Morning Preview: July 24, 2026

Early Look

Friday, July 24, 2026

After posting hefty losses on Thursday on fears of rising inflation amid surging oil prices/Treasury yields, and underwhelming tech earnings from GOOGL, TSLA, and others , U.S. averages are pointing to a higher open after INTC reported a beat and raise quarter giving some life back into the tech trade. On Thursday, the S&P 500 and the Dow slid 1.2% and 1.0%, respectively, while the tech-heavy Nasdaq tanked 2.2%. All three indexes suffered their largest single-day percentage drops in a month, with all three on track for weekly losses. Consumer discretionary (XLY) and communication services (XLC) were among the day’s biggest laggards, both falling more than 5%. Front-month WTI and Brent crude futures settled up 6.2% and 7.0%, respectively, after U.S. President Trump vowed to punish Iran for Houthi attacks on two Saudi oil tankers in the Red Sea, evidence that the U.S.-Israeli war on Iran is escalating and spreading. This morning, WTI crude oil prices pull back -2.75% to $89.65 but still on track for big weekly gains. In trade news, Trade Act of 1974 invoked reissued new duties on trading partners as the Trump administration imposed new levies on 60 trading Partners across the globe, collecting duties of between 10% and 12.5%. In Asian markets, The Nikkei Index declined 1,811 points to 64,611, the Shanghai Index dropped -62 points to 3,814, and the Hang Seng Index slipped -247 points to 24,963, ending the week lower. In Europe, the German DAX is up 210 points to 24,973, while the FTSE 100 rises 40 points to 10,678. The KOSPI closed down -5.7% Friday, with Samsung falling -7.6% and SK Hynix dropping -8.3%. This brings the KOSPI’s decline to -28% from its June peak, with SK Hynix now down -40% and Samsung down -33% from their own peaks.

• The Dow Jones Industrial Average fell -506.93 points, or 0.97%, to 51,711.65
• The Nasdaq Composite sunk -553.21 points, or 2.15%, to 25,137.69
• The Russell 2000 Index declined -19.75 points, or 0.67% to 2,940.19

• 9:45 AM ET S&P Global Services PMI, June-flash…est. 51.5
• 9:45 AM ET S&P Global Composite PMI, June-flash
• 10:00 AM ET                New Home Sales M/M for June…est. 610K
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Boyd gaming (BYD) Q2 Adj. EPS $1.93 (est. $1.88); Rev $1.034B (est. $1.037B); Total Adj. EBITDA $350.5Mm (vs $357.9Mm PY) vs est $310.96Mm; MW&S $556.9Mm, LV Locals $225.9Mm, Online $158.2Mm, Dt LV $52.1Mm; Div $0.20; buyback $156Mm, $551Mm auth.; debt $2.6B.
• Comfort Systems (FIX) Q2 EPS $12.53 (est. $10.45); Rev $3.27B (est. $2.99B); EBIT $558.0Mm (est. $478.6Mm); GP $844.2Mm (~25.9% margin); Operating Cf $1.14B; Backlog $14.06B (+73% YoY, +13% QoQ); Div $0.90 (+$0.10)
• Decker’s Outdoors (DECK) Q1 EPS $0.94 vs est $0.87 on revs $1.019B vs est $1.018B, gr mgn 56.4%; guides FY revs $5.86-5.91B vs est $5.899B, EPS $7.35-7.50 vs est $7.48 and gr mgn 56.5%

• Newmont Mining (NEM) Q2 adj EPS $2.10 vs. est. $2.18; Q2 sales $6.11B vs. est. $6.49B; Q2 net income drops -33% to $2.2B q/q and adj Ebitda -27% to $3.76B; said expects to spend $1.95B in 2026 in sustaining cap through targeted investments in critical infrastructure, including tailings Solutions; FY guide remains unchanged; Q2 average realized gold price was $4,414 per ounce and produced 1.3 mln attributable gold ounces.
• World Kinect (WKC) Q2 Adj. EPS $1.29 vs. est. $0.75 (beat); Rev $13.591B vs. est. $10.505B (beat, 2 est.); Adj. EBITDA $136Mm vs est $96.83Mm; Aviation Gp $208Mm (record high), Marine Gp $80Mm (record high), Land Gp $77Mm; raises FY26 Adj. EPS guide to $3.20–$3.40; qtrly div. +15% to $0.23/shr; repurchased $14Mm of stock Q2.

• Hartford Financial (HIG) Q2 adj EPS $3.42 vs. est. $3.16; Q2 revs $7.26B vs. est. $7.19B; Net income for Q2 rose 31% y/y, driven by higher premiums and investment income; Q2 book value per diluted share $70.28; Q2 net income $945M; said 5% written premium growth in Business Insurance contributed to higher earned premiums.
• Kinsale Capital (KNSL) Q2 adj EPS $5.54 vs est $5.10 on gr premiums written $527.6Mm vs est $551.73Mm, annualized ROE 28.9%, combined ratio 75.5%.
• Rexford Industrial (REXR) Q2 Core FFO/share $0.63 (est. ~$0.61); Core FFO $141.4Mm; Rev $245.5Mm (est. $240.2Mm); Portfolio NOI $186.8Mm; SS Cash NOI +1.5%; Occ. 95.7%; Comp. Rent -2.8% NE / -11.3% cash; GAAP loss ($2.26)/share (non-cash impairment); FY26 Core FFO $2.38–$2.43 (raised); FY26 GAAP loss ($1.32)–($1.27); Disp. guide $1.5–$2.0B; Net Debt 4.5x; Div $0.435; $100Mm buyback in Q2, new $1.0B auth.
• Robert Half (RHI) Q2 EPS $0.26 (est. $0.26, inline); Rev $1.336B (est. $1.322B); Net Inc $26.3Mm; Pretax $40.6Mm; within prior Q2 guide ($1.275–$1.375B / $0.20–$0.30 EPS).
• Selective Insurance (SIGI) Q2 adj EPS $1.95 vs est $1.66 on net premiums written $1.22B vs est $1.214B, adj ROE 13.7%, adj Bv/shr $60.56.
• SLM Inc. (SLM) Q2 EPS $0.29 vs. est. $0.48; Q2 net interest income of $333M, 2Q net interest margin of 4.75%, 2Q net income of $59M and 2Q ROCE of 9.9%; Private Education Loan originations increased 4.5% from the year-ago quarter; average loans outstanding, net, totaled $21.1B during the quarter; backs year EPS outlook.
• Stripe is in talks to acquire OpenRouter, a startup that helps developers choose between artificial-intelligence models, according to people familiar with the matter. A transaction could be announced soon, though the talks could still fall apart. The exact price being discussed couldn’t be learned, but some of the people said the business could fetch about $10 billion in a sale – WSJ reported.
• Wise (WSE) shares fall after the U.S. Office of the Comptroller of the Currency denied Wise’s application for a National Trust bank Charter as it was incompatible with Fed’s new policies for payment system access. Wise plans to submit a new application under GENIUS Act framework, which pertains to digital assets like stablecoins

• Edwards Lifesciences (EW) Q2 EPS $0.78 vs. est. $0.74; Q2 revs $1.74B vs. est. $1.7B; Q2 TAVR sales rose 11.3% y/y to $1.3B; guides Q3 EPS $0.71-$0.77 vs. est. $0.75 and revs $1.63B-$1.71B vs. est. $1.69B; Narrows higher FY26 revenue growth view to 10%-11% from 9%-11%; affirms FY26 EPS view of $2.95-$3.05 vs. consensus $3.01.
• Novo Nordisk (NVS) ‌said it is seeking a preliminary U.S. court injunction to immediately block obesity and diabetes drug advertisements by Eli Lilly (LLY).
• Summit Therapeutics (SMMT) reiterated concerns about remaining a going concern in its June quarter SEC filing. The company used the same language in its March quarter earnings filing.
• Tenet Healthcare (THC) Q2 adj EPS $6.12 vs. est. $4.26 and Q2 revs $5.63B vs. est. $5.44B; now sees FY26 adjusted EPS $20.30-$21.69 above consensus $17.85 and year revs $21.9B-$22.5B, vs. consensus $21.98B; authorizes $2B increase to share repurchase program.

• AppFolio (APPF) Q2 EPS $1.71 vs. est. $1.69; Q2 revs $281.12M vs. est. $277.2M; sees FY26 non-GAAP operating margin range as a percentage of rev is increasing to 26.5% – 28.0%; sees FY revs $1.11B-$1.12B vs. est. $1.12B.
• Digital Realty (DLR) Q2 EPS $1.21 vs. est. $0.47; Q2 adj FFO $2.65 and Q2 total bookings $208M; sees FY core FFO $8.15-$8.20 up from prior $8.00-$8.10 and raises FY adj Ebitda outlook as well; said signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time.
• Knowles Inc. (KN) Q2 Adj. EPS $0.33 vs. est. $0.30, beat; revenue $166.8Mm vs. est. $163.28Mm, beat, up 14% YoY; bookings and backlog were highlighted as drivers; Q3 revenue guidance $167Mm-$177Mm vs est $169.93Mm.
• MaxLinear (MXL) Q2 revs rose 55% y/y to $168.8M vs. est. $164.6M; Q2 Infrastructure business up 145% y/y reflecting accelerated adoption of optical AI data center products.
• RingCentral (RNG) Q2 EPS $1.22 vs. est. $1.17 and revs $657M vs. est. $650.6M; sees Q3 revenue $664M-$670M, vs. consensus $663.6M; raises FY26 EPS $4.96-$5.10 from prior $4.76-$4.97 and est. $4.95; boosts FY26 revenue $2.635B-$2.646B vs. est. $2.63B; raises quarterly dividend from 7.5c per share to 12.5c per share; NICE expanded its partnership with RNG under a new multi-year agreement, adding resale of RingCentral’s UCaaS product RingEX.
• SAP AG (SAP) Q2 adj EBIT $2.7B vs. est. $2.8B; Q2 revs rose 9% y/y to EU9.88B vs. est. EU9.85B; Q2 IFRS operating profit rises 8% to EU2.64B; Q2 current cloud backlog EU22.9B; backs FY26 cloud revenue EUR 25.8B-EUR26.2B.
• SS&C Technologies (SSNC) Q2 EPS $1.76 vs. est. $1.68; Q2 revs $1.69B vs. est. $1.66B; sees Q3 adj EPS $1.73-$1.79, vs. est. $1.72 and sees Q3 revs $1.657B-$1.697B vs. est. $1.69B; sees FY revenue $6.672B-$6.832B vs. est. $6.75B
• VeriSign (VRSN) Q2 EPS $.38 vs. est. $2.36; Q2 revs rose 6% y/y to $434.6M vs. est. $433.1M; authorized additional $884M for share repurchases, buyback authorization now $1.5B; posted 5.1% y/y increase in .com and .net domain name registrations drove revenue growth for Q2 and 12.7M new .com and .net registrations, up from 10.4M y/y.