Morning Preview: August 05, 2026

Early Look

Wednesday, August 5, 2026

Futures	Up/Down	%	Last
Dow	139.00	0.26%	54,407
S&P 500	26.25	0.34%	7,791
Nasdaq	-7.50	0.03%	28,855

After back to back “rip fests” for U.S. markets on Monday and Tuesday, US futures are looking higher once again as the rebound in technology has fueled major averages back to all-time highs. It was another day, another record for the S&P 500 on Tuesday (its first since early June but 25^th of 2026) and the Dow Jones Industrial Average (23^rd record close this year), kicking the new week/month off to a great start as earnings continue to flood in with record breaking beats, oil prices tumble the last 2 days on positive developments with Iran and Treasury yields have pulled back from more than 1 year highs helping ease inflation fears for the time being. The Nasdaq composite led the advance on Tuesday with a +2.6% increase, bringing it less than 2% below its most recent record finish. The Nasdaq, which briefly fell 10% below its intraday record high last Wednesday, boasted its biggest four-day percentage gain since late April last year almost erasing that decline. Smallcaps also enjoying the rally as the Russell 2000 index ended at new record highs in a truly remarkable run the last few days. While the tech sector (XLK) rose +4.87% yesterday, Industrials (XLI) and Financials (XLF) posted record closing highs as strength remains broad based. The PHLX semiconductor index (SOX) added 6.55% while the S&P 500 software & services index rose 3.2%. The two highlight earnings last night, AMD and SPCX both are down sharply this morning, as AMD reported a beat and raise but guidance still disappointed some while SPCX shares slide -10% spooked by the company’s $18.4 billion in capital expenditure in the second quarter alone, which compared with just $2.8 billion in the prior year (despite a 92% surge in quarterly revs). In Asian markets, The Nikkei Index surged 2,342 points or 3.66% to 66,300, the Shanghai Index gained 56 points to 3,878, and the Hang Seng Index rose 62 points to 25,915. In Europe, the German DAX is flat at 26,202, the FTSE 100 is up 17 points to 10,896. Another huge day for company earnings with memory in focus with SNDK, WDC results due. Key jobs data on tap today with ADP payrolls and ahead of Friday’s nonfarm payroll report.

Market Closing Prices Yesterday

The S&P 500 Index jumped 136.02 points, or 1.79%, to 7,736.52

The Dow Jones Industrial Average rose 907.47 points, or 1.71%, to 54,085.88
The Nasdaq Composite surged 671.10 points, or 2.59%, to 26,584.99
The Russell 2000 Index advanced 55.16 points, or 1.85% to 3,037.07

Economic Calendar for Today

7:00 AM ET MBA Mortgage Applications Data

8:15 AM ET ADP Private Payrolls for July…est. 70K (prior 98K)
9:45 AM ET S&P Global Composite PMI, July-final…prior 53.6
9:45 AM ET S&P Global Services PMI, July-final…prior 53.6
10:00 AM ET ISM Non-Manufacturing for July…est. 54.5 (prior 54)
10:30 AM ET Weekly EIA Inventory Data

Earnings Calendar:

Earnings Before the Open: ACB ACTG ADNT AMPX AROC ASTE AVT BAM MATRK BCO BCRX BLMN BWA CDW CG CHH CIM CMPS COR CPRI CRCL CRL CRTO CSTE CVS CWKDIN DIS DK DKL DT ELAN EOG EOSE EPC EVGO EXTR FLUT FRPT FTCI FUBO GERN GFF GFS GILT GLXY GPN HLLY HMC HPP ICL IEP INMD INVZ IRM JJSF KD KHC KLTR KMT KYMR LAW LCII LINE LIVN LLY LPX MDLN MFA MTRN NATL NI NICE NNN NRP NVO NYT OC OFIX ONC PODD PRGO PRMB PSX RIOT ROCK RPRX RRX SEDG SHAK SHOP SMRT SN SR SWX TBLA TRI U UBER URGN UTHR UTZ VPG VSH VVV VYX WULF XPEL YOU ZBH

Earnings After the Close: ACA ACT AGL AKA ALB ALL ALNT ALTO AMPL APLE APP ARQT ARRY ASYS ATEN ATNI ATO AWR AXON BBD BBSI BKH BLBD BMBL BROS BYND CACI CAO CAPL CDE CENTA CF CGNX CHRD CHRS CHYM CLOV CMP COKE COOK CPA CPAY CRUS CW CEN CXT CXW DASH DAVE DGII DHT DHX DIOD DLX DOX DUOL EBAY EBS EE EHC ELF EOLS ERO ETSY EXEL EXPE EZPW FIG FLNC FNF FSLY FWRD GDRX GNK GNW GOOD GRAL GT GTM HBB HCC HHH HLF HMN HNST HRTG HST HUBS III IONQ JOBY KLIC KMPR KRO KVYO LAB LB LEU LZ MCK MELI MET MFC MGNI MIRM MKSI MNKD MSI MTDR MUR MUSA MWA MYO NTR NVST NWSA O OEC ORA OUT OXY PAYC POWI PR PRI PTLO QGEN RAMP RDN RELY RGLD RIG RUN RYN SBGI SBLK SEI SITM SM SMR SNDK SOLV SRPT STE SYM TASK TLN TPC TROX TRUP TS TTMI UGI UHAL VAL VRRM WDC WES WTS XYZ ZG ZIP ZVRA

Macro	Up/Down	Last
Nymex	0.90	76.67
Brent	1.33	80.69
Gold	62.50	4,215.10
EUR/USD	0.0009	1.1539
JPY/USD	0.04	157.76
10-Year Note	-0.012	4.614%

World News

President Trump said a deal on the Strait of Hormuz is possible as early as Wednesday, as expectations build for an arrangement that allows for the reopening of the crucial waterway for energy markets

Sector News Breakdown

Consumer

Allegiant Tarvel (ALGT) Q2 adj EPS $2.19 vs. est. $1.14; Q2 revs $943.5M vs. est. $982.7M; Q2 Standalone Allegiant unit revenue rose 24.6% year over year despite a 6.8% capacity reduction; sees Q3 system ASMs down ~6.5% and scheduled service ASMs down ~5.5% y/y; expects Q3 adjusted EPS between ($1.00) and $0.00 vs. est. $0.06; introduces full-year 2026 adjusted EPS guidance of more than $6.00.

Bed Bath & Beyond (BBBY) Q2 EPS loss (-$0.53) vs. est. loss (-$0.26); Q2 revs $361.2M vs. est. $362.4M; 2Q adj EBITDA loss of $12M and 2Q operating loss of $42.9M; said now delivered two consecutive quarters of revenue growth following nineteen quarters in the other direction; said believes can remove more than $50M annualized cost over next 12 months as acquired businesses are brought onto one platform; files $200M mixed securities shelf.
Booking Holdings (BKNG) Q2 adj EPS $2.54 vs. est. $2.43; Q2 revs rose 8% y/y to $7.35B vs. est. $7.11B; Q2 Gross bookings climbed 9% to $51 billion, compared to analyst estimates of $49.35B; expects Q3 revenue growth of 5% at the midpoint of its range vs. ests. for 7% growth prior to Booking’s results.
Match Inc. (MTCH) Q2 EPS $0.70 vs est $0.66; revenue $853.1Mm vs est $856.8Mm; adj EBITDA $331Mm vs est $327.4Mm; payers fell 6% YoY to 13.3Mm. Q3 revenue guidance $885-895Mm vs est $856.83Mm and adj EBITDA $330-335Mm vs est $327.36Mm, but Tinder user-experience tests and product changes are expected to reduce FY direct revenue by $30Mm-$40Mm; expects FY EBITDA at or above the high end of its prior range.
Mattel Inc. (MAT) Q2 adj EPS $0.01 vs. est. $0.04; Q2 sales $1.13B vs. est. $1.1B; Q2 advertising and promotion expenses rose 11%; kept its annual forecasts unchanged and expects adjusted profit between $1.27 and $1.39 per share and net sales growth of 3% to 6%.
Sysco (SYY), the biggest U.S. food distributor, has stopped buying iceberg lettuce from Taylor Farms and from Mexico due to the U.S. cyclosporiasis outbreak, CEO Kevin Hourican said on Tuesday – Reuters
Wynn Resorts (WYNN) Q2 adj EPS $1.24 vs. est. $0.99; Q2 revs $1.86B vs. est. $1.83B; Q2 adj net income $127.5M vs. est. $122.8M; Q2 Adjusted Property EBITDAR was $568.3M, an increase of $15.9M.

Energy and Materials

Celanese Corp. (CE) Q3 adj EPS $1.84 vs. est. $1.83 and revs $4.1B vs. est. $3.55B on higher prices and increased volumes across both business segments; sees Q3 EPS $1.35-$1.75 vs. est. $1.78; narrows FY26 EPS view to $7.20-$7.30 from $7.10-$7.35 (est. $7.22) and narrows FY26 adj net revenue growth view to 9.5%-10% from 8%-10.5%.

Devon Energy (DVN) Q2 core EPS $1.57 vs. est. $1.41; Q2 revs $7.42B vs. est. $6.25B; for Q2 delivered 503,000 barrels of oil per day at the top end of guidance, delivered capital expenditures 2% below expectations and generated $1.7 billion of adjusted free cash flow; says FY26 guidance remains unchanged; expects Q3 production between 1,660,000 and 1,690,000 Boe per day and oil production between 550,000 and 560,000 barrels per day.
International Fragrances (IFF) Q2 adj EPS $0.82 vs est $1.12; sales $1.95B vs est $2.69B; adj EBITDA $408Mm vs est $529.5Mm; FY26 sales guide $7.4B-$7.6B vs est $10.739B and adj EBITDA guide $1.53B-$1.60B vs est $2.107B; guide reflects continuing operations following the Food Ingredients divestiture.
Mosaic Co (MOS) Q2 adj EPS $0.13 vs est $0.11; revenue $2.80B vs est $3.12B; adj EBITDA $407Mm vs est $395.82Mm; FY26 CAPEX outlook is $1.20B and 2026 potash production outlook is 9.0Mm tonnes; Q3 phosphate sales are guided to 1.1Mm-1.4Mm tonnes, while Mosaic Fertilizantes adj EBITDA is expected below Q2 amid sulfur availability and affordability headwinds.

Financials

Circle Internet (CRCL) Q2 EPS: $0.26 vs. est. $0.26 and revs $701M vs. est. $713.3M; USDC in circulation $73.3B, +19% YoY; Q2 adj Ebitda rose 8% y/y to $143M; reiterated multi-year USDC circulation CAGR of 40%; sees FY2026 Other Revenue raised to $310–$330M (from $150–170M)

Compass Inc. (COMP) Q2 EPS $0.11 vs est $0.17 on revenue $4.31B vs est $4.09B, +14.3% YoY; operating Income $124Mm vs est $171.94Mm; Q3 revenue guide $3.85B-$4.05B vs est $3.747B; Compass expects FY26 free cash flow to be positive and raised its 2026 net cost-synergy target to $220Mm and year-one target to $330Mm, extending the integration-led cost program following the Anywhere acquisition.
Opendoor Technologies (OPEN) Q2 EPS loss (-$0.03) vs. est. loss (-$0.07) and revs fell -44% y/y to $883M missing est. $905.9M; said generated over 6,900 acquisition contracts in Q2 2026 on $5M of marketing spend; Q2 Non-GAAP adjusted EBITDA was a loss of $4M, swinging from a profit; sees Q3 revs growing at least 20% y/y.
Prudential Inc. (PRU) Q2 adj EPS $4.08 vs. est. $3.53 and revs $14.15B vs. est. $14.38B; Q2 global investment-management business, reported assets under management rising 4% to $1.49 trillion; Q2 US businesses reported adjusted operating income of $957M, roughly flat y/y; Q2 adj net income up to $855M from $761M in int’l.
Toast Inc. (TOST) Q2 EPS $0.26 vs est $0.20; revenue $1.91B vs est $1.87B; adj EBITDA $221Mm vs est $194.3Mm, above the prior Q2 guide of $185Mm–$195Mm; ARR reached $2.40B. FY26 adj EBITDA guidance increased to $805Mm-$825Mm from $790Mm-$810Mm vs est $810.31Mm.
Upstart Holdings (UPST) Q2 EPS $0.16 vs est $0.53; revenue $364.7Mm vs est $352.3Mm; fees revenue $348.0Mm; adj EBITDA $76.9Mm; FY26 revenue guidance remains approximately $1.40B, below consensus of $1.424B; prior FY guide calls for approximately $1.30B of fees revenue and $294Mm of adj EBITDA assuming a stable environment.
Voya Financial (VOYA) Q2 adj EPS $1.51 vs est $1.98 on revenue $1.90B vs est $1.92B; adj operating earnings $140Mm.

Healthcare

Amgen Inc. (AMGN) Q2 adj EPS $6.29 vs. est. $5.62; Q2 revs $10.1B vs. est. $9.42B; said six key growth drivers grew 26% y/y, generating nearly 70% of product sales; raises year revs to $38.2B-$39.4B, up from a previous view of $37.1B-$38.5B and EPS to $22.30-$23.50, from prior $21.70-$23.10; Q2 growth was headlined by higher worldwide sales of Repatha, which rose 37%, to $953 million, and Evenity, which was up 38%, to $714 million.

Arrowhead (ARWR) Q3 EPS ($1.36) vs est ($1.32); revenue $75.3Mm vs est $54.3Mm; the larger-than-expected loss reflects a high R&D-driven operating cost base.
DaVita Inc. (DVA) Q2 adj EPS $4.02 vs est $3.88; revenue $3.55B vs est $3.50B; operating Income $579Mm vs est $577.42Mm; free cash flow $256Mm. FY26 adj EPS outlook remains $14.10-$15.20 vs est $14.82; DaVita also added a $500Mm Tranche B-2 term loan due 2031, using proceeds to repay part of its revolver.
Gilead Sciences (GILD) Q2 adj EPS loss (-$6.75) vs. est. loss (-$7.24); Q2 product sales rose 8% y/y, led by HIV and oncology drugs; sees 2026 product sales of $30.1B-$30.4B, up from prior $30B-$30.4B and sees 2026 product sales excluding Veklury of $29.8B-$30.1B, up from prior $29.4B-$29.8B and lowers 2026 Veklury sales forecast to ~$300M from prior ~$600M; GAAP loss driven by $9.08/share in IPR&D and tax expenses from acquisitions.
Hinge Health (HNGE) Q2 EPS $0.52 vs est $0.38; revenue $212.8Mm vs est $201.5Mm; operating Income $40.4Mm. Q3 revenue guide $223Mm–$225Mm vs est $211.5Mm and FY26 revenue outlook $858Mm vs est $822.2Mm, FY26 adj operating Income guidance of $236Mm–$244Mm vs est $222.18Mm; Hinge also agreed to acquire Cylinder Health, expanding into virtual gastrointestinal Care.
Humana (HUM) was upgraded to Equal Weight from Underweight at Morgan Stanley and raise tgt to $370 from $249 citing improving visibility into Medicare Advantage cost trends for the upgrade.

Industrials and Aerospace

SpaceX (SPCX) Q2 EPS loss (-$0.09) vs. est. loss (-$0.29); Q2 revs rose 92% y/y to $7.8B tops consensus $6.82B; Q2 with $100B of cash, cash equivalents, and marketable securities, and $47.5B in backlog; Q2 segment revenues: space $962M, connectivity $4.29B and AI $2.56B; Q2 net loss of $541M; says will more than triple its Nvidia GPU compute footprint by the end of 2027; posted $18.4B in capital expenditure in the second quarter alone, which compared with just $2.8B in the prior year.

Emerson Electric (EMR) Q2 adj EPS $1.71 vs. est $1.68; Q2 revenue $4.55B vs. est. $4.8B; sees 4Q adj EPS of $1.85 above estimates of $1.83 and Q4 adj sales growth of 5%; sees FY26 adjusted EPS $6.55, consensus $6.50 and sees FY outlook for adj sales growth of 3.5%.
GXO Logistics (GXO) Q2 adj EPS $0.59 vs est $0.58 on revenue $3.40B vs est $3.46B; adj EBITDA $219Mm vs est $213.4Mm; FY26 adj EPS guide narrowed from $2.90-$3.20 to $2.95-$3.15 vs est $3.06.
Jacobs (J) Q3 adj EPS $1.84 vs. est. $1.83; Q3 revs $4.1B vs. est. $3.55B; Narrows FY2026 Adj EPS guidance from $7.10-$7.35 to $7.20-$7.30 vs $7.23 est and sales guidance from $9.391B-$9.608B to $9.521B-$9.565B; expects FY26 adjusted EBITDA margin of 14.7%-14.8% and adjusted FCF margin around 8%.
Kratos Defense & Security (KTOS) Q2 adj EPS $0.21 vs est $0.14; revenue $458.8Mm vs est $410.4Mm; adj EBITDA $38.2Mm vs est $34.7Mm; FY revs guide $1.75-1.81B vs est $1.742B.
Primoris Services (PRIM) Q2 adj EPS ($0.27) vs est ($0.25); revenue $1.69B vs est $1.74B; adj EBITDA $11.4Mm vs est $28Mm. FY26 adj EPS guide $2.05-$2.60 vs est $2.43 and adj EBITDA guide $275Mm-$325Mm vs est $312.36Mm.
ViaSat Inc. (VSAT) Q1 adj EPS $0.17 vs est ($0.30); revenue $1.16B vs est $1.20B.

Technology, Media & Telecom

Advanced Micro Devices (AMD) Q2 adj EPS $1.66 vs. est. $1.61; Q2 revs rose 50% y/y to $11.54B vs. est. $6.7B; Q2 data-center revenue more than doubled to $6.72B, exceeding expectations of $6.48B; sees Q3 revenue $13B, plus/minus $300M vs. est. $12.51B; mid-point of the revenue range represents y/y growth of approximately 41% and a sequential increase of approximately 13%; Q2 adj gross margins were 56% and to remain at that 56% in Q3.

Artista Networks (ANET) Q2 adj EPS $1.02 vs est $0.89; revenue $3.04B vs est $2.83B; adj operating margin 49.9%; Q3 revenue guide $3.30B vs est $2.95B, adj EPS $1.06–$1.08 vs est $0.91, and adj operating margin 48%–49%.
Astera Labs (ALAB) Q2 EPS $0.80 vs. est. $0.69; Q2 revs $392.4M vs. est. $360.8M up 27% q/q and more than doubled y/y; Q2 net income rose to $153.1M on margins 73.3%; said expects Scorpio fabric switches to become the largest product family in Q3 on the Scorpio X-Series 320-lane production ramp; guides Q3 revs $540M-$560M vs. est. $417M and EPS $1.16-$1.21 vs. est. $0.81.
Coupang (CPNG) Q2 adj EPS $0.09 vs est $0.07; revenue $8.90B vs est $8.96B; gross margin 28.2%; adj EBITDA $163Mm vs est $134.7Mm.
Digital Turbine (APPS) Q1 adj EPS $0.19 vs est $0.14; revenue $166.0Mm vs est $150.0Mm, +27% YoY; adj EBITDA $42.5Mm vs est $32.7Mm, +69% YoY; FY27 revenue guide raised from $630Mm-$650Mm to $650Mm-$670Mm vs est $642.2Mm and adj EBITDA guide to $145Mm-$155Mm vs est $143.57Mm.
Lattice Semiconductor (LSCC) Q2 adj EPS $0.53 vs est $0.44; revenue $201.1Mm vs est $185.5Mm, +62% YoY; adj gross margin 71.7%. Q3 revenue guide $210Mm–$230Mm vs est $197Mm and adj EPS guide $0.54–$0.58 vs est $0.47, supported by demand for Lattice’s low-power FPGAs in Ai servers and data-center infrastructure.
Lumen Technologies (LUMN) Q2 EPS loss (-$0.07) vs. est. loss (-$0.14); Q2 revs fell -9.3% y/y to $2.81B vs. est. $2.74B; Q2 adj Ebitda fell -8.6% to $802M; Q2 adj EBITDA margin excluding special items edged up 0.2 percentage points to 28.6%; Total business revenue totaled $2.44B, down 1.8% y/y.
Paramount Skydance (PSKY) Q2 EPS $0.04 vs. est. $0.17; Q2 revs rose 1% y/y to $6.91B vs. est. $6.87B; Q2 streaming business reached nearly $2.5B in revenue, up 9% y/y; Paramount+ service add 2 million new subscribers, bringing the total to 81.6M; sees FY26 revenue $30B, vs est. $29.84B and adj EBITDA $3.8B-$3.9B.
Paylocity (PCTY) Q4 adj EPS $1.84 vs est $1.61; revenue $444.7Mm vs est $430.9Mm; adj EBITDA $145.5Mm vs est $131.6Mm. Q1 FY27 revenue guide $439.5Mm-$444.5Mm vs est $438.5Mm and adj EBITDA guide $152Mm-$156Mm vs est $150.2Mm; FY27 adj EBITDA guide $690Mm-$700Mm vs est $688.9Mm reflecting continued Payroll and HCM platform growth despite a moderation in top-line growth expectations.
Pinterest (PINS) Q2 adj EPS $0.43 vs est $0.36; revenue $1.18B vs est $1.15B, +18% YoY; global MAUs 640Mm vs est 635Mm; adj EBITDA $311.3Mm vs est $269.4Mm. Q3 revenue guide $1.19B–$1.21B vs est $1.199B and FY26 adj EBITDA-margin outlook rises to about 30%.
Qualys (QLYS) Q2 adj EPS $1.98 vs est $1.78; revenue $182.2Mm vs est $178.6Mm; adj EBITDA $83.8Mm vs est $78.4Mm; adj gross margin 85%; raised its FY26 revenue guide to $732Mm-$738Mm vs est $724.51Mm and adj EPS guide to $7.74-$7.88 vs est $7.57.
Samsung Electronics (SSNLF) unveiled its latest AI memory portfolio and technology roadmap which includes a preview of its zHBM and zNAND-O concept models, the introduction of its V10 BV-NAND with 400-plus layers – an architecture enabled by a new wafer bonding technology.
Zeta Global (ZETA) Q2 EPS $0.03 vs est $0.20; revenue $442.8Mm vs est $420.6Mm, +44% YoY; adj EBITDA $92Mm with 20.7% margin vs est $86.44Mm; free cash flow $58Mm. Q3 revenue guide $469Mm-$472Mm vs est $461Mm and adj EBITDA guide $115Mm-$116Mm vs est $112.53MM; FY26 revenue guide raised from $1.779B-$1.792B to $1.811B-$1.824B vs est $1.787B.
HP (HPQ), Asus, and Acer (ACEYY) have started using small amounts of DRAM chips from CXMT in their laptops for non-U.S. markets, amid an unprecedented memory shortage, Nikkei reported

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Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.