Morning Preview: October 29, 2026

Early Look

Thursday, October 29, 2026

U.S. markets are starting Thursday lower following yesterday’s Big Tech earnings. Alphabet is down -10% pre-market, while Microsoft gains 3.5% while the semi sector (SOX) appears on track to snap its 4-day win streak. Nasdaq 100 futures are under pressure, while Dow futures just slip following a negative reactions to Caterpillar (CAT earnings as shares fall -8%. Asian markets are mixed, weighed down by semiconductor weakness. Today’s focus is on U.S. PCE inflation, GDP, the ECB rate decision and a packed earnings calendar featuring Amazon, Eli Lilly, Intel and Mastercard. Yesterday, as expected, the Fed held interest rates steady at 3.75%–4.00%, with 2 dissents from Lisa Cook, casting her first dissent for a hike, and Beth Hammack as both preferred a hike.

Nasdaq is down -1% overnight: MSFT beat on most metrics last night lifting shares, while GOOGL shares fell over -9% as Search revenue growth of 12%, below the Street’s 15% estimate, likely restarting fears that generative AI and increasingly personalized bots are impacting search. While MSFT shares jumped on results and GOOGL tumbled, cap-ex guides for both hyperscalers were below consensus as Microsoft capex $39.37B vs. $45.93B expected, $6.56B below consensus, while Alphabet capex $51.36B vs. $55.78B expected, roughly $4.42B below consensus. Overall, Big Tech is expected to pump more than $700 billion this year into building data centers and securing the hardware and energy needed to develop and run AI technologies. Software space pressured by NOW results as shares fall over -15% as they posted net income of $277 million, or 27 cents a share, down from $502 million, or 48 cents a share, the year prior, while revs rose to $4.11B vs. est. $4.09B and security software names down on FTNT print with shares falling -20%.

In Asian markets, The Nikkei Index rose 705 points to 64,659, the Shanghai Index fell -30 points to 3,651, the Kospi fell 10 points or 1.1% to 935, and the Hang Seng Index dropped -136 points to 22,958. In Europe, the German DAX is up 250 points to 25,954, while the FTSE 100 rises 38 points to 10,733. Longer-dated US Treasury yields extended early gains on Wednesday afternoon, after the Federal Reserve signaled confidence in the economy despite leaving interest rates unchanged, cementing expectations for a December hike. Rate futures were last pricing in about an 82% chance of a 25-basis-point hike at the Fed’s next meeting in December.

• The Dow Jones Industrial Average rose 97.53 points, or 0.19%, to 52,475.10
• The Nasdaq Composite gained 72.04 points, or 0.27%, to 26,549.85
• The Russell 2000 Index advanced 12.03 points, or 0.43% to 2,830.91

• 8:30 AM ET                  Continuing Claims…est. 1.72M
• 8:30 AM ET                  Personal Income M/M for September…est. +0.3% (prior +0.2%)
• 8:30 AM ET                  Personal Spending M/M for September…prior +0.6%
• 8:30 AM ET PCE Price Index M/M for September…est. +0.5% (prior 0.3%)
• 8:30 AM ET PCE Price Index Y/Y for September…est. +3.6% (prior +3.4%
• 8:30 AM ET                  Core PCE Price Index M/M for September…est. +0.3% (prior +0.2%)
• 8:30 AM ET                  Core PCE Price Index Y/Y for September…est. +3.1% (prior +3.0%)
• 8:30 AM ET                  Gross Domestic Product (GDP) Q3-E…est. +3.2% (prior +2.2%)
• 8:30 AM ET GDP Consumer Spending for Q3-E…prior +3.8%
• 8:30 AM ET GDP Price Deflator for Q3-E…est. +3.5% (prior +6.1%)
• 8:30 AM ET GDP PCE Price Index M/M for Q3-E…est. +2.6% (prior +5.0%)
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q3-E…est. +2.4% (prior +3.3%)
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 10:30 AM ET                Dallas Fed PCE for September
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ACCO ACIC AJG ALHC AMZN ASUR ATEC ATOM ATR AX AXTI BFAM BVN CDNA CNO COIN COLM COUR CUBE CUZ CVLG DLR DVA DXC DXCM EIX EMN ERIE EXEL EXPO FBIZ FDXF FHI FISI FMC FND FORR FSLR GDDY GDYN GILD GLPI HR HTGC ILMN INBK INGM INTC INVX IR KWR LNT MDLZ MEOH MERC MHK MIAX MMSI MSTR MTX MTZ NEXA OLN OSIS OSPN PEB PFSI PINS PMT PRTTS PTCT RBLX RDDT REAL RIVN RMD RSG RYAN SBUX SKYW SNDK SNDR SPSC SPXC STRZ SUPN SYK TBBK TFII TWLO VALE VLTO WKC WTI WY

• Late Wednesday, the WSJ reported Vice President Vance sent a letter to Iran security chief Rezaei to revive peace negotiations; letter sent at the direction of President Trump, who has threatened to restart the war after next week’s midterms; outreach focused on a framework for future negotiations rather than specifics for a peace proposal.
• Treasury Secretary Bessent said last night policymakers are monitoring the state of financing for AI build-out but Bessant played down recent signs of concern; companies are still getting financing done, some are choosing to finance with equity; called for policymakers to have an open mind about the energy shock to US inflation being transitory.
• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -3.6% vs -8.9% last week. Bulls rose to 37.8% to from 36.9%, Neutrals rose to 20.7% from 17.3%, Bears fell to 41.4% from 45.8%.

• Carvana Co. (CVNA) Q3 EPS $0.39 vs. est. $0.44 (miss); revenue $8.040B vs. est. $7.704B (beat); adj. EBITDA $800Mm vs. est. $795.2Mm (beat); adj. EBITDA margin 10%; operating Income $714Mm; retail units sold 217,385; elevated fuel prices and rising interest rates hurt unit economics by approximately $200/unit; FY26 adj. EBITDA expected toward higher end of $2.7B-$3.0B range vs est $2.923B; expects sequential retail-unit growth in Q4; will discontinue quarterly/annual outlooks.
• Chipotle Mexican Grill (CMG) Q3 adjusted EPS $0.27 vs. est. $0.29; Q3 revs $3.3B vs. consensus $3.29B; Q3 comparable restaurant sales increased 2.1% vs. est. +1.4%; backs FY26 comparable restaurant sales growth in low single digits.
• eBay Inc. (EBAY) Q3 EPS $1.51, tops consensus $1.41 and revs rose 14% y/y to $3.2B vs. est. $3.11B; Q3 Gross merchandise volume was $23.17B, up 15% y/y and vs. est. $22.32B; sees FY gross merchandise volume will grow about 14% on a constant currency basis, compared with its prior forecast for growth of about 12%; guides revenue to grow 12% to 13% for the year. It previously said it expects revenue to increase around half a percentage point less than GMV.
• Ford Motor (F) Q3 EPS $0.49 vs. est. $0.40 and revs $49.5B vs. est. $46.32B; Q3 adj Ebit $2.7B vs. est. $2.385B; Q3 adjusted operating income margin was 5.4%, up from 5.1% with a target of 8% by 2029; sees FY26 adjusted EBIT at $10.5B-$11.0B vs. $10.0B-$11.0B prior view
• Invitation Homes (INVH) Q3 core FFO/share $0.48 (+2.4% YoY) vs. est. $0.48 (in line); revenue $731.278Mm (+6.3% YoY) vs. est. $707.578Mm (beat); AFFO/share $0.38 (+0.1% YoY); same-store NOI +1.1% on core revenue +1.6% and core expenses +2.5%; same-store occupancy 96.4% (-10bps YoY); renewal rents +4.3%, new-lease rents -0.2%, blended rents +3.0%; FY26 core FFO/share guidance $1.94-$1.98 vs est $1.96 and prior $1.95; AFFO/share guidance $1.63-$1.67.
• MGM Resorts (MGM) Q3 adj. EPS $1.07 (+18.9% YoY) vs. est. $0.98 (beat); sales $1.2378B (+5.4% YoY; organic -1.2%) vs. est. $1.238B (in line); adj. operating margin 16.5% (+170bps YoY); bookings $1.3835B (+14.1%; organic +7.7%), including record aftermarket bookings $727.7Mm (+11.4%); backlog $3.4718B (+19.9%); operating cash flow $144.1Mm vs. $401.8Mm YoY; raised FY26 adj. EPS guidance floor to $4.10-$4.20 from $4.05-$4.20
• O’Reilly Automotive (ORLY) Q3 EPS $0.97 vs. est. $0.92; Q3 sales $5.12B vs. est. $5.01B; said double-digit growth in its professional business contributed to Q3 sales increase; raises full-year 2026 comparable store sales guidance to 5.5%-6.5% and lifts 2026 gross margin guidance to 51.6%-52.1% and operating profit to 19.5%-20.0%.
• Sprouts Farmers (SFM) Q3 EPS $1.21 misses consensus $1.23; Q3 revenue $2.3B vs. est. $2.33B; guides Q4 adj EPS $0.47-$0.51 vs. est. $1.21 and FY2026 expected to be about $4.80 vs $5.53 est. and FY2026 Revenue expected to be about $9.185B vs $9.473B Est.
• VICI Properties (VICI) Q3 AFFO/share $0.62 vs est $0.67 (miss); revenue $1.100B vs. est. $1.060B (beat); AFFO $685.2Mm; FY26 AFFO guidance $2.695B-$2.705B; quarterly dividend/share $0.46.

• Antero Resources (AR) Q3 adj EPS $0.83 vs. est. $0.98 and revs $1,563B vs. est. $1.567B; expects Q4 production to be approximately 4.3 Bcfe/d, reflecting an estimated 15 to 20 Bcfe of curtailments, driven by low regional pricing. Natural gas realized price guidance for the fourth quarter is expected to be a $(0.15) – $(0.25) per Mcf differential.
• Murphy USA (MUSA) Q3 EPS $9.59, tops consensus $8.45 and Q3 revenue $6.89B vs. consensus $6.19B; Q3 total fuel contribution was 37.0 cpg, compared to 30.7 cpg in Q3 2025. Total retail gallons increased 3.3%, and volumes on a same store sales basis increased 0.1%, in Q3 2026 compared to Q3 2025.
• Nextpower (NXT) Q2 adj. EPS $1.31 vs. est. $1.10 (beat); revenue $1.109B vs. est. $1.060B (beat); adj. gross profit $355Mm; adj. gross margin 32.0% vs. 33.1% YoY and 36.6% QoQ; adj. EBITDA $249.706Mm vs est $216.57Mm (beat); adj. EBITDA margin 22.5% vs. 24.7% YoY and 24.9% QoQ; results included approximately $99Mm net IRA 45X vendor rebates and tariffs vs. $67Mm YoY; record bookings lifted backlog above $6B.
• Shell (SHEL) Q3 adj EPS $1.93 vs. est. $1.71; Q3 adj ebitda $22.736B vs. est. $21.571B; announces $5B share buyback program to be completed by Q4 2026 results; Outlook Q4 upstream production is expected to be approximately 1,700 – 1,900 thousand boe/d and Q4 marketing sales volumes are expected to be approximately 2,400 – 2,600 thousand b/d; FY capex $23,000-25.000B.

• Raymond James Financial (RJF) Q4 adj EPS $3.59 vs. est. $3.27 and revs +15% y/y to $4.27B, largely driven by higher asset management and related administrative fees; Quarter-end client assets under administration increased 12% from September 2025 to $1.94 trillion; FY26 domestic Private Client Group net new assets jumped 88% from FY25 to $98.3B.
• WEX Inc. (WEX) Q3 adj EPS $6.13 vs. est. $5.65; Q3 revs $780.1M vs. est. $746M; sees FY26 adjusted EPS $21.28-$21.48, vs. consensus $20.18 and above previous guidance was $19.68-$20.08; sees FY26 revenue $2.97B-$2.99B, vs. consensus $2.9B; said Q3 results reflected progress in pricing, new business wins and innovation across segments.

• Glaukos (GKOS) Q3 adj. EPS $0.47 vs. est. ($0.09) (beat); sales $211.030Mm (+58% YoY reported and constant currency) vs. est. $168Mm (beat); U.S. Glaucoma sales $118.6Mm (+47% YoY); Corneal Health sales $59.0Mm (+154% YoY); adj. gross margin 87.7% vs. 83.9% YoY; adj. operating Income $27.3Mm vs. loss $9.3Mm YoY; raised FY26 sales guidance to $775-$785Mm from $680-$700Mm vs. est. $691.6Mm (above); preliminary FY27 sales guidance $1B vs est $852.44Mm.
• Glaxo SmithKline (GSK) downgraded to Hold from Buy at Jefferies with a price target of $55.90, down from $67.40 saying the stock’s discount to peers has persisted due to perceptions of an earnings cliff. Jefferies says GSK is entering a period of more limited earnings momentum, alongside launch execution risk, and fewer meaningful pipeline readouts.
• Iovance Biotherapeutics (IOVA) said it will host a conference call/live audio webcast on Thursday, October 29, 2026, at 8:30 a.m. ET to highlight positive results for one-time lifileucel TIL therapy from the IOV-LUN-202 Phase 2 registrational cohorts in previously treated non-squamous mNSCLC and an update on precision-based medicine opportunities for the TIL platform in mNSCLC.
• Teladoc Health (TDOC) Q3 net loss narrowed 46% y/y to $26.93M as revs fell to $605.1M but above consensus $590M; Q3 BetterHelp revenue dropped 13% to $206.6M, while Integrated Care revenue rose to $398.5M; sees FY26 revenue $2.395B-$2.441B vs. consensus $2.42B.
• Viking Therapeutics (VKTX) Q3 net loss more than doubled year over year to (-$183.19M) due to higher operating expenses; said Q3 R&D expenses jumped 85% to $166.8M, primarily due to increased clinical study and manufacturing costs; Q3 cash, cash equivalents and short-term investments totaled $960M; said oral VK2735 Phase 3 SUNRISE trials began; subcutaneous VK2735 Phase 3 VANQUISH studies remain on track for completion in 2027.

• Fed-Ex (FDX) Q3 adj. EPS from continuing operations $3.74 vs. est. $3.36 (beat); revenue $22.86B vs. est. $22.42B (beat); higher package base yields, higher package volumes and structural cost reductions supported results; CY26 adj. EPS from continuing operations guidance $18.00-$18.60 vs. est. $17.73 (above); revenue growth guidance approximately 12% vs est +11%; capital-spending and pension-contribution outlook unchanged.
• Flowserve Corp. (FLS) Q3 adj. EPS $1.07 (+18.9% YoY) vs. est. $0.98 (beat); sales $1.2378B (+5.4% YoY; organic -1.2%) vs. est. $1.238B (in line); adj. operating margin 16.5% (+170bps YoY); bookings $1.3835B (+14.1%; organic +7.7%), including record aftermarket bookings $727.7Mm (+11.4%); backlog $3.4718B (+19.9%); operating cash flow $144.1Mm vs. $401.8Mm YoY; raised FY26 adj. EPS guidance floor to $4.10-$4.20 from $4.05-$4.20.
• Honeywell Aerospace (HONA) Q3 adj. EPS $2.21 vs. est. $1.86 (beat); sales $4.64B vs. est. $4.57B (beat); organic sales +2%; adj. EBIT +1%, including approximately $50Mm net IEEPA tariff-refund benefit; backlog $19.3B; FCF $500Mm; raised FY26 pro forma standalone adj. EPS guidance to $7.85-$8.00 vs est $7.74 (above) from $7.60-$7.90; FY26 organic sales growth guidance 4%-5%; raised H2 FCF guidance to $1.2B-$1.4B from $1.0B-$1.4B
• Sterling Infrastructure (STRL) Q3 EPS $6.92; revenue $1.563927B vs. est. $1.191B (beat); EBITDA $320.8Mm vs est $278.54Mm (beat); gross profit $377.3Mm; operating Income $306.8Mm; raised FY26 guidance revs $4.63-4.73B vs est $4.114B, adj EBITDA $970-981Mm vs est $906.03Mm and adj EPS $21.70-21.96 vs est $18.08.

• Microsoft Corp. (MSFT) Q1 adj. EPS $4.89 vs. est. $4.73 (beat), excluding OpenAI investment impact; revenue $92.3B (+19% YoY) vs. est. $90.693B (beat); operating Income $45.9B vs est $44.061B (beat); Azure revenue +48%; Microsoft Cloud revenue $63.9B (+30%); CAPEX including finance leases $45.2B (+30%); headcount -2% YoY; forecast strong cloud growth (sees Q2 Azure revenue growth of 49%-50% vs 47.6% expected) and its free cash flow beat expectations (reported at $18.6B vs. est. $8.54B); total sales forecast for Q3 $96B-$97.1B tops $95.6B estimate.
• ServiceNow (NOW) Q3 EPS $1.00 below consensus $1.02 and revs rose 20% y/y to $4.11B vs. est. $4.09B; Q3 subscription revenues +21% y/y to $4.0B and current remaining performance obligations (RPO) of $13.65B, representing 20.5% y/y growth; sees FY26 subscription rev. $15.78B-$15.79B vs $15.76B-$15.8B prior; lifts 2026 free cash flow margin target by 100 bps to 36%.
• KLA Corp. (KLAC) Q1 adj EPS $1.22 tops consensus $1.18 on revs $4.14B vs. est. $4.04B citing AI ecosystem buildout and advanced packaging demand as growth drivers; sees Q2 adjusted EPS $1.44 plus/minus 11c, vs. consensus $1.36 and revs $4.7B plus/minus $200M, vs. consensus $4.49B. Non-GAAP gross margin is expected to be in a range of 62.5% +/- 1.0%
• Fortinet (FTNT) Q3 adj. EPS $0.91 vs. est. $0.86 (beat); revenue $2.080B vs. est. $2.063B (beat); billings $2.340B; adj. operating margin 38%; Q4 adj. EPS guidance $0.93-$0.95 vs. est. $0.88 (above), revenue $2.155B-$2.245B vs. est. $2.16B (midpoint above), billings $2.775B-$2.925B and adj. operating margin 35.5%-37.5%; FY26 adj. EPS guidance $3.54-$3.58 vs. est. $3.44 (above), revenue $8.125B-$8.215B vs. est. $8.12B (above), billings $9.568B-$9.718B.
• T-Mobile (TMUS) Q3 EPS $3.22 vs. est. $2.91; revenue $23.584B vs. est. $23.138B; service revenue $19.38B; core adj. EBITDA $9.62B vs est $9.413B; adj. FCF $5.071B; postpaid net account adds 274,000 vs. est. 251,917; postpaid account churn 1.09% and ARPA $155.73; FY26 core adj. EBITDA outlook $37.35-37.45B vs. est $37.345B and prior $37.1-37.5B and adj. FCF $18.7-18.8B vs. prior $18.4-18.8B, raising both midpoints; FY26 postpaid net account adds about 1M.
• Benchmark (BHE) Q3 adj. EPS $0.84 (+35% YoY) vs. est. $0.79 (beat); revenue $810.898Mm (+19% YoY) vs. est. $775Mm (beat); gross profit $84.447Mm; operating cash flow approximately $30Mm; FCF $14.435Mm; cash conversion Cycle 54 days vs. 59 QoQ and 77 YoY; Q4 adj. EPS guidance $0.85-$0.91 vs est $0.83 (above) and revenue $815-$855Mm vs est $795Mm (above); raised FY26 revenue growth outlook to approximately 16%.
• Equinix Corp. (EQIX) Q3 AFFO/share $11.64 vs. tape est. $10.61 (beat); AFFO $1.156B (+20% YoY); revenue $2.571B (+11% YoY; +12% normalized constant currency) vs. est. $2.563B (beat); recurring revenue $2.442B; interconnection revenue $465Mm; adj. EBITDA $1.321B vs est $1.304B (beat) (+15% YoY); operating Income $600Mm (+27% YoY); Q4 revenue guidance $2.684B-$2.724B vs. est. $2.633B (above), adj. EBITDA $1.328B-$1.368B vs est $1.319B (above) and margin 49%-50%.
• FormFactor Inc. (FORM) Q3 EPS $1.04 tops consensus $0.86; Q3 revs $280.55M vs. consensus $270.52M citing road-based demand and higher Systems segment revenue as drivers of growth; sees Q4 revenue at $285 mln, plus or minus $10M and expects Q4 non-GAAP gross margin of 54.0%, plus or minus 1.5% vs. est. $278.3M.
• Gen Digital (GEN) Q2 adj. EPS $0.74 vs. est. $0.72 (beat); revenue $1.369B vs. est. $1.340B (beat); adj. bookings $1.35B; operating Income $507Mm; Q3 adj. EPS guidance $0.73-$0.75 vs. est. $0.73 (midpoint above), revenue $1.37B-$1.39B vs. est. $1.36B (above); raised FY27 adj. EPS guidance to $2.93-$2.98 from $2.87-$2.97 vs. est. $2.92, rev $5.47B-$5.52B from $5.38B-$5.48B vs. est. $5.43B.
• Impinj, Inc. (PI) Q3 adj. EPS $0.69 vs. est. $0.61 (beat); revenue $112.083Mm vs. est. $105.6Mm (beat); adj. gross margin 54.9% vs. 53.0% YoY; adj. EBITDA $24.501Mm vs. $19.059Mm YoY; endpoint IC revenue, unit volumes and total revenue set quarterly records, supported by M800, resilient retail demand and Gen2X momentum; Q4 adj. EPS guidance $0.55-$0.60 vs est $0.48, revenue $104-$107Mm vs est $98.3Mm and adj. EBITDA $19.2-$20.7Mm vs est $19.52Mm.
• Marvell Technology (MRVL) is in advanced discussions to acquire Lumentum (LITE), a potential megadeal amid the race to scale up AI buildout, Bloomberg reported. An agreement could be announced as soon as next week, noting that Lumentum has a market value of roughly $83B while Marvell has a market value around $221B. https://tinyurl.com/37apm2at
• STMicroelectronics (STM) Q3 revs $3.757B vs. est. $3.726B; Q3 Operating Income $367M vs. est. $401.1M; company’s gross margin rose to 37.3% in Q3 from 33.2% y/y; Q3 Ebit margin 9.8%, guides Q4 gross margin 39% and revs $4.150B vs. est. $4.095B and above $3.76B in Q3.
• Tenable (TENB) Q3 adj. EPS $0.63 vs. est. $0.51 (beat); revenue $276.387Mm (+9.5% YoY) vs. est. $271.6Mm (beat); adj. operating Income $74.9Mm vs. $58.9Mm YoY; adj. operating margin 27.1% (+380bps YoY); operating cash flow $72.5Mm vs. $53.9Mm YoY; unlevered FCF $69.4Mm vs. $58.5Mm YoY; Q4 adj. EPS guidance $0.56-$0.58 vs. est. $0.50 (above), revenue $277-$280Mm vs. est. $276.4Mm (above); raised FY26 adj. EPS guidance to $2.16-$2.19.
• Tyler Technology (TYL) Q3 adj. EPS $3.52 vs. est. $3.48 (beat); revenue $647.6Mm vs. est. $651.5Mm (miss); adj. EBITDA $192.7Mm vs est $192.77Mm; adj. operating Income $182.1Mm.