Beware February," citing its historical weakness for the S&P 500 and a DeMARK exhaustion signal that could precede a 10%+ drop, recommending buying dips near 6824 and selling strength above 7050 [^]. The S&P Global Investment Manager Index (IMI) noted a moderation in risk sentiment among US equity investors, with its Risk Appetite Index falling to a four-month low of +13% in February from +41% in January [^]. UBS strategists anticipate "AI disruption risk" to negatively impact bond prices through 2026 and potentially into 2027 [^]. Conversely, Carnegie Investment Counsel maintains a cautiously optimistic outlook, highlighting a broadening market rally and renewed interest in previously "underloved" sectors [^]. Investors are closely monitoring key S&P 500 technical support levels around 6824 and 6807-6780, with a further downside target at the December trough of 6720, and resistance noted around 6871, considering 7,000 a crucial breakout point [^].
Investors remain focused on critical factors like AI, inflation, and geopolitical risks. Common concerns include whether the current enthusiasm around AI constitutes a "bubble" comparable to the dot-com era and if substantial AI investments will translate into adequate profits, especially as the S&P 500 Shiller CAPE ratio approaches levels seen just before the dot-com bubble burst [^]. Discussions also revolve around the future path of Federal Reserve interest rates and the timing and extent of potential rate cuts, heavily influenced by inflation data [^]. There is ongoing debate about whether the market rally can sustain itself by broadening beyond a few mega-cap tech stocks and if the observed rotation into value sectors will continue [^]. Concerns about a potential economic slowdown are fueled by weaker consumer spending, a softening job market, and declining housing sales [^]. Geopolitical risks, specifically mentioning Iran and Ukraine, are considered potential drivers of increased market volatility [^]. The historical tendency for February to be a weaker month for the S&P 500 is also a point of discussion [^]. Analysts project robust earnings growth rates of 11.3% and 14.9% for Q1 and Q2 2026, respectively, with a 14.1% earnings growth forecast for the full year 2026 [^]. Most major banks forecast mid-to-high single-digit returns for the S&P 500 in 2026, with none predicting a negative year [^].
2. Market Behavior & Price Dynamics
Historical Price (Probability)
Outcome probability
Date
Based on the provided chart data, this market has exhibited no price movement. The price for a "YES" outcome has remained static at $0.05, representing a 5% probability, from the start of trading. With only two data points recorded, the overall trend is completely flat. There have been no significant price spikes, drops, or any volatility to analyze, indicating a stable and unchanging market expectation since its inception.
The lack of price movement is directly explained by the market's premise and the current context. The market questions whether the S&P 500 would surpass a threshold of approximately 7845. At the time of resolution on February 13, 2026, the index was trading near 6949, almost 900 points below the target. The market's price never rose because the underlying index was never close to the resolution value. The recent news of a significant selloff driven by AI fears, which saw the S&P 500 close at 6,832.76 the previous day, only served to reinforce the extremely low probability of the market resolving to "YES." The price remained at its floor because real-world events confirmed the market's initial assessment.
Despite the static price, the market saw a substantial volume of 25,494 contracts traded. This high volume, coupled with a lack of price change, suggests a strong and unwavering conviction among traders. Participants were consistently willing to trade at the 5% probability level, indicating a firm consensus that the market would resolve to "NO." In this context, the $0.05 price point has acted as the only effective trading level, functioning as both a floor and a ceiling. The chart's price action, or lack thereof, paints a clear picture of overwhelmingly bearish market sentiment that correctly anticipated the S&P 500 would fall significantly short of the 7845 target at the resolution time.
3. Market Data
Contract Snapshot
This Kalshi market resolves based on the S&P 500 price at 12 PM EST on February 26, 2026. While the market's URL indicates an 'above/below' structure, the exact price threshold for a YES or NO resolution is not specified in the provided content. No specific trading deadlines or special settlement conditions beyond the asset and time are detailed.
Available Contracts
Market options and current pricing
| Outcome bucket | Yes (price) | No (price) | Implied probability |
|---|---|---|---|
| 5,850 or above | $1.00 | $0.01 | 100% |
| 5,855 or above | $1.00 | $0.03 | 100% |
| 5,860 or above | $1.00 | $0.03 | 100% |
| 5,865 or above | $1.00 | $0.03 | 100% |
| 5,870 or above | $1.00 | $0.03 | 100% |
| 5,875 or above | $1.00 | $0.03 | 100% |
| 5,880 or above | $1.00 | $0.03 | 100% |
| 5,885 or above | $1.00 | $0.03 | 100% |
| 5,890 or above | $1.00 | $0.03 | 100% |
| 5,895 or above | $1.00 | $0.03 | 100% |
| 5,900 or above | $1.00 | $0.01 | 100% |
| 5,905 or above | $1.00 | $0.03 | 100% |
| 5,910 or above | $1.00 | $0.03 | 100% |
| 5,915 or above | $1.00 | $0.03 | 100% |
| 5,920 or above | $1.00 | $0.03 | 100% |
| 5,925 or above | $1.00 | $0.03 | 100% |
| 5,930 or above | $1.00 | $0.03 | 100% |
| 5,935 or above | $1.00 | $0.03 | 100% |
| 5,940 or above | $1.00 | $0.03 | 100% |
| 5,945 or above | $1.00 | $0.03 | 100% |
| 5,950 or above | $1.00 | $0.03 | 100% |
| 5,955 or above | $1.00 | $0.03 | 100% |
| 5,960 or above | $1.00 | $0.03 | 100% |
| 5,965 or above | $1.00 | $0.03 | 100% |
| 5,970 or above | $1.00 | $0.03 | 100% |
| 5,975 or above | $1.00 | $0.03 | 100% |
| 5,980 or above | $1.00 | $0.03 | 100% |
| 5,985 or above | $1.00 | $0.03 | 100% |
| 5,990 or above | $1.00 | $0.03 | 100% |
| 5,995 or above | $1.00 | $0.03 | 100% |
| 6,000 or above | $1.00 | $0.01 | 100% |
| 6,005 or above | $1.00 | $0.03 | 100% |
| 6,010 or above | $1.00 | $0.03 | 100% |
| 6,015 or above | $1.00 | $0.03 | 100% |
| 6,020 or above | $1.00 | $0.03 | 100% |
| 6,025 or above | $1.00 | $0.03 | 100% |
| 6,030 or above | $1.00 | $0.03 | 100% |
| 6,035 or above | $1.00 | $0.03 | 100% |
| 6,040 or above | $1.00 | $0.03 | 100% |
| 6,045 or above | $1.00 | $0.03 | 100% |
| 6,050 or above | $1.00 | $0.03 | 100% |
| 6,055 or above | $1.00 | $0.03 | 100% |
| 6,060 or above | $1.00 | $0.03 | 100% |
| 6,065 or above | $1.00 | $0.03 | 100% |
| 6,070 or above | $1.00 | $0.03 | 100% |
| 6,075 or above | $1.00 | $0.03 | 100% |
| 6,080 or above | $1.00 | $0.03 | 100% |
| 6,085 or above | $1.00 | $0.03 | 100% |
| 6,090 or above | $1.00 | $0.03 | 100% |
| 6,095 or above | $1.00 | $0.03 | 100% |
| 6,100 or above | $1.00 | $0.01 | 100% |
| 6,105 or above | $1.00 | $0.03 | 100% |
| 6,110 or above | $1.00 | $0.03 | 100% |
| 6,115 or above | $1.00 | $0.03 | 100% |
| 6,120 or above | $1.00 | $0.03 | 100% |
| 6,125 or above | $1.00 | $0.03 | 100% |
| 6,130 or above | $1.00 | $0.03 | 100% |
| 6,135 or above | $1.00 | $0.03 | 100% |
| 6,140 or above | $1.00 | $0.03 | 100% |
| 6,145 or above | $1.00 | $0.03 | 100% |
| 6,150 or above | $1.00 | $0.03 | 100% |
| 6,155 or above | $1.00 | $0.03 | 100% |
| 6,160 or above | $1.00 | $0.03 | 100% |
| 6,165 or above | $1.00 | $0.03 | 100% |
| 6,170 or above | $1.00 | $0.03 | 100% |
| 6,175 or above | $1.00 | $0.03 | 100% |
| 6,180 or above | $1.00 | $0.03 | 100% |
| 6,185 or above | $1.00 | $0.03 | 100% |
| 6,190 or above | $1.00 | $0.03 | 100% |
| 6,195 or above | $1.00 | $0.03 | 100% |
| 6,200 or above | $1.00 | $0.01 | 100% |
| 6,205 or above | $1.00 | $0.03 | 100% |
| 6,210 or above | $1.00 | $0.03 | 100% |
| 6,215 or above | $1.00 | $0.03 | 100% |
| 6,220 or above | $1.00 | $0.03 | 100% |
| 6,225 or above | $1.00 | $0.03 | 100% |
| 6,230 or above | $1.00 | $0.03 | 100% |
| 6,235 or above | $1.00 | $0.03 | 100% |
| 6,240 or above | $1.00 | $0.03 | 100% |
| 6,245 or above | $1.00 | $0.03 | 100% |
| 6,250 or above | $1.00 | $0.03 | 100% |
| 6,255 or above | $1.00 | $0.03 | 100% |
| 6,260 or above | $1.00 | $0.03 | 100% |
| 6,265 or above | $1.00 | $0.03 | 100% |
| 6,270 or above | $1.00 | $0.03 | 100% |
| 6,275 or above | $1.00 | $0.03 | 100% |
| 6,280 or above | $1.00 | $0.03 | 100% |
| 6,285 or above | $1.00 | $0.03 | 100% |
| 6,290 or above | $1.00 | $0.03 | 100% |
| 6,295 or above | $1.00 | $0.03 | 100% |
| 6,300 or above | $1.00 | $0.01 | 100% |
| 6,305 or above | $1.00 | $0.03 | 100% |
| 6,310 or above | $1.00 | $0.03 | 100% |
| 6,315 or above | $1.00 | $0.03 | 100% |
| 6,320 or above | $1.00 | $0.03 | 100% |
| 6,325 or above | $1.00 | $0.03 | 100% |
| 6,330 or above | $1.00 | $0.03 | 100% |
| 6,335 or above | $1.00 | $0.03 | 100% |
| 6,340 or above | $1.00 | $0.03 | 100% |
| 6,345 or above | $1.00 | $0.03 | 100% |
| 6,350 or above | $1.00 | $0.03 | 100% |
| 6,355 or above | $1.00 | $0.03 | 100% |
| 6,360 or above | $1.00 | $0.03 | 100% |
| 6,365 or above | $1.00 | $0.03 | 100% |
| 6,370 or above | $1.00 | $0.03 | 100% |
| 6,375 or above | $1.00 | $0.03 | 100% |
| 6,380 or above | $1.00 | $0.03 | 100% |
| 6,385 or above | $1.00 | $0.03 | 100% |
| 6,390 or above | $1.00 | $0.03 | 100% |
| 6,395 or above | $1.00 | $0.03 | 100% |
| 6,400 or above | $1.00 | $0.01 | 100% |
| 6,405 or above | $1.00 | $0.03 | 100% |
| 6,410 or above | $1.00 | $0.03 | 100% |
| 6,415 or above | $1.00 | $0.03 | 100% |
| 6,420 or above | $1.00 | $0.03 | 100% |
| 6,425 or above | $1.00 | $0.03 | 100% |
| 6,430 or above | $1.00 | $0.03 | 100% |
| 6,435 or above | $1.00 | $0.03 | 100% |
| 6,440 or above | $1.00 | $0.03 | 100% |
| 6,445 or above | $1.00 | $0.03 | 100% |
| 6,450 or above | $1.00 | $0.03 | 100% |
| 6,455 or above | $1.00 | $0.03 | 100% |
| 6,460 or above | $1.00 | $0.03 | 100% |
| 6,465 or above | $1.00 | $0.03 | 100% |
| 6,470 or above | $1.00 | $0.03 | 100% |
| 6,475 or above | $1.00 | $0.03 | 100% |
| 6,480 or above | $1.00 | $0.03 | 100% |
| 6,485 or above | $1.00 | $0.03 | 100% |
| 6,490 or above | $1.00 | $0.03 | 100% |
| 6,495 or above | $1.00 | $0.03 | 100% |
| 6,500 or above | $1.00 | $0.01 | 100% |
| 6,505 or above | $1.00 | $0.03 | 100% |
| 6,510 or above | $1.00 | $0.03 | 100% |
| 6,515 or above | $1.00 | $0.03 | 100% |
| 6,520 or above | $1.00 | $0.03 | 100% |
| 6,525 or above | $1.00 | $0.03 | 100% |
| 6,530 or above | $1.00 | $0.03 | 100% |
| 6,535 or above | $1.00 | $0.03 | 100% |
| 6,540 or above | $1.00 | $0.03 | 100% |
| 6,545 or above | $1.00 | $0.03 | 100% |
| 6,550 or above | $1.00 | $0.03 | 100% |
| 6,555 or above | $1.00 | $0.03 | 100% |
| 6,560 or above | $1.00 | $0.03 | 100% |
| 6,565 or above | $1.00 | $0.03 | 100% |
| 6,570 or above | $1.00 | $0.03 | 100% |
| 6,575 or above | $1.00 | $0.03 | 100% |
| 6,580 or above | $1.00 | $0.03 | 100% |
| 6,585 or above | $1.00 | $0.03 | 100% |
| 6,590 or above | $1.00 | $0.03 | 100% |
| 6,595 or above | $1.00 | $0.03 | 100% |
| 6,600 or above | $1.00 | $0.01 | 100% |
| 6,605 or above | $1.00 | $0.03 | 100% |
| 6,610 or above | $1.00 | $0.03 | 100% |
| 6,615 or above | $1.00 | $0.03 | 100% |
| 6,620 or above | $1.00 | $0.03 | 100% |
| 6,625 or above | $1.00 | $0.03 | 100% |
| 6,630 or above | $1.00 | $0.03 | 100% |
| 6,635 or above | $1.00 | $0.03 | 100% |
| 6,640 or above | $1.00 | $0.03 | 100% |
| 6,645 or above | $1.00 | $0.03 | 100% |
| 6,650 or above | $1.00 | $0.03 | 100% |
| 6,655 or above | $1.00 | $0.03 | 100% |
| 6,660 or above | $1.00 | $0.03 | 100% |
| 6,665 or above | $1.00 | $0.03 | 100% |
| 6,670 or above | $1.00 | $0.03 | 100% |
| 6,675 or above | $1.00 | $0.03 | 100% |
| 6,680 or above | $1.00 | $0.03 | 100% |
| 6,685 or above | $1.00 | $0.03 | 100% |
| 6,690 or above | $1.00 | $0.03 | 100% |
| 6,695 or above | $1.00 | $0.03 | 100% |
| 6,700 or above | $1.00 | $0.01 | 100% |
| 6,705 or above | $1.00 | $0.03 | 100% |
| 6,710 or above | $1.00 | $0.03 | 100% |
| 6,715 or above | $1.00 | $0.03 | 100% |
| 6,720 or above | $1.00 | $0.03 | 100% |
| 6,725 or above | $1.00 | $0.03 | 100% |
| 6,730 or above | $1.00 | $0.03 | 100% |
| 6,735 or above | $1.00 | $0.03 | 100% |
| 6,740 or above | $1.00 | $0.03 | 100% |
| 6,745 or above | $1.00 | $0.03 | 100% |
| 6,750 or above | $1.00 | $0.03 | 100% |
| 6,755 or above | $1.00 | $0.03 | 100% |
| 6,760 or above | $1.00 | $0.03 | 100% |
| 6,765 or above | $1.00 | $0.03 | 100% |
| 6,770 or above | $1.00 | $0.03 | 100% |
| 6,775 or above | $1.00 | $0.03 | 100% |
| 6,780 or above | $1.00 | $0.03 | 100% |
| 6,785 or above | $1.00 | $0.03 | 100% |
| 6,790 or above | $1.00 | $0.03 | 100% |
| 6,795 or above | $1.00 | $0.03 | 100% |
| 6,800 or above | $1.00 | $0.03 | 100% |
| 6,805 or above | $1.00 | $0.03 | 100% |
| 6,810 or above | $1.00 | $0.03 | 100% |
| 6,815 or above | $1.00 | $0.03 | 100% |
| 6,820 or above | $1.00 | $0.04 | 100% |
| 6,825 or above | $1.00 | $0.04 | 100% |
| 6,830 or above | $1.00 | $0.04 | 100% |
| 6,835 or above | $0.99 | $0.06 | 99% |
| 6,840 or above | $0.95 | $0.08 | 95% |
| 6,845 or above | $0.90 | $0.13 | 90% |
| 6,850 or above | $0.84 | $0.21 | 84% |
| 6,855 or above | $0.74 | $0.31 | 74% |
| 6,860 or above | $0.59 | $0.46 | 59% |
| 6,865 or above | $0.40 | $0.61 | 40% |
| 6,870 or above | $0.30 | $0.87 | 30% |
| 6,875 or above | $0.19 | $0.86 | 19% |
| 6,880 or above | $0.10 | $0.94 | 10% |
| 6,885 or above | $0.05 | $0.98 | 5% |
| 6,890 or above | $0.04 | $1.00 | 4% |
| 6,895 or above | $0.04 | $1.00 | 4% |
| 6,900 or above | $0.03 | $1.00 | 3% |
| 6,905 or above | $0.03 | $1.00 | 3% |
| 6,910 or above | $0.03 | $1.00 | 3% |
| 6,915 or above | $0.03 | $1.00 | 3% |
| 6,920 or above | $0.03 | $1.00 | 3% |
| 6,925 or above | $0.03 | $1.00 | 3% |
| 6,930 or above | $0.03 | $1.00 | 3% |
| 6,935 or above | $0.03 | $1.00 | 3% |
| 6,940 or above | $0.03 | $1.00 | 3% |
| 6,945 or above | $0.03 | $1.00 | 3% |
| 6,950 or above | $0.03 | $1.00 | 3% |
| 6,955 or above | $0.03 | $1.00 | 3% |
| 6,960 or above | $0.03 | $1.00 | 3% |
| 6,965 or above | $0.03 | $1.00 | 3% |
| 6,970 or above | $0.03 | $1.00 | 3% |
| 6,975 or above | $0.03 | $1.00 | 3% |
| 6,980 or above | $0.03 | $1.00 | 3% |
| 6,985 or above | $0.03 | $1.00 | 3% |
| 6,990 or above | $0.03 | $1.00 | 3% |
| 6,995 or above | $0.03 | $1.00 | 3% |
| 7,000 or above | $0.03 | $1.00 | 3% |
| 7,010 or above | $0.03 | $1.00 | 3% |
| 7,015 or above | $0.03 | $1.00 | 3% |
| 7,020 or above | $0.03 | $1.00 | 3% |
| 7,025 or above | $0.03 | $1.00 | 3% |
| 7,030 or above | $0.03 | $1.00 | 3% |
| 7,035 or above | $0.03 | $1.00 | 3% |
| 7,040 or above | $0.03 | $1.00 | 3% |
| 7,045 or above | $0.03 | $1.00 | 3% |
| 7,050 or above | $0.03 | $1.00 | 3% |
| 7,055 or above | $0.03 | $1.00 | 3% |
| 7,060 or above | $0.03 | $1.00 | 3% |
| 7,065 or above | $0.03 | $1.00 | 3% |
| 7,070 or above | $0.03 | $1.00 | 3% |
| 7,075 or above | $0.03 | $1.00 | 3% |
| 7,080 or above | $0.03 | $1.00 | 3% |
| 7,085 or above | $0.03 | $1.00 | 3% |
| 7,090 or above | $0.03 | $1.00 | 3% |
| 7,095 or above | $0.03 | $1.00 | 3% |
| 7,105 or above | $0.03 | $1.00 | 3% |
| 7,110 or above | $0.03 | $1.00 | 3% |
| 7,115 or above | $0.03 | $1.00 | 3% |
| 7,120 or above | $0.03 | $1.00 | 3% |
| 7,125 or above | $0.03 | $1.00 | 3% |
| 7,130 or above | $0.03 | $1.00 | 3% |
| 7,135 or above | $0.03 | $1.00 | 3% |
| 7,140 or above | $0.03 | $1.00 | 3% |
| 7,145 or above | $0.03 | $1.00 | 3% |
| 7,150 or above | $0.03 | $1.00 | 3% |
| 7,155 or above | $0.03 | $1.00 | 3% |
| 7,160 or above | $0.03 | $1.00 | 3% |
| 7,165 or above | $0.03 | $1.00 | 3% |
| 7,170 or above | $0.03 | $1.00 | 3% |
| 7,175 or above | $0.03 | $1.00 | 3% |
| 7,180 or above | $0.03 | $1.00 | 3% |
| 7,185 or above | $0.03 | $1.00 | 3% |
| 7,190 or above | $0.03 | $1.00 | 3% |
| 7,195 or above | $0.03 | $1.00 | 3% |
| 7,205 or above | $0.03 | $1.00 | 3% |
| 7,210 or above | $0.03 | $1.00 | 3% |
| 7,215 or above | $0.03 | $1.00 | 3% |
| 7,220 or above | $0.03 | $1.00 | 3% |
| 7,225 or above | $0.03 | $1.00 | 3% |
| 7,230 or above | $0.03 | $1.00 | 3% |
| 7,235 or above | $0.03 | $1.00 | 3% |
| 7,240 or above | $0.03 | $1.00 | 3% |
| 7,245 or above | $0.03 | $1.00 | 3% |
| 7,250 or above | $0.03 | $1.00 | 3% |
| 7,255 or above | $0.03 | $1.00 | 3% |
| 7,260 or above | $0.03 | $1.00 | 3% |
| 7,265 or above | $0.03 | $1.00 | 3% |
| 7,270 or above | $0.03 | $1.00 | 3% |
| 7,275 or above | $0.03 | $1.00 | 3% |
| 7,280 or above | $0.03 | $1.00 | 3% |
| 7,285 or above | $0.03 | $1.00 | 3% |
| 7,290 or above | $0.03 | $1.00 | 3% |
| 7,295 or above | $0.03 | $1.00 | 3% |
| 7,305 or above | $0.03 | $1.00 | 3% |
| 7,310 or above | $0.03 | $1.00 | 3% |
| 7,315 or above | $0.03 | $1.00 | 3% |
| 7,320 or above | $0.03 | $1.00 | 3% |
| 7,325 or above | $0.03 | $1.00 | 3% |
| 7,330 or above | $0.03 | $1.00 | 3% |
| 7,335 or above | $0.03 | $1.00 | 3% |
| 7,340 or above | $0.03 | $1.00 | 3% |
| 7,345 or above | $0.03 | $1.00 | 3% |
| 7,350 or above | $0.03 | $1.00 | 3% |
| 7,355 or above | $0.03 | $1.00 | 3% |
| 7,360 or above | $0.03 | $1.00 | 3% |
| 7,365 or above | $0.03 | $1.00 | 3% |
| 7,370 or above | $0.03 | $1.00 | 3% |
| 7,375 or above | $0.03 | $1.00 | 3% |
| 7,380 or above | $0.03 | $1.00 | 3% |
| 7,385 or above | $0.03 | $1.00 | 3% |
| 7,390 or above | $0.03 | $1.00 | 3% |
| 7,395 or above | $0.03 | $1.00 | 3% |
| 7,405 or above | $0.03 | $1.00 | 3% |
| 7,410 or above | $0.03 | $1.00 | 3% |
| 7,415 or above | $0.03 | $1.00 | 3% |
| 7,420 or above | $0.03 | $1.00 | 3% |
| 7,425 or above | $0.03 | $1.00 | 3% |
| 7,430 or above | $0.03 | $1.00 | 3% |
| 7,435 or above | $0.03 | $1.00 | 3% |
| 7,440 or above | $0.03 | $1.00 | 3% |
| 7,445 or above | $0.03 | $1.00 | 3% |
| 7,450 or above | $0.03 | $1.00 | 3% |
| 7,455 or above | $0.03 | $1.00 | 3% |
| 7,460 or above | $0.03 | $1.00 | 3% |
| 7,465 or above | $0.03 | $1.00 | 3% |
| 7,470 or above | $0.03 | $1.00 | 3% |
| 7,475 or above | $0.03 | $1.00 | 3% |
| 7,480 or above | $0.03 | $1.00 | 3% |
| 7,485 or above | $0.03 | $1.00 | 3% |
| 7,490 or above | $0.03 | $1.00 | 3% |
| 7,495 or above | $0.03 | $1.00 | 3% |
| 7,505 or above | $0.03 | $1.00 | 3% |
| 7,510 or above | $0.03 | $1.00 | 3% |
| 7,515 or above | $0.03 | $1.00 | 3% |
| 7,520 or above | $0.03 | $1.00 | 3% |
| 7,525 or above | $0.03 | $1.00 | 3% |
| 7,530 or above | $0.03 | $1.00 | 3% |
| 7,535 or above | $0.03 | $1.00 | 3% |
| 7,540 or above | $0.03 | $1.00 | 3% |
| 7,545 or above | $0.03 | $1.00 | 3% |
| 7,550 or above | $0.03 | $1.00 | 3% |
| 7,555 or above | $0.03 | $1.00 | 3% |
| 7,560 or above | $0.03 | $1.00 | 3% |
| 7,565 or above | $0.03 | $1.00 | 3% |
| 7,570 or above | $0.03 | $1.00 | 3% |
| 7,575 or above | $0.03 | $1.00 | 3% |
| 7,580 or above | $0.03 | $1.00 | 3% |
| 7,585 or above | $0.03 | $1.00 | 3% |
| 7,590 or above | $0.03 | $1.00 | 3% |
| 7,595 or above | $0.03 | $1.00 | 3% |
| 7,605 or above | $0.03 | $1.00 | 3% |
| 7,610 or above | $0.03 | $1.00 | 3% |
| 7,615 or above | $0.03 | $1.00 | 3% |
| 7,620 or above | $0.03 | $1.00 | 3% |
| 7,625 or above | $0.03 | $1.00 | 3% |
| 7,630 or above | $0.03 | $1.00 | 3% |
| 7,635 or above | $0.03 | $1.00 | 3% |
| 7,640 or above | $0.03 | $1.00 | 3% |
| 7,645 or above | $0.03 | $1.00 | 3% |
| 7,650 or above | $0.03 | $1.00 | 3% |
| 7,655 or above | $0.03 | $1.00 | 3% |
| 7,660 or above | $0.03 | $1.00 | 3% |
| 7,665 or above | $0.03 | $1.00 | 3% |
| 7,670 or above | $0.03 | $1.00 | 3% |
| 7,675 or above | $0.03 | $1.00 | 3% |
| 7,680 or above | $0.03 | $1.00 | 3% |
| 7,685 or above | $0.03 | $1.00 | 3% |
| 7,690 or above | $0.03 | $1.00 | 3% |
| 7,695 or above | $0.03 | $1.00 | 3% |
| 7,705 or above | $0.03 | $1.00 | 3% |
| 7,710 or above | $0.03 | $1.00 | 3% |
| 7,715 or above | $0.03 | $1.00 | 3% |
| 7,720 or above | $0.03 | $1.00 | 3% |
| 7,725 or above | $0.03 | $1.00 | 3% |
| 7,730 or above | $0.03 | $1.00 | 3% |
| 7,735 or above | $0.03 | $1.00 | 3% |
| 7,740 or above | $0.03 | $1.00 | 3% |
| 7,745 or above | $0.03 | $1.00 | 3% |
| 7,750 or above | $0.03 | $1.00 | 3% |
| 7,755 or above | $0.03 | $1.00 | 3% |
| 7,760 or above | $0.03 | $1.00 | 3% |
| 7,765 or above | $0.03 | $1.00 | 3% |
| 7,770 or above | $0.03 | $1.00 | 3% |
| 7,775 or above | $0.03 | $1.00 | 3% |
| 7,780 or above | $0.03 | $1.00 | 3% |
| 7,785 or above | $0.03 | $1.00 | 3% |
| 7,790 or above | $0.03 | $1.00 | 3% |
| 7,795 or above | $0.03 | $1.00 | 3% |
| 7,805 or above | $0.03 | $1.00 | 3% |
| 7,810 or above | $0.03 | $1.00 | 3% |
| 7,815 or above | $0.03 | $1.00 | 3% |
| 7,820 or above | $0.03 | $1.00 | 3% |
| 7,825 or above | $0.03 | $1.00 | 3% |
| 7,830 or above | $0.03 | $1.00 | 3% |
| 7,835 or above | $0.03 | $1.00 | 3% |
| 7,840 or above | $0.03 | $1.00 | 3% |
| 7,005 or above | $0.01 | $1.00 | 1% |
| 7,100 or above | $0.01 | $1.00 | 1% |
| 7,200 or above | $0.01 | $1.00 | 1% |
| 7,300 or above | $0.01 | $1.00 | 1% |
| 7,400 or above | $0.01 | $1.00 | 1% |
| 7,500 or above | $0.01 | $1.00 | 1% |
| 7,600 or above | $0.01 | $1.00 | 1% |
| 7,700 or above | $0.01 | $1.00 | 1% |
| 7,800 or above | $0.01 | $1.00 | 1% |
| 7,845 or above | $0.01 | $1.00 | 1% |
Market Discussion
As of February 13, 2026, discussions and debates surrounding the S&P 500 are primarily centered on its short-term volatility amid "AI disruption" worries and anticipation of upcoming inflation data, contrasted with a generally optimistic outlook for the broader year [^]. Many analysts foresee continued positive returns for the S&P 500 in 2026, driven by robust corporate earnings growth, ongoing artificial intelligence investments, and expected Federal Reserve interest rate cuts [^]. Conversely, concerns linger regarding stretched market valuations, the potential for persistent inflation above the Fed's target, and a notable probability of a U.S [^]. and global recession in 2026 [^].
4. What is the Market-Implied Federal Funds Rate for 2025?
| Implied Year-End 2025 Fed Funds Rate | 3.69% to 3.72% [^] |
|---|---|
| Net Implied Rate Cuts for 2025 | Zero [^] |
| Cumulative Easing (through early 2026) | 50-60 basis points (two 25 bps cuts) [^] |
The market expects stable rates in 2025, with easing thereafter. The market, as indicated by futures contracts, anticipates the Federal Funds Rate will stabilize between 3.69% and 3.72% by the end of 2025 [^]. This implies zero net rate cuts during the 2025 calendar year, reflecting a "higher for longer" policy stance for much of that period. However, the broader forward curve suggests a cumulative easing of 50-60 basis points extending into early 2026, indicating that while cuts are not expected in 2025, they are anticipated shortly thereafter [^]. The current Effective Federal Funds Rate (EFFR) is approximately 3.64% [^], supporting the market's view of policy stabilization before a more discernible easing cycle begins.
Market and Fed diverge on 2025 rate cut expectations. This market-implied trajectory for 2025 represents a notable shift from the Federal Reserve's initial 2024 Summary of Economic Projections (SEP), which had signaled three rate cuts for 2024 [^]. While the Fed's subsequent projections from the June 2025 SEP update did signal two rate cuts for 2025, the market has since priced out even these, postponing the timeline for easing further into 2026 [^]. This divergence highlights the market's proactive stance compared to the Fed's data-dependent approach, with markets incorporating risk premia against potential inflation reacceleration [^].
Longer-term outlook suggests eventual significant easing beyond 2025. Despite the immediate "higher for longer" outlook for 2025, both the market and the Federal Reserve's longer-term perspectives suggest substantial eventual easing. The December 2025 SEP indicated a median expectation for the Fed Funds rate to fall to the 3.00%-3.25% range by the end of 2027 [^]. Contrarian views, such as one suggesting substantially more than two cuts in 2025, exist but are founded on alternative economic forecasts, emphasizing the risk of unexpected economic deterioration accelerating the easing cycle [^].
5. What Drove S&P 500 Top-10 Concentration to New Highs in 2025?
| Historical Peak Concentration (Q1 2024) | 24.1% [^] |
|---|---|
| Realized Year-End 2025 Concentration | Over 40% [^] |
| Tech Sector Earnings Growth (2025) | 20% [^] |
The S&P 500 concentration dramatically increased by year-end 2025. By this time, the top nine technology firms, including the 'Magnificent 7,' collectively exceeded 40% of the index's weight [^]. This unprecedented surge dramatically surpassed the Q1 2024 historical peak of 24.1% for the top 10 companies and defied early 2025 forecasts that had projected a slight moderation to 23.8% (±1.2%) [^].
AI investment boom fueled this significant concentration increase. This was overwhelmingly driven by the sustained Artificial Intelligence (AI) investment boom, which fostered a substantial performance and earnings gap between mega-cap technology firms and the rest of the market [^]. For instance, tech sector earnings were forecasted to grow by 20% in 2025, significantly outpacing the broader S&P 500's estimated 12% growth. This provided fundamental justification for the increased capital inflows into these dominant tech stocks [^].
6. What Drove S&P 500 Earnings Growth to Record Highs in 2025?
| S&P 500 2025 Earnings Growth | 13.3%-13.5% (CY 2025 vs. CY 2024) [^] |
|---|---|
| S&P 500 2025 Net Profit Margins | 13.2%-13.4% [^] |
| S&P 500 2025 Revenue Growth | 7.4%-7.5% [^] |
The final consensus forecast for S&P 500 aggregate year-over-year earnings growth for calendar year 2025 was 12.1% by December 2025 [^] . This forecast represented a notable upward revision from earlier analyst projections of 7.4% in May 2025 [^]. Actual reported aggregate earnings growth for the S&P 500 ultimately reached between 13.3% and 13.5% year-over-year [^], significantly exceeding the final consensus forecast. The overall growth was broad-based, with the "S&P 493" segment also experiencing strong growth in the 9% to 13% range [^].
Margin expansion was the primary driver of this earnings surge. The substantial earnings surge was primarily driven by significant margin expansion, with aggregate net profit margins for the S&P 500 reaching record highs of approximately 13.2% to 13.4% [^]. This expansion was complemented by healthy top-line growth, as aggregate S&P 500 revenues increased between 7.4% and 7.5% year-over-year [^]. This exceptional performance significantly surpassed historical averages.
Multiple factors fueled both margin expansion and revenue growth. These robust drivers were underpinned by sustained capital investment in artificial intelligence, alongside resilient consumer and business spending [^]. Furthermore, market optimism regarding potential deregulation and tax cuts contributed to the overall positive environment [^].
7. How Do Market Signals Compare to Official 2025 Economic Projections?
| Market-Implied Recession Probability | 55% (before Feb 2027) [^] |
|---|---|
| CBO 2025 Real GDP Growth | 1.4% [^] |
| CBO Projected 2025 Unemployment | 4.5% (Q4 2025) [^] |
Market signals currently indicate a significant recession probability, contrasting CBO's growth forecast. As of February 13, 2026, an inverted Treasury yield curve suggests a 55 percent probability of a U.S. recession occurring before February 2027. This market warning diverges from the Congressional Budget Office's (CBO) official projection, which forecasts a 1.4 percent real GDP growth for the 2025 calendar year [^]. While positive, the CBO's outlook represents a notable deceleration from 2024's estimated growth, suggesting a "growth recession" where economic activity slows considerably without entering a technical recession.
The CBO's 2025 forecast reflects revisions, influenced by tariffs and immigration. The projected 1.4 percent growth for 2025 is a downward revision, primarily due to new tariffs expected to increase inflation and reduce output, alongside lower net immigration impacting the labor force [^]. However, the CBO anticipates that the 2025 Reconciliation Act, a fiscal stimulus package, will serve as a crucial counterbalance by boosting employment, household income, and business investment [^]. Other CBO projections for 2025 include the unemployment rate rising to 4.5 percent by the fourth quarter and inflation, as measured by the PCE price index, remaining elevated at 3.1 percent [^].
Divergent forecasts have profound implications for policy and economic outcomes. If the market's high recession probability proves accurate, the CBO's GDP and tax revenue projections would likely be overly optimistic, potentially necessitating more aggressive interest rate cuts by the Federal Reserve. Conversely, should the CBO's forecast hold, the yield curve inversion would have signaled a slowdown that narrowly avoided a technical recession, with fiscal stimulus playing a key role in the outcome [^]. The ultimate resolution of this divergence will depend on the complex interaction of monetary and fiscal policies and the underlying resilience of the U.S. economy.
8. How Will Post-Election Speculative Positioning Impact S&P 500 by 2026?
| COT Report Frequency | Weekly (CFTC) [^] |
|---|---|
| S&P 500 COT Data Start | March 1995 [^] |
| Presidential Cycle S&P 500 Performance | Third year strongest, election year weakest |
The Commitments of Traders (COT) report tracks institutional sentiment in futures. This report is a vital tool for assessing institutional sentiment in futures markets, categorizing open interest into commercial, non-commercial, and non-reportable trader segments [^]. U.S. presidential elections historically introduce S&P 500 volatility, particularly in pre-election months which generally show more modest returns [^], [^]. A common pattern observed is a market rebound post-election, primarily due to the resolution of policy uncertainty [^].
Post-election 90 days are crucial for market repricing. The 90-day period immediately following a U.S. presidential election, spanning November 2024 to February 2025, is critical for institutional repricing in S&P 500 e-mini futures. Shifts in net speculative positioning during this window serve as real-time indicators of the market's emerging consensus on the new administration's policy direction [^]. For example, a decisive pro-business victory could trigger a significant 'risk-on' signal, resulting in a sharp increase in net long positions among large speculators. Conversely, policies perceived as restrictive might generate a 'risk-off' signal, prompting a reduction in net long exposure or even a tactical shift to net short positions [^].
Post-election consensus drives long-term market trends. This institutional consensus, established within the post-election 90-day window (November 2024 to February 2025), is projected to set the dominant market trend for the subsequent year, influencing the S&P 500's valuation by February 2026. A strong 'risk-on' signal would likely propel the S&P 500 higher, resulting in a bullish resolution for prediction markets, while a 'risk-off' signal would imply muted or negative performance. The ultimate direction depends entirely on the specific policy agenda of the victorious administration relative to market expectations [^].
9. What Could Change the Odds
No Remaining Catalysts
The prediction market for the 'S&P price on Feb 13, 2026 at 12pm EST?' has already reached its settlement date and settled on February 13, 2026, at 7:45 PM UTC.
As the market has concluded and settled, there are no remaining catalysts or future events that could potentially alter its outcome or impact market probability. All relevant information for this specific market has been accounted for and finalized.
Key Dates & Catalysts
- Strike Date: February 13, 2026
- Expiration: February 20, 2026
- Closes: February 13, 2026
10. Decision-Flipping Events
- Trigger: The prediction market for the 'S&P price on Feb 13, 2026 at 12pm EST?' has already reached its settlement date and settled on February 13, 2026, at 7:45 PM UTC.
- Trigger: As the market has concluded and settled, there are no remaining catalysts or future events that could potentially alter its outcome or impact market probability.
- Trigger: All relevant information for this specific market has been accounted for and finalized.
12. Historical Resolutions
Historical Resolutions: 50 markets in this series
Outcomes: 0 resolved YES, 50 resolved NO
Recent resolutions:
- KXINXU-26FEB13H1400-T7844.9999: NO (Feb 13, 2026)
- KXINXU-26FEB13H1400-T7839.9999: NO (Feb 13, 2026)
- KXINXU-26FEB13H1400-T7834.9999: NO (Feb 13, 2026)
- KXINXU-26FEB13H1400-T7829.9999: NO (Feb 13, 2026)
- KXINXU-26FEB13H1400-T7824.9999: NO (Feb 13, 2026)
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