Morning Preview: April 22, 2026

Early Look

Wednesday, April 22, 2026

U.S. futures are bouncing after pulling back on Tuesday, getting a boost after President Donald Trump said late on Tuesday (after the market closed) that he would extend the Iran ceasefire until an Iranian proposal is submitted, and discussions are concluded. Those headlined slightly helped pare losses. The President said on Truth Social, “realDonaldTrump tweets: “STATEMENT OF President Donald J. Trump: Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal. I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other. President Donald J. Trump.” The comments helped alleviate near term concerns and gave a boost to major averages this morning ahead of a busy earnings day. However, there are still no concrete signs that any talks will actually take place, and Iran has said they do not recognize the ceasefire. Traffic in the key Strait of Hormuz remains stalled as both sides hold to their warnings against ship movements in the region. In Asian markets, The Nikkei Index advanced 236 points to 59,585, the Shanghai Index gained 21 points to 4,106, and the Hang Seng Index fell -324 points to 26,163. In Europe, the German DAX is down -72 points to 24,198, while the FTSE 100 slips -4 points to 10,493. BTC Bitcoin prices rise 3% topping $78,000, the highest levels since early February. With a ceasefire extended for now, attention turns back to earnings today.

• The Dow Jones Industrial Average fell -293.18 points, or 0.59%, to 49,149.38
• The Nasdaq Composite dropped -144.43 points, or 0.59%, to 24,259.96
• The Russell 2000 Index declined -28.00 points, or 1.00% to 2,764.96

• 10:30 AM ET                Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AGSN AZZ BANC BANR BDN CACI CASH CATY CBAN CCI CCS CHDN CSX EFSC EGBN EGP EPRT FAF FR FRME FULT GGG GL GTY HBNC HLX HXL IBM KALU KNX KREF LBRT LOB LRCX LUV MEDP MMLP MOH MTH NEU NOW NP OBK OII PKG PNFP PTEN QRCH QS RJF RLI ROL RS SEIC SIGI STC TSLA TXN URI WCN WEX

• Target Hospitality (TH) 7M share Spot Secondary priced at $14.00.

• EQT Corp. (EQT) Q1 adj EPS $2.33 vs est $2.08 on revs $3.38B vs est $3.19B, adj EBITDA $2.68B; sales volume of 618 BCFE above high end of guidance; expects total sales volume of 570 – 620 bcfe in second quarter of 2026.
• Exxon Mobil (XOM) is considering a sale of its gas stations in Hong Kong in a deal that is expected to fetch a few hundred million dollars, said three people with knowledge of the matter. The company has hired a financial adviser and held discussions with a handful of bidders – Reuters.
• Ge Vernova (GEV) Q1 EPS $17.44; Q1 revs $9.34B vs est. $9.22B; guides FY26 revs $44.5B-$45.5B above prior $44B-$45B view and vs est. $44.49B and FY free cash flow $6.5B-$7.5B; said expect to reach at least 110 GW combined gas Turbine backlog & slot reservation agreements by year-end 2026.
• Range Resources (RRC) Q1 EPS $1.52 vs. est. $1.27; Q1 revs $1.03B vs. est. $923.88M and adj net income $360M vs. est. $293M; rev beat driven by premium realized pricing and market access; sees 2026 capital spending of $650M-$700M and sees 2026 production at 2.35-2.40 Bcfe per day, with liquids over 30%.
• Sonoco Corp. (SON) Q1 EPS $1.20 was in-line with consensus $1.20 and revs $1.67B vs. est. $1.71B; guides FY26 adjusted EPS at the low end of $5.80-$6.20, vs. consensus $5.94; reaffirms FY26 revenue $7.25B-$7.75B, vs. consensus $7.46B; still sees FY cash flows from operating activities $700M to $800M.
• SpaceX said it has secured an option to either acquire code-generation startup Cursor for $60B later this year, ‌or pay $10 billion for their new partnership, as it pushes ‌deeper into the lucrative market for AI developer tools.
• United Airlines (UAL) Q1 adj EPS $1.19 vs est $1.07 on revs $14.6B vs est $14.37B, capacity +3.4%; plans 5-point capacity reduction for rest of year; sees Q3/Q4 capacity flat to +2%; guides Q2 adj EPS $1.00-2.00 and FY adj EPS $7.00-11.00.
• Zurn Elkay Water (ZWS) Q1 sales $433M vs. est. $419.1M; said expects Q2 core sales to grow 8%-9%; Q1 adj EBITDA was $116M (26.8% of net sales) compared with $98M (25.2% of net sales) in last year’s first quarter.

• Bank Ozk (OZK) Q1 EPS $1.44, vs. consensus $1.43; Q1 revs rose 2.1% to $418.1M, just below ests.; Q1 was $159.3M, a 5.1% decrease from $167.9M y/y.
• Capital One Financial (COF) Q1 adj EPS $4.42 misses consensus $4.57 on revs down -2% y/y to $15.2B vs. est. $15.37B; Q1 Total non-interest expense decreased -9% to $8.5B; Provision for credit losses decreased $74 million to $4.1B; Q1 Net interest margin of 7.87%, a decrease of 39 bps; March domestic credit card net charge-offs rate 5.09% and 30+ day performing delinquencies rate for domestic credit card 3.70% at March end.
• Chubb (CB) Q1 core EPS $6.82 tops consensus $6.60 and reports Q1 consolidated net premiums $14.01B vs. $12.65B last year; book value per shr and tangible book value per share increased to $189.93 and $126.65, respectively; P&C net premiums written were $11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial insurance up 4.6%
• EastWest Bancorp (EWBC) Q1 EPS $2.57 vs est $2.47 on revs $774Mm vs est $720.6Mm.
• Hancock Whitney (HWC) Q1 EPS $0.57 vs est $0.90 on NII $285.165Mm, CET1 capital ratio 13.3%.
• Interactive Brokers (IBKR) Q1 EPS $0.60 vs. est. $0.60; Q1 revs $1.68B, in-line with consensus $1.68B; Q1 customer accounts increased 31% to 4.75M; customer equity increased 38% to $789.4B; Q1 total DARTs increased 24% to 4.37M; customer credits increased 35% to $168.8B and margin loans increased 35% to $86B; Q1 net interest income $904M and net income $1.17M; raises dividend.
• Western Alliance Bank (WAL) Q1 adj EPS $2.22 vs est $1.59 on NII $766.3Mm, NIM 3.54%, credit loss provision -$213.2Mm; Q1 result reflect increased provision for credit losses related to charge-off of $126.4M Leucadia asset management loan.
• WR Berkley (WRB) Q1 operating EPS $1.30 tops consensus $1.14 on revs $3.69B vs. est. $3.19B; Q1 combined ratio 90.7% and Q1 net investment income up 12.2% to $404.3M; Q1 gross and net premiums written in the insurance segment increasing by 4.5% and 3.2%, respectively.

• Boston Scientific (BSX) Q1 adj EPS $0.80 vs. est. $0.79; Q1 revs $5.2B vs. est. $5.17B; guides FY organic revs growth 6.5-8%; sees FY adj EPS $3.34-3.41 vs. est. $3.45 and sees FY revs growth 7-8.5%
• Community Health (CYH) Q1 EPS loss (-$0.43) vs. est. loss (-$0.09); Q1 rev $2.96B vs. est. $2.95B; Q1 adj Ebitda $309M vs. est. $347.1M; On a same-store basis, Q1 admissions decreased 1.3% and adjusted admissions decreased 0.5%.
• Elevance Health (ELV) Q1 adj EPS $12.58 tops consensus $10.81 on better revs $49.5B vs est. $47.98B; raised its annual adjusted profit to be at least $26.75 per share, compared with at least $25.50 prior (est. $25.73); said ⁠it has made deliberate changes to its healthcare plans and ⁠exited select locations to manage sustained pressure in its Medicaid plans for low-income ​people.
• Foghorn Therapeutics (FHTX) presented new preclinical data for Selective SMARCA2 inhibitor FHD-909 showing complete and durable tumor regression together with anti-tumor immune memory following combination treatment with an anti-PD-1 antibody in preclinical syngeneic mouse models
• Intuitive Surgical (ISRG) Q1 adj EPS $2.50 above consensus $2.11 and revs $2.77B tops consensus $2.62B; Q1 Worldwide procedures (da Vinci and Ion combined) grew approximately 17% y/y and Da Vinci procedures grew approximately 16% y/y and Ion procedures grew approximately 39%. The Company placed 431 da Vinci surgical systems, compared with 367 y/y; sees FY26 non-GAAP gross profit margin 67.5%-68.5% of revenue.
• National HealthCare (NHC) announced entry into a Purchase and Sale Agreement to acquire the real estate of thirty-two skilled nursing facilities and three independent living facilities from National Health Investors, and its affiliates, or NHI. The purchase price is $560M.
• Nektar (NKTR) 3.5M share Secondary priced at $92.00.

• AT&T (T) Q1 adj EPS $0.57 tops est. $0.55; Q1 revs rose 3% y/y to $31.5B vs est. $31.25B; Q1 postpaid phone net adds 294,000 vs est. 270,000; Q1 advanced connectivity operating revs $28.5B, up 4.7%; said 42% of households with AT&T’s advanced home Internet services chose AT&T Wireless in qtr.
• Calix Inc. (CALX) Q1 adj Ni $27.2Mm on revs $280Mm vs est $277.5Mm, gross margin 56.9%; its board has approved an additional $100M stock buyback authorization under its existing repurchase program.
• Manhattan Associates (MANH) Q1 adj EPS $1.24 vs est $1.11 on revs $282.2Mm vs est $273.8Mm; guides FY adj EPS $5.29-5.37 vs est $5.22 and revs $1.15-1.16B vs est $1.15B.
• Meta (META) has broken ground on a new $1B data center in Oklahoma. The project is expected to support more than 1,000 construction jobs at peak and over $25M in local infrastructure improvements.
• Micron (MU) pushes US Congress to crack down on chip tool sales to Chinese rivals, Reuters reported citing sources; Match Act aims to close export control gaps on chipmaking Equipment for China; the bill would pressure foreign toolmakers to Align with US.
• Pegasystems (PEGA) Q1 adj EPS $0.46 vs est $0.66 on revs $429.973Mm vs est $458.8Mm.
• Seagate Technologies (STX) upgraded to Overweight from Equal Weight at Barclays and raised tgt to $625 from $425 as upped estimates for the hard disk drive market and sees upside to Seagate as the company transitions to 40TB drives.
• Twilio (TWLO) was upgraded to Buy from Underperform at Bank America and raised tgt to $190 from $110 saying thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases,