Mid-Morning Look: October 30, 2026

Mid-Morning Look

Friday, October 30, 2026

U.S. stocks are sinking after a wave of disappointing technology earnings and guidance released after Thursday’s close. The tech-led selloff follows massive declines in Intel (INTC) which is on track for its worst daily return in its history, SanDisk (SNDK), Amazon (AMZN), Twilio (TWLO), Reddit (RDDT), and Roblox (RBLX) after results last night disappoint. Defensive sectors such as Consumer Staples (XLP), Healthcare (XLV) and Utilities (XLU) are all seeing big gains amid the rotation out of tech, while Energy (XLE) rises with another jump in oil prices as it appears Iran global concerns aren’t going away anytime soon. Some concerns as well heading into next week’s mid-term elections. Another huge story was in the crypto markets as hackers stole $6.3 billion from Binance, the world’s biggest cryptocurrency exchange, in a record theft that analysts pinned on North Korea. The news is hitting the crypto industry (MSTR, COIN, HOOD, BTC, ETH, IBIT) hard this morning. At the same time, precious metals are tumbling with gold hitting 52-week lows and silver tumbling sharply as rising crude oil prices and persistent inflation worries reinforced expectations of US interest rate hikes despite the Fed not changing rates this week. There was still pain from the previous day, with Google owner Alphabet shedding almost half a trillion in market value and suffering its worst single-day decline in history. The PHLX Semi index (SOX) -6.15% to 10,800, trying to hold its 200dma support of 10,785. Tech wreck continues on this final day of October trading.

• U.S. Q3 employment cost index +0.8% (consensus +0.8%) vs Q2 +0.9% (prev +0.9%); U.S. Q3 wages/salaries +0.7% vs Q2 +0.9% (prev +0.9%) and U.S. Q3 benefit costs +0.9% vs Q2 +1.0%.

• Large cap energy: shares of CVX and XOM rose initially after both beat estimates as oil refining profits soar. XOM and CVX beat profit expectations as conflicts in the Persian Gulf and Russia roiled energy markets, driving refining results to record highs. ExxonMobil’s adjusted third-quarter earnings of $4.23 a share were 10 cents higher than the average analyst estimate. Chevron’s, at $5.28 a share, were 35 cents higher than expectations.
• E&C and Power sector: MTZ reported Q3 revenue and Adj EBITDA ahead of expectations, driven by strong Power Delivery results, which was driven by both legacy operations and Superior (backlog hit record $24.5B, led by 74% yr/yr growth in Power Delivery), though sees FY26 adjusted EPS view to $8.92-$9.30 vs. consensus $9.27; SEI disclosed in an 8-K an agreement to provide approximately 900 MW of power Generation, balance of plant Equipment and O&M services to an existing investment-grade, diversified industrial and technology customer. The 15-year initial term and a 15-year extension option is the longest contract Sei has inked, and includes deployments from 1H27 scaling through 2028. GEV, PWR (good results day prior), DY, PRIM all active.

• CPRI +16%; shares outperform as Q2 revenue fell 5.5% y/y to $809M but topped analyst expectations of $780.7M on better earnings while guided annual profit of about $2.20 per share, compared with prior forecast of $2.15 per share.
• FDXF +13%; as quarterly revenue rose 8% to $2.44B topping estimates of $2.37B and guided Q4 earnings above estimates citing improvement in volumes (sees Q4 adj EPS $0.65-$0.75 vs. est. $0.53) after posted an adjusted profit of $1.49 per share, above analysts expectation of $1.36.
• MDLZ +3%; shares jumped after earnings beat, driven by easing cocoa costs and price increases in major regions such as North America while Qtrly volumes rose 1.8 percentage points and pricing increased 0.3 points.
• MPWR +4%; reported strong 3Q results and 4Q guidance, which solidly exceeded expectations. Upside was primarily driven by Enterprise Data, which grew +165% y/y and Communications (Optical Networking), which grew +135% y/ y
• MTZ +4%; reported Q3 revenue and Adj EBITDA ahead of expectations, driven by strong Power Delivery results, which was driven by both legacy operations and Superior (backlog hit record $24.5B, led by 74% yr/yr growth in Power Delivery).
• REGN +12%; rises as Q3 adjusted profit of $20.07 per share, above analysts’ estimate of $16.24 per share and Q3 revenue of $5.12B, above analysts’ estimate of $4.54B boosts shares.
• RIVN +4%; after posting a smaller than expected Q3 loss and revs of $2.15B topped consensus as they 19,248 vehicles in Q3, up 46% y/y, led by R2 model and raises 2026 delivery guidance to 67k-70K vehicles from 65k-70K.

• AGIO -17%; as the FDA extended review of its drug mitapivat for sickle cell disease by three months as sets new action date of February 1, 2027 (from original PDUFA date of 11/1/26).
• COIN -12%; after earnings results last night disappoint, but the broader crypto sector under pressure after hackers stole $6.3B from Binance, the world’s biggest Cryptocurrency exchange, in a record theft that analysts pinned on North Korea (MSTR, IBIT, HOOD down)
• INTC -28%; shares tumbled after mixed Q3 results (slight rev miss, EPS above) and guided Q426, well below; most of the miss was due to the memory-induced PC correction as Q3 PC revs missed by $800M and was guided down more than 20% q/q in Q4, which is over $2B below consensus.
• RDDT -25%; after saying U.S. DAUq growth fell -5% Q/Q and warned that Q4 DAUq could fall by low double digits as Google search referrals decline by 1M+ per week; downgraded to Sector Weight at KeyBanc and Citizens noting search traffic is a larger headwind than envisioned.
• SYK -5%; Q3 sales miss as the company pointed to a market slowdown in knees/hips as well as areas of missed execution; Q3 revs $6.52B below consensus of $6.61B while EPS was $3.52, $0.03 below the Street and took down its guide on both lines and is now calling for organic revenue growth of 6.5-7.0% y/y (~200 bps below the prior guide at the midpoint).
• TWLO -20%; delivered ~4pts of organic upside in Q3 and topped consensus, but said expects Q4 organic revenue growth to slow to 11%-12% from 16% in Q3 which weighed on shares; also provided an initial look into 2027, guiding to at least 10% organic growth (~12% Street).