Early Look

Monday, October 26, 2026

U.S. futures are looking slightly higher to kick off a week dominated by the FOMC and corporate earnings after falling last week where the S&P 500 fell -0.47%, the Nasdaq declined -0.71%, yet the Dow climbed 0.41%. There are several key items up this week include: the FOMC rate decision next Wednesday the 28th (2 day meeting starts Tuesday) - widely expected to hold rates steady; earnings from AMZN, BA, KO, V, GOOGL, MSFT, LLY, SBUX, ABBV, CVX, XOM among many others; also GDP and core PCE inflation data late in the week; ECB and BOJ holding Central bank policy meetings and also in the AI space, Oracle (ORCL) holding its Ai event midweek. In news overnight, shares of neoclouds/data centers are under pressure (NBIS, CRWV, IREN, CIFR, HUT) after Elon Musk warned in a post on social media platform “X” that tighter credit conditions could accelerate failures and consolidation among smaller AI infrastructure companies, highlighting financing risks across the sector. U.S. listed Brazilian stocks are tumbling (EWZ, PBR, MELI, NU, XP, and others) after President Luiz Inácio Lula da Silva clung to power in Sunday's runoff election. Also, a large M&A deal in the natural gas energy sector after EQT Corp (EQT) said it would acquire Range Resources (RRC) in an all-stock deal valued at more than $50 billion. In Asian markets, The Nikkei Index declined -503 points to 62,189, the Shanghai Index rose 7 points to 3,697, and the Hang Seng Index gained 118 points to 23,211. In Europe, the German DAX is up 200 points to 25,381, while the FTSE 100 is up 39 points to 10,729. Oil prices fell on Monday after surging last week to near six-month highs, amid hopes of easing hostilities between the United States and ‌Iran. The US 10-Year Treasury yield tumbled below 5% last week and is holding on track to end around that level as fears about AI boom sustainability flare, boosting safe-haven appeal of government debt.

• The Dow Jones Industrial Average fell -653.35 points, or 1.24%, to 52,214.63
• The Nasdaq Composite slipped -53.52 points, or 0.21%, to 25,955.34
• The Russell 2000 Index declined -8.15 points, or 0.29% to 2,775.88

• 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

• Tesla (TSLA) was upgraded to Overweight from Equal Weight at Barclays and raised tgt to $450 from $370 citing Tesla's merger opportunity with SpaceX (SPCX), stronger core business outlook, and signs of Robotaxi inflection for the upgrade. The potential merger is driven by vertical integration and Elon Musk's ownership considerations, but a shareholder vote is required.

• Ovintiv (OVV) announces agreement to acquire Montney oil producer, Logan energy Corp. in a proposed deal for total consideration of approximately $890M; the deal expected to be accretive including 5% non-Gaap cash flow per share accretion in 2027; proposed deal for C$1.40 per share in cash and expects net debt to be below $4B after deal closing in Q1 2027.
• SpaceX (SPCX) has secured $40 billion in debt financing to purchase graphics processing units (GPUs) scheduled for delivery in the first and second quarters of 2027. The debt is largely callable, allowing repayment before maturity under specified conditions. Musk also warned that tighter credit conditions could accelerate failures and consolidation among smaller AI infrastructure companies, highlighting financing risks across the sector.

• Surgery Partners (SGRY) shares rise 20% pre-market after the Financial Times reported US-based not-for-profit health system Bon Secours Mercy Health is in late-stage talks to buy a majority stake in SGRY in a deal that would value the company at roughly $6 billion including debt. Private-equity group Bain Capital, which has been a minority shareholder since 2017, will retain its almost 40% shareholding in SGRY as part of about $20-a-share take-private deal https://tinyurl.com/yc55tpb6

• Anthropic's Claude AI model accessed publicly available aggregate vote-count data through a restricted Georgia state dashboard without human authorization, according to a company statement reported by Reuters. The incident occurred during an internal statistics project, with the model working around a restriction that typically required a token or payment.
• Apollo Global Management (APO) Chief Economist Torsten Slok said AI investments have yet to produce measurable financial gains for most companies outside the technology sector. Revenue per worker and profit margins are rising among the Magnificent Seven but remain flat across the other 493 S&P 500 companies.
• Two Ai Chipmakers, Nvidia (NVDA) and Micron (MU) make up 34% of America’s earnings boom, the WSJ reported while noting only 10 companies, including Broadcom (AVGO) and Meta (META), account for two-thirds of the profit growth, demonstrating how the U.S. stock market has begun depending on a handful of companies tied to AI.
• SK Hynix Inc. (SKHY) plans to return about 80% of the gains from selling down its stake in Japan's Kioxia Holdings Corp. to shareholders through a special dividend of about 16 trillion won ($12 billion), the DongA Ilbo newspaper reported.
• Meta Inc. (META) files for mixed shelf offering; size not disclosed

Mid-Morning Look

Monday, October 26, 2026

U.S. stocks open the week higher, with ten of eleven S&P 500 sectors in the green, led by Consumer Discretionary behind TSLA +6% jump, along with gains in Healthcare (XLV), Financials (XLF), and Industrials (XLI) while Communications (XLC) is the lone decliner. Lots of big stories today ahead of potential key market catalysts this week as Anthropic files for its IPO today under the symbol “ANT” (expected IPO mid-November), Brazil markets/tocks tumble on election news, META unveils plans to raise roughly $95B, including a $35B stock offering and a $60B at-the-market program, to fund its AI buildout and AI-infrastructure; RRC/EQT merge in energy sector, and “neocloud” shares are falling on Musk comments while Tesla and some mega-cap names rebound.

A very busy week ahead with about a third of the companies in the S&P 500 report quarterly results are expected including mega caps AMZN, GOOGL, MSFT, BA among the biggest names, along with several in energy and tech. The week overall brings earnings, the Fed's (FOMC) October 28 decision, and Thursday's GDP/PCE releases. Watch whether earnings improve investor confidence in AI monetization and cash flow, or deepen worries about debt-funded capex. Overnight Brazilian markets/stocks tumble after President Luiz Inácio Lula da Silva secured a fourth term in Sunday's presidential runoff, defeating right-wing challenger Flávio Bolsonaro and overturning market expectations of a shift toward more conservative economic policies.

Energy-cost beneficiaries (airlines, certain chemicals/transports) rise as crude oil retreats from 5-month highs; selected mega-cap technology and consumer discretionary (TSLA leading the premarket growth rebound); relative weakness on debt-dependent AI infrastructure/hosting (CRWV, NBIS, IREN, APLD), after Elon Musk warned on X that debt markets have shut off funding for AI data center operators lacking independent revenue. Brazil-related financials and energy ADRs (XP, PBR, EWZ) on election news. Another round of diplomatic efforts to prevent tensions in the Middle East from escalating injected a fresh dose of optimism into the energy markets as well.

Treasury yields tick higher to start Fed week. Markets price in 91% odds of an interest rate hold Wednesday, according to CME. Hikes are expected to resume in December. Third-quarter GDP and September PCE inflation are due Thursday. The Treasury is set to auction $69 billion in two-year notes at 1 p.m. ET, followed by a $70 billion five-year tender tomorrow and $44 billion in seven-year notes Thursday. The 10-year yield is at 4.995%, up from 4.987% Friday.

• Brazilian stocks plunge (MELI, EWZ, NU, PAGS, PBR, XP, VALE, STNE, ITUB, BBDafter President Luiz Inácio Lula da Silva secured a fourth term in Sunday's presidential runoff, defeating right-wing challenger Flávio Bolsonaro and overturning market expectations of a shift toward more conservative economic policies. Shares of oil major names like PBR tumbled, while banking stocks including ITUB and BBD came under heavy selling pressure. The selloff followed a rally in Brazilian assets after Bolsonaro unexpectedly led the first round of voting earlier this month.
• Biopharma/Oncology sector: ESMO and ASN Kidney Week data lift the group, with AMGN and AZN after Imdelltra plus Imfinzi cut the risk of death 58% in first-line small-cell lung cancer; JNJ on Phase 3 PROTEUS data showing apalutamide cut disease recurrence risk 62% in high-risk prostate cancer; GMAB and CORT rising also higher on favorable readouts, while MRNA reverses higher following an over 18% slide across the prior two sessions.
• Casinos & Gaming sector: Stifel previewed the sector saying heading into earnings, they are now forecasting Q3 Adj. EBITDA misses for FLUT, DKNG, CDRO, & SRAD, and mostly inline for RSI, GENI. While 'core' OSB fundamentals appear to be improving early-NFL, unfavorable sport outcomes dragged on hold again, legal uncertainty & ongoing predictions investment is weighing on sentiment for DKNG, and iCasino TAM deceleration has continued into September contrasting narrative coming out of G2E.

• HHH +5%;  after named to replace ACA in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, October 28. S&P 500 constituent CRH has acquired Arcosa in a deal that closed today, October 23.
• ROST +3%; was upgraded to Buy from Neutral at UBS (tgt to $315 from $239) as believes the company's store sales growth momentum can persist beyond this year. UBS believes Ross' new CEO's strategies are helping it close its wider-than-realized store productivity gap versus TJX.
• RRC +14%; as EQT said it would acquire RRC in an all-stock deal valued at more than $50 billion, creating what the companies called the largest vertically integrated natural gas producer in the United States. Under the terms of the deal, Range shareholders will receive 0.987 shares of EQT stock for each share held. EQT shareholders will own about 73% of the combined company.
• SGRY +46%; after HealthSpan Partners, a supporting organization of not-for-profit healthcare system Bon Secours Mercy Health, will take Surgery Partners private for about $5.7 billion, valuing shares at $23.50 per share, a 49% premium(confirmed a Financial Times report this weekend).
• TSLA +6%; was upgraded to Overweight at Barclays and raised tgt to $450 from $370 citing M&A opportunity with SPCX, stronger core business outlook, and signs of Robotaxi inflection.
• XNCR +22%; after presenting Phase 1 Dose Selection Data for XmAb819. 400 mcg/kg chosen as proposed IV RP3D based on 45.5% cORR, 55% uORR and 82% 6-month PFS Kaplan-Meier estimate. Xencor plans to discuss a potential accelerated approval pathway with the FDA in key ccRCC patient subgroups in 1H2027.

• CRWV ; Neocloud/data center stocks such as NBIS, CRWV, HUT, IREN, CIFR, WULF and others were weak overnight after Elon Musk warned on X that debt markets have shut off funding for AI data center operators lacking independent revenue, predicting 'guppy-level death and consolidation' among more than 200 neoclouds (some shares have been bouncing since).
• EWZ -23% as Brazilian stocks tumble following elections; shares of MELI, NU, PAGS, PBR, XP, VALE, ITUB, BBD among US listed Brazilian stocks that tumbled after Brazilian President Luiz Inacio Lula da Silva won a fourth term on Sunday. Senator Flavio Bolsonaro, son of former President Jair Bolsonaro who had won the first round of election earlier this month, refuses to concede.
• FICO  -6%; following Friday night headlines that FICO Holds Mortgage Score Pricing at $10 for Lenders Enrolled in Preferred Program. Wells Fargo downgraded to Equal Weight citing the news that FICO will hold its price at $10 for lenders enrolled in its Preferred Program in exchange for a commitment to pull FICO 100% of the time
• VZ -2%; posted mixed Q3 results as EPS $1.31 tops $1.27 while revs rose 1.5% y/y to $34.3B vs. est. $34.85B driven by mobility and broadband growth; raises 2026 postpaid phone net adds guidance to 1.1 mln-1.2 mln, from 750,000-1.0 mln while lifts 2026 adjusted EPS outlook. also announces another big deal, this time with AMZN Amazon Web Services, to support the infrastructure needed for agentic and generative AI workloads.
• XYZ -2%; was downgraded to Equal Weight at Morgan Stanley and cut tgt to $80 from $90 citing rising credit risks, competition and reinvestment needs; says longer-duration Cash App Borrow loans could slow near-term originations against tougher comps and lift credit losses.

Closing Recap

Monday, October 26, 2026

U.S. stocks opened higher and held strong all day, led by a rally in technology (XLK), Consumer Discretionary (XLY) and Industrials (XLI) as the AI trade bounced back after tumbling the prior few weeks on debt concerns and high rates impacts. Communications (XLC) and defensive sectors like Staples (XLP) and Healthcare (XLV) pulled back from recent 52-week highs ahead of a week filled with potential market catalysts. The FOMC rate decision is Wednesday the 28th (2 day meeting starts Tuesday) - widely expected to hold rates steady. Shares of AMZN, BA, KO, Visa, GOOGL, MSFT, LLY, SBUX, ABBV, CVX, XOM earnings among many others on tap this week. Also GDP and core PCE inflation data late in the week and both the European Central bank and BOJ holding Central bank policy meetings. In tech news, Anthropic revealed its IPO plans today while ORCL holding its Ai event midweek.

Brazilian stocks plunge (MELI, EWZ, NU, PAGS, PBR, XP, VALE, STNE, ITUB, BBD) after President Luiz Inácio Lula da Silva secured a fourth term in Sunday's presidential runoff, defeating right-wing challenger Flávio Bolsonaro and overturning market expectations of a shift toward more conservative economic policies. Shares of oil major names like PBR tumbled, while banking stocks including ITUB and BBD came under heavy selling pressure. The selloff followed a rally in Brazilian assets after Bolsonaro unexpectedly led the first round of voting earlier this month.

Neocloud/data center stocks such as NBIS, CRWV, HUT, IREN, CIFR, WULF and others were volatile after Elon Musk warned on X that debt markets have shut off funding for AI data center operators lacking independent revenue, predicting 'guppy-level death and consolidation' among more than 200 neoclouds. "As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers," Musk said in an X post on Sunday. Musk went on to say, "That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many." The group saw early weakness but rebounded as software stocks sold off, reversing the trade seen the last few weeks.

• December gold prices rise +$30.50, or +0.76%, to settle at $4,038.40 an ounce while December silver prices rose $0.39 or 0.73% to settle at $54.34 an ounce. Prices likely to be choppy the next few days ahead of the FOMC rate decision on Wednesday where no rate change is expected, but markets await to see if the commentary is more hawkish then dovish for outlook on futures rate changes.

• Food sector: the sector was weaker as investors rotated out of defensive sectors and into tech today with shares of CAG, GIS, HSY, MDLZ, etc. High Liner Foods (HLNFF) said it will be acquired by Umios for C$27.00 per share in cash, valuing the Canadian frozen seafood company at around C$804M on a fully diluted equity basis. The consideration represents a premium of approximately 79% to the closing price of the shares on October 23, 2026.

• Casinos & Gaming sector: Stifel previewed the sector saying heading into earnings, they are now forecasting Q3 Adj. EBITDA misses for FLUT, DKNG, CDRO, & SRAD, and mostly inline for RSI, GENI. While 'core' OSB fundamentals appear to be improving early-NFL, unfavorable sport outcomes dragged on hold again, legal uncertainty & ongoing predictions investment is weighing on sentiment for DKNG, and iCasino TAM deceleration has continued into September contrasting narrative coming out of G2E.
• Lodging & Leisure sector: Evercore previewed Lodging REITs, saying they are expected to report strong Q3 results, sustaining RevPAR growth beyond the summer months, particularly influenced by weekday and Urban market demand. The positive momentum has led to notable outperformance across the sector, contributing to year-to-date price returns. Notably, this growth appears to be driven more by flows seeking stability in uncertain market conditions rather than solid fundamentals, prompting a downgrade of RHP, SHO to In-line from Outperform.
• CART shares popped late day, and DASH shares fell after the WSJ reported DoorDash is in advanced talks to acquire food-delivery rival Instacart, according to people familiar with the matter. The deal could be completed as soon as this week, assuming the talks don't fall apart, the people said. The Information earlier reported that Instacart had attracted takeover interest from DoorDash and Uber.

• Coal, Solar, Utility sector: BTU upgraded from Neutral to Buy at B Riley, PT from $29 to $30, as believes valuation is compelling, attractive thermal Dynamics are not fully priced in at current levels, and any progress at Centurion could drive upside, particularly at these PLV prices.

• FinTech sector: XYZ was downgraded to Equal Weight at Morgan Stanley and cut tgt to $80 from $90 citing rising credit risks, competition and reinvestment needs; says longer-duration Cash App Borrow loans could slow near-term originations against tougher comps and lift credit losses as loans stay outstanding longer.
• Financial Services: FICO shares declined following Friday night headlines that FICO Holds Mortgage Score Pricing at $10 for Lenders Enrolled in Preferred Program. Wells Fargo downgraded to Equal Weight citing the news that FICO will hold its price at $10 for lenders enrolled in its Preferred Program in exchange for a commitment to pull FICO 100% of the time for the downgrade. EFX was downgraded to Sector Perform at RBC Capital as the recent stock rally off the lows has left risk/reward more balanced.

• AVBP shares fell after presented late-breaking Phase 1a/b data at ESMO for its CDH17-targeting ADC ARR-217/MRG007 developed with Lepu Biopharma, showing a 44.8% ORR at the 6mg/kg dose across 123 patients; Citi and OPCO called the results encouraging but flagged the short 4.2-month follow-up and need for visibility on durability of responses.
• BAYRY and partner Orion shares rise after positive trial results on jointly developed prostate cancer drug Nubeqa. Data presented at ESMO 2026 congress on Saturday showed Nubeqa reduced the risk of metastasis or death by 58% in the late-stage DASL-HiCaP trial, while four-year metastasis-free survival reached 95% versus 88% with placebo.
• CORT said its ovarian cancer drug Lifyorli, combined with chemotherapy drug nab-paclitaxel and bevacizumab, showed positive results in patients with platinum-resistant ovarian cancer; adds that regimen delivered median progression-free survival of 7.2 months, an objective response rate of 59% in 95-patient study.
• ENTA announces first patient dosed in the resolve phase 2B/3 study of zelicapavir, a potential first-in-disease treatment for respiratory syncytial virus
• REGN said it extended its agreement with a US health authority to provide additional supply of its Ebola treatment, amid a growing outbreak in Africa. The new agreement with the US Biomedical Advanced Research and Development Authority, expanding a 2020 contract, will see Regeneron supply doses of its drug Inmazeb through 2031 for about $270 million
• SGRY shares surge after HealthSpan Partners, a supporting organization of not-for-profit healthcare system Bon Secours Mercy Health, will take the company private for $5.7B, valuing shares at $23.50 per share, a 49% premium (confirmed a Financial Times report this weekend).
• XNCR shares rise after presenting Phase 1 Dose Selection Data for XmAb819. 400 mcg/kg chosen as proposed IV RP3D based on 45.5% cORR, 55% uORR and 82% 6-month PFS Kaplan-Meier estimate. Xencor plans to discuss a potential accelerated approval pathway with the FDA in key ccRCC patient subgroups in 1H2027. Xencor plans global randomized study of monotherapy XmAb819 compared to tivozanib in a post PD-(L)1 and VEGFR TKI ccRCC patient population.

• Aerospace sector: SPCX has secured $40B in debt financing to purchase graphics processing units (GPUs) scheduled for delivery in the first and second quarters of 2027. The debt is largely callable, allowing repayment before maturity under specified conditions. Also, EasyJet Plc has agreed on a deal with SPCX’s Starlink for inflight Wi-Fi across its all-Airbus fleet, showing how demand for fast Internet service in the sky is infiltrating even the budget-carrier industry.
• Transport sector: shares of airlines were mostly higher early as oil prices dipped from 5-month highs; JBLU shares fell after late Friday, the WSJ reported a Senior creditors group for Jetblue Airways is working with restructuring adviser PJT Partners citing people familiar with the matter.
• Metals & Mining sector: shares of steel producers STLD, CLF, NUE slipped after Reuters reported late day that the U.S. and Canada are working on a deal to ease US tariffs on Canadian steel and autos, two US and four Canadian sources said. The talks focus on tariffs imposed under Section 232 of US trade law, including up to 50% tariff on Canadian steel and a 25% tariff on autos, with negotiators discussing potential relief from those duties. NUE reports earnings after the close.

• Neocloud/data center stocks such as NBIS, CRWV, HUT, IREN, CIFR, WULF and others were weak overnight after Elon Musk warned on X that debt markets have shut off funding for AI data center operators lacking independent revenue, predicting 'guppy-level death and consolidation' among more than 200 neoclouds. "As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers," Musk said in an X post on Sunday. Musk went on to say, "That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many." He later said SpaceX (SPCX) won't buy any neoclouds, calling it "pointless."
• META announced a massive equity raise plan, including ~$22.5B Class A shares, ~$12.5B of preferred stock, and a ~$60B ATM sale of the new Class C shares. In total, the company plans to raise ~$95B worth of equity, with the money aimed at expanding its AI infrastructure footprint. Meta claims that AMD, AVGO and NVDA could each purchase $5B of Class A shares.

• VZ also announces another big deal, this time with AMZN Amazon Web Services, to support the infrastructure needed for agentic and generative AI workloads. The agreement, worth more than $2 billion, follows a similar deal valued at more than $1 billion with Google earlier this year to supply dark fiber connecting the company's data centers.
• Hardware sector: shares of AAPL pulled back slightly off all-time highs amid reports the Apple's iPhone Duo is drawing complaints from customers who say the foldable display cracked after just hours or days of use, Bloomberg reported. Customers reported hearing a crunching sound when unfolding the phone, followed by a large crack forming along the center crease.

• NVDA and MU make up 34% of America’s earnings boom, the WSJ reported while noting only 10 companies, including AVGO and META, account for two-thirds of the profit growth, demonstrating how the U.S. stock market has begun depending on a handful of companies tied to AI.
• SKHY plans to return about 80% of the gains from selling down its stake in Japan's Kioxia Holdings Corp. to shareholders through a special dividend of about 16 trillion won ($12 billion), the DongA Ilbo newspaper reported.

Street Recommendations

Monday, October 26, 2026

• ACCV Barclays initiated coverage of Accelevation with an Overweight rating and $20 price target. The firm says Accelevation is a pure-play investment on data center white space penetration and content growth. The company offers the fastest sales and EBITDA growth prospects of the peer group, while trading at a meaningful post-initial public offering valuation discount, the analyst tells investors in a research note
• LTH Barclays initiated coverage of Life Time Group with an Overweight rating and $51 price target. The company offers a "compelling combination" of affluent consumer exposure, secular growth in health and wellness, revenue visibility, and accelerating unit growth, the analyst tells investors in a research note. Barclays is positive on Life Time's multi-year premiumization strategy and "competitive moat," adding that the shares trade at a "reasonable valuation."
• KALU Barclays analyst Richard Garchitorena lowered the firm's price target on Kaiser Aluminum to $155 from $180 and keeps an Overweight rating on the shares. The firm says temporary outages and metal headwinds pull the company's fiscal 2026 EBITDA to the low end of the guidance, but that end market demand remains strong into 2027.
• MRK Barclays raised the firm's price target on Merck to $180 from $150 and keeps an Overweight rating on the shares. The firm says the full intismeran data reinforced the recurrence-free survival benefit seen in the abstract. The firm sees likelihood for improvement with longer follow-up. Physicians highlighted the sizable adjuvant population outside neoadjuvant in melanoma, the analyst tells investors in a research note.
• MSM Barclays raised the firm's price target on MSC Industrial to $159 from $152 and keeps an Overweight rating on the shares following the fiscal Q4 report. The company reported solid results and guidance, which were overshadowed by inflated investor expectations, the analyst tells investors in a research note.
• SNA Barclays analyst John Babcock lowered the firm's price target on Snap-On to $405 from $435 and keeps an Overweight rating on the shares. The company's Q3 results came in below forecast driven by Tools Group as franchisees reduced inventories, the analyst tells investors in a research note.
• LKQ Barclays upgraded LKQ Corp. to Overweight from Equal Weight with a $25 price target.

• SPCX Bernstein analyst Douglas Harned raised the firm's price target on SpaceX to $267 from $248 and keeps an Outperform rating on the shares. The firm is raising its SpaceX outlook primarily on terrestrial AI build plans. Bernstein believes the case for a multi-trillion dollar valuation rests on success of orbital data centers. But the company's outlook for terrestrial AI is a material add to the overall revenue path, it notes. The Enterprise & Government Connectivity subsegment also appears to be outperforming.
• SPOT Bernstein analyst Ian Moore raised the firm's price target on Spotify to $725 from $625 and keeps an Outperform rating on the shares. The firm notes Spotify is moving into a harvesting period where margin gets banked rather than reinvested. Label renewals are a swing variable, and Spotify brings leverage to these negotiations, Bernstein adds.
• FDX Bernstein lowered the firm's price target on FedEx to $377 from $397 and keeps an Outperform rating on the shares ahead of quarterly results. The firm is modestly ahead of the Street for Q3, and expects a Q4 guide that is constructive to the current consensus outlook.

• IBP BofA analyst Shaun Calnan initiated coverage of Installed Building Products with a Buy rating and $225 price target. Despite headwinds from slowing housing starts, the firm thinks IBP will outperform given resilient margins, nonresidential growth, strong free cash flow, low leverage, and accretive M&A.
• AZO BofA analyst Christopher Nardone reinstated coverage of AutoZone with a Buy rating and $3,800 price target. The firm views a continuation of low-to-mid single digit inflation as a net positive for the auto parts subsector and argues that a combination of consistency and outsized sales growth should drive further multiple expansion for AutoZone.
• ORLY BofA reinstated coverage of O'Reilly Automotive with a Buy rating and $106 price target. The firm views a continuation of low-to-mid single digit inflation as a net positive for the auto parts subsector and argues that a combination of consistency and outsized sales growth should drive further multiple expansion for O'Reilly.
• ARCO BofA downgraded Arcos Dorados to Neutral from Buy with a $9 price target.

• PAYC BTIG analyst Allan Verkhovski raised the firm's price target on Paycom to $305 from $230 and keeps a Buy rating on the shares as part of a broader research note on Payroll names in Application Software. The firm continues to like the group, supported by sticky customer bases, durable execution, float revenue tailwinds from higher rates, and a more defensible AI posture than most application software peers, the analyst tells investors in a research note.

• TNXP Canaccord analyst Gary Nachman initiated coverage of Tonix Pharmaceuticals with a Buy rating and $18 price target. Tonix has been executing well with Tonmya for fibromyalgia, which was recently launched and is "ramping up nicely," says the analyst, who believes the company's expanded commercial infrastructure can be further leveraged down the road as it has several shots on goal in the pipeline that "provide a good deal of optionality" and are "underappreciated."

• EPAM Citi analyst Bryan Keane raised the firm's price target on Epam Systems to $140 from $100 and keeps a Neutral rating on the shares. The firm believes growing AI demand is being offset by "subdued" discretionary spending for the IT services names. This dynamic will keep a "lid" on any acceleration in growth, the analyst tells investors in a research note.
• GLOB Citi raised the firm's price target on Globant to $46 from $37 and keeps a Neutral rating on the shares. The firm believes growing AI demand is being offset by "subdued" discretionary spending for the IT services names. This dynamic will keep a "lid" on any acceleration in growth, the analyst tells investors in a research note.

• SHO Evercore ISI analyst Duane Pfennigwerth downgraded Sunstone Hotel to In Line from Outperform with an unchanged price target of $13. Strong lodging RevPAR has sustained well beyond the summer, says the analyst, who expects another round of beats and raises from the lodging REITs in Q3. In conjunction with an earnings preview for the group, the firm adjusted estimates and downgraded its two remaining Outperform-rated lodging REITs.
• HST Evercore ISI raised the firm's price target on Host Hotels to $26 from $25 and keeps an In Line rating on the shares. Strong lodging RevPAR has sustained well beyond the summer, says the analyst, who expects another round of beats and raises from the lodging REITs in Q3. In conjunction with an earnings preview for the group, the firm adjusted estimates.
• PEB Evercore ISI raised the firm's price target on Pebblebrook Hotel to $21 from $20 and keeps an In Line rating on the shares. Strong lodging RevPAR has sustained well beyond the summer, says the analyst, who expects another round of beats and raises from the lodging REITs in Q3. In conjunction with an earnings preview for the group, the firm adjusted estimates.
• PK Evercore ISI analyst Duane Pfennigwerth raised the firm's price target on Park Hotels & Resorts to $17 from $16 and keeps an In Line rating on the shares. Strong lodging RevPAR has sustained well beyond the summer, says the analyst, who expects another round of beats and raises from the lodging REITs in Q3. In conjunction with an earnings preview for the group, the firm adjusted estimates.

• PTON Goldman Sachs lowered the firm's price target on Peloton to $6.50 from $7.50 and keeps a Buy rating on the shares. Following significant restructuring that improved Peloton's cost structure, free cash flow and balance sheet, focus ahead of Q1 earnings shifts to whether new products and Peloton IQ can drive subscriber growth and engagement while balancing reinvestment needs, margins, cash generation and financial flexibility, the analyst tells investors in a research note.
• FVRR Goldman Sachs lowered the firm's price target on Fiverr to $9 from $13 and keeps a Neutral rating on the shares. Focus centers on its transition toward higher value freelance projects, with key debates around whether adoption can offset weakness in lower value activity, platform improvements can enhance matching and fulfillment, and Services growth and profitability can improve while balancing transformation investments against free cash flow, the analyst tells investors in a research note.
• DUOL Goldman Sachs analyst Eric Sheridan raised the firm's price target on Duolingo to $135 from $114 and keeps a Neutral rating on the shares. Focus ahead of Duolingo's Q3 earnings is shifting from user growth reacceleration to converting stronger engagement into bookings and monetization, following Q2's encouraging 23% year-over-year DAU growth and record retention as the company prioritizes long-term user growth and teaching efficacy over near-term revenue, the analyst tells investors in a research note.
• ALLE Goldman Sachs raised the firm's price target on Allegion to $206 from $182 and keeps a Buy rating on the shares.

• NTNX Guggenheim initiated coverage of Nutanix with a Buy rating and $100 price target, implying 42% upside potential. The company has "all the ingredients" in place for a growth acceleration and "Rule of 50 story" by fiscal 2029, above its targets, the analyst tells investors in a research note. Guggenheim says its channel checks "overwhelmingly indicate" Nutanix is the only viable enterprise-wide replacement for VMware, which explains its ongoing share gains.

• FCNCA JPMorgan downgraded First Citizens to Underweight from Neutral with a price target of $2,200, down from $2,300. The firm views the magnitude of the stock's post-earnings outperformance on Friday as surprising. JPMorgan views First Citizens' Q4 outlook as optimistic. This puts the stock's premium valuation at risk, the analyst tells investors in a research note.
• GMAB JPMorgan upgraded Genmab to Overweight from Neutral with a price target of DKK 3,500, up from DKK 2,050, after the company's ovarian cancer treatment Rina-S met its primary and key secondary endpoints in a Phase 3 study. The firm cites the "unprecedented" Phase 3 efficacy for the upgrade. JPMorgan sees petosemtamab as the most important growth driver for Genmab over the next decade, and upped its peak sales forecast to $5B from $2.5B.
• KALU JPMorgan upgraded Kaiser Aluminum to Neutral from Underweight with a price target of $140, down from $146, following the Q3 report. The firm cites valuation for the upgrade, seeing Kaiser's risk/reward backdrop as more balanced following the stock's recent pullback. The shares are likely to trend sideways over the next two quarters before investors accept that the company's near-term challenges are not structural and gain confidence in the commercial aerospace, the analyst tells investors in a research note.
• ROP JPMorgan upgraded Roper Technologies to Neutral from Underweight with a price target of $490, up from $415, following the Q3 earnings report. The firm sees evidence of improving organic growth across the company's software portfolio. In addition, the improving backdrop for software acquisitions sets up Roper to accelerate total revenue growth, the analyst tells investors in a research note.
• DG JPMorgan analyst Matthew Boss raised the firm's price target on Dollar General to $178 from $176 and keeps an Overweight rating on the shares. JPMorgan also added Dollar General to its Analyst Focus List. The firm increased its Q3 estimates after fieldwork pointed to a combination of "resilience" in spending across the company's low-income consumer cohort.
• DLTR JPMorgan analyst Matthew Boss lowered the firm's price target on Dollar Tree to $159 from $170 and keeps an Overweight rating on the shares. JPMorgan also removed Dollar Tree from its Analyst Focus List. The firm's fieldwork indicates a possible margin miss in Q3 for Dollar Tree.
• TNGX JPMorgan analyst Brian Cheng added Tango Therapeutics to the firms' Analyst Focus List while keeping an Overweight rating on the shares with a $46 price target. The firm views the company's vopimetostat and daraxonrasib Phase 1/2 data update in pancreatic cancer as solid. Tango is "strategically well positioned to disrupt the status quo" and potentially the follow-on indications, the analyst tells investors in a research note.

• FIX KeyBanc lowered the firm's price target on Comfort Systems USA to $1,979 from $2,125 and keeps an Overweight rating on the shares. The firm notes the company's very strong two-times BTB and free cash flow were overshadowed by a modest but rare margin miss on timing of closeouts and higher equipment component included in revenue. KeyBanc understands market sentiment and nervousness around the AI trade, but with Q3 bookings at 50% of total 2025 bookings, Comfort Systems' demand outlook seems intact and strong free cash flow indicates the company continues to secure backlog on strong terms.
• KALU KeyBanc analyst Samuel McKinney lowered the firm's price target on Kaiser Aluminum to $127 from $181 and keeps an Overweight rating on the shares. Following Kaiser's Q3 earnings and discussions with the company, the firm is lowering its price target on reduced estimates given tighter scrap spreads and softer scrap utilization, but remains confident in the longer-term story on positive mix shifts and end market momentum. While the stock selloff has been heavy in the two days post-earnings, Kaiser is currently trading below its typical post-Warrick acquisition multiple on KeyBanc's 2027.
• RS KeyBanc analyst Samuel McKinney raised the firm's price target on Reliance to $437 from $421 and keeps an Overweight rating on the shares. Following the company's Q3 results, the firm is raising estimates given stronger conviction on border wall earnings and carbon pricing. Over the mid-to-long term, KeyBanc remains encouraged by Reliance's solid free cash flow to equity, broad-based/diversified U.S. macro exposure, internal growth investments, and share buyback program to offer downside support. The firm views Reliance as a core industrial holding.

• NUTX Ladenburg initiated coverage of Nutex Health with a Buy rating and $336 price target.

• BCC Loop Capital analyst Jeffrey Stevenson downgraded Boise Cascade to Hold from Buy with a price target of $85, down from $98.

• LMT Morgan Stanley last night upgraded Lockheed Martin to Overweight from Equal Weight with a price target of $835, up from $690. The company's announcement last week that it has a framework agreement with the Department of War to maintain F-35 production at 156 per year "takes significant risk out of the stock," the analyst tells investors in a research note. The firm says Lockheed's missile ramp is on-pace, driving mid-teens Missiles and Fire Control growth, providing upside to the shares. Morgan Stanley sees a positive risk/reward at current share levels.
• MKSI Morgan Stanley analyst Shane Brett lowered the firm's price target on MKS Inc. to $330 from $345 and keeps an Overweight rating on the shares. The firm expects MKS to guide December quarter revenue to about $1.43B, ahead of the Street at $1.39B, but a more modest beat versus the prior two quarters.
• AFRM Morgan Stanley lowered the firm's price target on Affirm to $79 from $82 and keeps an Equal Weight rating on the shares. The firm expects Affirm to report fiscal Q1 GMV growth of about 34%, above the high-end of the company's outlook at about 31%, but believes the buyside is closer to about 37%, the analyst tells investors in a preview.
• DEO Morgan Stanley raised the firm's price target on Diageo to $83 from $76 and keeps an Underweight rating on the shares. The firm updated estimates to reflect new segmentation, the latest forex assumptions and an assumption of modestly higher cost inflation.

• BMY Piper Sandler lowered the firm's price target on Bristol Myers to $78 from $82 and keeps an Overweight rating on the shares. The firm is reviewing the Q3 cycle for mid-to-large-cap commercial-stage biopharma companies in its coverage. Since late summer, Piper has seen some degree of bifurcation in the broader therapeutics space, with the XBI down about 8% since September 1, while large caps moved in the opposite direction. Larger, cash-generative names are more in vogue relative to smaller caps, perhaps in part a function of a now more challenging rate environment, Piper notes. All that said, it's hard to assert that anything fundamentally has really changed for therapeutics writ large. At a high level, the firm believes that the multiple expansion seen for large caps is justified, and further thinks that this kind of expansion should flow more to the "smaller of the larger caps."
• VTRS Piper Sandler analyst David Amsellem raised the firm's price target on Viatris to $14 from $13 and keeps a Neutral rating on the shares. The firm is reviewing the Q3 cycle for mid-to-large-cap commercial-stage biopharma companies in its coverage. Since late summer, Piper has seen some degree of bifurcation in the broader therapeutics space, with the XBI down about 8% since September 1, while large caps moved in the opposite direction. Larger, cash-generative names are more in vogue relative to smaller caps, perhaps in part a function of a now more challenging rate environment, Piper notes. All that said, it's hard to assert that anything fundamentally has really changed for therapeutics writ large. At a high level, the firm believes that the multiple expansion seen for large caps is justified, and further thinks that this kind of expansion should flow more to the "smaller of the larger caps."
• KO Piper Sandler raised the firm's price target on Coca-Cola to $102 from $95 and keeps an Overweight rating on the shares ahead of quarterly results. The firm notes the company has a strong innovation pipeline that it highlighted at NACS. Coca-Cola's brands also resonate strongly with teens, Piper says, highlighting that Coca-Cola is the favorite beverage brand among teens and over-indexes with teens in soda vs. its market share.
• PG Piper Sandler analyst Michael Lavery raised the firm's price target on Procter & Gamble to $167 from $145 and keeps a Neutral rating on the shares. While organic top-line momentum appears to be running at the high end of its 1%-3% guidance, incremental costs above its prior guidance starts to flow through in Q2, and there's risk cost pressure may step up further, the firm says. The recent run in the stock may already reflect stronger expectations, Piper notes, adding that Procter & Gamble has a strong productivity pipeline to offset these costs, likely mitigating the need for pricing.

• USCB Raymond James downgraded USCB Financial to Outperform from Strong Buy with a price target of $23, down from $25. The firm cites the bank's "challenging" Q3 results and a "more subdued" near-term earnings outlook for the downgrade. The firm says softer than expected net interest income and margin, elevated loan payoffs, and softer fee income have tempered its expectations for USCB's earnings growth into 2027.

• CATX RBC Capital analyst Leonid Timashev downgraded Perspective Therapeutics to Sector Perform from Outperform with a price target of $4, down from $14, following the Phase 1/2a clinical trial of VMT-alpha-NET in patients with unresectable or metastatic somatostatin receptor type 2 expressing neuroendocrine tumors. It is now "more difficult to underwrite the blue sky scenario" given the efficacy has come in somewhat below expectations, the analyst tells investors in a research note. RBC says a small number of renal events have taken VMT-alpha-NET's profile from "pristine" to "very clean," and there are still execution risks with respect to future Phase III trial conduct.

• MSGE Susquehanna lowered the firm's price target on MSG Entertainment to $92 from $103 and keeps a Positive rating on the shares. The firm said they see upside to their estimates given a robust concert quarter at MSG, with 64 Garden events versus 48 last yea, led by the 30-show Harry Styles MSG residency, driving their ticketing and venue license fee revenue estimate.
• V Susquehanna analyst James Friedman raised the firm's price target on Visa to $480 from $427 and keeps a Positive rating on the shares. The firm said Visa has said it expects agentic adoption to follow a progression similar to e-commerce and mobile commerce, both of which were tremendous tailwinds for the company. They said if agentic is coming, they think Visa becomes even more essential.

• LEU TD Cowen initiated coverage of Centrus Energy with a Hold rating and $120 price target. The firm says Centrus is a "unique" public company building out commercial uranium enrichment in the U.S. However, the company's capital costs appear high, its competitors are state owned, and significant capacity expansions have already been announced, the analyst tells investors in a research note.

• WTFC Truist lowered the firm's price target on Wintrust Financial to $175 from $183 and keeps a Buy rating on the shares as part of a broader research note updating the firm's models on Banks following Q3 earnings. Higher rates and macro risk are weighing on the group's cost of equity, the analyst tells investors in a research note.
• MSFT Truist analyst Terry Tillman raised the firm's price target on Microsoft to $600 from $575 and keeps a Buy rating on the shares ahead of its Q1 results. Beyond Azure growth acceleration expected in the quarter, the firm is incrementally confident in Azure growth remaining elevated for longer, the analyst tells investors in a research note. Truist adds that it anticipates continued AI and agentic momentum not only via Copilot success but also as the harness/orchestration/control plane for broadening set of first party and third party AI workloads. Long term durable growth, Azure efficiencies, and high value franchises like M365 could continue to support one of the best free cash flow profiles in AI on relative basis, the firm stated.

• SLB UBS lowered the firm's price target on SLB to $70 from $75 and keeps a Buy rating on the shares. SLB's Q3 earnings beat and constructive 2027 outlook support a positive view, with core divisions expected to outgrow mid-single-digit global OFS capex growth through deepwater, exploration, production and Venezuela opportunities, complemented by secular growth in digital and data center ventures despite no Middle East recovery, the analyst tells investors in a research note.
• DOCN UBS lowered the firm's price target on DigitalOcean to $105 from $125 and keeps a Neutral rating on the shares. The stock setup is becoming increasingly attractive ahead of expected Q3 revenue growth and an improved 2027 outlook, but sustained upside will depend on whether the company can decouple from broader AI infrastructure funding concerns, the analyst tells investors in a research note.
• BROS UBS lowered the firm's price target on Dutch Bros to $75 from $85 and keeps a Buy rating on the shares. Dutch Bros remains attractive given its differentiated brand, compelling valuation, and long-term earnings growth potential, with near-term expectations tempered by slowing same-store sales and competitive concerns, while strategic initiatives and resilient new-store growth support sustained sales momentum and EBITDA expansion over time, the analyst tells investors in a research note.
• CAT UBS lowered the firm's price target on Caterpillar to $750 from $925 and keeps a Neutral rating on the shares. Caterpillar is positioned for positive Q3 results and a favorable end-market outlook, but elevated valuation expectations may limit sustained share price upside despite the recent meaningful pullback, the analyst tells investors in a research note.
• GNTX UBS lowered the firm's price target on Gentex to $21 from $24 and keeps a Neutral rating on the shares. Gentex faces a challenging 2027, with EBIT expected to decline 4% as IEEPA benefits lapse and electronics inflation pressures margins, though a roughly 10% 2027 free cash flow yield limits downside concerns, the analyst tells investors in a research note.
• FICO UBS analyst Kevin McVeigh lowered the firm's price target on FICO to $942 from $1,100 and keeps a Neutral rating on the shares. FICO's new Preferred Program offers lenders a flat $10 wholesale price for the Classic FICO and FICO Score 10T bundle in exchange for 100% FICO usage, potentially supporting adoption despite ongoing mortgage scoring changes, the analyst tells investors in a research note.

• ORCL Wells Fargo lowered the firm's price target on Oracle to $250 from $280 and keeps an Overweight rating on the shares. The firm notes the company's AI opportunity continues to expand, but path to FY30 targets remains under scrutiny. Wells expects ID to provide greater clarity on execution, capital expenditures expectations, and financing needs, particularly as BYOH/prepayments become a larger share of RPO.
• MNST Wells Fargo raised the firm's price target on Monster Beverage to $50 from $48 and keeps an Overweight rating on the shares. The firm expects Q3 will be strong with a likely beat. Growth feels durable, Wells says, adding that while price to earnings has come up, there's still room between current levels and peak, meaning fundamentals can drive the stock.
• ACN Wells Fargo analyst Jason Kupferberg raised the firm's price target on Accenture to $252 from $210 and keeps an Equal Weight rating on the shares. While the firm believes the company will likely benefit from AI over time given its deep C-suite client relationships and domain/tech expertise, it may take time for Accenture to see benefits to growth. The company's size may also complicate the AI transition, and until organic revs accelerate materially, it may be challenging to convince the Street that Accenture is an AI winner, Wells adds.
• CTSH Wells Fargo raised the firm's price target on Cognizant to $77 from $67 and keeps an Overweight rating on the shares. Following disappointing results/demand commentary from peers, Cognizant's modest second half of the year revenues cut is consistent with investor expectations, with high end of 2026 revenue guide lowered by 1%, the firm says.
• EPAM Wells Fargo raised the firm's price target on Epam Systems to $156 from $125 and keeps an Overweight rating on the shares. While Q2 results exceeded Street/Guide across the P&L, updated organic current currency revenue guide was lowered 125bps at midpoint, a bigger cut than feared, the firm notes. This implies decelerating growth through the second half of the year and softer-than-expected 2026 exit ramp due to changes in client buying patterns and go-to-market challenges.
• GLOB Wells Fargo raised the firm's price target on Globant to $48 from $39 and keeps an Equal Weight rating on the shares. The firm notes the company reported in-line Q2 revenue but margins/EPS below expectations. Globant highlighted significant deterioration in Media & Entertainment spending, softness among travel clients, and elongated decision cycles in North America. While newly announced business optimization makes sense given malaise in demand, this marks the second optimization plan in 5 quarters, Wells adds.

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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