Morning Preview: October 23, 2026

Early Look

Friday, October 23, 2026

U.S. futures are mixed as the Nasdaq is flattish after tumbling -2.6% on Thursday, led by a route in semiconductors (SOX) down to key technical levels, while the S&P 500 futures are down slightly. Bond markets surged on Thursday, as the 10-year yield fell over 18 bps to 4.95%, and the 5-year yield fell over -20bps (biggest one day drop in yields in 2 years) as a sharp pullback in Tech stocks led to a rally in safe haven assets. Oil prices rose on Friday, with Brent crude touching a more than five-month high, after Houthi attacks in Saudi Arabia stoked concern over ‌further disruption to energy supplies from the Middle East. Brent crude futures gained $1.14, or 1%, to $114.31 ‌a barrel, having earlier reached $114.72 for the highest level since May 4. US West Texas Intermediate crude gained $1.65, ​or 1.7%, to $101.12. In Asian markets, The Nikkei Index fell -214 points to 62,693, the Shanghai Index rose 32 points to 3,690, and the Hang Seng Index advanced 158 points to 23,093. In Europe, the German DAX is down -224 points to 25,147, while the FTSE 100 slides -60 points to 10,664.

Tech (XLK) sector saw no bounce on Thursday, down -3% and now down -6.8% in October, but it has been a good month of returns for just about every other S&P sector, which is why major averages remain not far off their recent all-time highs. Consumer Staples (XLP) are +11.65% this month, Energy (XLE) +9.87%, Utilities (XLU) +8.7%, Healthcare (XLV) +7.65% while Materials (XLB), Financials (XLF) and Discretionary (XLY) are all up 5% this month. @bespokeinvet noted on X, “This will be the first time the Nasdaq 100 $QQQ has had three 2%+ drops in a 7-day span since April 2025.” The AI trade is coming off a major beating as concerns over rising financing costs and a potential slowdown in capex weighed on already-battered neocloud stocks like CoreWeave (CRWV). AI chip giants Nvidia (NVDA) and AMD (SPCX) also retreated, along with other infrastructure plays.

• The Dow Jones Industrial Average rose 11.89 points, or 0.02%, to 52,867.98
• The Nasdaq Composite plunged -694.00 points, or 2.60%, to 26,008.86
• The Russell 2000 Index edged higher 3.02 points, or 0.11% to 2,784.

• 9:45 AM ET S&P Global Services PMI, Oct-flash
• 9:45 AM ET S&P Global Composite PMI, Oct-flash
• 10:00 AM ET                University of Michigan Confidence, Oct-final
• 10:00 AM ET                University of Michigan 1-yr and 5-yr inflation expectations, Oct-final
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Boyd Gaming (BYD) Q3 adj. EPS $1.67 vs. est. $1.64 (beat); revenue $990.455Mm vs. est. $1.001B (miss); adj EBITDAR $319.6Mm vs est $288.15Mm.
• Comfort Systems (FIX) Q3 EPS $13.91 vs. est. $12.87 (beat); revenue $3.766B vs. est. $3.401B (beat); gross profit $934.482Mm; operating Income $624.57Mm vs. est. $583.2Mm (beat); operating cash flow $1.010B; same-store backlog $17.39B; expects organic growth, high profitability and solid cash flow through year-end and into 2027; CFO Bill George to retire, with Julie Shaeff succeeding him.
• Deckers Outdoors (DECK) Q2 adj. EPS $2.31 vs. est. $1.79 (beat); sales $1.481B vs. est. $1.506B (miss); gross profit $895.1Mm; gross margin 60.5%; operating Income $389.5Mm vs est $307.05Mm (beat); FY EPS outlook $7.80-7.95 vs. est. $7.51 (above); FY sales outlook $5.700B-5.725B vs. est. $5.880B (below); FY gross margin outlook 58.5%.
• Norwegian Cruise Line (NCLH) was downgraded to Underweight from Neutral at JPMorgan and cut tgt to $11 from $13 ahead of earnings as sees an inline quarter but downside risk to second half of 2027 net yield estimates. The potential for prolonged geopolitical headwinds could constrain demand recapture in Europe.

• Newmont Mining (NEM) Q3 adjusted EPS $2.20 vs. consensus $1.94; says remains on track to achieve full-year 2026 production guidance and improved full-year cost outlook, supported by disciplined operational execution in the third quarter, demonstrating the strength and resilience of our world-class portfolio; in Q3 produced approximately 1.3 million attributable gold ounces, and generated $1.9 billion of free cash flow.
• Rocket Lab (RKLB) completed its 98th Electron launch on Oct. 23, 2026, delivering three satellites for HawkEye 360 (HAWK). The mission from Launch Complex 1 in New Zealand placed the satellites into a 520-kilometer low Earth orbit. The flight marked its 19th successful launch this year. It was the third dedicated Electron mission for HawkEye 360.
• Global crude steel production in September fell 0.2% from a year earlier to 142.4 million tonnes, World Steel Association data showed on Friday. Crude steel output from China, the world’s top producer and consumer of the metal, rose 0.1% to 73.6 million tonnes in September.

• Citigroup (C) has received Chinese regulatory approval to establish a wholly owned securities business in Shanghai, expanding its onshore capabilities across underwriting, brokerage, trading, research, and investment advisory services for domestic and international clients.
• Enova international (ENVA) Q3 adj. EPS $4.48 vs. est. $4.42 (beat); revenue $1.009B vs. est. $1.002B (beat); adj. EBITDA $269Mm vs. est. $246.3Mm (beat); operating Income $247.212Mm.
• Kilroy Realty (KRC) Q3 FFO $0.88, in-line with consensus and revs $266.75M vs. est. $267.41M; now sees FY26 Nareit FFO to $3.55-$3.59 from $3.49-$3.63 (est. $3.59); said momentum in West Coast markets continued to accelerate in Q3, with over 800,000 square feet of long-term leases signed.
• Kinsale Capital (KNSL) Q3 adj. EPS $5.70 vs. est. $5.13 (beat); revenue $454.8Mm vs est $476.73Mm (miss); gross written premiums $462.868Mm vs est $476.91Mm (miss); combined ratio 75.4%; expense ratio 22.0%; ROE 19.9%; Christopher R. Tangard to succeed as CFO effective March 2, 2027.
• Rexford Industrial (REXR) Q3 Core FFO/share $0.60 vs est $0.60; revenue $239.103Mm vs est $235.71Mm (beat); company share of Core FFO $132.698M, down 6% Y/Y; FY Core FFO/share outlook raised to $2.41-2.44 vs est $2.41
• Robert Half (RHI) Q3 EPS $0.49 vs. est. $0.47; Q3 revs $1.36B, in-line with consensus $1.36B; said Talent solutions returned to adjusted year-over-year revenue growth for the first time since 2022, with revenues increasing 2 percent. Global enterprise earnings exceeded the midpoint of our third-quarter guidance; guides Q4 EPS $0.36-$0.46 below consensus $0.47 and revs $1.285B-$1.385B vs. consensus $1.36B.
• Selective Insurance (SIGI) Q3 revs $1.33B and EPS $2.11 with combined ratio 96.8% while guides FY combined ratio 96.5%-97.5%; raises dividend 12% and authorizes $200M share buyback; Operating ROE was 16.9% in the quarter, with excellent investment income and improved underwriting performance, led by a lower loss ratio.
• SLM Corp. (SLM) Q3 EPS loss (-$0.19) vs. est. $0.26; Q3 net interest income $339M.

• Dr Reddy’s Laboratories (RDY) has expanded its portfolio of generic versions of Ozempic with two new brands, according to product photographs and marketing materials reviewed by Reuters, after supply disruptions hit sales of its original Obeda injection in India’s semaglutide market.
• Gilead Sciences, Inc. (GILD) announced that it has entered into a definitive agreement to acquire an oral IL-23R inhibitor program, including lead asset HCXT-2001, from PepStar Therapeutics Limited, a privately held, clinical-stage biotechnology company.
• Tango Therapeutics (TNGX) announced promising results from its ongoing Phase 1/2 study of vopimetostat, an investigational PRMT5 inhibitor with first- and best-in-class potential, in combination with Revolution Medicines’ (RVMD) RAS-ON inhibitors in patients with MTAP-deleted and RAS-mutant metastatic pancreatic ductal adenocarcinoma and NSCLC.
• Zymeworks (ZYME) enters into an exclusive global license and collaboration agreement with Roche for zw209, a trispecific T cell engager targeting dll3. Zymeworks to receive $55M upfront, $40M at phase 1B start, up to $718M in milestones,
• An experimental Huntington’s drug from Alnylam Pharmaceuticals (ALNY) showed promise in a small study, the company said, suggesting it can partially silence the mutant Gene that drives the devastating neurological disorder. Patients who received the highest dose of the drug, called brezosiran, saw the levels of mutant huntingtin in their spinal fluid fall by 60% or 64% on average.

• @bespokeinvest noted on X, “The 3x long semis ETF $SOXL is down 50% since October 5th when the semis made a short-term higher high. -50%”
• Alphabet (GOOGL) board declares $15.63/share Preferred dividend.
• AppFolio (APPF) Q3 adj. EPS $1.82 vs. est. $1.79 (beat); revenue $295.691Mm vs. est. $294.4Mm (beat), +19% Y/Y; adj. operating Income $81Mm vs est $77.39Mm; FY revenue outlook $1.122B-1.127B vs. est. $1.124B (midpoint slightly above).
• Knowles (KN) Q3 EPS $0.38 vs. est. $0.36; Q3 revs rose 20% y/y to $184.0M vs. est. $172.1M; guides Q4 EPS $0.39-$0.43 vs. est. $0.38 on revs $180M-$190M vs. est. $174.6M and higher FY 26 revs of $689M.
• MaxLinear (MXL) Q3 adj. EPS $0.62 vs. est. $0.55 (beat); revenue $218.057Mm vs. est. $211.4Mm (beat), +72% Y/Y; gross profit $128.1Mm; gross margin 58.7%; operating Income $30.2Mm; Q4 revenue outlook $240Mm-260Mm vs. est. $220.72Mm (above); revolving credit commitments increased $70Mm to $200Mm.
• Omnicom (OMC) Q3 adj EPS $2.73 tops consensus $2.67; Q3 revs rose 59% y/y to $6.4B vs. est. $6.22B; said integration was nearly complete, with $900 million in cost-reduction synergies targeted for 2026.
• OpenAI is near agreement to raise up to $30B in funding at a $1.25 trillion valuation ahead of a potential initial public offering, people familiar with the deal told CNBC.
• RingCentral (RNG) Q3 adj. EPS $1.33 vs est $1.28; revenue $676.043Mm vs. est. $667Mm (beat); gross profit $494.303Mm; operating Income $53.886Mm; FY adj. EPS outlook $5.07-5.12 vs est $5.04; FY revenue outlook $2.650B-2.657B vs est $2.64.
• SK Hynix Inc. (SKHY) has scrapped plans for a US listing of its Solidigm unit after facing strong shareholder opposition and regulatory scrutiny over concerns that the move could undermine minority investor interests.
• SS&C Technologies (SSNC) Q3 adj EPS $1.78 vs. est. $1.77 on inline revs $1.69B; Q3 organic revenue growth of 5.2%, record adjusted consolidated EBITDA of $674.8 million, and margins of 39.9%; narrows FY26 adjusted EPS view to $7.11-$7.17 from $6.93-$7.25 and narrows FY revenue view to $6.74B-$6.78B from $6.67B-$6.83B.
• Western Digital (WDC) Q1 adj. EPS $4.64 vs. est. $4.09 (beat); revenue $4.381B vs. est. $4.136B (beat); operating Income $2.046B vs est $1.915B (beat); gross margin 57.8%; Q2 adj. EPS outlook $5.80 vs. est. $4.84 (above); Q2 revenue outlook $5.1B vs. est. $4.57B (above); Q2 adj. gross margin outlook 60.5%.
• Verisign (VRSN) Q3 EPS $2.35 vs. est. $2.41; Q3 revs rise 6% y/y to $443M vs. est. $440.5M; said domain name base grew 6.1% y/y to 182.5 mln .com and .net registrations, with 13.1 mln new registrations in the qtr.