The Brief

Friday, October 23, 2026

“You pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values.”– Ken Fisher

SUMMARY

Nasdaq and SMH plunge as Meta's $825 billion AI spending disclosure reignites fears over AI debt financing.

Tech selloff deepens after SK Hynix pulls Solidigm's $10 billion IPO amid the chip rout.

Treasuries rally hard, with 10Y and 2Y yields down 17 and 16bps, as the AI selloff, French unrest and Mideast tensions drive a flight to safety.

VIX and bond volatility spike as risk-off sentiment spreads across equities and credit.

Global credit spreads widen to 17-month highs as AI fears and geopolitical risk weigh on corporate bonds.

Brent pulls back from its five-month high even as Houthi attacks on Saudi oil infrastructure continue.

EM equities underperform as the US proposes new curbs on investment in Chinese biotech.

Gold holds near $4,000, giving back some of its safe-haven gains after a volatile week.

A note on the table below. A review of The Brief’s Market & Macro table found errors in earlier issues: year-to-date returns were measured from the first trading day of 2026 instead of the 2025 year-end close, all-time-high gaps for three sector ETFs were distorted by stock splits, and Treasury yields lagged the other rows by a day. Today’s table is corrected throughout, with all-time highs now measured on closing prices.

MARKET & MACRO DATA

	Value	1D	1M	YTD	1Y	ATH
S&P 500	7,663	▼ 1.21%	▼ 1.30%	▲ 11.95%	▲ 13.73%	▼ 1.99%
Nasdaq	26,009	▼ 2.60%	▼ 4.53%	▲ 11.90%	▲ 13.37%	▼ 5.76%
Russell 2000	2,784	▲ 0.11%	▼ 3.66%	▲ 12.17%	▲ 12.14%	▼ 9.27%
EM (EEM)	$62	▼ 2.91%	▼ 10.68%	▲ 12.81%	▲ 12.75%	▼ 13.33%
Financials (XLF)	$57	▲ 1.09%	▲ 3.38%	▲ 3.43%	▲ 7.82%	▼ 3.26%
Energy (XLE)	$68	▼ 0.87%	▲ 9.37%	▲ 51.13%	▲ 51.89%	▼ 0.98%
Technology (XLK)	$182	▼ 3.29%	▼ 7.10%	▲ 26.65%	▲ 26.15%	▼ 9.73%
AI ETF (SMH)	$523	▼ 5.99%	▼ 13.85%	▲ 45.32%	▲ 51.78%	▼ 21.76%
Cons Disc (XLY)	$115	▼ 0.45%	▲ 2.39%	▼ 3.68%	▼ 3.50%	▼ 7.64%
Gold ($/oz)	$4,037	▼ 0.59%	▼ 6.53%	▼ 7.01%	▼ 2.63%	▼ 24.10%
Bitcoin (USD)	$81,645	▲ 0.41%	▼ 3.24%	▼ 6.70%	▼ 25.82%	▼ 34.55%
Copper ($/lb)	$6.46	▲ 1.49%	▼ 3.31%	▲ 14.69%	▲ 27.06%	▼ 5.09%
Brent Oil ($/bbl)	$110	▼ 2.85%	▲ 6.66%	▲ 80.69%	▲ 66.62%	▼ 24.73%
Nat Gas ($/MMBtu)	$3.13	▲ 11.77%	▲ 3.37%	▼ 15.22%	▼ 6.55%	▼ 79.68%
VIX (Volatility)	19.62	▲ 3.10%	▲ 29.25%	▲ 31.24%	▲ 13.41%	▼ 76.27%
MOVE (Bond Volatility)	106.84	▲ 11.36%	▲ 36.00%	▲ 67.04%	▲ 44.28%	▼ 59.62%
3-Month T-Bill	4.22%	▼ 3bps	▲ 6bps	▲ 55bps	▲ 26bps	▼ 141bps
2Y Treasury	4.65%	▼ 16bps	▼ 6bps	▲ 118bps	▲ 120bps	▼ 54bps
10Y Treasury	4.96%	▼ 17bps	▲ 0bps	▲ 78bps	▲ 99bps	▼ 35bps
US HY Spread	3.27%	▼ 6bps	▲ 61bps	▲ 46bps	▲ 30bps	– n/a
US Dollar Index (DXY)	101.77	▲ 0.16%	▲ 0.66%	▲ 3.55%	▲ 2.86%	▼ 38.22%
US Unemployment	4.20%	Sep 2026 · Next release: November 6, 2026
US CPI (YoY)	3.74%	Sep 2026 · BLS CPI-U all items NSA
SOFR 3M (90d avg)	3.75%	Rate only · n/a across change periods

ECONOMICS, MARKETS & BUSINESS

Global tech selloff drags Nasdaq to worst day since June – A nearly 7% plunge in chipmakers sent the Nasdaq 100 to its worst day since June after Meta's capital spending plans reignited fears over AI-related debt issuance, with the S&P 500 falling 1.2%. Ask Claude ›
Treasuries post best rally in over a year on risk-off flight – Treasuries surged across the board as the AI stock rout, French political turmoil, and Mideast tensions sent investors into US government debt, with yields tumbling as much as 20 basis points and the 10-year dropping below 5% for the first time in a month. Ask Claude ›
Oil hits five-month high on Saudi attacks and supply fears – Brent crude traded near $114 a barrel, up nearly 4% on the week, as Houthi attacks intensified on Saudi oil infrastructure and the war with Iran remained unresolved. Ask Claude ›
Global credit spreads widen to 17-month high on AI fears – Spreads on dollar bonds of higher-rated Asian companies widened to their highest since last July as a selloff in AI stocks and geopolitical tensions pushed corporate bond yield premiums globally to their widest since May 2025. Ask Claude ›
Gold hovers near $4,000 after volatile week of losses – Gold fluctuated near $4,000 an ounce after touching a three-month low below $3,990, capping a volatile week that saw oil surge, stocks plunge, and investors seek safety in US bonds. Ask Claude ›
US proposes new curbs on investment in Chinese biotech – The Treasury Department proposed adding biotechnology to a list of sensitive technologies subject to US investment limits involving foreign adversaries, citing national security concerns and complicating ties as US drugmakers increasingly turn to China for new medicines. Ask Claude ›
France awaits pivotal Moody's sovereign rating decision – Moody's was scheduled to review France's Aa3 credit rating on October 23 amid political fragmentation and uncertainty over passage of the 2027 budget, with markets bracing for a possible downgrade after bond yields and the euro were hit by recent unrest. Ask Claude ›
Kering shares plunge as Gucci sales keep sliding – Shares in French luxury group Kering dropped to their lowest level in more than a year after the company reported a 6% sales decline at its flagship Gucci brand in the third quarter. Ask Claude ›

TECH & AI

SK Hynix pulls Solidigm's $10 billion IPO amid chip rout – SK Hynix shelved Solidigm's planned $10 billion initial public offering after a rout in AI chip stocks and regulatory pushback complicated the listing. Ask Claude ›
DeepSeek, MiniMax win approval to deploy models globally – Chinese AI developers DeepSeek and MiniMax have won approval to deploy their models overseas, part of a wave of homegrown AI technologies Beijing will allow to operate globally, state-affiliated media said. Ask Claude ›
Meta discloses $825 billion in future AI spending commitments – Meta reported $825 billion in future spending commitments as part of its AI infrastructure buildout, a disclosure that helped spark investor anxiety over the financing of the broader AI trade. Ask Claude ›
OpenAI fired three researchers over alleged leaks to rival – OpenAI terminated three researchers on October 1 after suspecting they leaked internal model-design details via disappearing Signal chats to a researcher at Redwood Research, though the fired employees dispute the account. Ask Claude ›
Jon Gray rebuts AI bubble warnings, calls demand 'parabolic' – Blackstone President Jon Gray pushed back on fears of an AI bubble, saying demand for artificial intelligence remains almost parabolic even as tech stocks sold off sharply this week. Ask Claude ›
High-frequency traders now compete for AI power, not just speed – Trading firms including Jane Street are building their own data centers as they compete for an edge in the AI era, extending the industry's traditional speed race into a contest for computing power. Ask Claude ›
Firms race to patch widespread cyber vulnerability before hackers strike – Companies are racing to fix a widespread cyber security flaw before hackers can exploit it, with OpenAI's models reportedly helping identify a potentially catastrophic software vulnerability. Ask Claude ›

WORLD & POLITICS

Houthi attacks on Saudi airports and oil sites kill more – A Houthi strike on Dammam's King Fahd International Airport killed a Saudi citizen and an Indian national and wounded eight others, while a separate drone attack killed two more at a Saudi oil field, bringing the toll from Houthi strikes on Saudi airports since October to at least 21. Ask Claude ›
Saudi Aramco evacuates Dhahran headquarters amid escalation – Saudi Aramco told staff to evacuate its headquarters in Dhahran as fighting between the Houthis and the Saudi-led coalition intensified, with clashes raging since the Iran-aligned group pushed toward the Bab el-Mandeb shipping chokepoint. Ask Claude ›
France hit by violent protests ahead of Moody's review – French markets tumbled as nationwide protests over living costs and public services turned violent, intensifying a political crisis ahead of a critical Moody's sovereign credit rating review and a looming 2027 budget fight. Ask Claude ›
Kyiv disputes claims that Starlink speeds were restored – A Ukrainian official denied a Wall Street Journal report that Starlink service had returned to normal speeds following a call between Elon Musk and President Trump, saying Ukraine's military Starlink remains capped. Ask Claude ›
US reportedly weighs resuming strikes on Iran next month – Oil prices spiked after a report that the United States and Israel might resume military attacks on Iran next month, adding to fears of a broader Middle East escalation. Ask Claude ›
Hungary blocks next step in Ukraine, Moldova EU membership bids – Hungary blocked progress on the European Union membership bids of Ukraine and Moldova without providing an explanation, further complicating Kyiv's path toward accession. Ask Claude ›

DEALS

Flapping Airplanes, a San Francisco-based developer of efficient AI models and computing systems, raised $1 billion in Series A financing at a $6 billion post-money valuation, co-led by Index Ventures and Lux Capital with participation from Sequoia Capital, Alphabet's GV, and Kleiner Perkins. Source ›
Legora, a legal AI platform, raised $550 million at an $8.8 billion valuation as new backers including Baron Capital, Capital Group, Fidelity Management & Research, Glade Brook Capital Partners, and JPMorgan joined existing investors Accel, Benchmark, Bessemer Venture Partners, and General Catalyst. Source ›
Qiagen, the Venlo-based molecular testing and diagnostics company, agreed to be acquired by Swedish buyout firm EQT for about €9.6 billion ($10.8 billion) in cash, with the Abu Dhabi Investment Authority and Canada Pension Plan Investment Board also joining the bid group ahead of an expected mid-2027 close. Source ›
Octus, the New York-based credit intelligence platform formerly known as Reorg, will be acquired by London Stock Exchange Group for $3.535 billion in cash from Permira-advised funds and management including founder Kent Collier, in LSEG's biggest deal since Refinitiv. Source ›
L4A, an Italian platform specializing in the maintenance and upgrading of airport, water, and district-heating infrastructure, sold a majority stake to H.I.G. Capital to back its organic growth and acquisition strategy. Source ›
Welly, the US first-aid and bandage brand, will be acquired by private equity firm Forward Consumer Partners from Unilever, marking Forward's first investment in the consumer health sector as founder Eric Ryan returns as a strategic adviser and board member. Source ›
Mave, a Tel Aviv-based developer of AI-powered security operations software, raised $28 million in Series A funding led by Red Dot Capital Partners with participation from Lumir Growth Partners. Source ›
Cognition, the AI coding startup behind Devin, received a $10 million check from Robinhood Ventures as part of its $2 billion Series E round closed in September at a $48 billion valuation, joining backers including Andreessen Horowitz, Accel, and Founders Fund. Source ›

EARNINGS RELEASES (next 15 days)

Date	Company	EPS Forecast	Watch
Oct 23	American Express AXP	$4.47	Credit demand, delinquencies, and interest rate sensitivity
Oct 23	SLB SLB	$0.62	Drilling activity and oilfield spending
Oct 26	Verizon Communications VZ	$1.27	Subscriber trends and network capex
Oct 26	Welltower WELL	$1.64	Occupancy rates and healthcare real estate demand
Oct 26	Cadence Design Systems CDNS	$1.61	Subscription growth, AI feature adoption, and enterprise IT budgets
Oct 26	Nucor NUE	$5.71	Steel prices and industrial and construction demand
Oct 26	Public Storage PSA	$4.27	Occupancy rates and rental pricing trends
Oct 26	Hartford Insurance Group HIG	$3.15	Claims trends (including weather losses) and premium pricing
Oct 26	Cincinnati Financial CINF	$1.99	Claims trends (including weather losses) and premium pricing
Oct 26	Brown & Brown BRO	$1.08	Premium growth and commission trends
Oct 26	Principal Financial Group PFG	$2.46	Claims trends and investment income
Oct 27	Visa V	$3.43	Payment volumes and consumer spending trends
Oct 27	Coca-Cola KO	$0.87	Volume trends and input cost inflation
Oct 27	Seagate Technology Holdings STX	$7.17	Device demand and supply chain costs
Oct 27	Boeing BA	($0.21)	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Oct 27	S&P Global SPGI	$4.43	Trading volumes and data and subscription revenue growth
Oct 27	Corning GLW	$0.88	Supply chain demand and inventory cycles
Oct 27	HCA Healthcare HCA	$6.75	Patient volumes and staffing and labor costs
Oct 27	Freeport-McMoran FCX	$0.78	Copper prices and industrial demand
Oct 27	Waste Management WM	$2.18	Contract volumes and waste and recycling pricing
Oct 27	Robinhood Markets HOOD	$0.55	Deal volumes and trading activity
Oct 27	Johnson Controls International JCI	$1.58	Housing starts and renovation demand
Oct 27	United Parcel Service UPS	$1.63	Shipping volumes and fuel costs
Oct 27	American Tower Corporation (REIT) AMT	$2.78	Wireless carrier capex and tower leasing demand
Oct 27	Sherwin-Williams SHW	$3.65	Industrial demand and input cost trends
Oct 27	Hilton Worldwide Holdings HLT	$2.34	Travel demand and occupancy and booking trends
Oct 27	Ecolab ECL	$2.18	Industrial demand and input cost trends
Oct 27	Illinois Tool Works ITW	$2.99	Capex cycles and order backlogs
Oct 27	Royal Caribbean Cruises RCL	$6.38	Travel demand and occupancy and booking trends
Oct 27	NXP Semiconductors N.V. NXPI	$3.78	Chip demand, supply bottlenecks, and AI infrastructure spending
Oct 27	ONEOK OKE	$1.46	Pipeline volumes and energy infrastructure demand
Oct 27	PACCAR PCAR	$1.61	Equipment demand tied to construction and mining activity
Oct 27	Baker Hughes BKR	$0.63	Drilling activity and oilfield spending
Oct 27	Teradyne TER	$2.04	Chip fab capex cycles and equipment order backlogs
Oct 27	PayPal Holdings PYPL	$1.31	Payment volumes and consumer spending trends
Oct 27	IQVIA Holdings IQV	$2.94	Research spending and biotech and pharma demand
Oct 27	Ventas VTR	$0.99	Occupancy rates and healthcare real estate demand
Oct 27	Centene CNC	$0.07	Medical cost trends and membership growth
Oct 27	Arch Capital Group ACGL	$2.05	Claims trends (including weather losses) and premium pricing
Oct 27	EQT EQT	$0.38	Crude and natural gas prices
Oct 27	Extra Space Storage EXR	$2.10	Occupancy rates and rental pricing trends
Oct 27	CenterPoint Energy CNP	$0.50	Regulatory rate cases and weather-driven demand
Oct 27	FirstEnergy FE	$0.91	Power demand growth (including AI data centers) and regulatory rate cases
Oct 27	F5 FFIV	$3.32	Carrier capex cycles and network upgrade demand
Oct 27	Xylem XYL	$1.47	Capex cycles and order backlogs
Oct 27	PPG Industries PPG	$2.13	Industrial demand and input cost trends
Oct 27	Hubbell HUBB	$5.77	Capex cycles and order backlogs
Oct 27	Expand Energy EXE	$1.28	Crude and natural gas prices
Oct 27	CMS Energy CMS	$1.23	Regulatory rate cases and weather-driven demand
Oct 27	Essex Property Trust ESS	$4.01	Rent growth and occupancy trends
Oct 27	CoStar Group CSGP	$0.28	Transaction volumes and commission trends
Oct 27	Invesco IVZ	$0.74	Assets under management and market-driven fee revenue
Oct 27	Universal Health Services UHS	$5.31	Patient volumes and staffing and labor costs
Oct 28	Alphabet GOOG	$2.94	Ad revenue and user engagement and growth
Oct 28	Alphabet GOOGL	$2.94	Ad revenue and user engagement and growth
Oct 28	Microsoft MSFT	$4.71	Enterprise IT spending and cloud and AI adoption
Oct 28	GE Vernova GEV	$4.03	Grid investment and industrial capex cycles
Oct 28	KLA KLAC	$1.18	Chip fab capex cycles and equipment order backlogs
Oct 28	Amphenol APH	$0.73	Supply chain demand and inventory cycles
Oct 28	T-Mobile US TMUS	$2.86	Subscriber growth and network capex
Oct 28	ServiceNow NOW	$0.56	Enterprise IT spending and cloud and AI adoption
Oct 28	Fortinet FTNT	$0.77	Enterprise IT spending and cloud and AI adoption
Oct 28	Automatic Data Processing ADP	$2.78	Hiring demand and labor market trends
Oct 28	Phillips 66 PSX	$12.02	Refining margins and fuel demand
Oct 28	Equinix EQIX	$9.28	Cloud and AI-driven leasing demand and power capacity constraints
Oct 28	Vertiv Holdings, LLC VRT	$1.82	Industrial and grid-modernization demand
Oct 28	O'Reilly Automotive ORLY	$0.93	Vehicle sales, parts demand, and consumer auto spending
Oct 28	FedEx FDX	$3.24	Shipping volumes and fuel costs
Oct 28	American Electric Power Company AEP	$2.04	Power demand growth (including AI data centers) and regulatory rate cases
Oct 28	Carvana CVNA	$0.47	Vehicle sales, parts demand, and consumer auto spending
Oct 28	Boston Scientific BSX	$0.76	Procedure volumes and hospital capital spending
Oct 28	Aon AON	$3.34	Premium growth and commission trends
Oct 28	TE Connectivity TEL	$3.08	Contract manufacturing volumes and customer concentration
Oct 28	Garmin GRMN	$2.38	Product cycles and holiday-quarter demand
Oct 28	eBay EBAY	$1.11	Consumer spending breadth and e-commerce growth
Oct 28	Honeywell Aerospace HONA	$1.90	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Oct 28	Ford Motor F	$0.39	Vehicle demand, EV transition costs, and pricing and incentives
Oct 28	Old Dominion Freight Line ODFL	$1.61	Freight volumes and fuel surcharges
Oct 28	Biogen BIIB	$2.04	Drug trial results and pipeline progress
Oct 28	Chipotle Mexican Grill CMG	$0.29	Traffic trends and input and labor cost inflation
Oct 28	Flex FLEX	$0.97	Contract manufacturing volumes and customer concentration
Oct 28	GE HealthCare Technologies GEHC	$1.21	Procedure volumes and hospital capital spending
Oct 28	Raymond James Financial RJF	$3.28	Deal volumes and trading activity
Oct 28	Otis Worldwide OTIS	$1	Capex cycles and order backlogs
Oct 28	American Water Works AWK	$2.11	Regulatory rate cases and infrastructure investment
Oct 28	Labcorp Holdings LH	$4.65	Reimbursement rates and patient volume trends
Oct 28	VICI Properties VICI	$0.62	Occupancy rates and travel demand trends
Oct 28	Smurfit WestRock SW	$0.60	Packaging volumes and input costs
Oct 28	NiSource NI	$0.22	Regulatory rate cases and weather-driven demand
Oct 28	International Paper IP	$0.30	Packaging volumes and input costs
Oct 28	Fortive FTV	$0.70	Capex cycles and order backlogs
Oct 28	IDEX IEX	$2.23	Capex cycles and order backlogs
Oct 28	C.H. Robinson Worldwide CHRW	$1.72	Shipping volumes and fuel costs
Oct 28	Invitation Homes INVH	$0.47	Rental demand and home price trends
Oct 28	NVR NVR	$106.11	Mortgage rates, housing demand, and land and construction costs
Oct 28	Tyler Technologies TYL	$2.70	Subscription growth, AI feature adoption, and enterprise IT budgets
Oct 28	Everest Group EG	$9.32	Catastrophe losses and pricing cycles
Oct 28	Masco MAS	$1.01	Housing starts and renovation demand
Oct 28	Gen Digital GEN	$0.65	Enterprise IT spending and cloud and AI adoption
Oct 28	Mid-America Apartment Communities MAA	$2.10	Rent growth and occupancy trends
Oct 28	Lennox International LII	$7.18	Housing starts and renovation demand
Oct 28	Generac Holdings GNRC	$2.38	Grid investment and industrial capex cycles
Oct 28	Align Technology ALGN	$2.32	Procedure volumes and input costs
Oct 29	Amazon.com AMZN	$2.01	Consumer spending breadth and e-commerce growth
Oct 29	Eli Lilly and LLY	$5.38	Drug pipeline progress and pricing and patent pressure
Oct 29	Mastercard MA	$5.14	Payment volumes and consumer spending trends
Oct 29	Intel INTC	$0.28	Chip demand, supply bottlenecks, and AI infrastructure spending
Oct 29	Merck & Company MRK	$2.12	Drug pipeline progress and pricing and patent pressure
Oct 29	Caterpillar CAT	$7.12	Equipment demand tied to construction and mining activity
Oct 29	Linde LIN	$4.52	Industrial production volumes and pricing
Oct 29	Sandisk SNDK	$45.22	Device demand and supply chain costs
Oct 29	Gilead Sciences GILD	$2.16	Drug trial results and pipeline progress
Oct 29	Bristol-Myers Squibb BMY	$1.28	Drug pipeline progress and pricing and patent pressure
Oct 29	Altria Group MO	$1.51	Volume declines and pricing power
Oct 29	Stryker SYK	$3.56	Procedure volumes and hospital capital spending
Oct 29	Starbucks SBUX	$0.73	Traffic trends and input and labor cost inflation
Oct 29	Trane Technologies TT	$4.74	Housing starts and renovation demand
Oct 29	Quanta Services PWR	$4.68	Project backlogs and infrastructure spending
Oct 29	Intercontinental Exchange ICE	$1.97	Trading volumes and data and subscription revenue growth
Oct 29	Howmet Aerospace HWM	$1.37	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Oct 29	Mondelez International MDLZ	$0.72	Input costs and pricing power
Oct 29	Republic Services RSG	$1.92	Contract volumes and waste and recycling pricing
Oct 29	Arthur J. Gallagher AJG	$3.01	Premium growth and commission trends
Oct 29	Digital Realty Trust DLR	$1.97	Cloud and AI-driven leasing demand and power capacity constraints
Oct 29	Monolithic Power Systems MPWR	$6.80	Chip demand, supply bottlenecks, and AI infrastructure spending
Oct 29	CRH CRH	$2.14	Housing and infrastructure construction volumes
Oct 29	Xcel Energy XEL	$1.35	Regulatory rate cases and weather-driven demand
Oct 29	Coinbase Global COIN	($0.18)	Trading volumes and data and subscription revenue growth
Oct 29	Carrier Global CARR	$0.81	Housing starts and renovation demand
Oct 29	L3Harris Technologies LHX	$3.01	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Oct 29	AMERIPRISE FINANCIAL SERVICES, LLC AMP	$11.60	Assets under management and market-driven fee revenue
Oct 29	Illumina ILMN	$1.38	Research spending and biotech and pharma demand
Oct 29	Twilio TWLO	$0.73	Enterprise IT spending and cloud and AI adoption
Oct 29	D.R. Horton DHI	$3.03	Mortgage rates, housing demand, and land and construction costs
Oct 29	Ares Management ARES	$1.25	Assets under management and market-driven fee revenue
Oct 29	WEC Energy Group WEC	$0.95	Power demand growth (including AI data centers) and regulatory rate cases
Oct 29	ResMed RMD	$2.67	Procedure volumes and hospital capital spending
Oct 29	Vulcan Materials VMC	$2.86	Housing and infrastructure construction volumes
Oct 29	Hershey HSY	$2.12	Input costs and pricing power
Oct 29	Cognizant Technology Solutions CTSH	$1.46	Enterprise IT spending and project pipelines
Oct 29	EMCOR Group EME	$8.33	Project backlogs and infrastructure spending
Oct 29	Ingersoll Rand IR	$0.86	Capex cycles and order backlogs
Oct 29	DexCom DXCM	$0.66	Procedure volumes and hospital capital spending
Oct 29	Willis Towers Watson Public Limited WTW	$3.60	Premium growth and commission trends
Oct 29	Reddit RDDT	$1.30	Ad revenue and user engagement and growth
Oct 29	West Pharmaceutical Services WST	$2.18	Procedure volumes and input costs
Oct 29	Veralto VLTO	$1.10	Contract volumes and waste and recycling pricing
Oct 29	Incyte INCY	($3.78)	Drug trial results and pipeline progress
Oct 29	T. Rowe Price Group TROW	$2.59	Assets under management and market-driven fee revenue
Oct 29	Edison International EIX	$1.79	Power demand growth (including AI data centers) and regulatory rate cases
Oct 29	Bunge Global SA BG	$2.42	Crop prices and export demand
Oct 29	First Solar FSLR	$4.64	Chip demand, supply bottlenecks, and AI infrastructure spending
Oct 29	Alliant Energy LNT	$1.23	Power demand growth (including AI data centers) and regulatory rate cases
Oct 29	FedEx Freight Holding Company FDXF	$1.44	Freight volumes and fuel surcharges
Oct 29	Kimco Realty KIM	$0.46	Tenant occupancy and consumer foot traffic
Oct 29	GoDaddy GDDY	$1.81	Cloud demand and infrastructure spending
Oct 29	Weyerhaeuser WY	$0.05	Lumber prices and housing demand
Oct 29	Avery Dennison AVY	$2.30	Packaging volumes and input costs
Oct 29	Textron TXT	$1.43	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Oct 29	Baxter International BAX	$0.51	Procedure volumes and hospital capital spending
Oct 29	DaVita DVA	$3.78	Reimbursement rates and patient volume trends
Oct 29	Erie Indemnity ERIE	$3.41	Premium growth and commission trends
Oct 29	Huntington Ingalls Industries HII	$4.45	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Oct 30	ExxonMobil Holdings XOM	$3.96	Crude prices and production volumes
Oct 30	AbbVie ABBV	$3.76	Drug trial results and pipeline progress
Oct 30	Chevron CVX	$4.78	Crude prices and production volumes
Oct 30	General Dynamics GD	$4.14	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Oct 30	Regeneron Pharmaceuticals REGN	$13.65	Drug trial results and pipeline progress
Oct 30	Colgate-Palmolive CL	$0.92	Volume growth and input cost inflation
Oct 30	Dominion Energy D	$1.17	Regulatory rate cases and weather-driven demand
Oct 30	Exelon EXC	$0.81	Power demand growth (including AI data centers) and regulatory rate cases
Oct 30	Church & Dwight Company CHD	$0.90	Volume growth and input cost inflation
Oct 30	LyondellBasell Industries NV LYB	$2.73	Industrial demand and input cost trends
Oct 30	Cboe Global Markets CBOE	$3.40	Trading volumes and data and subscription revenue growth
Nov 2	Apple AAPL	$2	Device demand and supply chain costs
Nov 2	Palantir Technologies PLTR	$0.34	Subscription growth, AI feature adoption, and enterprise IT budgets
Nov 2	Vertex Pharmaceuticals VRTX	$4.36	Drug trial results and pipeline progress
Nov 2	Marriott International MAR	$2.85	Travel demand and occupancy and booking trends
Nov 2	Williams Companies WMB	$0.56	Pipeline volumes and energy infrastructure demand
Nov 2	Diamondback Energy FANG	$4.80	Crude and natural gas prices
Nov 2	Realty Income O	$1.10	Tenant occupancy and consumer foot traffic
Nov 2	Entergy ETR	$1.71	Power demand growth (including AI data centers) and regulatory rate cases
Nov 2	IDEXX Laboratories IDXX	$3.71	Procedure volumes and hospital capital spending
Nov 2	Estee Lauder Companies EL	$0.52	Consumer demand and input cost trends
Nov 2	Kenvue KVUE	$0.28	Consumer demand and input cost trends
Nov 2	Public Service Enterprise Group PEG	$1.21	Power demand growth (including AI data centers) and regulatory rate cases
Nov 2	ON Semiconductor ON	$0.88	Chip demand, supply bottlenecks, and AI infrastructure spending
Nov 2	Fox FOX	$2.12	Advertising demand and cord-cutting trends
Nov 2	Fox FOXA	$1.99	Advertising demand and cord-cutting trends
Nov 2	Loews L	n/a	Underwriting results and claims trends
Nov 2	SBA Communications SBAC	$2.89	Wireless carrier capex and tower leasing demand
Nov 2	Healthpeak Properties DOC	$0.43	Occupancy rates and healthcare real estate demand
Nov 2	UDR UDR	$0.65	Rent growth and occupancy trends
Nov 2	Clorox CLX	$0.98	Volume growth and input cost inflation
Nov 3	Advanced Micro Devices AMD	$1.68	Chip demand, supply bottlenecks, and AI infrastructure spending
Nov 3	Amgen AMGN	$5.72	Drug trial results and pipeline progress
Nov 3	Arista Networks ANET	$0.99	Carrier capex cycles and network upgrade demand
Nov 3	Pfizer PFE	$0.72	Drug pipeline progress and pricing and patent pressure
Nov 3	Eaton Corporation ETN	$3.54	Industrial and grid-modernization demand
Nov 3	Marathon Petroleum MPC	$25.63	Refining margins and fuel demand
Nov 3	Booking Holdings BKNG	$4.47	Travel demand and occupancy and booking trends
Nov 3	Apollo Global Management APO	$2.05	Assets under management and market-driven fee revenue
Nov 3	AMTEK AME	$2.12	Industrial and grid-modernization demand
Nov 3	Block XYZ	$0.68	Payment volumes and consumer spending trends
Nov 3	Keurig Dr Pepper KDP	$0.64	Volume trends and input cost inflation
Nov 3	Waters WAT	$3.99	Research spending and biotech and pharma demand
Nov 3	American International Group AIG	$1.85	Underwriting results and claims trends
Nov 3	Yum! Brands YUM	$1.51	Traffic trends and input and labor cost inflation
Nov 3	Live Nation Entertainment LYV	$1.50	Box office and streaming performance and content spending
Nov 3	Sysco SYY	$1.16	Volume growth and margin pressure from food inflation
Nov 3	Prudential Financial PRU	$3.47	Claims trends and investment income
Nov 3	Archer-Daniels-Midland ADM	$1.44	Crop prices and export demand
Nov 3	Martin Marietta Materials MLM	$5.27	Housing and infrastructure construction volumes
Nov 3	Axon Enterprise AXON	$0.44	Defense budgets, aircraft delivery backlogs, and supply chain bottlenecks
Nov 3	Fiserv FISV	$1.72	Payment volumes and consumer spending trends
Nov 3	Expeditors International of Washington EXPD	$2.24	Shipping volumes and fuel costs
Nov 3	Super Micro Computer SMCI	$0.94	Device demand and supply chain costs
Nov 3	International Flavors & Fragrances IFF	$0.84	Industrial demand and input cost trends
Nov 3	Global Payments GPN	$3.57	Payment volumes and consumer spending trends
Nov 3	Broadridge Financial Solutions BR	$1.37	Transaction volumes and enterprise outsourcing demand
Nov 3	Zebra Technologies ZBRA	$4.21	Industrial and scientific equipment demand
Nov 3	DuPont de Nemours DD	$1.86	Order backlogs across diversified end markets
Nov 3	Revvity RVTY	$1.29	Procedure volumes and hospital capital spending
Nov 3	Ball BALL	$1.06	Packaging demand and input costs
Nov 3	Leidos Holdings LDOS	$3.06	Contract renewals and outsourcing demand
Nov 3	Assurant AIZ	$4.57	Underwriting results and claims trends
Nov 3	Gartner IT	$2.86	Enterprise IT spending and project pipelines
Nov 3	Pinnacle West Capital PNW	$3.38	Regulatory rate cases and weather-driven demand
Nov 3	Skyworks Solutions SWKS	$0.90	Chip demand, supply bottlenecks, and AI infrastructure spending
Nov 3	Jack Henry & Associates JKHY	$2.04	Payment volumes and consumer spending trends
Nov 3	AES AES	n/a	Power prices and generation capacity
Nov 4	QUALCOMM QCOM	$1.46	Chip demand, supply bottlenecks, and AI infrastructure spending
Nov 4	McDonald's MCD	$3.37	Traffic trends and input and labor cost inflation
Nov 4	Uber Technologies UBER	$0.94	Ridership trends and fuel costs
Nov 4	CVS Health CVS	$1.62	Reimbursement rates and patient volume trends
Nov 4	McKesson MCK	$10.69	Drug volumes and reimbursement pressure
Nov 4	Datadog DDOG	$0.18	Subscription growth, AI feature adoption, and enterprise IT budgets
Nov 4	Emerson Electric EMR	$1.85	Industrial and grid-modernization demand
Nov 4	Applovin APP	$3.94	Ad spending trends across channels
Nov 4	DoorDash DASH	$0.82	Category-specific demand trends
Nov 4	Motorola Solutions MSI	$3.99	Carrier capex cycles and network upgrade demand
Nov 4	Cencora COR	$4.51	Drug volumes and reimbursement pressure
Nov 4	MetLife MET	$2.69	Claims trends and investment income
Nov 4	W.W. Grainger GWW	$11.64	Capex cycles and order backlogs
Nov 4	Allstate ALL	$7.03	Claims trends (including weather losses) and premium pricing
Nov 4	Aflac AFL	$1.79	Claims trends and investment income
Nov 4	Edwards Lifesciences EW	$0.73	Procedure volumes and hospital capital spending
Nov 4	Vivmark Residential VMRK	$0.97	Rent growth and occupancy trends
Nov 4	Coherent COHR	$1.78	Supply chain demand and inventory cycles
Nov 4	TKO Group Holdings TKO	$1.20	Box office and streaming performance and content spending
Nov 4	Expedia Group EXPE	$8.10	Travel demand and occupancy and booking trends
Nov 4	Atmos Energy ATO	$1.13	Heating demand and regulatory rate cases
Nov 4	Kraft Heinz KHC	$0.43	Input costs and pricing power
Nov 4	Corpay CPAY	$6.74	Payment volumes and consumer spending trends
Nov 4	PPL PPL	$0.53	Power demand growth (including AI data centers) and regulatory rate cases
Nov 4	Qnity Electronics Q	$1.18	Chip fab capex cycles and equipment order backlogs
Nov 4	Eversource Energy ES	$0.97	Power demand growth (including AI data centers) and regulatory rate cases
Nov 4	Texas Pacific Land TPL	$2.35	Crude and natural gas prices
Nov 4	STERIS STE	$2.67	Procedure volumes and hospital capital spending
Nov 4	PTC PTC	$1.59	Subscription growth, AI feature adoption, and enterprise IT budgets
Nov 4	Amcor AMCR	$0.96	Packaging volumes and input costs
Nov 4	CDW CDW	$2.77	IT hardware demand and channel inventory levels
Nov 4	Fidelity National Information Services FIS	$1.61	Payment volumes and consumer spending trends
Nov 4	Zimmer Biomet Holdings ZBH	$1.89	Procedure volumes and hospital capital spending
Nov 4	CF Industries Holdings CF	$3.15	Crop prices and planting-season demand
Nov 4	APA APA	$1.33	Crude and natural gas prices
Nov 4	Host Hotels & Resorts HST	$0.38	Occupancy rates and travel demand trends
Nov 4	Fair Isaac FICO	$9.25	Subscription growth, AI feature adoption, and enterprise IT budgets
Nov 4	Charles River Laboratories International CRL	$2.98	Research spending and biotech and pharma demand
Nov 4	Trimble TRMB	$0.73	Subscription growth, AI feature adoption, and enterprise IT budgets
Nov 4	Stanley Black & Decker SWK	$1.54	Capex cycles and order backlogs
Nov 4	Bio-Techne TECH	$0.38	Research spending and biotech and pharma demand
Nov 4	Albemarle ALB	$2.39	Industrial demand and input cost trends
Nov 5	ConocoPhillips COP	$2.86	Crude and natural gas prices
Nov 5	Monster Beverage MNST	$0.30	Volume trends and input cost inflation
Nov 5	Parker-Hannifin PH	$8.23	Capex cycles and order backlogs
Nov 5	Airbnb ABNB	$2.89	Travel demand and occupancy and booking trends
Nov 5	Southern SO	$1.70	Power demand growth (including AI data centers) and regulatory rate cases
Nov 5	Duke Energy DUK	$1.87	Power demand growth (including AI data centers) and regulatory rate cases
Nov 5	EOG Resources EOG	$4.39	Crude and natural gas prices
Nov 5	Cigna Group CI	$7.46	Reimbursement rates and patient volume trends
Nov 5	Lumentum Holdings LITE	$3.82	Carrier capex cycles and network upgrade demand
Nov 5	Cummins CMI	$8.38	Equipment demand tied to construction and mining activity
Nov 5	Air Products and Chemicals APD	$3.60	Industrial production volumes and pricing
Nov 5	Simon Property Group SPG	$3.32	Tenant occupancy and consumer foot traffic
Nov 5	Targa Resources TRGP	$2.73	Pipeline volumes and energy infrastructure demand
Nov 5	Cardinal Health CAH	$2.92	Drug volumes and reimbursement pressure
Nov 5	Devon Energy DVN	$1.22	Crude and natural gas prices
Nov 5	Sempra SRE	$1.15	Regulatory rate cases and weather-driven demand
Nov 5	Becton, Dickinson and BDX	$4.06	Procedure volumes and hospital capital spending
Nov 5	Rockwell Automation ROK	$3.55	Industrial and grid-modernization demand
Nov 5	Microchip Technology MCHP	$0.82	Chip demand, supply bottlenecks, and AI infrastructure spending
Nov 5	Consolidated Edison ED	$2.07	Regulatory rate cases and weather-driven demand
Nov 5	Kimberly-Clark KMB	$1.69	Volume growth and input cost inflation
Nov 5	Iron Mountain IRM	$1.35	Niche real estate demand trends
Nov 5	Mettler-Toledo International MTD	$12.12	Research spending and biotech and pharma demand
Nov 5	Zoetis ZTS	$1.51	Drug pipeline progress and pricing and patent pressure
Nov 5	Ameren AEE	$2.29	Regulatory rate cases and weather-driven demand
Nov 5	DTE Energy DTE	$2.26	Regulatory rate cases and weather-driven demand
Nov 5	EchoStar ECHO	$0.02	Subscriber growth and network capex
Nov 5	Verisk Analytics VRSK	$1.92	Client demand and project pipelines
Nov 5	Tapestry TPR	$1.55	Consumer discretionary spending and brand pricing power
Nov 5	Ralph Lauren RL	$4.22	Consumer discretionary spending and brand pricing power
Nov 5	Viatris VTRS	$0.64	Drug pipeline progress and pricing and patent pressure
Nov 5	NRG Energy NRG	$3.40	Power prices and generation capacity
Nov 5	Evergy EVRG	$2.27	Power demand growth (including AI data centers) and regulatory rate cases
Nov 5	News NWS	$0.27	Advertising and subscription revenue trends
Nov 5	News NWSA	$0.26	Advertising and subscription revenue trends
Nov 5	Solventum SOLV	$1.35	Software adoption and reimbursement and regulatory shifts
Nov 5	Regency Centers REG	$1.22	Tenant occupancy and consumer foot traffic
Nov 5	Akamai Technologies AKAM	$0.92	Cloud demand and infrastructure spending
Nov 5	Camden Property Trust CPT	$1.69	Rent growth and occupancy trends
Nov 6	Berkshire Hathaway BRK.B	$5.91	Performance across diversified holdings
Nov 6	Moderna MRNA	($1.10)	Drug trial results and pipeline progress
Nov 6	Constellation Energy CEG	$3.82	Power demand growth (including AI data centers) and regulatory rate cases
Nov 6	Vistra VST	$2.86	Power demand growth (including AI data centers) and regulatory rate cases
Nov 6	Humana HUM	($1.03)	Medical cost trends and membership growth
Nov 6	Franklin Templeton BEN	$0.77	Assets under management and market-driven fee revenue
Nov 6	Charter Communications CHTR	$10.06	Subscriber losses and streaming competition

WEEK AHEAD

Date	Event
Oct 27–28, 2026	FOMC Meeting & Rate Decision (Oct 27–28, 2026) – Rate decision Oct 28 at 2 PM ET No updated rate-path forecast at this meeting; decision driven by September jobs and inflation data. Market consensus: hold.
Oct 29, 2026	U.S. Q3 2026 GDP Advance Estimate Consensus: +1.8% annualized – First read on Q3 growth; consensus +1.8% annualized after a soft Q2. A miss would reinforce rate cut case.

ON THE RADAR

Date	Event
Dec 8–9, 2026	FOMC Meeting & Rate Decision (Dec 8–9, 2026) – Rate decision Dec 9 at 2 PM ET Year-end rate-path forecast will anchor 2027 rate expectations; last Fed meeting of 2026.

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Marz Capital – The Brief · Sourced from Yahoo Finance, BLS, StatsCan, FRED, CNBC, Reuters & web search · Note: some 1M/YTD/1Y market columns show n/a where data was unavailable at time of research · Treasury "ATH" reflects the past 20 years, not full history, since older-regime peaks (e.g. ~15% in 1981) aren't a meaningful comparison to today · HY spread ATH is n/a because the free data source only covers the last 3 years · ATH is measured from the highest daily close · Gold, oil, copper and natural gas are front-month futures, so their changes include contract rolls

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