Morning Preview: October 27, 2026

Early Look

Tuesday, October 27, 2026

U.S. stock index futures were mixed overnight as investors looked ahead to a busy week of economic data, the Federal Reserve’s monetary policy decision, and earnings from major technology companies. However, futures have since bounced and WTI crude pulling back to flat on reports Iran supreme leader calls for meeting conditions to end the war. Earnings season really kicks into gear this week with about 1/3 of the S&P 500 index set to report the remainder of the week, with highlights from AMZN, GOOGL and MSFT later in the week. The Federal Reserve will announce its monetary policy decision on Wednesday after its two-day meeting begins on Tuesday. Investors will assess the central bank’s decision for clues about the outlook for interest rates. The economic calendar includes Durable Goods Orders, the Case-Shiller Home Price Index, the FHFA House Price Index, New Home Sales, and Consumer Confidence.

In Asian markets, The Nikkei Index jumped 1,078 points or 1.73% to 63,268, the Shanghai Index fell -49 points to 3,648, the Korean Kospi gained 3.47% to 881 and the Hang Seng Index fell -170 points to 23,041. In Europe, the German DAX is down -17 points to 25,393, while the FTSE 100 falls -99 points to 10,668. Treasury yields are flat ahead of tomorrow’s FOMC rate meeting, but overall, the 10y yield is down more than 30bps in October and set to snap a seven month rising streak, after the AI selloff, the crisis in France and tensions in the Middle East all drew demand into US government debt. Oil prices fell overnight as senior officials from several countries met in Iran in a bid to revive talks and prevent a broader escalation, but have since reversed higher, with Brent above $116 per barrel. Gold futures fell after recovering Monday as softer oil prices eased inflation concerns following last week’s sharp losses.

• The Dow Jones Industrial Average rose 146.42 points, or 0.28%, to 52,361.58
• The Nasdaq Composite gained 214.04 points, or 0.82%, to 26,169.38
• The Russell 2000 Index advanced 10.53 points, or 0.38% to 2,786.43

• 8:30 AM ET                  Durable Goods Orders M/M for September…est. +1.7%
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Prices M/M for August
• 9:00 AM ET                  CaseShiller 20-city index for August…est. +0.3%
• 10:00 AM ET                Consumer Confidence for October…est. 81.0
• 10:00 AM ET                New Home Sales M/M for September…est. 650K
• 10:00 AM ET                Richmond Fed Index for October…prior (-2)
• 1:00 PM ET US Treasury to sell $70B in 5-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL APAM BANC BBAI BBNX BKR BOOM BUSE BXP CAKE CHE CR CSGP CTO CZR ENPH EQT ESS EXE EXLS EXR FCF FE FFBC FFIV HAFC HIW HOOD ICLR INTA IVT KIDS LOGI LPLA LSTR LUNG MANH MCRI MIR NBHC NBR NOV NTB NXPI OCFC OI OKE ORN PDS PPG RBBN RNR ROG RRC RUSHA SKHY ST STAG STX TER TRMK UCTT UHS UMBF V VTR WERN WM WPC ZWS

• South Korean GDP printed +1.0% QoQ in Q3 (est. +0.8%, prev. +0.6%), YoY slowed to +3.4% (est. +3.1%, prev. +3.7%). Chip capex and exports led the period. Facilities investment rose +4.1% QoQ (prev. +0.2%) on semiconductor manufacturing equipment, and exports rose +2.3% (prev. +1.3%).
• The United States and Canada are negotiating potential relief from U.S. tariffs on Canadian steel and automobiles, Reuters reported Monday. The discussions cover duties of up to 50% on steel and 25% on autos, with a possible agreement ahead of the November 3 elections. Progress could affect manufacturers and other companies exposed to cross-border trade.

• JetBlue (JBLU) Q3 adj. EPS ($0.60) vs. est. ($0.54) (miss); revenue $2.812B vs. est. $2.83B (miss); operating margin -5.1%; Q4 ASM growth guidance 3%-4%, RASM growth 18%-22%, operating margin expansion 100-200bps YoY, fuel $4.64/gallon and CAPEX $300Mm; FY26 ASM growth guidance 1.5%-2.5%, RASM growth 13.5%-14.5% and fuel $3.95/gallon; targets at least $1 EPS and positive FCF in 2028.
• PriceSmart (PSMT) Q4 EPS $1.21 vs. est. $1.27 (miss); revenue $1.52B vs. est. $1.46B (beat); net merchandise sales $1.48B; operating Income $57Mm; adj. EBITDA $83.5Mm vs est $84.78Mm.
• Royal Caribbean (RCL) Q3 adj EPS $6.57 vs. est. $6.38 and revs $5.59B vs. est. $5.61B; guides Q4 EPS $3.48-$3.58 which is below consensus of $3.65 and guides year EPS $17.85-$17.95 vs. est. $17.79; said 2027 bookings are pacing ahead of historical levels at higher rates; said since last earnings call, booking volumes have increased in mid-teens across all major channels.
• Whirlpool Corp. (WHR) Q3 adj EPS loss (-$0.21) vs. est. $1.01; Q3 revs fell -8.8% y/y to $3.68B vs. est. $3.93B, hurt by an -8.3% decline in 3Q net sales from its North American major domestic appliances segment; announced a 7% Q4 price hike in its North America major domestic appliances segment in its earnings release; cuts its full-year sales guidance by $500M to around $14.5B following the 3Q results.

• Philips Edison (PECO) Q3 core FFO/share $0.71 vs est $0.69; revenue $193.1Mm vs est $191.74Mm; rental Income $188.9Mm; core FFO $100.7Mm; raised FY26 EPS guidance to $1.21-$1.24 vs est $0.90; closed $350Mm three-year unsecured term loan; FY outlook core FFO/SHR $2.75-2.79 vs est $2.77.

• Cincinnati Financial (CINF) Q3 adj. EPS $2.86 vs. est. $1.99 (beat); revenue $3.047B vs. est. $3.029B (beat); combined ratio 90.9%; underwriting profit $240Mm; adj. operating Income $443Mm; quarterly dividend/share $0.94.
• Hartford Financial (HIG) Q3 adj. EPS $3.50 vs. est. $3.18 (beat); revenue $7.22B vs est $7.37B (miss); book value/diluted share $68.31; quarterly common dividend/share increased 12%.
• Northwest Bancshares (NWBI) Q3 adj. EPS $0.35 vs. est. $0.34 (beat); NII $148.95Mm vs est $151.31Mm (miss).
• Principal Financial Group (PFG) net income attributable to shareholders more than doubled y/y to $631.9M and Q3 adj net income $354.8M; Q3 AUM net cash flow swung to an outflow of $10.7 billion from an inflow a year earlier; Q4 common stock dividend rose 8% year over year to $0.85 per share, payable December 18.

• Moderna (MRNA) downgraded to Market Perform from Outperform at William Blair citing valuation for the downgrade with the stock up 545% year-to-date. The firm still believes the interim INTERPATH-001 data of intismeran in combination with pembrolizumab in adjuvant melanoma is supportive of a potential new standard of care if the personalized neoantigen vaccine can be rolled out commercially by both Merck (MRK) and Moderna.

• Greenbriar (GBX) Q4 adj. EPS $0.39 vs. est. $0.76 (miss); revenue $591Mm vs. est. $605.1Mm (miss); adj. EBITDA $72.3Mm vs est $77.92Mm (miss); FY27 EPS guidance $2.75-$3.75 vs. est. $3.63 (midpoint below); revenue guidance $2.8B-$3.2B vs. est. $2.682B (above); operating margin guidance 7%-7.5%.
• Nucor Corp. (NUE) Q3 EPS $5.80 vs est $5.92 (miss); sales $11.250B vs. est. $10.834B (beat); EBITDA $2.28B vs est $2.243B (beat(; Steel mills shipments 7.23M tons; total tons shipped to outside customers down 1%.
• Simpson Manufacturing (SSD) Q3 adj EPS $2.68 vs. est. $2.52; Q3 sales rose to $638.1M vs. est. $625.38M; Q3 operating expenses fell 6% y/y to $150.5M; announced a new $1 billion stock repurchase authorization supersedes the prior $200 million authorization; sees FY 2026 operating margin is projected at 20%–20.5%, including an $11 million gain from a vacant-land sale.
• UPS Corp. (UPS) Q3 adj EPS $1.69, vs. consensus $1.62 and revs rose 6.7% y/y to $22.9B vs. est. $22.28B; raises FY26 adjusted EPS view to $7.28 from $7.22 (est. $7.20) and boosts FY26 revenue view to about $92.6B from approximately $91.2B (est. $91.74B); raises FY26 adjusted free cash flow view to $6.1B from $5.5B.

• Brixmor (BRX) Q3 Nareit FFO/share $0.60 vs. est. $0.59 (beat); revenue $359.598Mm vs. est. $354.875Mm (beat); Nareit FFO $184.6Mm; occupancy reached record highs; raised FY26 FFO/share outlook to $2.36-$2.38 vs est $2.36; dividend increased 7.3%; reported Q3 dividend/share $0.33; long-term same-property NOI growth target at least 4%.
• Public Storage (PSA) Q3 core FFO/share $4.34 vs est $4.26 (beat); revenue $1.37B vs est $1.323B (beat); raised FY26 core FFO/share guidance to $16.90-$17.10 vs est $16.92; increased FY26 same-store NOI outlook by 90bps.
• Welltower (WELL) Q3 FFO $1.68, rising 24.6% y/y, Q3 sales $3,716B vs. est. $3.728B, and Q3 same store NOI grew 15.8%, driven by 21% growth in seniors housing operating portfolio; raised 2026 normalized FFO per diluted share guidance to $6.47-$6.53 from $6.36-$6.44, driven by seniors housing operating outperformance and investment activity; Seniors housing same-store NOI growth is forecast at 21%, up from 20%; total portfolio growth guidance increased to 15.6% from 14.9%.

• Amkor Technologies (AMKR) Q3 EPS $0.76 misses the $0.78 consensus and sales $1.99B vs. est. $2.04B; sees Q4 sales $1.9B-$2.0B vs. est. $2.04B and EPS $0.65-$0.75 vs. est. $0.77; guides full year capex view about $2.5B.
• Applied Materials (AMAT) to increase its strategic investment in Be Semiconductor (BESIY) to about 20% of shares; said does not intend to increase investment beyond 20% or seek board representation.
• Broadcom (AVGO) upgraded to Buy at DA Davidson after Anthropic S1 and raised tgt to $400 from $350 saying reading the Anthropic S1 leads it to believe the IPO will proceed, Anthropic will raise its capital, and next year OpenAI will raise more capital in its own IPO, allowing Broadcom to meet its expectations for the next couple of years.
• Cadence Design Systems (CDNS) Q3 adj. EPS $2.11 vs. est. $2.05 (beat); revenue $1.633B vs. est. $1.613B (beat); adj. operating margin 44.1%; Q4 adj. EPS guidance $2.19-$2.25 vs est $2.03; FY26 adj. EPS guidance $8.37-$8.43 vs. est. $8.15 (above); revenue guidance $6.387B-$6.417B vs. est. $6.32B (above); adj. operating margin guidance 44.2%-45.2%.
• Celestica (CLS) Q3 adj EPS $3.30 vs. est. $2.99; Q3 revs rose 83% y/y to $5.83B vs. est. $5.483B; Q3 adj Ebit margin 8.5%; guides Q4 adj EPS $3.37-$3.57 vs. est. $3.50; sees Q4 revenue $6.275B-$6.575B vs. est. $6.437B due to higher than anticipated customer demand; plans new share buyback program, pending regulatory approval; raises 2026 revenue outlook to $21.0B from $20.5B.
• Cisco Systems (CSCO) expands partner opportunity with new Cisco 360 program updates, high yield customer experience offerings, and Ai-ready innovations
• Intel (INTC) announced that it has entered into a definitive agreement to acquire Classiq, a provider of quantum computing software.
• Meta Platforms (META) said it increased its largest-ever equity fundraising to $97.5 billion as the social media giant aggressively expands its AI infrastructure; said it was increasing the common stock offering it announced on Monday from $22.5 billion to $25 billion, priced at $625.00 per share. Meta also priced its 250 million depositary shares at $50 per share.
• Nvidia (NVDA) and Meta (META) said they would deepen their partnership on the Muse AI assistant and related AI models, with Nvidia investing $3 billion in the Facebook parent’s equity offering. Meta’s Muse models and agents, which run on Nvidia infrastructure, will work more closely with the chipmaker to improve performance and reduce costs.
• Rambus Inc. (RMBS) Q3 EPS $0.84 vs. est. $0.79; Q3 revs rise 22% y/y to $218.3M vs. est. $213.0M; sees Q4 EPS $0.84-$0.92 vs. est. $0.84 and sees Q4 revenue $227M-$233M vs. consensus $224.8M; sees Q4 product revs $127M-$133M; Product and IP offerings expanded for next-generation AI systems, including power-management chips and data center security IP