Morning Preview: October 21, 2026

Early Look

Wednesday, October 21, 2026

U.S. futures are looking mixed with Dow futures indicated lower, while Nasdaq futures bounce slightly behind mixed earnings results last night as investors ready themselves for a busy earnings day, including results from Tesla (TSLA), Meta (META) and IBM (IBM) after the close. SpaceX (SPCX) shares rise over 8% overnight after posted better-than-expected quarterly results driven by AI infrastructure and cloud services growth, while Elon Musk said both SpaceX and Tesla have formed special committees to discuss the idea of a merger. Netflix (NFLX) shares slide -6% in premarket after the streamer’s Q4 revenue forecast missed estimates and 2026 ad revenue guidance was lowered. Semis (SOX) get a boost after SMCI last night boosted its next quarter margins and rev outlook sending shares higher by 10%. US WTI crude oil futures rise more than $2 to session high of $99.88/bbl ahead of weekly oil stockpiles data later this morning. In Asian markets, The Nikkei Index jumped 545 points to 64,621, the Shanghai Index fell -22 points to 3,713, the Kospi rose 32 points or 3.76% to 891, and the Hang Seng Index fell -215 points to 23,651. In Europe, the German DAX is up 133 points to 25,437, while the FTSE 100 is little changed at 10,732. Wall Street ended Tuesday’s session with mixed results. The S&P 500 and Dow Jones Industrial Average advanced, while the Nasdaq Composite closed slightly lower.

• The Dow Jones Industrial Average rose 529.85 points, or 1.02%, to 52,495.88
• The Nasdaq Composite slipped -6.07 points, or 0.02%, to 26,424.82
• The Russell 2000 Index advanced 45.12 points, or 1.65% to 2,773.41

• 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: BANR BBT BDN CACI CASH CATY CCI CSX EFSB EGBN EGP EPRT ESI FAF FR FRME FULT GGG GL GSBC GTY HBNC HXL IBM KALU KMI KNX LBRT LOB LRCX LUV MEDP META MMLP MOH NTST OII PKG PNFP Q ROL RS SAP SEIC SLG SON SSB STC TCBI TCBX TFIN TSLA TXN URI WCN WDFC WH WSBC

• Stride Inc. (LRN) Q1 revs $639.4M vs. est. $612.3M; Sees 2Q outlook for revenue of $625M-645M vs. consensus of $633.1M and 2Q outlook for adj operating income of $135M-$145M; sees FY outlook for revenue of $2.53B-$2.61B above consensus estimates of $2.54B and prior view $2.49B-$2.52B.

• US-listed space-linked stocks rally premarket after SpaceX reports first quarterly profit as publicly traded company. US space cos Firefly Aerospace (FLY), Rocket Lab (RKLB), Intuitive Machines (LUNR), and Satcomms firm EchoStar (SATS) all looking higher post SPCX results.
• Wabtec (WAB) Q3 adj EPS $2.83 vs. est. $2.73 and revs $3.12B vs. est. $3.2B; reports total backlog $31.435B as of September 30; raises FY26 adjusted EPS view to $10.85-$11.05 from $10.60-$10.90 and above consensus $10.87.
• Weatherford Int’l (WFRD) Q3 EPS $1.66 topped consensus $1.27; Q3 revs $1.14B vs. est. $1.13B; said Q3 adj EBITDA margin expanding 204 basis points sequentially to 22.2% and adjusted free cash flow of $155M

• Annaly Inc. (NLY) Q3 book value per common share $17.86; Q3 pre-tax loss $984.4M; Q3 net interest income $543.6M
• Bank OZK (OZK) Q3 EPS $1.50 vs. est. $1.43 (beat); NII $403Mm vs est $397.43Mm (above est.); NIM 4.24%
• Capital One Financial (COF) Q3 adj. EPS $6.69 vs. est. $5.50 (beat); revenue $16.34B vs. est. $16.2B (beat); NII $12.9B vs est $12.732B; NIM 8.41%; net charge-offs $3.1B; Discover integration continues to go well; 30+ day performing delinquencies rate for Auto 4.64% at Sept end.
• Chubb Inc. (CB) Q3 adj. EPS $7.66 vs est $6.81, +0.8% YoY; net premiums written $15.1B vs est $13.801B, +1.9% YoY, with P&C +1.9% and Life +1.4%; P&C combined ratio 84.1%; ROE 15.3%.
• East West Bancorp (EWBC) Q3 EPS $2.76 vs. est. $2.72; Q3 revs rose 6% y/y to $823M vs. est. $811.1M; Q3 Quarter-end deposits increased 7% y/y to a record $71.5B, while loans grew 7% to a record $59.7B; Q3 provision for credit losses jumped 36% from the previous quarter to $45M.
• Hancock Whitney (HWC) Q3 adj. EPS $1.66 vs. est. $1.66 (in line); revenue $420.118Mm vs. est. $421.744Mm (miss); NII $313.107Mm vs est $323.45Mm; NIM 3.61%; adj. PPNR $189.3Mm; CET1 11.53%; FY26 NII growth guidance 9%-9.5% vs est +8.79%.
• Metropolitan Bank (MCB) reports Q3 EPS $2.58, tops consensus $2.38; Q3 revs $100.6M vs. consensus $97.1M; Q3 net interest income rose 26.3% y/y; Q3 Net interest margin expanded to 4.36% from 3.88% y/y citing higher yields on loans and securities, elevated prepayment penalties and deferred fee recognition from increased loan payoffs.
• Nicolet Bankshares (NIC) Q3 core EPS $3.15 tops consensus $3.05; Q3 revs $175.02M vs. est. $141.28M; Q3 Net interest income climbed 79% y/y to $142.23M while noninterest expense fell 12% q/q to $91.3M, primarily due to lower merger-related costs and debt-redemption losses.
• QCR Holdings (QCRH) Q3 adj. EPS $2.21 vs. est. $2.09 (beat); revenue $99.174Mm vs. est. $81.793Mm (beat); NII $68.7Mm vs est $72.7Mm (miss).

• Integra LifeSciences (IART) lowers FY26 adjusted EPS view to $2.30-$2.40 from $2.40-$2..00; lowers FY26 revenue view to $1.634B-$1.654B from $1.654B-$1.695B (est. $2.38/$1.66B); FY26 revenue guidance represents a reported growth of (0.1%)-1.2% and organic growth of (-0.3%) to (0.9%).
• Intuitive Surgical (ISRG) Q3 adj. EPS $3.00 vs. est. $2.64 (beat); revenue $3.049B vs. est. $2.906B (beat); adj. operating Income $1.27B vs est $1.129B; da Vinci systems shipped 546; FY26 worldwide da Vinci procedure growth guidance 14%-15%; FY26 adj. gross margin guidance 68.7%-69.3%; booked $450Mm class-action settlement charge.
• Thermo Fisher (TMO) Q3 adj EPS $6.68 vs. est. $6.40; Q3 revs $12.4B vs. est. $11.95B; said Q3 results were driven by launches of new products including Orbitrap Isora mass spectrometer, EMPAD G2 electron detector, EliA CTD 13 Screen autoimmune test, and Ion 560 sequencing chip.

• AT&T Corp. (T) Q3 adjusted EPS $0.65 vs. est. $0.60; Q3 revs rose 5.3% y/y to $32.3B vs. consensus $31.65; added 379,000 net monthly bill-paying wireless subscribers during the third quarter, largely in line with the 379,300 consensus; now expects annual adjusted profit per share of about $2.40, compared with its prior forecast of $2.25 to $2.35; said 442,000 new fiber internet users and 327,000 new fixed wireless subscribers added in the third quarter.
• Micron’s (MU) Taiwan unit and a union representing workers at its Taichung operations have reached a labor agreement, prompting both sides to withdraw from mediation scheduled for Oct. 22. The agreement covers multiple issues, but its terms were not disclosed.
• Nvidia (NVDA) announced plans with a group of supply chain partners to expand global manufacturing capacity to meet growing demand for its accelerated computing and full-stack AI factory platform. Working with Amkor Technology (AMKR), IBIDEN, King Yuan Electronics, Samsung Electro-Mechanics, Siliconware Precision Industries and Unimicron Technology Corp.
• Pegasystems (PEGA) Q3 net income fell -68% y/y to $14.09M while revs rose to $393.3M below consensus $421M; Q3 EPS $0.35 vs. est. $0.48; annual contract value climbed 20% y/y to $975.99M at September 30; total ACV increased 6% to $1.65B; attributed weaker-than-expected ACV growth through the first three quarters largely to go-to-market execution challenges; warned that greater scrutiny of large technology investments could continue to hurt ACV growth and cash generation for the rest of 2026.
• SuperMicro (SMCI) shares jump after guides Q1 revs at $18.5B-$19.50B vs. guidance of $14.5B-$15.50B primarily due to increased demand for AI platforms and sees Q1 gross margins estimated at 12.0%-12.5% versus guidance of 10.4%-10.8% (DELL, HPE among companies rising on guidance).