Early Look

Thursday, October 29, 2026

U.S. markets are starting Thursday lower following yesterday's Big Tech earnings. Alphabet is down -10% pre-market, while Microsoft gains 3.5% while the semi sector (SOX) appears on track to snap its 4-day win streak. Nasdaq 100 futures are under pressure, while Dow futures just slip following a negative reactions to Caterpillar (CAT earnings as shares fall -8%. Asian markets are mixed, weighed down by semiconductor weakness. Today's focus is on U.S. PCE inflation, GDP, the ECB rate decision and a packed earnings calendar featuring Amazon, Eli Lilly, Intel and Mastercard. Yesterday, as expected, the Fed held interest rates steady at 3.75%–4.00%, with 2 dissents from Lisa Cook, casting her first dissent for a hike, and Beth Hammack as both preferred a hike.

Nasdaq is down -1% overnight: MSFT beat on most metrics last night lifting shares, while GOOGL shares fell over -9% as Search revenue growth of 12%, below the Street’s 15% estimate, likely restarting fears that generative AI and increasingly personalized bots are impacting search. While MSFT shares jumped on results and GOOGL tumbled, cap-ex guides for both hyperscalers were below consensus as Microsoft capex $39.37B vs. $45.93B expected, $6.56B below consensus, while Alphabet capex $51.36B vs. $55.78B expected, roughly $4.42B below consensus. Overall, Big Tech is expected to pump more than $700 billion this year into building data centers and securing the hardware and energy needed to develop and run AI technologies. Software space pressured by NOW results as shares fall over -15% as they posted net income of $277 million, or 27 cents a share, down from $502 million, or 48 cents a share, the year prior, while revs rose to $4.11B vs. est. $4.09B and security software names down on FTNT print with shares falling -20%.

In Asian markets, The Nikkei Index rose 705 points to 64,659, the Shanghai Index fell -30 points to 3,651, the Kospi fell 10 points or 1.1% to 935, and the Hang Seng Index dropped -136 points to 22,958. In Europe, the German DAX is up 250 points to 25,954, while the FTSE 100 rises 38 points to 10,733. Longer-dated US Treasury yields extended early gains on Wednesday afternoon, after the Federal Reserve signaled confidence in the economy despite leaving interest rates unchanged, cementing expectations for a December hike. Rate futures were last pricing in about an 82% chance of a 25-basis-point hike at the Fed's next meeting in December.

• The Dow Jones Industrial Average rose 97.53 points, or 0.19%, to 52,475.10
• The Nasdaq Composite gained 72.04 points, or 0.27%, to 26,549.85
• The Russell 2000 Index advanced 12.03 points, or 0.43% to 2,830.91

• 8:30 AM ET                   Continuing Claims…est. 1.72M
• 8:30 AM ET                   Personal Income M/M for September…est. +0.3% (prior +0.2%)
• 8:30 AM ET                   Personal Spending M/M for September…prior +0.6%
• 8:30 AM ET PCE Price Index M/M for September…est. +0.5% (prior 0.3%)
• 8:30 AM ET PCE Price Index Y/Y for September…est. +3.6% (prior +3.4%
• 8:30 AM ET                   Core PCE Price Index M/M for September…est. +0.3% (prior +0.2%)
• 8:30 AM ET                   Core PCE Price Index Y/Y for September…est. +3.1% (prior +3.0%)
• 8:30 AM ET                   Gross Domestic Product (GDP) Q3-E…est. +3.2% (prior +2.2%)
• 8:30 AM ET GDP Consumer Spending for Q3-E…prior +3.8%
• 8:30 AM ET GDP Price Deflator for Q3-E…est. +3.5% (prior +6.1%)
• 8:30 AM ET GDP PCE Price Index M/M for Q3-E…est. +2.6% (prior +5.0%)
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q3-E…est. +2.4% (prior +3.3%)
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 10:30 AM ET                 Dallas Fed PCE for September
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ACCO ACIC AJG ALHC AMZN ASUR ATEC ATOM ATR AX AXTI BFAM BVN CDNA CNO COIN COLM COUR CUBE CUZ CVLG DLR DVA DXC DXCM EIX EMN ERIE EXEL EXPO FBIZ FDXF FHI FISI FMC FND FORR FSLR GDDY GDYN GILD GLPI HR HTGC ILMN INBK INGM INTC INVX IR KWR LNT MDLZ MEOH MERC MHK MIAX MMSI MSTR MTX MTZ NEXA OLN OSIS OSPN PEB PFSI PINS PMT PRTTS PTCT RBLX RDDT REAL RIVN RMD RSG RYAN SBUX SKYW SNDK SNDR SPSC SPXC STRZ SUPN SYK TBBK TFII TWLO VALE VLTO WKC WTI WY

• Late Wednesday, the WSJ reported Vice President Vance sent a letter to Iran security chief Rezaei to revive peace negotiations; letter sent at the direction of President Trump, who has threatened to restart the war after next week’s midterms; outreach focused on a framework for future negotiations rather than specifics for a peace proposal.
• Treasury Secretary Bessent said last night policymakers are monitoring the state of financing for AI build-out but Bessant played down recent signs of concern; companies are still getting financing done, some are choosing to finance with equity; called for policymakers to have an open mind about the energy shock to US inflation being transitory.
• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -3.6% vs -8.9% last week. Bulls rose to 37.8% to from 36.9%, Neutrals rose to 20.7% from 17.3%, Bears fell to 41.4% from 45.8%.

• Carvana Co. (CVNA) Q3 EPS $0.39 vs. est. $0.44 (miss); revenue $8.040B vs. est. $7.704B (beat); adj. EBITDA $800Mm vs. est. $795.2Mm (beat); adj. EBITDA margin 10%; operating Income $714Mm; retail units sold 217,385; elevated fuel prices and rising interest rates hurt unit economics by approximately $200/unit; FY26 adj. EBITDA expected toward higher end of $2.7B-$3.0B range vs est $2.923B; expects sequential retail-unit growth in Q4; will discontinue quarterly/annual outlooks.
• Chipotle Mexican Grill (CMG) Q3 adjusted EPS $0.27 vs. est. $0.29; Q3 revs $3.3B vs. consensus $3.29B; Q3 comparable restaurant sales increased 2.1% vs. est. +1.4%; backs FY26 comparable restaurant sales growth in low single digits.
• eBay Inc. (EBAY) Q3 EPS $1.51, tops consensus $1.41 and revs rose 14% y/y to $3.2B vs. est. $3.11B; Q3 Gross merchandise volume was $23.17B, up 15% y/y and vs. est. $22.32B; sees FY gross merchandise volume will grow about 14% on a constant currency basis, compared with its prior forecast for growth of about 12%; guides revenue to grow 12% to 13% for the year. It previously said it expects revenue to increase around half a percentage point less than GMV.
• Ford Motor (F) Q3 EPS $0.49 vs. est. $0.40 and revs $49.5B vs. est. $46.32B; Q3 adj Ebit $2.7B vs. est. $2.385B; Q3 adjusted operating income margin was 5.4%, up from 5.1% with a target of 8% by 2029; sees FY26 adjusted EBIT at $10.5B-$11.0B vs. $10.0B-$11.0B prior view
• Invitation Homes (INVH) Q3 core FFO/share $0.48 (+2.4% YoY) vs. est. $0.48 (in line); revenue $731.278Mm (+6.3% YoY) vs. est. $707.578Mm (beat); AFFO/share $0.38 (+0.1% YoY); same-store NOI +1.1% on core revenue +1.6% and core expenses +2.5%; same-store occupancy 96.4% (-10bps YoY); renewal rents +4.3%, new-lease rents -0.2%, blended rents +3.0%; FY26 core FFO/share guidance $1.94-$1.98 vs est $1.96 and prior $1.95; AFFO/share guidance $1.63-$1.67.
• MGM Resorts (MGM) Q3 adj. EPS $1.07 (+18.9% YoY) vs. est. $0.98 (beat); sales $1.2378B (+5.4% YoY; organic -1.2%) vs. est. $1.238B (in line); adj. operating margin 16.5% (+170bps YoY); bookings $1.3835B (+14.1%; organic +7.7%), including record aftermarket bookings $727.7Mm (+11.4%); backlog $3.4718B (+19.9%); operating cash flow $144.1Mm vs. $401.8Mm YoY; raised FY26 adj. EPS guidance floor to $4.10-$4.20 from $4.05-$4.20
• O’Reilly Automotive (ORLY) Q3 EPS $0.97 vs. est. $0.92; Q3 sales $5.12B vs. est. $5.01B; said double-digit growth in its professional business contributed to Q3 sales increase; raises full-year 2026 comparable store sales guidance to 5.5%-6.5% and lifts 2026 gross margin guidance to 51.6%-52.1% and operating profit to 19.5%-20.0%.
• Sprouts Farmers (SFM) Q3 EPS $1.21 misses consensus $1.23; Q3 revenue $2.3B vs. est. $2.33B; guides Q4 adj EPS $0.47-$0.51 vs. est. $1.21 and FY2026 expected to be about $4.80 vs $5.53 est. and FY2026 Revenue expected to be about $9.185B vs $9.473B Est.
• VICI Properties (VICI) Q3 AFFO/share $0.62 vs est $0.67 (miss); revenue $1.100B vs. est. $1.060B (beat); AFFO $685.2Mm; FY26 AFFO guidance $2.695B-$2.705B; quarterly dividend/share $0.46.

• Antero Resources (AR) Q3 adj EPS $0.83 vs. est. $0.98 and revs $1,563B vs. est. $1.567B; expects Q4 production to be approximately 4.3 Bcfe/d, reflecting an estimated 15 to 20 Bcfe of curtailments, driven by low regional pricing. Natural gas realized price guidance for the fourth quarter is expected to be a $(0.15) - $(0.25) per Mcf differential.
• Murphy USA (MUSA) Q3 EPS $9.59, tops consensus $8.45 and Q3 revenue $6.89B vs. consensus $6.19B; Q3 total fuel contribution was 37.0 cpg, compared to 30.7 cpg in Q3 2025. Total retail gallons increased 3.3%, and volumes on a same store sales basis increased 0.1%, in Q3 2026 compared to Q3 2025.
• Nextpower (NXT) Q2 adj. EPS $1.31 vs. est. $1.10 (beat); revenue $1.109B vs. est. $1.060B (beat); adj. gross profit $355Mm; adj. gross margin 32.0% vs. 33.1% YoY and 36.6% QoQ; adj. EBITDA $249.706Mm vs est $216.57Mm (beat); adj. EBITDA margin 22.5% vs. 24.7% YoY and 24.9% QoQ; results included approximately $99Mm net IRA 45X vendor rebates and tariffs vs. $67Mm YoY; record bookings lifted backlog above $6B.
• Shell (SHEL) Q3 adj EPS $1.93 vs. est. $1.71; Q3 adj ebitda $22.736B vs. est. $21.571B; announces $5B share buyback program to be completed by Q4 2026 results; Outlook Q4 upstream production is expected to be approximately 1,700 - 1,900 thousand boe/d and Q4 marketing sales volumes are expected to be approximately 2,400 - 2,600 thousand b/d; FY capex $23,000-25.000B.

• Raymond James Financial (RJF) Q4 adj EPS $3.59 vs. est. $3.27 and revs +15% y/y to $4.27B, largely driven by higher asset management and related administrative fees; Quarter-end client assets under administration increased 12% from September 2025 to $1.94 trillion; FY26 domestic Private Client Group net new assets jumped 88% from FY25 to $98.3B.
• WEX Inc. (WEX) Q3 adj EPS $6.13 vs. est. $5.65; Q3 revs $780.1M vs. est. $746M; sees FY26 adjusted EPS $21.28-$21.48, vs. consensus $20.18 and above previous guidance was $19.68-$20.08; sees FY26 revenue $2.97B-$2.99B, vs. consensus $2.9B; said Q3 results reflected progress in pricing, new business wins and innovation across segments.

• Glaukos (GKOS) Q3 adj. EPS $0.47 vs. est. ($0.09) (beat); sales $211.030Mm (+58% YoY reported and constant currency) vs. est. $168Mm (beat); U.S. Glaucoma sales $118.6Mm (+47% YoY); Corneal Health sales $59.0Mm (+154% YoY); adj. gross margin 87.7% vs. 83.9% YoY; adj. operating Income $27.3Mm vs. loss $9.3Mm YoY; raised FY26 sales guidance to $775-$785Mm from $680-$700Mm vs. est. $691.6Mm (above); preliminary FY27 sales guidance $1B vs est $852.44Mm.
• Glaxo SmithKline (GSK) downgraded to Hold from Buy at Jefferies with a price target of $55.90, down from $67.40 saying the stock's discount to peers has persisted due to perceptions of an earnings cliff. Jefferies says GSK is entering a period of more limited earnings momentum, alongside launch execution risk, and fewer meaningful pipeline readouts.
• Iovance Biotherapeutics (IOVA) said it will host a conference call/live audio webcast on Thursday, October 29, 2026, at 8:30 a.m. ET to highlight positive results for one-time lifileucel TIL therapy from the IOV-LUN-202 Phase 2 registrational cohorts in previously treated non-squamous mNSCLC and an update on precision-based medicine opportunities for the TIL platform in mNSCLC.
• Teladoc Health (TDOC) Q3 net loss narrowed 46% y/y to $26.93M as revs fell to $605.1M but above consensus $590M; Q3 BetterHelp revenue dropped 13% to $206.6M, while Integrated Care revenue rose to $398.5M; sees FY26 revenue $2.395B-$2.441B vs. consensus $2.42B.
• Viking Therapeutics (VKTX) Q3 net loss more than doubled year over year to (-$183.19M) due to higher operating expenses; said Q3 R&D expenses jumped 85% to $166.8M, primarily due to increased clinical study and manufacturing costs; Q3 cash, cash equivalents and short-term investments totaled $960M; said oral VK2735 Phase 3 SUNRISE trials began; subcutaneous VK2735 Phase 3 VANQUISH studies remain on track for completion in 2027.

• Fed-Ex (FDX) Q3 adj. EPS from continuing operations $3.74 vs. est. $3.36 (beat); revenue $22.86B vs. est. $22.42B (beat); higher package base yields, higher package volumes and structural cost reductions supported results; CY26 adj. EPS from continuing operations guidance $18.00-$18.60 vs. est. $17.73 (above); revenue growth guidance approximately 12% vs est +11%; capital-spending and pension-contribution outlook unchanged.
• Flowserve Corp. (FLS) Q3 adj. EPS $1.07 (+18.9% YoY) vs. est. $0.98 (beat); sales $1.2378B (+5.4% YoY; organic -1.2%) vs. est. $1.238B (in line); adj. operating margin 16.5% (+170bps YoY); bookings $1.3835B (+14.1%; organic +7.7%), including record aftermarket bookings $727.7Mm (+11.4%); backlog $3.4718B (+19.9%); operating cash flow $144.1Mm vs. $401.8Mm YoY; raised FY26 adj. EPS guidance floor to $4.10-$4.20 from $4.05-$4.20.
• Honeywell Aerospace (HONA) Q3 adj. EPS $2.21 vs. est. $1.86 (beat); sales $4.64B vs. est. $4.57B (beat); organic sales +2%; adj. EBIT +1%, including approximately $50Mm net IEEPA tariff-refund benefit; backlog $19.3B; FCF $500Mm; raised FY26 pro forma standalone adj. EPS guidance to $7.85-$8.00 vs est $7.74 (above) from $7.60-$7.90; FY26 organic sales growth guidance 4%-5%; raised H2 FCF guidance to $1.2B-$1.4B from $1.0B-$1.4B
• Sterling Infrastructure (STRL) Q3 EPS $6.92; revenue $1.563927B vs. est. $1.191B (beat); EBITDA $320.8Mm vs est $278.54Mm (beat); gross profit $377.3Mm; operating Income $306.8Mm; raised FY26 guidance revs $4.63-4.73B vs est $4.114B, adj EBITDA $970-981Mm vs est $906.03Mm and adj EPS $21.70-21.96 vs est $18.08.

• Microsoft Corp. (MSFT) Q1 adj. EPS $4.89 vs. est. $4.73 (beat), excluding OpenAI investment impact; revenue $92.3B (+19% YoY) vs. est. $90.693B (beat); operating Income $45.9B vs est $44.061B (beat); Azure revenue +48%; Microsoft Cloud revenue $63.9B (+30%); CAPEX including finance leases $45.2B (+30%); headcount -2% YoY; forecast strong cloud growth (sees Q2 Azure revenue growth of 49%-50% vs 47.6% expected) and its free cash flow beat expectations (reported at $18.6B vs. est. $8.54B); total sales forecast for Q3 $96B-$97.1B tops $95.6B estimate.
• ServiceNow (NOW) Q3 EPS $1.00 below consensus $1.02 and revs rose 20% y/y to $4.11B vs. est. $4.09B; Q3 subscription revenues +21% y/y to $4.0B and current remaining performance obligations (RPO) of $13.65B, representing 20.5% y/y growth; sees FY26 subscription rev. $15.78B-$15.79B vs $15.76B-$15.8B prior; lifts 2026 free cash flow margin target by 100 bps to 36%.
• KLA Corp. (KLAC) Q1 adj EPS $1.22 tops consensus $1.18 on revs $4.14B vs. est. $4.04B citing AI ecosystem buildout and advanced packaging demand as growth drivers; sees Q2 adjusted EPS $1.44 plus/minus 11c, vs. consensus $1.36 and revs $4.7B plus/minus $200M, vs. consensus $4.49B. Non-GAAP gross margin is expected to be in a range of 62.5% +/- 1.0%
• Fortinet (FTNT) Q3 adj. EPS $0.91 vs. est. $0.86 (beat); revenue $2.080B vs. est. $2.063B (beat); billings $2.340B; adj. operating margin 38%; Q4 adj. EPS guidance $0.93-$0.95 vs. est. $0.88 (above), revenue $2.155B-$2.245B vs. est. $2.16B (midpoint above), billings $2.775B-$2.925B and adj. operating margin 35.5%-37.5%; FY26 adj. EPS guidance $3.54-$3.58 vs. est. $3.44 (above), revenue $8.125B-$8.215B vs. est. $8.12B (above), billings $9.568B-$9.718B.
• T-Mobile (TMUS) Q3 EPS $3.22 vs. est. $2.91; revenue $23.584B vs. est. $23.138B; service revenue $19.38B; core adj. EBITDA $9.62B vs est $9.413B; adj. FCF $5.071B; postpaid net account adds 274,000 vs. est. 251,917; postpaid account churn 1.09% and ARPA $155.73; FY26 core adj. EBITDA outlook $37.35-37.45B vs. est $37.345B and prior $37.1-37.5B and adj. FCF $18.7-18.8B vs. prior $18.4-18.8B, raising both midpoints; FY26 postpaid net account adds about 1M.
• Benchmark (BHE) Q3 adj. EPS $0.84 (+35% YoY) vs. est. $0.79 (beat); revenue $810.898Mm (+19% YoY) vs. est. $775Mm (beat); gross profit $84.447Mm; operating cash flow approximately $30Mm; FCF $14.435Mm; cash conversion Cycle 54 days vs. 59 QoQ and 77 YoY; Q4 adj. EPS guidance $0.85-$0.91 vs est $0.83 (above) and revenue $815-$855Mm vs est $795Mm (above); raised FY26 revenue growth outlook to approximately 16%.
• Equinix Corp. (EQIX) Q3 AFFO/share $11.64 vs. tape est. $10.61 (beat); AFFO $1.156B (+20% YoY); revenue $2.571B (+11% YoY; +12% normalized constant currency) vs. est. $2.563B (beat); recurring revenue $2.442B; interconnection revenue $465Mm; adj. EBITDA $1.321B vs est $1.304B (beat) (+15% YoY); operating Income $600Mm (+27% YoY); Q4 revenue guidance $2.684B-$2.724B vs. est. $2.633B (above), adj. EBITDA $1.328B-$1.368B vs est $1.319B (above) and margin 49%-50%.
• FormFactor Inc. (FORM) Q3 EPS $1.04 tops consensus $0.86; Q3 revs $280.55M vs.  consensus $270.52M citing road-based demand and higher Systems segment revenue as drivers of growth; sees Q4 revenue at $285 mln, plus or minus $10M and expects Q4 non-GAAP gross margin of 54.0%, plus or minus 1.5% vs. est. $278.3M.
• Gen Digital (GEN) Q2 adj. EPS $0.74 vs. est. $0.72 (beat); revenue $1.369B vs. est. $1.340B (beat); adj. bookings $1.35B; operating Income $507Mm; Q3 adj. EPS guidance $0.73-$0.75 vs. est. $0.73 (midpoint above), revenue $1.37B-$1.39B vs. est. $1.36B (above); raised FY27 adj. EPS guidance to $2.93-$2.98 from $2.87-$2.97 vs. est. $2.92, rev $5.47B-$5.52B from $5.38B-$5.48B vs. est. $5.43B.
• Impinj, Inc. (PI) Q3 adj. EPS $0.69 vs. est. $0.61 (beat); revenue $112.083Mm vs. est. $105.6Mm (beat); adj. gross margin 54.9% vs. 53.0% YoY; adj. EBITDA $24.501Mm vs. $19.059Mm YoY; endpoint IC revenue, unit volumes and total revenue set quarterly records, supported by M800, resilient retail demand and Gen2X momentum; Q4 adj. EPS guidance $0.55-$0.60 vs est $0.48, revenue $104-$107Mm vs est $98.3Mm and adj. EBITDA $19.2-$20.7Mm vs est $19.52Mm.
• Marvell Technology (MRVL) is in advanced discussions to acquire Lumentum (LITE), a potential megadeal amid the race to scale up AI buildout, Bloomberg reported. An agreement could be announced as soon as next week, noting that Lumentum has a market value of roughly $83B while Marvell has a market value around $221B. https://tinyurl.com/37apm2at
• STMicroelectronics (STM) Q3 revs $3.757B vs. est. $3.726B; Q3 Operating Income $367M vs. est. $401.1M; company's gross margin rose to 37.3% in Q3 from 33.2% y/y; Q3 Ebit margin 9.8%, guides Q4 gross margin 39% and revs $4.150B vs. est. $4.095B and above $3.76B in Q3.
• Tenable (TENB) Q3 adj. EPS $0.63 vs. est. $0.51 (beat); revenue $276.387Mm (+9.5% YoY) vs. est. $271.6Mm (beat); adj. operating Income $74.9Mm vs. $58.9Mm YoY; adj. operating margin 27.1% (+380bps YoY); operating cash flow $72.5Mm vs. $53.9Mm YoY; unlevered FCF $69.4Mm vs. $58.5Mm YoY; Q4 adj. EPS guidance $0.56-$0.58 vs. est. $0.50 (above), revenue $277-$280Mm vs. est. $276.4Mm (above); raised FY26 adj. EPS guidance to $2.16-$2.19.
• Tyler Technology (TYL) Q3 adj. EPS $3.52 vs. est. $3.48 (beat); revenue $647.6Mm vs. est. $651.5Mm (miss); adj. EBITDA $192.7Mm vs est $192.77Mm; adj. operating Income $182.1Mm.

Mid-Morning Look

Thursday, October 29, 2026

U.S. stocks are notably lower, especially in tech/Ai/semis (giving back prior day gains) following last night’s earnings as investors appear to be shooting first and asking questions later with some incredibly violent moves to the downside in a handful of large cap plays including FTNT, GOOGL and NOW (among others). The volatility in tech/AI is unsettling with massive swings daily as it feels nothing is “safe” right now. If security, software and mega-cap Internet were supposed to be the hiding spots into earnings, that trade is getting challenged pretty quickly with FTNT and GOOGL stock reactions (as well as derivative sectors off it like neoclouds, ai infrastructure, etc.) Samsung also declined on earnings and is dragging down optical and memory related stocks…not much good news early for tech. U.S. Treasury yields ease further after US PCE data; yield on 10-year Treasury note last down 2.74 basis points at 5.02%. Smallcap Russell 2000 rises over 1%, helped by the better PCE inflation data this morning.

Euro falls to 17-month low around $1.11 after the European Central Bank (ECB) held interest rates steady, as expected, and refrained from sending signals about the prospect of future tightening. The ECB said financing conditions have tightened since the last meeting, which is likely to weigh on inflation and growth. Despite higher energy prices, underlying inflation has remained broadly stable, and wages don't show a material response yet, it said. Oil prices fell, paring gains a day earlier, as hopes for peace talks took the edge off renewed concerns over Middle East supply disruptions from escalating regional conflict. Another busy round of earnings tonight with Amazon and Intel headlining a very busy night.

Helping offset the tech wreckage, 8:30 AM data came in constructive: Q3 GDP grew at a 3.4% annualized rate, above the 3.2% consensus and up from 2.2% prior, while weekly jobless claims fell to 194,000 (vs. 199,000 consensus) from 195,000 the prior week; the September Core PCE Price Index rose in line at +0.3% M/M, up from +0.2% in August, keeping the Fed's inflation fight in view even as growth surprises to the upside. The 10-year Treasury yield eased to 4.98%, the 30-year is down 5 basis points to 5.311%, the dollar index is little changed at 102.27, gold is off $11.00 to $4,040.60 an ounce.

• US advance Q3 consumer spending rose +3.8% while inflation data was better as Q3 PCE price index +2.1% (consensus +2.6%), Q3 core PCE +2.5% (consensus +2.4%); Q3 PCE price index ex-food/energy/housing +2.4% and Q3 PCE services price index ex-energy/housing +2.9%.
• US advance Q3 GDP final sales +1.7% (consensus +2.0%), advance Q3 GDP deflator +2.2% (consensus +3.5%).
• Sept personal Income rose +0.2% (vs. consensus +0.3%) and compared to Aug +0.3% (prev +0.2%), while Sept Personal Spending +0.5% (vs. consensus +0.6%); Sept real consumer spending unchanged vs Aug +0.5% (prev +0.6%).
• Sept overall PCE price index +0.5% (consensus +0.5%) vs Aug +0.3% (prev +0.3%) and Sept core PCE price index +0.3% (consensus +0.3%) vs Aug +0.3% (prev +0.2%)

• Auto sector: Ford Motor (F) delivered a Q3 revenue and EBIT beat and raised FY26 EBIT guidance, but higher commodity, logistics and memory costs create an estimated $2B headwind in 2027, limiting EBIT growth to roughly flat. Auto retailer ORLY Q3 EPS of $0.97 grew 14% with comp sales climbing 7.2% (+5.6% last year), $0.04 better than consensus while raising '26 EPS guidance to $3.25-$3.35 (vs. $3.20-$3.30 and for 11% growth at midpoint); LKQ shares active on earnings and said it has suspended a review of strategic alternatives, including a potential sale of its Specialty segment. CVNA shares jumped after reported a sound beat across all major metrics, but expenses were a bit heavier than expected across vehicle operations. TWI shares tumble as Q3 sales $335M miss the $449M consensus on consumer segment softness.
• Transport sector: package delivery giant FDX raised its profit/sales guidance for the year saying adj earnings will be $18-$18.60 a share, up from a prior forecast range topping out at $18.10, and now sees revenue growth of about 12% from 11%. For the quarter, FDX adjusted earnings rose to $3.74 (topping est. $3.38) though express margin fell to 6.6% from 6.8% a year earlier; railroad CP 3Q a bit softer than expected, but 4Q outlook for MSD volumes and sub-60 OR is generally in line with consensus; 2027 should benefit from incremental volume growth and operating leverage.
• Ag machinery: CAT shares tumbled as Q3 adj EPS $7.20 tops consensus $7.03 while Q3 revenue $20.7B vs. est. $20.69B; outlook Q4 sales & revenues moderate sales growth as compared to Q4 2025; investors turn cautious on AI boom; scrutiny grows over data center spending and returns; AGCO comments after Q3 results shy of consensus, ““the weakest global industry demand environment in more than a decade”…”elevated input costs and uncertainty around commodity markets and the trade environment pushed industry demand below the last cyclical trough”

• CMG +7%; delivered better-than-expected Q3 results, including SSS of +2.1% that were modestly above the Street/buyside expectations of 1.5%, though October trends have softened, and +2% guidance for overall Q4 comps appears lighter.
• CROX +22%; upside to both top and bottom-line and big upside to the out-quarter top and bottom-line guide as well; 3Q EPS of $3.69 vs Consensus $3.31 and operating income nicely above (7% beat) while revs beat by 4%; Q4 EPS guide above at $3.35 vs. consensus $3.11 and revs.
• CVNA +16%; shares jumped after reported a sound beat across all major metrics, but expenses were a bit heavier than expected across vehicle operations.
• GKOS +25%; shares jumped as delivered a ~26% rev beat (+58%y/y), substantial profit upside, a big '26 guidance raise & an above-CNS $1B initial '27 outlook; Epioxa rev ($53M vs. $17M CNS) topped elevated ($40M+) buyside expectations per Truist.
• KLAC +6%; reported beat-and-raise results reflecting accelerating 2H26 growth as incremental supply comes online to support strong Ai-driven demand; mgmt expects 2026 WFE to be mid-$150B range and 2027 WFE of $200B+.
• LITE +2%; after Bloomberg reported MRVL is in advanced discussions to acquire Lumentum, a potential megadeal amid the race to scale up AI buildout. An agreement could be announced as soon as next week, noting that Lumentum has a market value of roughly $83B while Marvell has a market value around $221B. https://tinyurl.com/37apm2at
• MA +4%; shares rally after Q3 results top consensus while Mastercard's gross dollar volume - the value of all transactions processed on its platform - jumped 7% in the third quarter to $3 trillion; Cross-border volumes jumped 11% in the quarter on a local currency basis.
• NCLH +11%; raises full-year profit forecast and beats Q3 expectations, helped by stronger-than-expected last-minute bookings and higher onboard spending; now sees FY26 EPS of roughly $1.70, versus $1.50 forecast previously and follows a Q3 EPS and rev beat for quarter.
• TDOC +22%; reported a top- and bottom-line beat (upper end of the revenue guide range and above the adj. EBITDA guide range). In the BetterHelp segment, insurance revenue exceeded expectations as TDOC makes progress expanding provider capacity/scaling access.

• FTNT -23%; shares tumbled on results, weighing on the security software/cyber sector after posting Q3 product revenue growth of 37%, compared to a 52% growth in previous quarter while also cut its FY26 service revenue forecast to $5.15B-$5.17B from prior view of $5.18B-$5.22B.
• GOOGL -12%; shares fell after earnings miss, following  weaker search advertising revs ($82B fell short of $83.4B est.) as greater AI Mode usage slowed search advertising growth, and mounting AI costs drove a Q3 revenue miss ($127.6B vs. ests. $128.2B) and deeper cash burn (Negative free cash flow reached -$9.1B vs expectations for near break-even, and widening from $5.9B q/q).
• IOVA -26%; updated iov-lun-202 results and adds Precision til strategy for second-line metastatic non-small-cell lung cancer; iov-lun-202 cohorts 1 and 2 complete enrollment; planned SBLA for lifileucel in 2027; reports 24.6% ORR in 69 non-squamous MNSCLS patients in updated results.
• MSFT -1%; as forecast strong cloud growth (sees Q2 Azure revenue growth of 49%-50% vs 47.6% expected) and its free cash flow beat expectations (reported at $18.6B vs. est. $8.54B), easing concerns over AI spending; overall total sales forecast for Q3 $96B-$97.1B tops $95.6B estimate.
• NOW -23%; shares tumbled after Q3 adj EPS $1.00 misses estimates of $1.02 on slightly better revs $4.11B vs. est. $4.09B, though they posted net income of $277M, or 27c a share, down from $502M, or 48c y/y; Q2 RPOs rose 20.5% to $13.65B topping the $13.56B estimate.
• SFM -18%; as missed a depressed Q3 bar and deemed recent comp weakness to be more company-specific vs cyclical as the co outlined a reinvestment plan focused on price, opening the door to a ~150+ bps Y/ Y margin decline in 2027 (prompts downgrade to Sector Perform at RBC).
• TWI -25%; shares tumble as Q3 sales $335M miss the $449M consensus on consumer segment softness.
• XRX -39%; after suspended its dividend and cut full-year profit and cash flow guidance amid higher costs; now sees 2026 adj operating income at $450-475M, down from $555-605M and forecasts 2026 free cash flow of $50-100M, down from $250M.

Closing Recap

Thursday, October 29, 2026

U.S. stocks were pressured all day on Thursday as a better PCE inflation reading and GDP data failed to overshadow the selloff in technology stocks after earnings from several high profile companies raised further concerns about the AI trade into big earnings tonight from AMZN and Intel. The Russell 2000 index hits over three-week high; last up 1% as Treasury yields eased helped by somewhat softer/in-line PCE inflation data this morning (the Fed’s preferred gauge of inflation). NYSE breadth remained strong despite the S&P and Nasdaq down sharply, with nearly 2:1 advancers leading decliners as the Tech (XLK)fell -1.75% and Communications (XLC) -1.9% doing most of the damage due to heavy weightings; 8 of the 11 S&P sectors higher on the day with 2% gains for REITs (CLRE) and more than 1% advances for Healthcare, Consumer Staples, Utilities and Financials.

Technology (XLK, QQQ) was the big market laggard amid weak results/guidance and/or comments dragging down shares of GOOGL, MSFT, FTNT, and NOW in AI/hyperscaler/semi and software spaces. MSFT beat on most metrics last night, while GOOGL shares fell over -12% as Search revenue growth of 12%, below the Street’s 15% estimate, likely restarting fears that generative AI and increasingly personalized bots are impacting search. Cap-ex guides for both hyperscalers were below consensus as Microsoft capex $39.37B vs. $45.93B expected, $6.56B below consensus, while Alphabet capex $51.36B vs. $55.78B expected, roughly $4.42B below consensus (ahead of AMZN results/capex tonight). Overall, Big Tech is expected to pump more than $700 billion this year into building data centers and securing the hardware and energy needed to develop and run AI technologies. Software space was pressured by NOW results as shares fall over -15% as they posted net income of $277 million, or 27 cents a share, down from $502 million, or 48 cents a share, the year prior, while revs rose to $4.11B vs. est. $4.09B and security software names down on FTNT print with shares falling -20%.

Central bank news: The Governing Council today decided to keep the three key ECB interest rates unchanged which weighed on the euro. Energy prices have continued to rise, posing upside risks to the inflation outlook and downside risks to the growth outlook. While the full effects of the energy shock are still unfolding, underlying inflation has remained broadly stable so far and wages do not show a material response at this stage. The increased magnitude and duration of the energy shock, as well as the implications for indirect and second-round effects, are likely to drive up inflation and lower growth.

For next week, along with monthly jobs data, and another massive round of quarterly corporate earnings, we also get the results of Midterm elections where prediction markets are showing a better chance for Democrats to take control of the House and possibly the Senate. However, in an interesting stat, @Bluekurtic noted on X this morning that “Regardless of which party won control of the House or Senate, the S&P 500 has been higher 6 months after every midterm election since 1950.”

• Gross domestic product increased at a 3.4% annualized rate, according to an initial estimate released Thursday by the US Bureau of Economic Analysis, beating economists' expectations of 3.1% and marking an acceleration from the second quarter's 2.2% growth.
• US advance Q3 consumer spending rose +3.8% while inflation data was better as Q3 PCE price index +2.1% (consensus +2.6%), Q3 core PCE +2.5% (consensus +2.4%); Q3 PCE price index ex-food/energy/housing +2.4% and Q3 PCE services price index ex-energy/housing +2.9%.
• Sept personal Income rose +0.2% (vs. consensus +0.3%) and compared to Aug +0.3% (prev +0.2%), while Sept Personal Spending +0.5% (vs. consensus +0.6%); Sept real consumer spending unchanged vs Aug +0.5% (prev +0.6%).
• Sept overall PCE price index +0.5% (consensus +0.5%) vs Aug +0.3% (prev +0.3%) and Sept core PCE price index +0.3% (consensus +0.3%) vs Aug +0.3% (prev +0.2%)

• Treasury yields pulled back this afternoon as softer PCE inflation data helped ease pressures for the time being, as the 10-yr yield fell -5.6bps to 4.988% snapping a four-trading-day streak of rising yields; the 2-yr yield declined -7.7 bps to 4.65% to lowest levels in a week and the 30-yr yield dropped -3.3 bps to 5.327%.
• U.S. crude oil futures settle at $102.00/bbl, down 78 cents, or 0.76% and Brent Crude futures settle at $114.88/bbl, down 44 cents, or 0.38%, rebounding off earlier lows. Dec gold slips -$20.20, or -0.50%, to settle at $4,031.40 an ounce while December silver falls -$1.29, or -2.40%, to finish at $52.38 an ounce.

• Retailing sector: BOOT posted Q2 sales beat and highs comp sales; CROX shares surge on upside to both top and bottom-line and big upside to the out-quarter top and bottom-line guide as well; 3Q EPS of $3.69 vs Consensus $3.31 and operating income nicely above (7% beat) while revs beat by 4%; Q4 EPS guide above at $3.35 vs. consensus $3.11 and revs; LULU shares rising for a 4th straight day to $110 highest levels in 2 months and approaching its 100dma of $110.50.
• Food & Beverages: HSY posted a top and bottom line beat for Q3 but shares slipped after lowered its annual organic net sales growth target to about 3%, citing weakness in channels such as convenience stores, where customers were budgeting for higher gas prices; SFM shares tumbled as missed a depressed Q3 bar and deemed recent comp weakness to be more company-specific vs cyclical as the co outlined a reinvestment plan focused on price, opening the door to a ~150+ bps Y/ Y margin decline in 2027 (prompts downgrade to Sector Perform at RBC).

• Building product sector: VMC reported both Q3 revenue fell and Q3 adjusted EBITDA declined and missed analyst expectations while EPS beat; expects mid- to high-single digit aggregates pricing gains in 2027; said higher aggregates selling prices helped offset lower shipments/energy costs.

• Cruise sector: NCLH raises full-year profit forecast and beats Q3 expectations, helped by stronger-than-expected last-minute bookings and higher onboard spending; now sees FY26 EPS of roughly $1.70, versus $1.50 forecast previously and follows a Q3 EPS and rev beat for quarter.
• Casinos & Gaming: MGM shares tumbled on earnings results; RSI reported a mixed quarter as Q3 Adj. EBITDA beat by +6% (normalized for one-time FX benefit), though October was disclosed to be pacing in line with moderated August/September growth which run-rated implies RSI is now pacing below midpoint of FY26 guidance.
• Leisure sector: HOG said global motorcycle shipments down 8% to 33,616 units while HDMC operating income down 18% y/y; LiveWire, Co's electric motorcycle unit, posts Q3 operating loss of $17.8M and withdraws its guidance; Q3 North American retail sales up 9%, global retail up 5% while overall revs $1.08B topped $1.06B estimate.
• Ride Delivery/Gig sector: CART and DASH made it official confirming that CART shareholders will receive $65 in cash, 0.3372 of DASH shares or a mix of $48.75 and 0.0843 of DASH. The deal is expected to close in the end of 2027 or the first half of 2028, subject to CART approval and regulatory approvals under HSR, Canada and Israel.

• Power sector: PWR raises FY26 adjusted EPS view to $17.90-$18.30 from $16.45-$16.95 (above consensus $16.75, while boosts FY26 revenue view to $41.3B-$41.6B from $39.3B-$39.7B, and raised its FY26 adjusted EBITDA view to $4.4B-$4.49B from $3.74B-$3.86B (the results and comments helped other E&C names MTZ, DY, PRIM, etc.)
• Alt Energy/solar: NXT beat consensus by $0.25, aided primarily by lower OPEX along with a strong booking quarter, and backlog increased to over $6B, up from over $5.5B Q/Q. NXT raised guidance slightly for the full fiscal year (headwind was increased input cost due to higher diesel/Steel prices.)

• Consumer finance sector: MA shares rally after Q3 results top consensus while Mastercard's gross dollar volume - the value of all transactions processed on its platform - jumped ​7% in the third quarter to $3 trillion; Cross-border volumes jumped 11% in the quarter on a local currency basis.

• EPR reported a 3Q26 FFOAA beat (+$0.02 vs. cons.) and management raised FY26 FFOAA guidance by 0.7% to $5.49 $5.57 (+8.1% y/y), which is slightly below cons. ($5.54). Raised guidance was driven by a 7.7% increase in FY26 investment guidance to $675M-$725M and increased percentage rent guidance of 12.2% to $21.5M-$24.5M.
• INVH 3Q results were in line with expectations, while management modestly increased 2026 cFFO guidance. Operating trends improved vs. 2Q, as stronger renewal growth more than offset moderating new lease growth and should support a 2027 revenue growth earn-in similar to or better than last year. While SSRev. growth guidance was affirmed, improving occupancy may be necessary to achieve implied 4Q acceleration in top-line growth
• MAA cFFO was in line with, while mgmt. modestly decreased ‘26 cFFO guidance, meeting Street expectations. The revision was driven by a 35 bps reduction in SSRev. growth guidance, partially offset by lower expenses, but likely to weigh on MAA’s estimated revenue growth earn-in of ~35 bps
• VICI reported in-line 3Q26 AFFO of $0.62 and raised FY26 guidance by $0.015 at the mdpt (+0.6%) to $2.47-$2.48 (consensus at $2.47). VICI's balance sheet remains well positioned, while a new $2B share buyback plan adds another capital allocation lever for future use. The most notable detail in the release is a $458M non-cash CECL charge, including a $313M charge related to Caesars

• BMY Q3 EPS $1.35 tops estimates $1.14 on revs $13.1B vs. est. $12.75B and raises annual revenue forecast to a range of $49.75B-$50.25B from prior $49-$50B view and now expects 2026 adjusted EPS of $6.35-$6.55 per share versus a previous projection of $6.75-$7.00 apiece.
• GSK was downgraded to Hold from Buy at Jefferies with a price target of $55.90, down from $67.40 saying GSK is entering a period of more limited earnings momentum, alongside launch execution risk, and fewer meaningful pipeline readouts.
• INCY raises FY26 revenue view to $5.21B-$5.3B from $5.13B-$5.26B after posting Q3 revs $1.56B topping consensus of $1.46B; raised full-year 2026 net sales guidance for Opzelura, Hematology and Oncology, and total net sales.
• IOVA falls as updated iov-lun-202 results and adds Precision til strategy for second-line metastatic non-small-cell lung cancer; iov-lun-202 cohorts 1 and 2 complete enrollment; planned SBLA for lifileucel in 2027; reports 24.6% ORR in 69 non-squamous MNSCLS patients in updated results.
• LLY posted a q3 EPS/sales beat ($7.48/$24.4B vs. est. $6.61/$22.62B) and cuts FY26 EPS view to $35.00-$36.00 from $35.50-$36.50 (est. $34.46), but raises FY26 revenue view to $91B-$92B from $85B-$87B, consensus $88.74B.
• MRK reported higher-than-expected Q3 earnings and revenue, driven by strong sales of its cancer drug Keytruda and HPV vaccine Gardasil; also raised its full-year profit and revenue forecasts; raises FY26 adjusted EPS view to $2.77-$2.82 from $2.66-$2.76 (est. $2.65).
• VKTX reported Q326 EPS, with Sunrise oral phase III program now underway, maintenance Part 2 initiated and the VANQUISH extensions set to begin in Q127.

• Medical Equipment: GKOS shares jumped as delivered a ~26% rev beat (+58%y/y), substantial profit upside, a big '26 guidance raise & an above-CNS $1B initial '27 outlook; Epioxa rev ($53M vs. $17M CNS) topped elevated ($40M+) buyside expectations per Truist.
• Healthcare Services: TDOC reported a top- and bottom-line beat (upper end of the revenue guide range and above the adj. EBITDA guide range). In the BetterHelp segment, insurance revenue exceeded expectations as TDOC makes progress expanding provider capacity and scaling access to covered services (which was softer last quarter).
• Hospital sector: UHS Q3 results were modestly worse than expected, highlighted by a ~3% underlying EBITDA miss; Comp sales vols were relatively strong in both Acute and Behavioral, but performance was negatively impacted by the slower ramp at new Acute hospitals (Cedar Hill, Palm Beach) and somewhat softer Acute service mix that negatively impacted pricing.

• Ag machinery: CAT shares tumbled as Q3 adj EPS $7.20 tops consensus $7.03 while Q3 revenue $20.7B vs. est. $20.69B; outlook Q4 sales & revenues moderate sales growth as compared to Q4 2025; investors turn cautious on AI boom; scrutiny grows over data center spending and returns; AGCO comments after Q3 results shy of consensus, ““the weakest global industry demand environment in more than a decade”…”elevated input costs and uncertainty around commodity markets and the trade environment pushed industry demand below the last cyclical trough”
• Aerospace & Defense sector: LHX posted a Q3 EPS and rev beat with backlog $53.2B and Q3 orders of $19.3B, while raising FY revs outlook to $23.5B-$23.7B vs. EST $23.577B and EPS outlook to $12.25-$12.35 from prior $11.80-$12.00 and vs est $11.96 while maintains FY26 free cash flow guidance of $3B; shares of HWM and FTAI also in the space rising post earnings results.

• Telecom sector: TMUS reports quarterly revenue of $23.58B, beating analysts' estimate of $23.14B and EPS of $3.22 per share, compared with $2.41 per share a year earlier; boosted full-year core adj EBITDA forecast to $37.35B-$37.45B, from $37.1B-$37.5B prior as results were propped up by stronger postpaid business performance driven by higher premium-plan adoption and rate-plan modernization. Also, the FCC voted today to advance new satellite-to-phone rules that could benefit SPCX's Starlink Mobile, despite lobbying efforts by AT&T, Verizon, and T-Mobile to restrict parts of this proposal.
• Ai and datacenter infrastructure recap post earnings: APH delivered record results with 65% Y/y revenue growth, record $12.2B of orders and Ai now representing roughly 75% of IT datacom revenue, supporting a higher $122 price target. VRT posted a significant beat, raised 2026 guidance and reported organic orders up more than 100% Y/y, with management citing an expanding pipeline and strong momentum into 2027, driving its target price to $313. FLEX reported results and guidance well ahead of expectations, with Cloud and power infrastructure demand accelerating and management raising FY27 guidance on continued hyperscale datacenter strength; target price moves to $159. TEL also beat expectations with record backlog, 29% Y/y order growth and stronger guidance, supported by datacenter, power infrastructure, industrial automation and EV content growth, leading to a target price increase to $293.

• NOW shares tumbled after Q3 adj EPS $1.00 misses estimates of $1.02 on slightly better revs $4.11B vs. est. $4.09B, though they posted net income of $277M, or 27c a share, down from $502M, or 48c y/y; Q2 RPOs rose 20.5% to $13.65B topping the $13.56B estimate; did raise full-year 2026 subscription revenue outlook to $15.78B-$15.79B (the results weighed on the SaaS complex as a whole with TEAM, HUBS, MNDY, SNOW, TWLO, WDAY, CRM all weaker).
• FTNT shares tumbled on results, weighing on the security software/cyber sector after posting Q3 product revenue growth of 37%, compared to a 52% growth in previous quarter while also cut its FY26 service revenue forecast to $5.15B-$5.17B from prior view of $5.18B-$5.22B (shares of CRWD, PANW, ZS, CHKP, OKTA, SAIL, S all notably lower this morning).
• TENB delivered a solid Q3, surpassing consensus estimates across revenue, operating Income, and free cash flow; also raised its FY26 guidance for revenue, operating Income, and EPS slightly, and repurchased $223.8M in shares during the quarter. The outperformance was driven by continued momentum in the Tenable One platform.

• Communications & Networking: ADT shares jumped after agreeing to be acquired by Thrive Holdings in $15.3B transaction as stockholders will receive $10.00 per share in cash, representing a 45.6% premium; XRX tumbles after suspended its dividend and cut full-year profit and cash flow guidance amid higher costs; now sees 2026 adj operating income at $450-475M, down from $555-605M and forecasts 2026 free cash flow of $50-100M, down from $250M.

• Memory stocks hit early (MU, SKHY, SNDK, WDC) after Samsung results, which did post a fourth consecutive quarter of record earnings as net profit jumped more than 6x y/y to 75.136 trillion won ($56.15 billion), with revenue more than doubling, all driven by the company's chip division. But shareholders still appeared to be disappointed as Samsung largely reiterated its already issued guidance and shareholder-return plan. That was in contrast to its domestic peer SK Hynix, which unveiled a plan to return $75 billion to shareholders in its own report.
• In semi-equipment sector: KLAC reported beat-and-raise results reflecting accelerating 2H26 growth as incremental supply comes online to support strong Ai-driven demand; mgmt expects 2026 WFE to be mid-$150B range and 2027 WFE of $200B+. ENTG reported beat and raise results with 25% Y/Y growth driven by increasing semi complexity, rising materials intensity, and investment in leading-edge technologies. FORM Q3 above consensus on strength in Foundry & Logic and CPO-driven Systems. Gross margin also beat, though part of it came from one-time tariff refunds/4Q outlook is further above consensus.
• STM delivered a 1% beat in 3Q26 revenue and gross margin, while reported operating income came in below consensus due to restructuring charges. The 4Q revenue ($4.15bn vs.$4.1bn) and gross margin (c.39% vs. est. 38.1%) guidance came in modestly ahead, with the company citing strong demand and bookings, improving visibility and distributor inventory tracking below.

Street Recommendations

Thursday, October 29, 2026

• CP Barclays raised the firm's price target on Canadian Pacific Kansas City to $104 from $102 and keeps an Overweight rating on the shares. The company's Q3 came in a bit softer than expected but the Q4 outlook is generally inline, the analyst tells investors in a research note.
• EBAY Barclays analyst Ross Sandler raised the firm's price target on eBay to $136 from $123 and keeps an Overweight rating on the shares following the Q3 report. The firm says eBay shares "remain in a sweet spot" of gaining e-commerce share on new initiatives, especially live, and "compelling value while returning capital to shareholders."
• EHC Barclays raised the firm's price target on Encompass Health to $151 from $144 and keeps an Overweight rating on the shares following the Q3 report. While volumes were a touch light than expectations, the EBITDA beat was well ahead and absorbed nearly $25M of headwinds, the analyst tells investors in a research note.
• GRMN Barclays lowered the firm's price target on Garmin to $277 from $297 and keeps an Equal Weight rating on the shares. The company reported "impressive" Q3 margin expansion, driven by favorable mix and lower products costs, the analyst tells investors in a research note.
• MSFT Barclays raised the firm's price target on Microsoft to $610 from $600 and keeps an Overweight rating on the shares. The firm sees the shares continuing to work from here post the fiscal Q1 report. With Azure growth now in the high 40s year-over-year and Office growth in the high teens and accelerating further from here, AI is helping Microsoft growth from "several vectors," the analyst tells investors in a research note.
• NOW Barclays lowered the firm's price target on ServiceNow to $152 from $160 and keeps an Overweight rating on the shares. The firm expects short-term pressure on the shares following the "solid" Q3 results and softer Q4 guidance. After considering the optical headwinds and building AI momentum, ServiceNow's story is still intact versus what the post-earrings selloff seems to be implying, the analyst tells investors in a research note.
• SFM Barclays lowered the firm's price target on Sprouts Farmers Market to $65 from $100 and keeps an Overweight rating on the shares. The firm says the company's Q3 report "reflected a worst-case scenario," as Sprouts effectively reset its margins on the back of comps slowing even as comparisons finally eased.
• WERN Barclays lowered the firm's price target on Werner to $32 from $38 and keeps an Equal Weight rating on the shares. The company's Q3 was in line with recently lowered expectations, but persistent cost pressures and a softer than expected near-term earnings recovery bring estimates lower, the analyst tells investors in a research note.

• SFM BofA double downgraded Sprouts Farmers Market to Underperform from Buy with a price target of $47, down from $100. Comps were pressured by a challenging consumer environment and the cyclospora disruption, notes the analyst, who sees the company facing more challenging sales, customer traffic, and a declining profitability outlook. The firm sees risk of further basket comp press in 2027 from price investments, the analyst added.
• AFYA BofA upgraded Afya to Buy from Neutral with a price target of $16, down from $19. The recent selloff was "exaggerated" considering Afya's exposure to a more resilient student base and low leverage, says the analyst, who considers the current valuation "attractive."
• EBAY BofA raised the firm's price target on eBay to $133 from $129 and keeps a Neutral rating on the shares. eBay's acquisition of Depop adds another growth lever on top of strong execution across strategic priorities, though management expects trading cards to moderate in 2027, which could contribute to a deceleration, the analyst tells investors in a post-earnings note.
• BIIB BofA raised the firm's price target on Biogen to $257 from $255 and keeps a Neutral rating on the shares. While Q3 results and FY26 EPS guidance raise at the low-end "look solid on the surface," the details are "easily more mixed" and yesterday's update is "unlikely to change the broader narrative-at least around the base business' strength," the analyst tells investors.
• MSFT BofA analyst Tal Liani raised the firm's price target on Microsoft to $630 from $600 and keeps a Buy rating on the shares following "strong" fiscal Q1 results, with the focal point being Azure growth of 48% and and Q2 growth guidance of 49%-50%. Microsoft's positioning across infrastructure, models and software "continues to provide multiple paths to monetize AI demand," the analyst tells investors.
• CVNA BofA analyst Michael McGovern raised the firm's price target on Carvana to $72 from $70 and keeps a Neutral rating on the shares. Carvana is executing well in a mixed macro backdrop, with improving reconditioning efficiency making up for the margin headwinds around financing and ad spend growth, the analyst tells investors in a post-earnings note.

• AEP BTIG analyst Alex Kania raised the firm's price target on American Electric to $153 from $147 and keeps a Buy rating on the shares after its Q3 earnings beat. On its Q3 earnings call American Electric made its case to be one of the premier large-cap growth utilities in the sector, the analyst tells investors in a research note.
• GKOS BTIG analyst Ryan Zimmerman raised the firm's price target on Glaukos to $234 from $205 and keeps a Buy rating on the shares. The company's Q3 results were exceptional, dissipating prior concerns around competitive noise in Corneal Health amid robust adoption of Epioxa, the analyst tells investors in a research note.
• BOOT BTIG analyst Janine Stichter lowered the firm's price target on Boot Barn to $195 from $215 and keeps a Buy rating on the shares. The company's Q2 results were mixed as October slowed to flat revenue growth after sequential top-line improvement in August and September, the analyst tells investors in a research note. BTIG maintains its view that the management is executing well in the face of a choppy environment.
• BSX BTIG lowered the firm's price target on Boston Scientific to $49 from $56 and keeps a Buy rating on the shares. The company's Q3 results exceeded expectations but themanagement guided Q4 well below and set up 2027 as a "trough year", describing the challenge to grow sales and EPS in the face of continued EP and Watchman headwinds and pricing pressure in China, the analyst tells investors in a research note.
• CVNA BTIG lowered the firm's price target on Carvana to $82 from $87 and keeps a Buy rating on the shares. The company reported a sound beat across all major metrics, but expenses were a bit heavier than expected across vehicle operations, overhead, and advertising, leading to a modest adjusted EBITDA beat of $800M vs. $791M expected, the analyst tells investors in a research note.
• FTNT BTIG lowered the firm's price target on Fortinet to $186 from $203 and keeps a Buy rating on the shares. The company's Q3 results were strong and beat consensus estimates across major metrics, though the quarter fell short of the elevated buy-side expectations, the analyst tells investors in a research note. The company continues to be optimistic about the current AI driven spending cycle, though the management noted that trends in the first half benefited from supply chain dynamics and Fortinet's ability to meet demand with excess inventory, the firm states, adding that starting in Q3, that advantage has normalized.

• FTNT Cantor Fitzgerald lowered the firm's price target on Fortinet to $145 from $185 and keeps a Neutral rating on the shares. Fortinet accelerated billings growth to 29% and raised FY26 guidance for a third time, but shares fell about 25% on concerns that product growth is peaking, service revenue conversion is lagging, and pull-forward, pricing and AI infrastructure tailwinds may fade, the analyst tells investors in a research note.
• AUR Cantor Fitzgerald lowered the firm's price target on Aurora Innovation to $11 from $12 and keeps an Overweight rating on the shares. Aurora has logged about 500,000 driverless miles and remains on track for over 1,000 trucks and $200M revenue by end-2027, despite delaying its 200-truck milestone and cutting FY26 revenue guidance to $9M, with long-term targets of 30,000+ trucks, $5B+ revenue and 60%+ gross margins by 2030, the analyst tells investors in a research note.
• GOOGL Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm's price target on Alphabet to $350 from $420 and keeps an Overweight rating on the shares. Alphabet's Q3 results missed key metrics, with EBIT 7% below estimates and Search growth slowing, driving a 10% after-hours share decline, but Cloud growth above 100%, record Search queries, strong TPU demand and continued Gemini innovation support its AI positioning and long-term upside, the analyst tells investors in a research note.The firm recommends buying shares on weakness.
• MSFT Cantor Fitzgerald raised the firm's price target on Microsoft to $630 from $608 and keeps an Overweight rating on the shares. Microsoft delivered a strong Q1, with Azure growth accelerating to 48% on fleet efficiencies, improved monetization and Foundry momentum, while management expects to remain free cash flow positive despite higher capex, the analyst tells investors in a research note.
• NOW Cantor Fitzgerald analyst Thomas Blakey tells investors that ServiceNow delivered strong seat growth, AI demand, federal momentum and security consolidation, but shares fell 18% on adjusted subscription and cRPO growth concerns from revenue mix shifts and timing effects, with 2027 subscription growth now modeled at 18% despite continued AI adoption, consumption growth and margin expansion potential. The firm, which has an Overweight rating and $201 price target on the shares, says the "noise" creates an AI-driven buying opportunity.

• KLAC Citi lowered the firm's price target on KLA Corp. to $275 from $290 and keeps a Buy rating on the shares. The company reported a "beat-and-raise" quarter amid improving supply, the analyst tells investors in a research note. Citi cites lower market multiples for the target cut.
• EQIX Citi analyst Michael Rollins raised the firm's price target on Equinix to $1,320 from $1,260 and keeps a Buy rating on the shares. The firm views the company's Q3 beat and guidance raise as favorable. The company is positioned for accelerating revenue growth in 2027, the analyst tells investors in a research note.
• MSFT Citi analyst Tyler Radke raised the firm's price target on Microsoft to $680 from $636 and keeps a Buy rating on the shares. The company's "strong" fiscal Q1 results show "AI tailwinds across multiple fronts," the analyst tells investors in a research note.
• U Citi analyst Jason Bazinet added an "upside 30-day catalyst watch" on Unity while keeping a Buy rating on the shares with a $48 price target. The firm believes Unity could report "robust results within its Grow segment for Q3.
• BSX Citi analyst Joanne Wuensch lowered the firm's price target on Boston Scientific to $44 from $48 and keeps a Neutral rating on the shares. The company reported better than expected Q3 results on low expectations but its forward commentary "was incrementally worse," the analyst tells investors in a research note.

• AUR Goldman Sachs lowered the firm's price target on Aurora Innovation to $6 from $7 and keeps a Neutral rating on the shares. Aurora made progress scaling its autonomous trucking operations, but component quality issues slowed Roush upfits, the analyst tells investors in a research note. A 500-truck Charger Logistics MoU adds commercial potential and scaling, profitability and the Driver as a Service transition remain key milestones, the firm says.
• MAX Goldman Sachs raised the firm's price target on MediaAlpha to $13 from $10.50 and keeps a Neutral rating on the shares. MediaAlpha's Q3 results highlighted continued P&C strength, broadening carrier demand and auto and home insurance growth that support confidence in sustained double-digit growth into 2027 and beyond, the analyst tells investors in a research note.
• GOOGL Goldman Sachs analyst Eric Sheridan lowered the firm's price target on Alphabet to $385 from $435 and keeps a Buy rating on the shares. Alphabet's Q3 Search revenue missed expectations amid FX and tougher comparisons, while Cloud growth of 103% and a $561B backlog underscored strong demand constrained by compute capacity, the analyst tells investors in a research note. Agentic AI offers new growth opportunities but sharply rising capex of $203B in 2026 and an estimated $350B in 2027 pressures free cash flow, the firm says.
• FTNT Goldman Sachs lowered the firm's price target on Fortinet to $165 from $190 and keeps a Buy rating on the shares. Fortinet's product revenue growth slowed to 37% from 52% due to firewall purchases pulled forward ahead of memory price increases, with delayed subscription activation contributing to a services miss, the analyst tells investors in a research note. The firm says secular secure networking demand remains supportive but product cyclicality may pressure shares for the next three quarters.

• UHS Guggenheim analyst Jason Cassorla lowered the firm's price target on Universal Health to $201 from $209 and keeps a Buy rating on the shares. Universal reported a "tough" Q3, says the analyst, who is "hopeful" that the company's lowered 2026 EBITDA guidance "sets themselves up for better execution" in Q4.

• PI Jefferies analyst Blayne Curtis raised the firm's price target on Impinj to $220 from $190 and keeps a Buy rating on the shares. The company's "record results" and favorable December guidance reinforce that retailer destocking is over and endpoint demand remains strong, the analyst tells investors in a research note.
• NOW Jefferies raised the firm's price target on ServiceNow to $145 from $140 and keeps a Buy rating on the shares following the Q3 report. The company's near-term being impacted by adoption initiatives that should ultimately pay dividends longer term, the analyst tells investors in a research note. Jefferies says ServiceNow's AI traction was robust and profitability was much better than expected in Q3.
• RSI Jefferies analyst David Katz lowered the firm's price target on Rush Street Interactive to $26 from $39 and keeps a Buy rating on the shares following the Q3 report. The firm says the high bar set by Rush Street's "consistent beat-and-raise cadence has shown its first signs of moderation." Evidence of a reacceleration in U.S. growth is likely required to get shares working again, the analyst tells investors in a research note.

• PLTR JPMorgan analyst Brian Essex initiated coverage of Palantir with an Overweight rating and $262 price target, implying over 30% upside from current share levels. JPMorgan also placed the shares on "Positive Catalyst Watch" ahead of the November 2 earnings report. The firm says that as enterprises figure out how to use AI, Palantir is already delivering return on investment by leveraging its platform to fundamentally transform the business operations of its customers. The company's growth is accelerating as demand for AI sovereignty picks up, the analyst tells investors in a research note. JPMorgan says Palantir enables enterprise and government organizations to secure and own their means of production and services.
• CSTM JPMorgan upgraded Constellium to Overweight from Neutral with a price target of $35, up from $34, following the Q3 report. The company's demand remains solid outside of European Union auto space, with commercial aerospace destocking now complete, the analyst tells investors in a research note. JPMorgan believes Constellium's end market exposure, pricing power, and "margin-accretive" investments should support incremental EBITDA growth and improved free cash flow generation into 2027.
• NOW JPMorgan raised the firm's price target on ServiceNow to $160 from $150 and keeps an Overweight rating on the shares. The firm believes the company's momentum continues despite the "noisy" Q3 report. JPMorgan believes a higher valuation multiple for ServiceNow "appears more sustainable" on the visibility of its "robust growth" drivers in the out-year even before factoring in a potential acceleration of AI monetization.
• TMUS JPMorgan lowered the firm's price target on T-Mobile to $235 from $260 and keeps an Overweight rating on the shares. The firm reduced the company's estimates post the Q3 report to reflect the softer Q4 outlook. T-Mobile's strong organic postpaid service revenue growth and continued share gains help offset pressure in the value segment, the analyst tells investors in a research note.
• EQIX JPMorgan raised the firm's price target on Equinix to $1,350 from $1,300 and keeps an Overweight rating on the shares. The firm views the company's Q3 report as strong. Equinix is building on the momentum from previous quarters as supply-demand dynamics for data center capacity remain favorable for established developers and operators that have available capacity to execute, the analyst tells investors in a research note.
• SFM JPMorgan analyst Thomas Palmer lowered the firm's price target on Sprouts Farmers Market to $58 from $90 and keeps an Overweight rating on the shares following the Q3 report. The company issued a "massive talk-down" for both Q4 and 2027 earnings, the analyst tells investors in a research note.

• CSTL Mizuho analyst Bradley Bowers initiated coverage of Castle Biosciences with an Outperform rating and $60 price target. Castle is a diagnostics company using gene expression profiling and spatial-omics to create tests in dermatology and gastroenterology, the analyst tells investors in a research note. The firm says the company is changing the Barrett's esophagus paradigm.

• ORA Morgan Stanley initiated coverage of Ormat Technologies with an Overweight rating and $123 price target, calling the company an "established conventional geothermal leader" with attractive growth in its legacy businesses and emerging enhanced geothermal systems upside.
• CVNA Morgan Stanley analyst Andrew Percoco is moving Carvana to the analyst's Top Pick following a "strong" Q3 print, telling investors that the decision to move the stock to Top Pick is "driven less by near-term estimate revisions and more by increased conviction in the model's ability to compound profits through macro volatility." The firm maintains an $88 price target and Overweight rating on Carvana shares.
• MSFT Morgan Stanley raised the firm's price target on Microsoft to $650 from $600 and keeps an Overweight rating on the shares. Azure growth accelerated 6 points quarter-over-quarter, M365 growth inflected higher, and operating leverage drove greater than 20% operating income growth despite continued AI investment, the analyst tells investors in a post-earnings note.

• BSX Oppenheimer analyst Suraj Kalia downgraded Boston Scientific to Perform from Outperform without a price target. The company reported in-line Q3 revenue but set the stage for "no growth in 2027," the analyst tells investors in a research note. Oppenheimer says that never in the history of medical technology has it seen "such a dramatic boom and bust." Its concerns center on a "crisis of credibility" given Boston Scientific's poor execution and a lack of visibility into how the company's organic growth reemerges in fiscal 2028. The firm sees "turbulence ahead" for the shares.

• MSFT Piper Sandler raised the firm's price target on Microsoft to $650 from $610 and keeps an Overweight rating on the shares. The firm notes the company delivered on an already heightened bar with Azure growth of 48% year-over-year that beat the midpoint by about 400bps, followed by a 49%-50% constant currency growth guide that answered the call for a sustained acceleration even with capacity delays that are pushing deliveries to the second half of the year. Over the last few quarters Microsoft has demonstrated a strong ability to identify and monetize engineering efficiencies within the infrastructure business to deliver capacity to its customers, adds Piper.
• BOOT Piper Sandler lowered the firm's price target on Boot Barn to $187 from $226 and keeps an Overweight rating on the shares following Q2 results. While EPS posted healthy upside on strong merchandise margin expansion, the primary focus of the print was October quarter-to-date comparable sales of 0.4%, and the second half of the year comp guide down. Inflationary factors impacting Boot Barn's blue-collar core customer, and unfavorable weather, were cited as headwinds to October and Q2.
• GKOS Piper Sandler analyst Matt O'Brien raised the firm's price target on Glaukos to $240 from $195 and keeps an Overweight rating on the shares. The firm notes Glaukos posted a strong Q3 print with revenues of $211.0M that came in well-above the Street, with every segment beating consensus.
• BKR Piper Sandler lowered the firm's price target on Baker Hughes to $70 from $73 and keeps an Overweight rating on the shares. Despite the impressive print, headlined by record RPO, upped 2026 IET orders, Horizon 2 order target now over $50B from more than $45B, additional data center awards fueling Power Systems momentum, and Chart integration progressing, shares sold off 7%, the firm notes. Piper heard from a number of confused investors throughout the day trying to uncover the drivers behind the weakness. The firm also struggled trying to explain the move, but ultimately chalk it up to Baker Hughes being a crowded favorite into the print, meaning it was positioned for perfection.
• PSX Piper Sandler raised the firm's price target on Phillips 66 to $268 from $264 and keeps a Neutral rating on the shares. Following a multi-year deleverage campaign and bolstered by significant macro strength, the company has hit its long term net debt target, at less than $13B on roughly $18.5B gross debt as of Q3 end. While the company still has work to do in Q4 to catch up to its committed 50% of CFO shareholder payout target for 2026, balance sheet questions on the Q3 call have notably moved from when and how targets will be achieved to what will be done with excess cash flows, Piper ads.

• RNST Raymond James analyst Michael Rose downgraded Renasant to Outperform from Strong Buy with a price target of $45, down from $50, following the Q3 report. The firm cites the bank's lower standalone net interest income and margin outlook, softer fee income, and higher expenses for the downgrade. Renasant's "more measured" near-term earnings outlook temper expectations for further share upside, the analyst tells investors in a research note.

• OSW TD Cowen raised the firm's price target on OneSpaWorld to $32 from $30 and keeps a Buy rating on the shares. The company reported a Q3 beat and a Q4 guidance raise, the analyst tells investors in a research note. The firm highlights OneSpaWorld's improved pre-booking spend and continued strength in medi-spa spend.
• FTNT TD Cowen lowered the firm's price target on Fortinet to $190 from $225 and keeps a Buy rating on the shares following the Q3 report. The company's total billings growth of 29% year-over-year missed TD's Street-high estimate of 34%, the analyst tells investors in a research note. The firm says ramped service activations on large new enterprise deals delayed rev recognition for Fortinet. TD views the post-earnings selloff as unwarranted, saying several indicators suggest the service revenue delays are timing-related rather than driven by deteriorating fundamentals.
• TENB TD Cowen analyst Shaul Eyal raised the firm's price target on Tenable to $50 from $44 and keeps a Buy rating on the shares. The company reported a "solid beat and raise" Q3, the analyst tells investors in a research note. The firm says the results were highlighted by 9.5% year-over-year revenue growth due to increasing demand for Tenable One and accelerating momentum from its AI capabilities, the analyst tells investors in a research note.

• WTFC UBS upgraded Wintrust Financial to Buy from Neutral with a price target of $180, up from $160. The stock "checks all the boxes" heading into Q3, the analyst tells investors in a research note. The firm says Wintrust offers above-peer growth, net interest margin upside, and the capital optionality that should benefit if acquisition activity picks up. It sees greater re-rating potential for the shares if the group rallies.
• GOOGL UBS lowered the firm's price target on Alphabet to $332 from $380 and keeps a Neutral rating on the shares. Google missed Search and YouTube estimates, signaled more measured AI monetization, and saw Cloud margins stagnate despite rising TPU sales, raising concerns that over $100B in TPU revenue in 2027 could pressure EPS and free cash flow expectations, the analyst tells investors in a research note.
• DAN UBS analyst Joseph Spak lowered the firm's price target on Dana to $34 from $36 and keeps a Buy rating on the shares. Dana's in-line Q3 results triggered a 6.3% share decline on inflation concerns, uncertainty over post-Eaton Mobility buybacks and deal-related technical pressure, but management is pursuing cost recoveries, plans an additional $100M in Q4 repurchases, and could benefit from improving commercial vehicle markets and greater Eaton exposure, the analyst tells investors in a research note.
• BOOT UBS analyst Jay Sole lowered the firm's price target on Boot Barn to $194 from $232 and keeps a Buy rating on the shares. Shares have fallen 39% year-to-date as same-store sales growth slowed to 0-1%, but the outlook remains positive on expectations for a comp recovery as recent issues prove temporary or fixable and the company retains potential to triple its store count, the analyst tells investors in a research note.
• KLAC UBS analyst Timothy Arcuri lowered the firm's price target on KLA Corp. to $180 from $190 and keeps a Neutral rating on the shares. KLA Corp. issued strong guidance after more than 30% 2H semiconductor systems growth, though it remains below WFE market growth and has lost modest share, with management targeting share stability in 2027 and a more favorable foundry/logic-driven market mix expected in 2028, the analyst tells investors in a research note.
• EBAY UBS raised the firm's price target on eBay to $137 from $131 and keeps a Neutral rating on the shares. eBay faces potential margin pressure from over $500M in incremental investment to sustain growth, though AI efficiencies and marketing leverage could support future expansion as Depop integration creates new advertising and shipping opportunities, the analyst tells investors in a research note.
• PI UBS analyst Timothy Acuri raised the firm's price target on Impinj to $180 from $175 and keeps a Neutral rating on the shares. Impinj delivered strong results and guidance on broad retail and logistics demand, returning specialty IC revenue and bookings above shipments, though back-end capacity remains tight, while improving channel visibility reduces inventory risk and food and general merchandise offer growth opportunities in 2027, the analyst tells investors in a research note.

• VRT Wells Fargo analyst Stephen Tusa raised the firm's price target on Vertiv to $345 from $340 and keeps an Overweight rating on the shares. Q3 was a relief, the firm says, with the stock reaction merely unwinding company-specific execution concerns that had built up since Q2. While not out of the woods on the macro debate, Wells continues to like risk/reward.
• MAS Wells Fargo raised the firm's price target on Masco to $85 from $82 and keeps an Overweight rating on the shares. The firm cites a solid Q3, with a decisively clean beat. With that said, Wells suspects some typical Masco conservatism too. Net net, this likely remains an outlier in Q3 housing EPS, the firm adds.
• PSX Wells Fargo analyst Sam Margolin raised the firm's price target on Phillips 66 to $346 from $345 and keeps an Overweight rating on the shares. The firm estimates Phillips 66 can support its higher run rate of dividend growth, share repurchase, debt reduction, and growth capital through 2028. Refining optimization efforts continue with quick hit, high return projects, Wells adds.
• MSFT Wells Fargo raised the firm's price target on Microsoft to $750 from $725 and keeps an Overweight rating on the shares. The firm notes Azure continues to deliver meaningful upside to estimates even despite data center delays, while M365 Cloud is still expected to accelerate throughout the year even off a higher base.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• 10:30 AM ET                 Dallas Fed manufacturing Index for October
• 1:00 PM ET US Treasury to sell $69B in 2-year notes

• Earnings After the Close: AGYS AMKR ARE BLX BRO BRX CBK CDNS CINF CLS CLW CTOS DORM FLXS FSBC FSUN GBX GGB HIG HTO HWKN KFRC NE NUE NWBI PDM PECO PFG PSA PSMT RMBS SSD TRTX VLRS WELL ZDGE

• 8:30 AM ET                   Durable Goods Orders M/M for September
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for August
• 9:00 AM ET                   CaseShiller 20-city index for August
• 10:00 AM ET                 Consumer Confidence for October
• 10:00 AM ET                 New Home Sales M/M for September
• 10:00 AM ET                 Richmond Fed Index for October
• 1:00 PM ET US Treasury to sell $70B in 5-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL APAM BANC BBAI BBNX BKR BOOM BUSE BXP CAKE CHE CR CSGP CTO CZR ENPH EQT ESS EXE EXLS EXR FCF FE FFBC FFIV HAFC HIW HOOD ICLR INTA IVT KIDS LOGI LPLA LSTR LUNG MANH MCRI MIR NBHC NBR NOV NTB NXPI OCFC OI OKE ORN PDS PPG RBBN RNR ROG RRC RUSHA SKHY ST STAG STX TER TRMK UCTT UHS UMBF V VTR WERN WM WPC ZWS

• 8:30 AM ET                   Advance goods Trade Balance for September
• 10:30 AM ET                 Weekly EIA Inventory Data
• 2:00 PM ET FOMC Interest rate decision, no rate change expected

• Earnings After the Close: AEM AGI AIN ALGN ALKT ALRS AM AMRZ AR AUR AWK AXS BELFA BHC BHE BN BNL CBAN CCS CHDN CLB CLPT CMG CMPR CNMD CNXN COHU CP CSL CVNA CYH EBAY EFOR EG EGO EHC EPAC EPR EQIX F FCPT FDX FLS FORM FTNT GEN GFL GKOS GOOGL HDSN HLI HONA INVH KGC KLAC KREF LXU MAA MAZ MGM MGRC MORN MSFT MTH MUSA MYRG NEO NNBR NOW NXT OLED ORLY PBI PFS PI PLXS PPC PRCH PTEN QTWO QUAD RJF RM RSI SCI SFM SIMO STRL TDOC TENB THG TMUS TYL UFPI VICI WEX WFG WHD

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Personal Income M/M for September
• 8:30 AM ET                   Personal Spending M/M for September
• 8:30 AM ET PCE Price Index M/M for September
• 8:30 AM ET PCE Price Index Y/Y for September
• 8:30 AM ET                   Core PCE Price Index M/M for September
• 8:30 AM ET                   Core PCE Price Index Y/Y for September
• 8:30 AM ET                   Gross Domestic Product (GDP) Q3-E
• 8:30 AM ET GDP Consumer Spending for Q3-E
• 8:30 AM ET GDP Price Deflator for Q3-E
• 8:30 AM ET GDP PCE Price Index M/M for Q3-E
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q3-E
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 10:30 AM ET                 Dallas Fed PCE for September
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ACCO ACIC AJG ALHC AMZN ASUR ATEC ATOM ATR AX AXTI BFAM BVN CDNA CNO COIN COLM COUR CUBE CUZ CVLG DLR DVA DXC DXCM EIX EMN ERIE EXEL EXPO FBIZ FDXF FHI FISI FMC FND FORR FSLR GDDY GDYN GILD GLPI HR HTGC ILMN INBK INGM INTC INVX IR KWR LNT MDLZ MEOH MERC MHK MIAX MMSI MSTR MTX MTZ NEXA OLN OSIS OSPN PEB PFSI PINS PMT PRTTS PTCT RBLX RDDT REAL RIVN RMD RSG RYAN SBUX SKYW SNDK SNDR SPSC SPXC STRZ SUPN SYK TBBK TFII TWLO VALE VLTO WKC WTI WY

• 9:45 AM ET                   Chicago PMI for October
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• China NBS Manufacturing PMI, Composite PMI for October
• China NBS Non-Manufacturing PMI for October

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