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Pre-market futures are higher this morning following a mixed close among major indexes in Thursday’s session. Bond yields are up slightly from their lows earlier, but are down from the 24-year highs we were seeing mid-week: the 10-year if at +5.26%, the 2-year +4.79% and the 30-year is +5.265%.
Oil prices are also down modestly, despite a ramping-up of hostilities in the Middle East, with Iran-backed Houthi rebels in Yemen attacking Saudi Arabia’s Riyadh airport, killing three. The WTI is presently trading at around $91 per barrel (/bbl), while Brent crude is $103/bbl. These are off recent highs, but seeming to plateau at four-year highs.
OpenAI’s revenue guidance gave pause to the AI trade yesterday, but is rebounding this morning. The Nasdaq is up +210 points at this hour, the Dow — which finished in the green yesterday — is +59 points at this hour, and the S&P 500 is +25 points. The small-cap Russell 2000 has gained +6 points thus far in early trading.
Delta Posts First Earnings Miss in 2 Years
Delta Air Lines’DAL seven-quarter string of earnings beats ends this morning: Q3 earnings of $1.72 per share missed the Zacks consensus by 8 cents (-4.44%), while revenues in the quarter came up -0.89% short of estimates: $17.59 billion. The company press release clearly sees fuel costs as the problem: +62% year over year, and a cool $500 million more than the company guided back in July. Estimates going forward are also lower, as fuel costs are now expected to continue into next quarter’s numbers. For more on DAL’s earnings, click here.
What to Expect from the Stock Market Today and Next Week
At 10am ET today, the latest preliminary University of Michigan Consumer Survey for October comes out. This is among the most advanced looks at consumer spending, and is expected to tick up slightly to 48 from 47.8 posted for the prior month. This numbers would still be below the 50 threshold, which indicates negative sentiment from the American consumer. Prior to 2026, this index had never dropped below 50.
Next week, we’ll get Inflation Rate data from the retail Consumer Price Index (CPI) and wholesale Producer Price Index (PPI) for September. While year-over-year CPI, aka the Inflation Rate, was higher but not out of control last month at +3.4%, it will be interesting to see if the 200 basis-point margin between year-over-year CPI and PPI (which was +5.4% last month) holds, or if one or the other metrics changes course.
Also next week, of course, Q3 earnings season finally shifts into gear. The biggest Wall Street banks — like JPMorganJPM, CitigroupC and Wells FargoWFC — begin reporting results as of Tuesday morning. At a glance, JPM looks to have gained +17% on earnings year over year and +12% on revenues. Citi is projected to have grown +18.75% on earnings and +7% on revenues. WFC is looking for +7% earnings growth and +3% on revenues.
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Constellation Energy Corporation (CEG)Upgraded: 10/08/26
Rising power demand, scarce nuclear assets, long-term contracting, Calpine integration, pricing support and disciplined capital allocation underpin future earnings growth.
Data center power demand, firmer truck markets, energy-transition investments, hybrid mining initiatives and disciplined capital returns support long-term value creation.
AI demand, optical agreements, solar expansion and innovation-driven margin improvement continue to support Corning’s long-term growth and profitability outlook.
International expansion, product innovation, broader travel offerings, AI-led efficiency, and cash generation support durable growth and shareholder returns over time.
Employer channels, digital scale, healthcare demand, cost discipline, cash generation and capital returns support enrollment resilience and long-term earnings growth.
Merchant expansion, AI-led commerce, international localization, broader distribution and disciplined cash generation support Shopify’s long-term growth and operating leverage potential.
International Flavors & Fragrances (IFF)Downgraded: 10/09/26
Inflation timing, Middle East disruption, and commodity ingredient competition could limit margins for International Flavors, while currency swings weigh on near-term results.
Dependence on elevated AI spending, export-control exposure, rapid capacity expansion and early High-NA commercialization leave material execution and policy risks.
Private-credit concerns, market-sensitive realizations, rising costs and premium valuation constrain Blackstone’s earnings visibility and capital distribution reliability for shareholders overall.
Rate volatility, softer absorptions, elevated land costs and thin backlog limit visibility, while incentives and cyclical risks further constrain profitability.
Ongoing tariff costs, supply-chain fragility, expense growth and currency exposure could offset benefits from higher volumes and favorable product mix.
Elevated costs, uneven sales, unhedged exposure, approval bottlenecks and regulatory delays might lead to volatile results and execution risks for Uranium Energy.
Zillow faces housing sensitivity, Preferred transition effects and softer traffic that may temper growth. Litigation and restructuring costs could also pressure near-term margins.
Rocket faces rising expenses, Redfin and Mr. Cooper integration risk and housing and regulatory uncertainty. Muted originations due to tight inventory, high prices and still-high rates are a concern.
Travel demand, commercial diversification, disciplined capacity and financial flexibility support earnings recovery, margin expansion and durable long-term shareholder value creation.
Commercial leadership, richer product mix, recurring services, affordable electrification, energy storage and liquidity support earnings growth and shareholder returns.
AI demand, XPU customer commitments, networking leadership, VMware growth and cash generation support Broadcom’s long-term revenue and shareholder return prospects.
Diversified brands, consistent execution, restaurant expansion, menu innovation and disciplined capital allocation support competitive positioning, earnings durability and shareholder returns.
Portfolio simplification, innovation, share gains, logistics productivity, TRIXIE expansion and ample liquidity support a more durable long-term earnings profile.
Global malocclusion opportunity, portfolio expansion, international adoption, digital workflows, DSO relationships and financial flexibility support Align Technology’s long-term growth prospects.
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