CNBC Business News Update Market Midday: Stocks Lower, Oil Higher On Iran Conflict Worries, West Virginia Sues Apple Over Child Sexual Material On Devices 2/19/26
Feb 19, 2026
Markets slide as investors fret over a possible conflict with Iran. A major lawsuit accuses a tech company of failing to prevent child sexual material on devices. Analysts debate oil volatility and rising gas prices. Employment claims stay low while consumer confidence and retail outlook show mixed signals. Corporate news includes strong farm-equipment results and changes to airline loyalty rewards.
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Markets Drop As Iran Tensions Rise
- Markets fell sharply midday amid increased fears of conflict with Iran, driving major indexes into the red.
- Defensive stocks like Raytheon, Lockheed Martin, and Northrop Grumman hit fresh highs as investors sought safety.
State Sues Apple Over Child Abuse Material
- West Virginia sued Apple claiming it failed to stop child sexual abuse material on iCloud and devices despite having the technology.
- The lawsuit weighed on Apple shares, which were down about half a percent intraday.
Oil Jumps On Conflict Fears
- Oil prices rose on worries about a possible U.S. strike on Iran, lifting crude to its highest since late July.
- Rising crude helped push pump prices up, with AAA reporting a 10 cent increase in the national average over four weeks.