Morning Preview: October 22, 2026

Early Look

Thursday, October 22, 2026

U.S. stock futures are broadly lower, as a spike in oil/energy prices amid escalating conflict in the Middle East raises renewed inflation/borrowing costs concerns, with Nasdaq futures down -1.6% and S&P futures down around 1% ahead of another busy day of earnings. What looked like it was going to be a strong start for markets this morning after Tesla (TSLA), Meta (META), IBM and Texas Instruments (TXN) all reported earnings/guidance results that lifted shares after the close last night, has quickly turned negative, with many of those names now lower as macro concerns have taken center stage. Meta Platforms beat Wall Street’s expectations, reported record combined revenue, and raised the lower end of its capital expenditure range, but also announced a new class of stock to fund its AI push, sending shares lower. The NY Times reported the U.S., and Israeli militaries have developed specific plans for renewed strikes against Iran after the American midterm elections, according to U.S. officials and other people briefed on the deliberations. As planning for a short but intensive operation progresses, the U.S. and Israeli militaries have stepped up exercises, flying planes over Iraq to practice strike maneuvers. In Asian markets, The Nikkei Index tumbled -1,713 points or 2,65% to 62,907, the Shanghai Index fell -55 points to 3,658, the Kospi fell -3.7% to 858 and the Hang Seng Index dropped 0717 points or over 3% to 22,934. In Europe, the German DAX is down -275 points to 25,370, while the FTSE 100 is down -50 points to 10,703. Brent crude futures up 2.8% at $111.88/barrel, after touching their highest since May, while US West Texas Intermediate crude rises 2.4% to $99.48/barrel after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to crude oil supplies from the world’s key exporting region

• The Dow Jones Industrial Average rose 360.21 points, or 0.69%, to 52,856.09
• The Nasdaq Composite gained 278.04 points, or 1.05%, to 26,702.86
• The Russell 2000 Index advanced 7.61 points, or 0.27% to 2,781.03

• 8:30 AM ET                  Continuing Claims…est. 1.72M
• 10:00 AM ET                Leading Index M/M for September…est. (-0.1%)
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                Kansas City Fed Manufacturing for October…prior 20

• Earnings After the Close: ABCB AMTB APPF ASB BBD BE BY BYD COLB CUBI DECK EBC ENVA FIBK GBCI HTH JAKK KN KNSL KRC MRTN MXL NEM ORC PINE REXR RNG SAM SIGI SLM SPFI SRCE SSNC USCB UVE VRSN WDC WSFS

• Las Vegas Sands (LVS) Q3 EPS $0.48 vs. est. $0.69; Q3 revs fell -3.45% y/y to $3.22B missed consensus $3.33B; Q3 operating profit $618M vs. est. $731.1M; Q3 adj Ebitda $1.12B; raises dividend to $0.36.
• Rollins Inc. (ROL) Q3 adj EPS $0.34, in-line with consensus on revs $1.1B, also in-line; Q3 adj Ebitda $257M vs. est. $260.5M; said disappointed with Q3 performance and are acting with urgency to address challenges impacting our results; residential customer acquisition remained under pressure.
• Southwest Airlines (LUV) Q3 adj. EPS $0.66 vs. est. $0.57 (beat); revenue $8.422B vs. est. $8.250B (beat); adj. operating Income $452Mm vs est $365.61Mm; capacity -0.4% Y/Y; traffic -0.4%; load factor 79.8%; fuel cost $3.92/gallon; Q4 adj. EPS outlook $0.55-0.80 vs. est. $0.81 (below); Q4 RASM growth 19%-21% Y/Y, CASM-X 4.0%-4.5%, capacity growth 3%-4% and assumed fuel cost approximately $4.55/gallon; FY adj. EPS outlook $2.60-2.85 vs. est. $2.83 (midpoint below).
• Wyndham Hotels (WH) Q3 adj EPS $1.43 vs. consensus $1.31 and revs $410M vs. est. $407.96M; raises FY26 adjusted EPS view to $4.84-$4.92 from $4.71-$4.83; raises FY26 RevPAR growth view to 0.5%-1% from 0%-1%; sees FY26 y/y rooms growth about 4% vs. prior view of 4%-4.5%.

• CSX Corp. (CSX) Q3 adj. EPS $0.44 vs est $0.53; revenue $4.020B vs. est. $3.962B (beat); operating Income $1.57B; sees FY CAPEX below $2.4B and FCF growth greater than 80%; sees FY revs +high-single digit % vs est +8.39%.
• Dow Inc. (DOW) Q3 operating EPS $0.71 vs. est. $0.64; Q3 revs $11.27B vs. est. $11.22B; Quarterly net sales from its packaging and specialty plastics segment rose over 18% to $5.8B y/y.
• Element Solutions (ESI) Q3 adj EPS $0.50 vs. est. $0.48; Q3 revs $995.3M vs. est. $957.21M; now expects full year 2026 adjusted EBITDA to be approximately $720M, inclusive of full year contributions from the Micromax and EFC acquisitions and assuming stable exchange rates and metal prices, and an adjusted EPS growth rate of over 20% for the full year.
• Graco Inc. (GGG) Q3 adj EPS $0.81 vs est $0.82 on revs $586.4Mm vs est $588.04Mm; sees Q4 revenue $610M-$640M, vs. consensus $642.41M.
• Hexcel (HXL) Q3 EPS $0.50, in-line with consensus while revs rose 9% y/y to $496M below consensus $502.1M; affirms FY26 EPS view of $2.30-$2.40, vs. consensus $2.09 and affirms FY26 revenue view of $2.025B-$2.125B, vs. consensus $2.09B; share repurchase raised to $750M
• Honeywell Technologies (HON) Q3 adj EPS $2.27 tops consensus $2.16; Q3 revenue $4.99B, vs. consensus $5.01B; Q3 operating margin of 14.8%, up 640 basis points; raises FY26 adjusted EPS view to $8.40-$8.45 from $8.05-$8.35, boosts FY26 revenue view to $20B-$20.1B from $19.8B-$20B, vs. consensus $20.15B and backs FY26 operating cash flow view $2.1B.
• Kaiser Aluminum (KALU) Q3 adj EPS $1.89 vs. consensus $2.37 on in-line revs $1.2B; backs FY26 adjusted EBITDA growth view 45%-55% as results are now expected toward the lower end of the range due to planned operational outages, execution performance, customer year-end inventory alignment and metal-related headwinds.
• Kinder Morgan (KMI) Q3 adj. EPS $0.35 vs. est. $0.32 (beat); revenue $4.531B vs. est. $4.377B (beat); adj. EBITDA $2.18B vs est $2.077B; operating Income $1.16B; expansion project backlog $14.4B with $5.4B of additions announced; quarterly dividend $0.2975/share; FY adj. EPS outlook maintained at $1.36 vs. est. $1.54 (below); FY adj. EBITDA outlook $8.6B vs est $9.049B.
• Knight-Swift Transport (KNX) Q3 adj. EPS $0.83 vs. est. $0.76 (beat); revenue $2.20B vs. est. $2.16B (beat), +14% Y/Y; adj. operating Income $198.5Mm; Q4 adj. EPS outlook $0.78-0.84 vs. est. $0.82 (midpoint below).
• Lockheed Martin (LMT) Q3 EPS $7.97 vs. est. $7.52; Q3 revs $20.7B vs. est. $20.46B; boosts FY26 EPS view to $30.35-$30.75 from ~$29.95-$30.65 (est. $30.45) and raises FY26 revenue view to $80B-$82B from $79.75B-$81.75B, vs. consensus $81B; also raises FY26 free cash flow view to $7.8B-$8B from $7B-$7.2B.
• Reliance Steel (RS) Q3 adj. EPS $8.02 vs. est. $6.66 (beat); sales $5.213B vs. est. $4.658B (beat); adj. gross margin 28%; FCF $133Mm; Q4 adj. EPS outlook $7.40-7.60 vs. est. $5.87 (above).
• Valero (VLO) Q3 adj EPS $23.90, tops consensus $21.18 on revs $46.1B, well above consensus $41.74B; posted its highest-ever quarterly profit, beating Wall Street expectations, as disruptions caused by the Middle East conflict sent refining margins soaring during the third quarter.
• Waste Connections (WCN) Q3 adj EPS $1.58 vs. est. $1.52; Q3 revs $2.64B vs. est. $2.61B; raised dividend by 10% and repurchased over $1B in shares year to date; said strong execution, improving solid waste landfill volumes and further strength in commodity-related rev drive results and increase to full-yr outlook; sees 2026 capex around $1.25B.

• Fulton Financial (FULT) Q3 adj EPS $0.59 vs. est. $0.53; Q3 net interest income $290M, net interest margin 3.58%, CET1 capital ratio 12.2% and credit loss provision $4M.
• Globe Life (GL) Q3 adj. EPS $4.84 vs. est. $4.88 (miss); revenue $1.596B vs. est. $1.538B (beat); premium revenue $1.311B vs est $1.313B, +7% Y/Y; FY26 adj. EPS outlook $15.35-15.65 vs. est. $15.71; FY26 planned buybacks $725Mm-775Mm; sees FY27 adj EPS $16.10-17.10 vs est $16.50.
• Pinnacle Financial (PNFP) Q3 adj EPS $2.69 topped consensus $2.62 and reported Q3 revenue $1.31B vs. consensus $1.28B; Q3 net interest Income $986M; Q3 net interest margin 3.4%
• SEI Investments (SEIC) Q3 adj. EPS $1.64 vs. est. $1.55 (beat); revenue $662.043Mm vs. est. $657Mm (beat), +14% Y/Y; adj. operating Income $208.5Mm; board approved $800Mm increase to stock repurchase program, bringing total authorization to $926Mm.
• Texas Capital BancShares (TCBI) Q3 adj EPS $2.35 tops consensus $1.95; Q3 revenue $356.63M, above consensus $339.88M; Q3 CET1 capital ratio 12.2%; Q3 net interest income $275M, net interest margin 3.44% and provision for credit losses $17M.
• United Rentals (URI) Q3 EPS $15.55 above consensus $14.03; Q3 revs $4.89B vs. est. $4.71B; raises FY26 revenue view to $18.0B-$18.2B from $ $17.5B-$17.8B (est. $17.76B) and boosts FY26 adjusted EBITDA view to $8.3B-$8.4B from $7.975B-$8.125B.

• Medpace Holdings (MEDP) Q3 EPS $4.84 vs. est. $4.44 (beat); revenue $716Mm vs. est. $716Mm (in line); EBITDA $172.1Mm vs est $160.5Mm; operating Income $165.5Mm; FY EPS outlook $17.97-18.32 vs. est. $17.61 (above); FY revenue outlook $2.835B-2.855B vs. est. $2.85B (midpoint below); FY EBITDA outlook $638Mm-652Mm vs est $628.27Mm.
• Molina Healthcare (MOH) Q3 adj. EPS $0.89 vs. est. $0.74 (beat); revenue $11.08B vs est $10.808B; premium revenue $10.457B; operating Income $106Mm; FY adj. EPS outlook at least $5.25 vs. est. $5.24; FY premium revenue outlook $42B.

• IBM Corp. (IBM) Q3 adj. EPS $2.95; revenue $17.100B vs. est. $16.822B (beat); adj. gross margin 58.5%, down 20bps; software revenue $7.8B, +8% Y/Y; Consulting revenue $5.34B, flat Y/Y; infrastructure revenue $3.7B, +4% Y/Y; operating cash flow $4.0B; FCF $3.0B; YTD operating cash flow $11.8B and FCF $7.8B; FY constant-currency revenue growth outlook maintained at 4%-5%; now expects FY FCF to increase more than $1B Y/Y.
• Lam Research (LRCX) Q1 adj. EPS $2.20 vs. est. $2.18 (beat); revenue $8.219B vs. est. $8.153B (beat); Q2 adj. EPS outlook $2.18-2.48 vs est $2.31; Q2 revenue outlook $8.2B-9.0B vs est $8.533B.
• Texas Instruments (TXN) Q3 EPS $2.62 vs. est. $2.44 (beat); revenue $6.055B vs. est. $5.920B (beat), +28% Y/Y; operating Income $2.87B; operating cash flow $3.42B; FCF $2.96B; Q4 EPS outlook $2.45-2.79 vs. est. $2.30 (above); Q4 revenue outlook $5.8B-6.3B vs. est. $5.73B (above).
• Crown Castle (CCI) Q3 adj FFO $1.24 and revs $995M; Sees FY outlook for adj EBITDA of $2.72 billion; sees FY outlook for adj FFO per share of $4.60; sees FY outlook for site rental revenues of $3.88 billion and sees FY outlook for adj FFO of $1.98 billion; raises FY26 AFFO view to $4.60 from $4.59, consensus $4.57 and ups FY26 adjusted EBITDA view to $2.72B from $2.69B.
• SAP AG (SAP) Q3 basic earnings per share rose 14% y/y to €1.96, while total revenue climbed 13% to €10.27B; Q3 IFRS operating profit increased 18% to €2.93Bl; Q3 cloud revenue jumped 26% to €6.6B, benefiting mainly from a multi-quarter catch-up from customers; expects 2026 cloud revenue toward the upper end of its EUR 25.8 billion–EUR 26.2 billion guidance at constant currencies; Cloud and software revenue is forecast toward the upper end of the EUR 36.3 billion–EUR 36.8 billion.
• Spotify (SPOT) Q3 revenue of €4.97 billion in the quarter, compared with estimates of €4.98B; guides Q4 operating income of €820 million ($920.53 million), compared with analysts’ average estimate of €813.4 million; reported Q3 operating income of €672 million, in line with Visible Alpha-compiled analysts’ average estimate of €671.8 million.