CNBC Business News Update Market Close: Stocks Lower, Oil Pops On Fears The US Will Attack Iran, Apple Sued For Alleged Failure To Stop Child Sexual Abuse Material On iCloud 2/19/26
Feb 19, 2026
Markets slip as Middle East tensions push oil higher and lift defense stocks. Amazon overtakes Walmart in U.S. revenue while consumer trends shift toward discount retailers. West Virginia files a lawsuit accusing a tech giant of failing to stop illegal material on cloud storage. Pending home sales drop and upcoming economic data and Supreme Court decisions could sway markets.
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Geopolitical Risk Pushes Markets Lower
- Markets fell as investors grew nervous about a possible U.S. attack on Iran and a major military buildup in the region.
- Rising oil prices and defense stocks hit multi-month highs, reflecting geopolitical risk priced into markets.
Amazon Tops Walmart In Revenue
- Amazon overtook Walmart as the U.S. company with the largest annual revenue.
- Walmart reported a strong quarter but gave weaker guidance, raising questions about U.S. consumer strength.
Apple Sued Over iCloud Content Handling
- West Virginia sued Apple for allegedly failing to stop child sexual abuse material on iCloud and iOS devices.
- Apple had explored scanning iCloud in 2022 but abandoned it amid privacy concerns; its current features don't directly address the lawsuit's core claim.