Morning Preview: April 23, 2026

Early Look

Thursday, April 23, 2026

After a strong showing for U.S. stocks on Wednesday, futures are red across the board as progress toward US-Iran peace talks stalled and investors digest a busy night of earnings that saw shares of TSLA, IBM, HON, LMT, NOW tumble on results/guidance while shares of TXN, URI, DOW advance on results. Oil rallies for a fourth day after Iran and the US failed to meet for further peace talks, despite President Trump’s indefinite extension of the current truce. The key Strait of Hormuz remains blocked as the two sides vie for control, pushing Brent crude futures back above $100 to above $104 a barrel. Meanwhile West Texas Intermediate crude topped $95. In Asian markets, The Nikkei Index declined -445 points to 59,140, the Shanghai Index slid -13 points to 4,093, and the Hang Seng Index fell -248 points to 25,915. In Europe, the German DAX is down -133 points to 24,061, while the FTSE 100 is down -96 points to 10,379. A moderately busy morning for economic data with jobless claims and S&P Global PMIs while no Fed speak again as they remain in the blackout period ahead of the FOMC next Wednesday.

• The Dow Jones Industrial Average rose 340.65 points, or 0.69%, to 49,490.03
• The Nasdaq Composite jumped 397.60 points, or 1.64%, to 24,657.57
• The Russell 2000 Index advanced 20.38 points, or 0.74% to 2,785.35

• 8:30 AM ET                  Continuing Claims…est. 1.82M
• 9:45 AM ET S&P Global Manufacturing PMI, April-flash…est. 52.5
• 9:45 AM ET S&P Global Services PMI, April-flash…est. 50.3
• 9:45 AM ET S&P Global Composite PMI, April-flash…est. 50.5
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                Kansas City Fed Manufacturing for April

• Earnings After the Close: ABCB AMP AMTB APPF ASB BKR BY BYD CHE COLB CSL CUBI CVLG DLR ENVA ERIE FBIZ FFBC FISI GBCI GLPI HIG INTC KN KNSL MXL NBTB NEM PECO PFG REXR SAP SKYW SLM SSB TBBK USCB VRSN WSFS

• Money markets fully price in two ECB rate hikes and 50% chance of a third tightening move by December.
• Japanese April Manufacturing PMI (flash) 54.9 vs 51.6 previous and Services PMI (flash) 51.2 vs 53.4 prior.
• White House on Iran ceasefire: Iran need to hand over enriched uranium to US; cards are in our hands, US maintains control; Pres Trump wants unified response from Iran; we’ll see if Europe joins blockade; Trump has not set a deadline, is satisfied with the blockade; 3–5-day ceasefire timeline not true.

• Beyond Meat (BYND) announced the nationwide rollout of a new Beyond Chicken Pieces variety at over 2,000 Kroger (KR) stores.
• Churchill Downs (CHDN) Q1 adj EPS $1.21 vs est $1.00 on revs $663Mm vs est $662M.
• Deckers Outdoor (DECK) downgraded to Outperform from Strong Buy at Raymond James citing valuation for the downgrade with the shares up 11% since the January 29 earnings report and the firm upgraded On Holding (ONON) to Strong Buy with $52 tgt following recent weakness.
• Las Vegas Sands (LVS) Q1 EPS $0.85 vs. est. $0.74; Q1 revs rose 25.3% y/y to $3.59B vs. est. $3.34B; Q1 Consolidated Adjusted Property EBITDA Increased 24.6% to $1.42B.
• Lululemon Athletica (LULU) is hiring longtime Nike (NKE) executive Heidi O’Neill to be its next Chief Executive, and the company plans to announce the selection Wednesday, according to The Wall Street Journal.
• PulteGroup (PHM) Announces $1.5B Increase to share repurchase authorization.
• QuantumScape (QS) Q1 EPS( $0.16) vs est ($0.18); guides FY CAPEX $40-60Mm and adj EBITDA ($275)Mm- ($250)Mm.
• Rollins Inc. (ROL) Q1 adj EPS $0.24, in-line with consensus on revs rising 10.2% y/y to $906M, vs. consensus $894.78M and organic revs rising 6.6%; Q1 adjusted EBITDA was $179M, an increase of 4.4% y/y and adj EBITDA margin was 19.8%, a decrease of 110 basis points y/y.
• Southwest Airlines (LUV) Q1 EPS $0.45 on revs $7.2B vs est $7.265B, load factor 74.1%, capacity 1.5%, traffic 1.7%; guides Q2 adj EPS $0.35-0.65, CASM-X yr/yr 3.5-4.0%, RASM yr/yr 16.5-18.5%; not adjusting FY adj EPS guidance of $4.00 at this time due to ongoing macroeconomic uncertainty.

• Kinder Morgan (KMI) Q1 adj EPS $0.48 vs est $0.40 on revs $4.828B vs est $4.598B, project backlog end of qtr $10.1B; guides FY adj EPS $1.36 vs est $1.40; agreed to acquire Texas Monument pipeline system for about $500M.
• Patterson UTI-Energy (PTEN) Q1 EPS loss (-$0.06) vs. est. loss (-$0.10); Q1 revs $1.18B vs. est. $1.1B; Drilling Services segment we are activating drilling rigs later in the second quarter, and we anticipate reactivating additional rigs in the second half of 2026.

• Fulton Financial (FULT) Q1 operating EPS $0.55 vs. est. $0.49; Q1 net interest margin (NIM) at 3.58%, representing a one basis point decline from the prior quarter; Q1 net interest income $262M and net income $92.2M.
• Highwoods Properties (HIW) announces $250M share repurchase program.
• Raymond James (RJF) Q2 adj EPS $2.83, vs. consensus $2.76; Q2 revs $3.86B vs. est. $3.85B; Q2 adj net income $564M vs. est. $567.8M; annualized return on common equity and annualized adjusted return on tangible common equity of 17.3% and 20.9%, respectively, Q2; client assets under admin of $1.76 trillion, up 15% over March 2025 and down 1% compared to Dec 2025.
• SEI investments (SEIC) Q1 adj EPS $1.44 vs est $1.33 on revs $622.2Mm vs est $614.1Mm.

• Medpace Holdings (MEDP) Q1 EPS $4.28 tops consensus $3.96 on revs rising 26.5% y/y to $706.6M vs. est. $697.6M; affirms FY26 EPS view of $16.68-$17.50, vs. consensus $17.35 and affirms FY26 revenue view of $2.755B-$2.855B; Net new business awards were $618.4M in Q1.
• Molina Healthcare (MOH) Q1 EPS $2.35 vs. est. $1.94; Q1 revs $10.8B vs. est. $10.89B; Q1 consolidated MCR for was 91.1%; affirms FY26 EPS view of at least $5.00, vs. consensus $5.03; Premium revenue guidance for the full year is unchanged and expected to be approximately $42B, a decline of approximately 2% from the full year 2025.
• Roche (RHHBY) Q1 revenue fell -5% y/y to 14.7B Swiss francs ($18.7B) was in line; At constant exchange rates, first-quarter sales rose 6%, driven by multiple sclerosis drug Ocrevus and once-monthly haemophilia shot Hemlibra. Their sales gained 6% and 13% respectively in currency-adjusted terms during the quarter.
• Sanofi (SNY) posted a quarterly earnings beat, driven by its blockbuster eczema and asthma drug, Dupixent; Q1 sales EUR 10.51 billion ($12.29 billion), 3% over consensus, with business EPS at EUR 1.88 beating consensus by 6%; Dupixent sales also outperform expectations by 6%.

• CSX Corp. (CSX) Q1 EPS $0.43 vs est $0.39 on revs rose 2% y/y to $3.48B vs est $3.488B; Revenue gains driven by higher merchandise pricing, intermodal volume, and domestic coal revenue; CSX did not provide specific financial guidance for the current qtr or full year.
• Dow Inc. (DOW) Q1 adj EPS loss (-$0.14) vs. est. loss (-$0.29); Q1 sales $9.79B vs. est. $9.67B; Q1 volumes impacted by lower prices and Middle East conflict; said lower local prices, particularly in polyethylene and industrial intermediates, weighed on Q1 results; sees positive momentum from pricing actions across all businesses and regions
• Graco (GGG) Q1 adj EPS $0.66 vs est $0.74 on sales $540.1Mm vs est $560.5Mm; maintains FY revs guidance of low single digit organic, mid-single digit with acquisitions.
• Hexcel Corp. (HXL) Q1 adj EPS $0.59 vs est $0.44 on sales $501.5Mm vs est $485.7Mm; guides FY sales $2.0-2.1B vs est $2.06B and adj EPS $2.10-2.30 vs est $2.23.
• Honeywell (HON) Q1 adj EPS $2.45 vs. est. $2.32: Q1 sales $9.1B miss ests $9.3B; now expects to complete Honeywell Aerospace spin-off on June 29; Q1 organic sales growth of 2% was primarily driven by pricing actions and new product introductions; maintains 2026 sales outlook at $38.8B-439.8B; lowers 2026 operating cash flow outlook to $4.4B-$4.7B.
• Kaiser Aluminum (KALU) Q1 EPS $3.74 vs. est. $1.96 on revs $1.11Bvs. est. $999.9M; Q1 Adjusted EBITDA $129M and adjusted EBITDA Margin 31.8%; said, “strong finish to 2025 carried into 2026, giving us the confidence to raise our full year outlook.”
• Knight-Swift Transport (KNX) Q1 adj EPS $0.09 vs. est. $0.17; Q1 revs $1.85B vs. consensus $1.86B; guides Q2 EPS $0.45-$0.49 vs. est. $0.47.
• Lockheed Martin (LMT) Q1 EPS $6.44 vs. est. $6.70; Q1 revs $18.02B vs. est. $18.24B as high costs on fixed-price contracts and production slowdowns impacted; Q1 profit in Lockheed’s largest segment, aeronautics, was weighed down by production performance and development delays for its F-16 fighter jet; maintained its 2026 sales forecast of $77.5 billion to $80 billion.
• Packaging Corp. (PKG) Q1 adj EPS $2.40 vs. est. $2.13; Q1 sales $2.36B vs. est. $2.41B; Excluding special items, earnings were $.20 above first quarter guidance of $2.20 per share primarily due to favorable volume and mix in the legacy packaging segment, favorable labor and operating costs, and a lower tax rate.
• Reliance Inc. (RS) Q1 adj EPS $5.16 vs. est. $4.67; Q1 revs $4.03B vs. est. $3.91B driven by record tons sold and higher pricing across key product categories; expects Q2 tons sold to rise 1%-3% from Q1 and sees Q2 average selling price per ton up 1.5%-3.5% from Q1; guides Q2 non-GAAP EPS of $5.15-$5.35.
• United Rentals (URI) Q1 adj EPS $9.71 vs est $8.97 on revs $3.99B vs est $3.87B; guides FY revs $16.9-17.4B above prior $16.8B-$17.3B and est $17.06B; lifts 2026 adjusted EBITDA forecast to $7.62B-$7.87B from $7.57B-$7.825B citing momentum and growth opportunities in large projects and key verticals for raised outlook.
• Waste Connections (WCN) Q1 EPS $1.23 above consensus $1.18 and revs $2.37B vs. est. $2.35B; said sees upside to 2026 outlook from commodity impacts, organic growth and acquisitions; aid Q1 results benefited from solid waste organic growth, including a 4.7% yield and 6.0% core price increase.

• Lam Research (LRCX) Q3 adj EPS $1.47 vs est $1.36 on revs $5.84B vs est $5.779B, adj gr mgn 49.9%, adj EBIT mgn 35.0%; guides Q4 revs $6.2-7.0B vs est $6.092B, gr mgn 49.5-51.5%, EBIT mgn 35.5-37.5%, EPS $1.50-1.80 vs est $1.45.
• Mobileye (MBLY) authorized a $250 million share buyback, saying the plan will help offset dilution from stock comp and its Mentee Robotics deal while preserving flexibility to keep investing in its auto business and Physical AI platform.
• Netflix (NFLX) authorizes buyback of additional $25b shares.
• ServiceNow (NOW) shares fall; Q1 EPS $0.97, in-line on revs $3.77B vs. est. $3.75B; Q1 current remaining performance obligations (cRPO), contract revenue that will be recognized as revenue in the next 12 months, was $12.64B, representing 22.5% y/y growth and said sees Q2 subscription revenue $3.815B-$3.82B, up 22.5% y/y, with Q2 cRPO up 19.5% y/y; raises FY26 subscription revenue view to $15.735B-$15.775B; said Q1 subscription revenue growth faced about 75-bps headwind due to the delayed closure of several deals in the Middle East.
• Tesla (TSLA) CEO Elon Musk said the EV maker plans to use Intel’s (INTC) next-generation 14A manufacturing process to make chips at its Terafab project, an advanced AI chip complex Musk has ‌envisioned in Austin.
• Texas Instruments (TXN) shares rise; Q1 EPS $1.68 vs est $1.37 on revs $4.825B vs est $4.525B; guides Q2 revs $5.0-5.4B vs est $4.859B and EPS $1.77-2.05 vs est $1.57.
• ASGN Inc. (ASGN) Q1 adj EPS $0.69 vs est $0.98) on revs $968.3Mm vs est $972.8Mm, adj EBITDA $83.6Mm; guides Q2 revs $970Mm – $1.0B vs est $1.029Band adj EPS $0.72-0.90 vs est $1.28.
• Crown Castle (CCI) Q1 AFFO /shr $1.02, EPS $0.34 vs est $0.39, adj EBITDA $675Mm; sees FY EPS $1.80 vs est $2.12.