Morning Preview: October 28, 2026

Early Look

Wednesday, October 28, 2026

U.S. markets are looking higher on this Fed day following a round of mixed earnings overnight/this morning. All eyes are on the Federal Reserve’s interest rate decision, set for 2 p.m. ET on Wednesday, along with the accompanying policy statement and press conference from Fed Chair Kevin Warsh. Expectations are for no rate hikes today, but likely a call for hikes at the December meeting to slow inflation. Traders will also be closely watching big tech earnings, with Microsoft (MSFT) and Alphabet (GOOGL) both set to report their latest results after the closing bell on Wednesday. Last night was a mixed bag of earnings in the tech space as the AI trade looks to continue to recover after a rough 1^st half of October. Shares of Vertiv (VRT) and SK Hynix (SKHY) are rising post results while other semi plays NXPI, TER and STX in HDD drives slide on results (but off overnight lows). Sentiment in the tech trade has markedly improved this week, with the S&P 500 and Nasdaq posting back-to-back gains. Semiconductor stocks drove the rally on Tuesday. In Asian markets, The Nikkei Index advanced 685 points to 63,954, the Shanghai Index rises 33 points to 3,681, the Korean Kospi jumps 7.4% to 946, and the Hang Seng Index rises 53 points to 23,094. In Europe, the German DAX is down -14 points to 25,576, while the FTSE 100 slips -33 points to 10,652. WTI crude +1.7% to $101.62 per Barrel after the WSJ reported the U.S. warns Gulf of Possible Short, intense renewal of Iran war after midterms. There are new signs that the American and Israeli militaries are preparing a potential Wave of strikes to muscle Tehran to the negotiating table

• The Dow Jones Industrial Average rose 15.99 points, or 0.03%, to 52,377.57
• The Nasdaq Composite gained 308.43 points, or 1.18%, to 26,477.81
• The Russell 2000 Index advanced 32.45 points, or 1.16% to 2,818.87

• 8:30 AM ET                  Advance Goods Trade Balance for September
• 10:30 AM ET                Weekly EIA Inventory Data
• 2:00 PM ET FOMC Interest rate decision, no rate change expected

• Earnings After the Close: AEM AGI AIN ALGN ALKT ALRS AM AMRZ AR AUR AWK AXS BELFA BHC BHE BN BNL CBAN CCS CHDN CLB CLPT CMG CMPR CNMD CNXN COHU CP CSL CVNA CYH EBAY EFOR EG EGO EHC EPAC EPR EQIX F FCPT FDX FLS FORM FTNT GEN GFL GKOS GOOGL HDSN HLI HONA INVH KGC KLAC KREF LXU MAA MAZ MGM MGRC MORN MSFT MTH MUSA MYRG NEO NNBR NOW NXT OLED ORLY PBI PFS PI PLXS PPC PRCH PTEN QTWO QUAD RJF RM RSI SCI SFM SIMO STRL TDOC TENB THG TMUS TYL UFPI VICI WEX WFG WHD

• The stock market’s best 6 months of the year start Monday. Since 1950, the Dow Jones Industrial Average has gained an average of about 7% from November through April, versus less than 1% from May through October, according to the Stock Trader’s Almanac. Put $10,000 into only the good half each year, and it grew to about $1.3M. Put it into only the bad half, and it shrank to about $4,300 https://tinyurl.com/455mu8u4

• Cheesecake Factory (CAKE) Q3 revs $1.03B vs. est. $1.0B; Comparable restaurant sales at The Cheesecake Factory restaurants increased 15.2% y/y in Q3.
• VF Corp. (VFC) Q2 EPS $0.71 v. est. $0.54; Q2 revs $2.7B vs. est. $2.67B; reaffirms its FY27 sales forecast of 2% or better growth in constant currency; adjusted OM of approximately 8%; Normalized free cash flow flat to up vs. LY of $405M; actual free cash flow to be $515M or higher.

• EnerSys (ENS) to acquire Ultralife Corporation (ULBI) in a $320M all-cash transaction where Ultralife shareholders to receive $16 in cash per share.
• Enphase Energy (ENPH) Q3 adj. EPS $0.41 vs. est. $0.51 (miss); revenue $293.3Mm vs. est. $304Mm (miss); adj. gross margin 45%; adj. operating Income $53.6Mm vs est $58.04Mm (miss); Q4 revenue guidance $225-$255Mm vs. est. $299.8Mm (below); adj. gross margin guidance 40%-43%.
• EQT Corp. (EQT) Q3 EPS $0.44 vs. est. $0.36; and revs $1.77B vs. est. $1.82B; raises dividend by 3%; Q3 capital expenditures were 10% below guidance, attributed to reduced upstream and midstream spending and operational efficiency gains; sees Q4 sales volume at 550–600 Bcfe, including 10–20 Bcfe curtailments; expects Q4 maintenance capex of $540–$610M, growth capex of $185–$225M.
• Expand Energy (EXE) Q3 adj. EPS $1.46 vs. est. $1.27 (beat); revenue $3.286B vs. est. $2.609B (beat); adj. EBITDAX $1.23B vs est $1.165B; FY26 production guidance 7.45-7.55 Bcfe/d; capital investment guidance approximately $3B; expects 11-12 rigs.
• First Energy (FE) Q3 revs $4.6B vs. est. $4.25B; reaffirms core earnings compound annual growth rate near top end of 6% – 8% through 2030; expects at least 25% increase in $19 bln transmission investment plan for 2027–2031.
• GE Vernova (GEV) reports Q3 EPS $4.81 topping consensus $4.01; Q3 revenue $12.64B, above consensus $12B; reports orders of $29B, up 96% organically. announced that it has signed an agreement to acquire Trench Group, a global leader in high-voltage grid equipment, from investment firm Triton Partners for $9B; raises FY26 revenue view to $46.5B-$47.5B from $45.5B-$46.5B (est. $46.32B); now sees adjusted EBITDA margin of 13.5%-14.5%, up from 12%-14%, and free cash flow of $16-$17B, up from $11.5-$12.5B. Segment guidance is: Power: 19%-21% organic revenue growth, up from 18%-20%, and 19%-21% segment EBITDA margin, up from 17%-19%.
• ONEOK (OKE) Q3 adj EPS $2.13 vs. est. $1.57 and Ebitda $2.24B vs. est. $21.5B; raised 2026 financial guidance after strong year-to-date performance and Brazos acquisition; said Q3 results driven by higher NGLs, refined products, and natural gas volumes, plus increased optimization; raises 2026 net income guidance to $4.09B-$4.27B and lifts 2026 adjusted EBITDA outlook to $8.5B-$8.6B.

• Arch Capital (ACGL) Q3 EPS $2.67, vs. consensus $2.30; Q3 net income available to common shareholders fell 24% y/y to $1.03 billion; Q3 Net premiums earned declined 6% y/y to $4.01B; Q3 net investment income rose 11% y/y to $451 million.
• CoStar Group (CSGP) Q3 adj. EPS $0.38 vs. est. $0.34 (beat); revenue $952Mm vs. est. $946.2Mm (beat); adj. EBITDA $229Mm vs est $204.79Mm (beat); gross profit $741Mm; Q4 adj. EPS guidance $0.46-$0.50 vs. est. $0.49 (midpoint below), revenue $976-$996Mm vs. est. $985.1Mm (midpoint above), adj. EBITDA $275-$295Mm vs est $287.23Mm; raised FY26 adj. EPS guidance to $1.38-$1.41 vs. est. $1.37 (above), revenue to $3.75B-$3.77B vs. est. $3.755B (midpoint above), adj. EBITDA to $820-$840Mm vs est $807.83Mm (above); agreed to acquire Vexcel for approximately $730Mm cash
• ExlService Holdings (EXLS) Q3 adj. EPS $0.62, +28.5% YoY, vs. est. $0.57 (beat); revenue $634Mm, +19.7% YoY and +6.6% QoQ, vs. est. $615.4Mm (beat); constant-currency revenue +19.9% YoY; adj. operating margin 19.3% vs. 19.4% YoY and 19.7%; raised FY26 adj. EPS guidance to $2.34-$2.36 from $2.25-$2.29 vs est $2.29 (above) and revenue to $2.430B-$2.440B from $2.390B-$2.415B vs est $2.41B
• LPL Financial (LPLA) Q3 adj. EPS $5.97 vs. est. $5.74 (beat); revenue $5.34B vs. est. $5.35B (miss); gross profit $1.662B; EBITDA $415Mm.
• Robinhood Markets (HOOD) Q4 EPS of $0.60 topped $0.56 consensus estimate as revs rose 12% y/y to $1.42B vs. est. $1.43B; Q3 ARPU increased 5% y/y to $200; Q3 Expenses climbed 16% to $739M, driven by higher marketing costs; Crypto transaction revenue dropped 55%, while total transaction revenue climbed 19% to $867M; Net Deposits were $15.7B, an annualized growth rate of 17%.
• Ventas (VTR) Q3 normalized FFO/share $0.99 vs. est. $0.98 (beat); revenue $1.832B vs. est. $1.757B (beat); FY26 FFO/share guidance $3.83-$3.86 vs est $3.88.
• Visa Inc. (V) Q4 adj EPS $3.48 vs. est. $3.44; Q4 revs rose 13% y/y to $12.1B, in-line with consensus; quarterly cash dividend increased 16% to USD 0.780 per share; Q4 payments volume up 9 % on constant-dollar basis; Q4 total cross-border volume up 14% on constant dollar basis and Q4 processed transactions up 10 % on constant dollar basis.
• WP Carey (WPC) Q3 AFFO/share $1.33, +6.4% YoY, vs. est. $1.30 (beat); revenue including reimbursable costs $468.3Mm, +8.6% YoY, vs. est. $446.5Mm (beat); AFFO $308.2Mm; raised and narrowed FY26 AFFO/share guidance to $5.23-$5.29 from $5.19-$5.27 vs est $5.40; raised investment-volume guidance low end by $100Mm to $1.8B-$2.1B; Q3 investments $181.9Mm and subsequent investments $143.2Mm; quarterly dividend/share $0.950, +4.4% YoY.

• Boston Scientific (BSX) Q3 adj EPS $0.73 vs. est. $0.72; Q3 revs $5.14B vs. est. $5.05B; cuts FY26 adjusted EPS view to $3.16-$3.18 from $3.28-$3.32 and cuts FY26 revenue view to up 4.25% from up 5.5%-6.5%; now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 4.25% on a reported basis and approximately 3.75% on an organic basis.
• Dyne Therapeutics (DYN) downgraded to Perform from Outperform with a price target of $15, down from $40. Although the firm views Dyne’s DM1 therapy as superior to Novartis’ (NVS) which failed, its conviction in ACHIEVE-REC is tempered by its new DM1 natural-history analysis that suggests placebo vHOT variability could lower REC’s power to 55%;
• GE HealthCare (GEHC) raises FY26 adjusted EPS view to $4.95-$5.05 from $4.80-$5.00 vs. FY26 consensus $4.92. Raises FY26 organic revenue growth view to about 4% from 3%-4% compared to consensus $21.72B.
• Rapport Therapeutics (RAPP) prices $175 mln common stock offering at $21 per share and prices $25 mln pre-funded warrants at $21 per warrant.
• Universal Health Services (UHS) Q3 revs rose 5.3% y/y to $4.73B vs. est. $4.71B; Q3 Ebitda was $640.4M, as compared to $684.2M during the third quarter of 2025.

• Landstar Systems (LSTR) Q3 EPS $1.42 misses consensus of $1.66 on sales rising 25% y/y to $1.51B vs. est. $1.47B; Truck revenue rose 29% y/y, with van and platform equipment revenue each up over 30%; Q3 results were negatively impacted by elevated insurance and claim costs, including adverse actuarial adjustments and prior year settlements.
• PPG Industries (PPG) Q3 adj EPS $2.25 vs. est. $2.12; Q3 revs rose 7% y/y to $4.35B vs. est. $4.29B; raises full-year adjusted EPS guidance to $7.90-$8.10; said expects Q4 organic sales growth of a low single-digit percentage; sees Q4 adjusted EBITDA margin flat to up 100 basis points y/y.
• Waste Management (WM) Q3 adj EPS $2.15 vs. est. $2.18 and revs $6.85B vs. est. $6.81B; Q3 adj Ebitda margin 31%; guides FY revs $26.275B-$26.475B vs. est. $26.4B.
• Werner Enterprises (WERN) Q3 adj EPS $0.16, in-line with consensus on revs $950.5M vs. est. $956.6M; adj net income $9.5M vs. est. $13.5M; Revenue growth driven by TTS segment gains and FirstFleet acquisition, offset by higher fuel costs.

• Google (GOOGL) rises after the Information reported OpenAI planning to purchase AI chips from Google. The report notes that OpenAI has been a long-time customer of Nvidia (NVDA)
• Intapp (INTA) Q1 EPS $0.44 vs. est. $0.40; Q1 revs $161.3M vs. est. $159.6M; raises FY27 EPS view to $1.64-$1.68 from $1.58-$1.62, consensus $1.60 and boosts FY27 revenue view to $658.2M-$662.2M from $656.5M-$660.5M, vs. consensus $659.1M.
• Manhattan Associates (MANH) Q3 adj. EPS $1.55 vs. est. $1.46 (beat); revenue $306.2Mm vs. est. $297.1Mm (beat); elects Juan Perez to BoD.
• NXP Semiconductor (NXPI) Q3 adj. EPS $4.20 vs. est. $4.09; revenue $3.786B vs. est. $3.760B; adj. gross margin 58.6%; adj. operating Income $1.41B vs est $1.373B and margin 37.1%; Q4 revenue outlook $3.75-3.95B vs. est. $3.86B and adj. EPS $4.14-4.58 vs est $4.32; board authorized $5B share repurchase program in October.
• Onsemi (ON) is in talks to acquire 16-Year old, AI power-management startup Ferric for nearly $1B, The Information reports.
• Seagate Technologies (STX) Q1 adj. EPS $7.68 vs. est. $7.42 (beat); revenue $4.233B vs. est. $4.138B (beat); gross margin 57.3%; operating margin 48.8%; Q2 adj. EPS guidance $9.00-$9.40 vs. est. $8.58 (above); revenue guidance $4.7B-$4.9B vs. est. $4.527B (above); dividend/share $0.74.
• Sensata Tech (ST) Q3 adj. EPS $1.13 vs. est. $0.97 (beat); organic revenue +6.8%, including 260bps from termination payment; adj. operating Income $215.3Mm; operating cash flow $225.3Mm; FCF $198.3Mm; Q4 adj. EPS guidance $0.95-$0.99 vs. est. $0.97, revenue $942-$972Mm vs. est. $968.97M
• SK Hynix (SKHY) shares rise; will return about $75 billion to shareholders this year, it said on Wednesday, after reporting a more than seven-fold jump in quarterly profit; reported operating profit of 83.3 trillion won for July to September, a quarterly record, versus 11.4 trillion won in the same period a year earlier (vs. 76.7 trillion won Estimate); revenue rose 328% to 104.6T won.
• China’s CXMT plans to start limited HBM3E production within two months despite yields of just 20%–30%, versus around 70% at SK Hynix. The move reflects China’s shortage of advanced memory needed to scale domestic AI chip production. CXMT has already sent samples to several Chinese AI chip designers.
• Teradyne (TER) Q3 adj. EPS $2.29 vs. est. $2.08 (beat); revenue $1.306B vs. est. $1.265B (beat); gross profit $771.3Mm; Q4 adj. EPS guidance $1.95-$2.25 vs. est. $2.06 (midpoint above); revenue guidance $1.25B-$1.35B vs. est. $1.265B (midpoint above).
• Ultra Clean Holdings (UCTT) Q3 adj. EPS $1.15 vs. est. $0.94 (beat); revenue $759Mm, +49% YoY and +18% QoQ, vs. est. $728.1Mm (beat); adj. gross profit $131.5Mm; adj. gross margin 17.3% vs. 16.7% QoQ; adj. operating Income $68.6Mm vs est $60.52Mm (beat); adj. operating margin 9.0% vs. 7.0% QoQ; Q4 adj. EPS guidance $1.11-$1.35 vs. est. $1.16 (midpoint above); revenue guidance $800-$860Mm vs. est. $816.5Mm (midpoint above).
• Vertiv (VRT) shares jump; Q3 adj EPS $2.21 tops est. $1.82 and revs $4.31B above consensus $3.76; sees Q4 EPS $2.22-$2.28, vs. consensus $2.21 and raises FY26 adjusted EPS view to $7.10-$7.20 from $6.65-$6.75 (est. $6.73), raises FY26 revenue view to $14.45B-$14.85B from $13.8B-$14.2B (est. $14B) and raises FY26 adjusted free cash flow view to $2.6B-$2.8B from $2.4B-$2.6B.