Morning Preview: November 10, 2026

Early Look

Tuesday, November 10, 2026

U.S. stock futures look mixed as the tech heavy Nasdaq looks lower after outperforming broader markets on Monday, while the S&P 500 is flat following a 2.35% surge as investors await the latest data on inflation with the October consumer price index (CPI) on tap at 8:30 am et. US stocks rebounded sharply on Monday as falling oil prices helped ease inflation concerns and encouraged investors to step back into a market coming off its worst week since April 2025. The rally followed last week’s selloff, which was sparked in part by worries that Democrats’ sweeping midterm election victory could lead to regulations that undermine the staying power of the AI trade.

The Dow and S&P 500 both gained more than 2% Monday, while the Nasdaq climbed more than 2.5%. Strength extended well beyond big-cap stocks, with the Russell 2000 surging more than 3%. In fact, all 11 S&P 500 sectors ended higher led by Industrials (XLI) with a gain of 3.8%, followed by Tech (XLK +3.68%), while energy (XLE) and consumer staples (XLP) were the only groups to post a gain of less than 1%. Inside of tech, the heavily beaten semi index (SOX) jumped nearly 7%, while the PHLX Gold/Silver Index (XAU) rose more than 4.5% as lower oil prices eased inflation fears. The VIX dumped 22.3% on Monday, its biggest single-day loss of 2026 to move below 20 level.

Also, reports indicate Anthropic (ANT) IPO to raise as much as $64.4 billion, latest draft prospectus shows, and with investments from other cornerstones (GOOGL, NVDA, AMD, AVGO, TSM, MU) the Anthropic share offering will raise a total of up to $90.4B. The US company and some of its investors plan to sell shares in the IPO in an indicative price band of between $70 and $78 per share, the prospectus shows. Anthropic plans to start trading Thursday, Friday next week, the WSJ reported.

In Asian markets, The Nikkei Index jumped 1,6784 points to 60,459, the Shanghai Index edged higher 2 points to 3,663, the Korean Kospi spiked 35 points or 4.62% to 814, and the Hang Seng Index climbed 108 points to 24,557. In Europe, the German DAX is surging 358 points to 26,625, while the FTSE 100 is up 52 points to 10,835. Crude benchmarks slip further after tumbling yesterday (-5.85% Brent) and last week (-16%) as trilateral talks between US-Russia-Ukraine take place & on US-Iran diplomacy hopes; Fed’s Waller strikes a hawkish tone ahead of CPI today. Speaking of the CPI, Market expectations are for a 0.3% MoM rise in headline CPI vs Sept 0.6% increase. Core CPI is expected to rise 0.2% vs 0.3% the month before. Note that because government shutdown in 2025, there will be no YoY data released this month.

• The Dow Jones Industrial Average rose 1,104.02 points, or 2.15%, to 52,389.75
• The Nasdaq Composite jumped 673.71 points, or 2.74%, to 25,253.14
• The Russell 2000 Index advanced 86.71 points, or 3.15% to 2,840.81

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                  Consumer Price index (CPI) headline M/M for Oct…est. +0.3% (prior +0.6%)
• 8:30 AM ET                  Consumer Price index (CPI) headline Y/y for Oct…(prior +3.7%)
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for Oct…est. +0.2% (prior +0.3%)
•  8:30 AM ET CPI core – Ex: Food & Energy Y/Y for Oct…(prior +2.6%)
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                Cleveland Fed CPI for October
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIRG AMPX ANGX ATEX ATRO BEEP BGS BODI BRCB BV CAPR CLFD CRWV EC ELMD EVLV FLY FOSL GENK GEVO GO GRWG HYLN INO KOPN KURA LAND LMRI LPTH MCHX MRCY NCMI NLST PBR PETS QUIK REZI RGTI SKYH SONO SPIR STUB STXS TELO VIV

• Oppenheimer 10th Annual Virtual Internet Bus Tour, 11/9-11/10 (virtual)
• Raymond James 2026 Texas Bank Symposium, 11/10-11/12, in Dallas, TX
• Wells Fargo EEI Financial Conference, 11/8-11/10, in Arizona

• China trade surplus tops $1 trillion, a month earlier than last year; October exports +35.2% YoY (Est. +33.5%); Imports +41.6% (Est. +32%); semiconductor exports +111.1% YoY YTD; Trade surplus with the US $32.7B in October.

• Lucid (LCID) Q3 adj. EPS ($2.30) vs. est. ($2.28), revenue $350.3Mm vs. est. $407.3Mm, up 4% Y/Y; FCF ($1.04B), cash consumption down 30% Q/Q; pro forma liquidity $3.75B including $1.75B PIF facility increase, with runway into Q4 2027; achieved $0.8B of savings toward FY26 cash-flow improvement target of $1.4B; sees Q4 production below deliveries/midsize production in H2 2027.
• On Holding (ONON) Q3 sales of 931.4 million Swiss francs ($1.14B), compared with analysts’ estimates of 929.3 million Swiss francs; Quarterly net sales rose 17.8% on a constant currency basis, compared to a 34.5% rise a year ago; stuck to its annual sales forecast of 3.47B Swiss francs and 3.56B Swiss francs; now expects fiscal 2026 gross profit margin to be around 67.5%, or about 66%, excluding US tariff refunds, compared with its previous forecast of at least 65%.

• Lineage Inc. (LINE) Q3 adj. FFO/share $0.73 vs est $0.70 (above); revenue $1.361B vs. est. $1.364B (miss); adj. EBITDA $317Mm vs. est. $298.6Mm (beat); sees FY26 adj. FFO/share $2.86-$2.98 vs est $2.92 (in line) and adj. EBITDA $1.25B-$1.27B vs est $1.208B (above).
• Occidental Petroleum (OXY) Q3 diluted earnings more than doubled y/y to $1.61 per share while net sales rose 19% y/y to $6.57B; operating cash flow from continuing operations climbed 69% year over year to $4.13B; Q3 global production averaged 1,427 MBoed, exceeding guidance’s midpoint, while principal debt fell to $10 billion; said plans to add more than $4 billion in annual sustainable cash flow by 2030.
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• H&R Block (HRB) Q1 adj. EPS ($1.40) vs est ($1.43); revenue $224.3Mm vs. est. $212.3Mm, beat, up 10% Y/Y; repurchased $100Mm of shares; sees FY27 adj. EPS $6.04-$6.24 vs. est. $6.14, in line, revenue $4.11B-$4.16B vs. est. $4.13B, in line, and adj. EBITDA $1.11B-$1.14B vs est $1.12B.
• PaySign (PAYS) Q3 EPS $0.11 vs. est. $0.09 (beat); revenue $30.8Mm vs. est. $29Mm (beat), up 42.6% Y/Y; adj. EBITDA $10.98Mm, up 118%; gross margin 64.7%, up 840bps; Pharma revenue $16.62Mm, up 109.8%; customer transitioning 113 plasma Centers to another provider in Q4; sees FY26 EPS $0.37-$0.38 vs est $0.35.

• Harrow Inc. (HROW) Q3 EPS $0.25 vs. est. $0.30; Q3 revs $99.3M vs. est. $98.59M; said VEVYE delivered record quarterly revenue, supported by continued prescription growth, improving economics, and increasing productivity from our expanded sales force. TRIESENCE delivered a record quarter, while IHEEZO unit demand grew 21% y/y; backs FY26 revenue view $350M-$365M, consensus $349.66M while cuts FY26 adj EBITDA view to over $40M from $80M-$100M.
• Hims & Hers Health (HIMS) Q3 EPS ($0.14) vs. est. $0.06 (miss); revenue $890.4Mm vs. est. $892.9Mm (miss), up 49% Y/Y; subscribers nearly 2.8Mm, up 13% Y/Y; adj. EBITDA $82.4Mm vs est $85.09Mm (miss) ; FCF $26Mm; sees Q4 revenue $875Mm-$895Mm vs. est. $953.8Mm (below) and adj. EBITDA $70Mm-$90Mm vs est $106.82Mm (below); sees FY26 revenue $3.13B-$3.15B vs. est. $3.21B (below), range tightened, and adj. EBITDA $257Mm-$277Mm vs est $295.16Mm.
• Life360 (LIF) Q3 revs $174.1M vs. est. $172.1M; Q3 adj Ebitda $34.6M vs. est. $32.1M; Q3 Subscription revenue rose 29% yr/yr to $124.2M, driven by 26% growth in Paying Circles and a 4% increase in average revenue per Paying Circle; Q3 Advertising revenue rose 250% yr/yr to $25.4M; arrows FY’26 consolidated revenue outlook to $665-$681M from $650M-$685M and raises FY’26 subscription revenue guidance to $483-$488M from $475-$480M.
• Xenon Pharma (XENE) Q3 EPS ($1.11) vs. est. ($1.13) (beat); operating loss $120.1Mm; R&D expenses $95.6Mm vs. $77.1Mm Y/Y; cash, equivalents and marketable securities $1.154B, with runway into 2029; azetukalner focal-seizure NDA submitted in September; sees Phase 3 X-NOVA2 depression topline data in December 2026, X-FIRST study initiation in Q1 FY27 and Phase 2 acute-pain studies for XEN1701/XEN1120 in H1 FY27.

• Archer Aviation (ACHR) Q3 EPS loss (-$0.35) vs. est. loss (-$0.34); Q3 revs $5.1M vs. est. $3.57M; sees Q4 revenue $5M-$6M vs. consensus $4.64M and Q4 adj EBITDA expected to be a loss of $185M-$205M; Q3 net loss more than doubled year over year to $274.6M.
• AST SpaceMobile (ASTS) Q3 loss/shr ($0.44) vs est ($0.40) (miss); revenue $42.3Mm vs. est. $45.7Mm (miss), up from $14.7Mm Y/Y, driven by gateway deliveries and U.S. Government milestones; operating expenses $211Mm vs. $329.1Mm Q/Q; cash, equivalents and restricted cash $3.2B; targets approximately 45 BlueBird satellites in orbit by mid-2027, with launch agreements covering more than 100 satellites for 2027-2028 deployment; sees FY26 revenue $150Mm-$200Mm vs. est. $166.2Mm (above), guidance maintained.
• Babcock & Wilcox (BW) shares rise; Q3 revs rose 109% to $291M vs. est. $226M; Q3 net income $13.8M; Sees FY outlook for adj EBITDA of $80M-$105M.
• Casella Waste (CWST) Q3 adj. EPS $0.35 vs est $0.38 (miss); revenue $559.2Mm vs. est. $563.2Mm (miss), up 15.2% Y/Y; adj. EBITDA $133.5Mm vs. est. $135.8Mm (miss), up 11.4% Y/Y; operating Income $15.6Mm; sees FY26 revenue $2.10B-$2.11B vs. est. $2.104B (in line) and adj. EBITDA $475Mm-$481Mm vs est $479.34Mm (in line).
• DHT Holdings (DHT) Q3 EPS $1.68 vs. est. $1.50 (beat), with an alternative headline est. $1.27; adj. revenue $290.3Mm vs. est. $233.7Mm (beat); adj. EBITDA $269.5Mm vs. est. $217.3Mm (beat).
• Rocket labs (RKLB) Q3 EPS loss (-$0.12) vs. est. loss (-$0.07); Q3 revs $267.83M vs. est. $257.18M; said delivered a record $268M in revenue alongside a record backlog which has grown to $3.57B. Nearly $1B of that backlog comes from new launch contracts, signed in Q3 2026 alone, as well as $470M signed for Space Systems; sees Q4 revenue $270M-290M vs. est. $265.42M.
• Steel Dynamics (STLD) announces additional $3B share repurchase program.
• USA Rare Earth (USAR) Q3 adj. EPS ($0.44) vs. est. ($0.10), miss; revenue $3Mm vs. est. $12.9Mm, miss; operating loss $141.4Mm; delivered first yttrium oxide samples from Wheat Ridge demonstration facility.

• Cerebras (CBRS) selected by Bilt to Power AI Platform Serving Over 8 Million Members. Cerebras will provide high-speed AI inference infrastructure for Bilt’s new Neighborhood OS platform and Bilt Concierge assistant. The platform serves more than 8 million members and 50,000 merchants, supporting AI-powered reservations, travel planning, shopping and rewards.
• Digital Turbine (AAPS) Q2 adj. EPS $0.18 vs. est. $0.17 (beat); revenue $178.7Mm vs. est. $166.7Mm (beat), up 27% Y/Y; adj. EBITDA $39.8Mm vs. est. $38.2Mm (beat), up 46% Y/Y; On Device Solutions revenue $115.6Mm, up 20%, and App Growth Platform revenue $63.5Mm, up 42%, both before intercompany eliminations; adj. FCF $10.5Mm; sees FY27 revenue $670Mm-$690Mm vs. est. $665.3Mm (above) and adj. EBITDA $145Mm-$155Mm vs est $152.36Mm.
• Marathon Holdings (MARA) Q3 EPS $1.28 vs. est. ($0.10) (beat), driven by an $885.3Mm unrealized Bitcoin mark-to-market gain vs. $343.1Mm Y/Y; revenue $164.2Mm vs. est. $176.1Mm (miss), down 34.9% Y/Y, as a 37% drop in the average price of Bitcoin mined reduced revenue $94.8Mm; Bitcoin production 24.4 Btc/DAY vs. 23.3 Y/Y, adding $11.7Mm.
• Microsoft (MSFT) is urging the Trump administration to abandon plans to ban Chinese optical transceivers, warning that supply disruptions could severely delay US AI infrastructure projects, Reuters reports. Microsoft currently has 35 US data centers under construction and another 134 planned, while China controls roughly 67% of the global optical transceiver market. Coherent (COHR) and Lumentum (LITE) lack the production scale to replace Chinese suppliers.
• Onto Innovation (ONTO) Q3 adj. EPS $2.44 vs. est. $2.30 (beat); record revenue $409.7Mm vs. est. $392Mm (beat); gross margin 54.8%; operating Income $95.4Mm; sees Q4 adj EPS $2.59-2.79 vs est $2.48 (above).
• PubMatic (PUBM) Q3 adj. EPS $0.25 vs. est. ($0.02) (beat); revenue $79.6Mm vs. est. $76.1Mm (beat), up 17% Y/Y; adj. EBITDA $26Mm vs. est. $17.2Mm (beat), up 133%, margin 33%; gross margin 70%; CTV, Mobile app and emerging revenues approximately 64% of revenue; sees Q4 revenue $91Mm-$93Mm vs. est. $91.4Mm (in line) and adj. EBITDA $31Mm-$33Mm vs est $31.58Mm (in line); authorized additional $150Mm buyback.
• Qualys, Inc. (QLYS) Q3 adj. EPS $2.12 vs. est. $1.96 (beat); revenue $188Mm vs. est. $186.7Mm (beat), up 11% Y/Y; adj. EBITDA $89.9Mm vs. est. $83.7Mm (beat); adj. operating Income $87.1Mm vs. est. $80.6Mm (beat); sees Q4 adj. EPS $2.05-$2.12 vs est $1.95 (above) and revenue $191Mm-$193Mm vs est $190.96M (above); sees FY26 adj. EPS $8.07-$8.14 vs. prior $7.74-$7.88 and est $7.84 (above) and revenue $736.9Mm-$738.9Mm vs. prior $732Mm-$738Mm.
• Quantum Corp. (QMCO) Q2 revs rose 42.9% y/y to $89.63M vs. est. $82.3M; said strong secondary-storage demand, including major Scalar i7 Raptor and ActiveScale orders, helped lift revenue and backlog to nearly $100M; Q2 GAAP net loss narrowed y/y to $44.85M.
• Quantum Computing (QUBT) Q3 EPS ($0.07) vs. est. ($0.05) (miss); revenue $9.5Mm vs. est. $7.21Mm (beat), compared with $0.384Mm Y/Y and $9.2Mm for H1 FY26; gross profit $0.428Mm, gross margin 4.5%; operating expenses $29Mm vs. $10.5Mm Y/Y, including approximately $1Mm in acquisition-related expenses; cash, equivalents and investments approximately $1.3B.
• Sanmina Corp. (SANM) shares jump; Q4 adj. EPS $4.43 vs. est. $3.27, beat; revenue $3.858B vs. est. $3.478B, beat; adj. operating Income $348.1Mm, margin 9.0%; FCF $83Mm; sees Q1 adj. EPS $3.50-$3.85 vs est $2.82 (above), revenue $3.8B-$4.1B vs est $3.421B (above) and adj. operating margin 7.0%-7.5%; sees FY27 adj. EPS $15.50-$17.50 vs est $14.07 (above), revenue $17.5B-$19.5B vs est $16.56B (above)and adj. operating margin 7.0%-7.5%.
• Skydance Corp. (SKYD) said it plans Monday to slash at least $6 billion in annual costs following its combination of Paramount and Warner Bros. Discovery as it grapples with a massive debt load from the deal; Q3 revs rose 5% y/y to $7.03B vs. est. $7.04B and TV Media revenue slid 7% due to a decline in advertising sales; Q3 direct-to-consumer revenue rose 11% in the quarter, reflecting 6% subscriber growth and higher average revenue per user
• SoftBank (SFTBY) swung to a $7B net loss in July-September, missing every analyst forecast. The loss included a $3.7B charge on advance payments for power equipment after it revised procurement plans for its US AI data centers. Financing costs also more than doubled, while SoftBank raised $5B in September by expanding a margin loan backed by its Arm shares. The 1.1 trillion yen ($7 billion) second-quarter net loss far exceeded analysts’ forecasts and compares with a 2.5 trillion yen profit in the same period a year earlier.
• Take-Two Interactive (TTWO) Q2 revs $1.5B vs. est. $1.578B; guides year revs $7.98B-$8/18B vs. est. $8.50B and sees FY EPS $0.57-$0.75 vs. st. $1.66; reported Q2 net bookings $1.6B and sees FY net bookings $8.0B-$8.2B.
• Trade Desk (TTD) shares jump; Q3 adj. EPS $0.33 vs. est. $0.25, beat; revenue $736Mm vs. est. $650.3Mm, beat; adj. EBITDA margin 36%; sees Q4 revenue at least $755Mm vs. est. $688.3Mm, above, and adj. EBITDA at least $280Mm vs est $190.71M (above).
• Zeta Global (ZETA) Q3 revs $492.7M vs. est. $474M; Q3 adj EBITDA vs. est. $121.0M; guides Q4 revs $521M-$525M, above expectations of $505M and adj EBITDA $135.2M-$136.3M (from $131.9M); guides FY revs $1.853B-$1.857B, above expectations of $1.82B on better FCF $270.6M-$271.6M (from $255.3M).