Morning Preview: July 30, 2026

Early Look

Thursday, July 30, 2026

Futures

Up/Down

%

Last

Dow

134.00

0.26%

51,899

S&P 500

35.25

0.48%

7,386

Nasdaq

278.50

1.02%

27,620

 

 

After closing at the lows on Wednesday following the FOMC meeting results, where rates stayed on hold (as was mostly expected) and the Fed said 2% remains their inflation target, U.S. futures are looking at an early bounce as Nasdaq futures rise 1%. Yields surged after the Fed Chair Warsh stopped talking, and oil stayed higher prompting a swift decline for U.S. stocks. In fact, the S&P 500 (SPX) posted a 130-pt swing over the span of 1 hour! More fireworks were after the close as Dow component MSFT reported better results as revs rose 18% to $90B, and adjusted EPS of $4.74 topped estimates, while Azure revenue grew 43% topping $100B for the first time in revs, and Intelligent Cloud sales exceeded expectations, sending shares higher by 8%. Meanwhile Meta Platforms’ (META) shares tumbled after results missed and said free cash flow (FCF) fell to its lowest level since the third quarter of 2022 as the company ramped up spending on its artificial intelligence ambitions. Free cash flow dropped to $784M in Q2 vs. $8.5B in the prior year quarter), as shares fell over 9%. Other winners from earnings last night included SBUX, CMG, FTNT, FORM, GKOS, BOOM and LRCX. Other decliners included ALGN, ARM, CVNA, FICO, QCOM, TRDOC and TREE.

 

Treasury yields are back on the move as the 10-year rises 2 bps to 4.70%, the 30-year up 3 bps to 5.23% and the 2 yr unchanged at 4.27%. Yesterday was a roller coaster ride for bond markets after the FOMC meeting as the yield on 30-year U.S. Treasury bonds up 9.84 basis points at 5.193% after hitting 5.213%, highest level since July 2007 (now higher), the 2yr yield dropped -10bps to 4.22% then closed just -1bp on the day at 4.27% while the 10yr rose 7bps to 4.68%. Crude oil prices snapped a three-day losing streak in emphatic fashion on Wednesday, Brent crude closing up 6.7% around $90.70/bbl, WTI +7% to $84.60/bbl.

 

In Asian markets, The Nikkei Index rose 433 points to 61,867, the Shanghai Index fell -23 points to 3,804, and the Hang Seng Index rose 50 points to 25,858. In Europe, the German DAX is down -41 points to 25,418, while the FTSE 100 is up 12 points to 10,921. Today attention turns back to data as GDP, weekly jobless claims and core PCE inflation readings are all expected at 8:30 am et followed by Apple (AAPL) and Amazon (AMZN) earnings this evening along with a ton of other names. Later this morning the Bank of England (BOE) is expected to keep interest rates on hold.

 

Market Closing Prices Yesterday

  • The S&P 500 Index dropped -112.41 points, or 1.51%, to 7,316.37
  • The Dow Jones Industrial Average fell -1,152.46 points, or 2.18%, to 51,594.86
  • The Nasdaq Composite tumbled -433.97 points, or 1.74%, to 24,442.94
  • The Russell 2000 Index declined -47.49 points, or 1.61% to 2,906.32

Economic Calendar for Today

  • 8:30 AM ET                  Weekly Jobless Claims…est. 200K
  • 8:30 AM ET                  Continuing Claims…est. 1.798M
  • 8:30 AM ET                  Gross Domestic Product (GDP) for Q2…est. 2.1%
  • 8:30 AM ET                  Personal Consumption for Q2…prior +0.5%
  • 8:30 AM ET GDP Price Deflator for Q2…est. +3.9%
  • 8:30 AM ET PCE Price Index (headline) for Q2 M/M…est.
  • 8:30 AM ET                  Core PCE Price Index for Q2 M/M…est. +3.5%
  • 8:30 AM ET                  Personal Income M/M for June…est. +0.3%
  • 8:30 AM ET                  Personal Spending M/M for June…prior +0.3%
  • 8:30 AM ET PCE Price Index headline M/M for June…est. (-0.1%) – prior +0.4%
  • 8:30 AM ET PCE Price Index headline Y/Y for June…est. +3.7% (prior +4.1%)
  • 8:30 AM ET                  Core PCE Price Index (core) M/M for June…est. +0.2% (prior +0.3%)
  • 8:30 AM ET                  Core PCE Price Index (core) Y/Y for June…est. +3.3% (prior +3.4%)
  • 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

Earnings Calendar:

  • Earnings Before the Open: ABEV ADT AEP AG AGCO AGIO ALGM ALNY AMCX AMRX AOS APD APG AVY BAX BC BDC BDRBF BFLY BGC BI BLDR BMY BUD CCC CFR CHKP CI CMCO CNK CNX CRH CROX CRS CSW CWT DAR DFIN DSX DTM EEFT EME EPD EXC FCN FSS FTI GATX GIL GOOS GPI GVA H HGV HII HNI HSY ICE IDA IDCC IP JLL KBR KKR KRG LAUR LECO LH LKQ LNC LSPD LTH MA MCD MDGL MLM MO MYE NCLH NEOG NEXT OIS OMCL ONEW OWL PATK PBF PIPR PWR RACE REGN SAH SAIA SHEL SHOO SIRI SNY SO SOLS STLA STNG SXC TAL TE TRN TRP TRS TT TW UNIT VCEL VIRT VLO VRTS WBC WCC WTW XEL XHR XPO XRX YUM YUMC
  • Earnings After the Close: AAPL ACCO ADC AEE AJG AMH AMZN ASUR ATR AX AXTI BFAM BJRI BWIN CDNA CERS CNO COHU COIN COLM CPT CSTL CTVA CUBE CUZ DLB DRH DXC DXCM EGO EIX EMN ERIE ES EXPO FHI FLGT FND FORR FSLR GDDY GH GLPI GSIT HR HUN ILMN INGM IR IVR KWR LNT LOPE LPLA LYV MHK MMSI MPWR MSA MSTR MTD MTX MTZ NBIX NXT OCFC OLED OLN PBA PTCT RBLX RDDT RIVN RYAN SAFE SNDR SONY SPSC SPXC SYK TBKK TEM VCYT WU WY

Other Key Events:

  • China NBS Non-Manufacturing PMI for July
  • China NBS Manufacturing PMI for July

 

 

Macro

Up/Down

Last

Nymex

-0.20

84.26

Brent

0.41

91.15

Gold

37.70

4,134.70

EUR/USD

0.0005

1.147

JPY/USD

-0.64

162.74

10-Year Note

+0.023

4.70%

 

World News

  • The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -11.1% vs -12.7% last week. Bulls rose to 31.1% from 29.6%, Neutrals fall to 26.9% from 28.1%, Bears fall to 42.1% from 42.3%.
  • Japanese PM Takaichi announced a plan to lower the consumption tax rate on food products to 1% from April 2027.

Sector News Breakdown

Consumer

  • Carvana (CVNA) Q2 EPS $0.42 vs. est. $0.41, revenue $7.38B vs. est. $6.91B, adj. EBITDA $769Mm vs. est. $765.9Mm, adj. EBITDA margin 10.4%; 197,325 retail units sold; FY adj. EBITDA guided $2.7B–$3.0B vs. est. $2.97B, and management sees sequentially higher retail units in Q3.
  • Chipotle Mexican Grill (CMG) Q2 adj EPS $0.33 vs. est. $0.32; Q2 revs rose 9.3% y/y to $3.34B vs. est. $3.3B; Q2 comp sales rose 2.2%, consisting of a 1.2% increase in average check and a 1% increase in transactions; raises FY26 comparable restaurant sales growth to low single digits vs. prior view “about flat” guides FY26 comparable restaurant sales growth in the low single digit range.
  • Churchill Downs (CHDN) Q2 adj EPS $3.45 vs. est. $3.42; Q2 revs rose 5% y/y to $980M vs. est. $978.1M; Q2 Adjusted EBITDA and net income hit all-time highs, with net income up 11% y/y; said record Kentucky Derby Week drove higher broadcast, ticketing, sponsorship and wagering revenues; explores sale of nine regional gaming properties.
  • Jersey Mike’s Subs (JMKE) 43.48M share IPO priced at $23.00 which was the midpoint of $21.00-$25.00 target range.
  • O’Reilly Automotive (ORLY) Q2 EPS $0.86 in line with consensus as sales were $4.89B vs. est. $4.86B; raising full-Yr 2026 comparable store sales guidance to a range of 4%-6%; sees FY capex $1.3B-$1/4B and FCF $1.8B-$2.1B.
  • Rush Street (RSI) Q2 adj. EPS $0.15 vs. est. $0.09, revenue $393.8Mm vs. est. $367.7Mm, adj. EBITDA $64.6Mm vs est $59.54Mm; FY26 revenue guidance raised to $1.560B–$1.600B vs. est. $1.518B.
  • Service Corp (SCI) Q2 adj. EPS $0.90 vs. est. $0.88, revenue $1.103B vs. est. $1.081B, op Income $231.6Mm vs est $226.03MM; FY26 adj EPS guidance narrowed to $4.10–$4.30 vs. est. $4.13.
  • Sprout Farmers (SFM) Q2 EPS $1.37 vs. est. $1.34, revenue $2.326B vs. est. $2.320B, operating Income $174.2Mm vs est $170.42Mm, gross profit $900.6Mm; Q3 guidance calls for EPS $1.20–$1.24 vs est $1.27 and comparable store sales of -0.5% to 1.5%, while FY26 guidance calls for EPS $5.32–$5.40 vs est $5.55, sales growth 5.5%–6.5% vs est +7.69%, comparable sales -0.5% to 0.5%, and 42 net new stores; the 53rd week is expected to add about $200Mm in sales.
  • Starbucks (SBUX) Q3 adj. EPS $0.85 vs. est. $0.66, revenue $9.3B vs. est. $9.157B, adj. operating margin 14.4%; North America comparable store sales +8.1%, U.S. comparable store sales +7.9%, international comparable store sales +5.7%, and global comparable store sales +7.9%; FY26 adj. EPS guided to $2.55–$2.65 vs. est. $2.40, FY26 Consolidated net revenues guided flat to slightly up YoY vs est +1.66%, FY26 global comparable sales growth guided to 6%, U.S. comparable sales guided to slightly greater than 6%, and FY26 non-GAAP Consolidated operating margin guided >11.0%.
  • Vici Properties (VICI) Q2 AFFO/share $0.62 vs. est. $0.67; revenue $1.10B vs. est. $1.04B, beat by about $60Mm; dividend $0.45/share; FY26 adjusted FFO guided to $2.675B–$2.695B.

Energy

  • American Waterworks (AWK) Q2 EPS $1.61 vs. est. $1.53, revenue $1.355B vs. est. $1.344B, operating Income $542Mm vs est $551.53Mm; FY26 adjusted EPS guidance $6.02–$6.12 vs. est. $6.08, management says 2026 CAPEX investment remains on track at $3.7B while merger progress with Essential Utilities continues.
  • T1 Energy (TE) files to sell $120M of convertible senior notes due 2031
  • ExxonMobil (XOM), Chevron (CVX), and other oil companies have been fighting over the few attractive drilling spots in Venezuela, but some of the discussions with the country’s leaders have hit an impasse,, the WSJ reported

Financials

  • Fair Isaac (FICO) Q3 revs $674.18M vs. est. $678.9M; Q3 adj EPS $12.18 vs. est. $11.70; sees FY outlook for revenue of $2.53B vs. est. $2.56B; raises FY26 adjusted EPS view to $42.43 from $40.45, consensus $43.21 and raises FY27 revenue view to $2.53B from $2.45B, consensus $2.55B
  • Robinhood (HOOD) Q2 EPS $0.62 vs. est. $0.43; Q2 revs $1.31B vs. est. $1.28B; Q2 adj Ebitda $741M vs. est. $613.7M; Q2 average revenue per user increased 24% to $187; lowers FY26 operating expenses view to $2.68B-$2.78B from $2.7B-$2.83B; transaction-based revenue rose about 44% to $776M, primarily driven by event contracts revenue of $156M.

Healthcare

  • Align Technology (ALGN) Q2 adj. EPS $2.64 vs. est. $2.61, revenue $1.056B vs. est. $1.052B, with management also announcing an increase in 2026 share repurchase commitment to $400Mm–$500Mm and a strategic/operating model review alongside board changes after talks with Elliott.
  • Cigna (CI) Q2 adj EPS $7.78 vs. est.$7.60; Q2 revs $71.67B vs. rest. $70.18B; raises FY26 adjusted EPS view to at least $30.45 from at least $30.35(est. $30.41).
  • Corcept Therapeutics (CORT) Q2 EPS $0.36 vs. est. $0.02; revenue $256.147Mm vs. est. $221.1Mm, +32% YoY; 2026 revenue outlook raised to $1.1B–$1.2B vs. est $1.008B.
  • Glaukos (GKOS) adj. EPS $(0.14) vs. est. $(0.22), revenue $185.6Mm vs. est. $151.0Mm, adj. gross margin 85%; FY26 sales guidance raised to $680Mm–$700Mm vs. est. $629.98Mm.
  • Teladoc (TDOC) Q2 EPS loss (-$0.21) vs. est. loss (-$0.22); Q2 revs $606.9M vs. est. $616.3M; guides Q3 revs $569M-$609M below the consensus $629.2M; also guides year EPS loss greater than expected and revs $2.362B-$2.447B, consensus $2.51B.

Industrials and Materials

  • CH Robinsons Worldwide (CHRW) Q2 EPS $1.61 vs. est. $1.52; Q2 revs $4.93B vs. est. $4.35B; Q2  North American Surface Transportation volume increased approximately 1.5% y/y vs. a -3.3% decline in the Cass Freight Shipment Index; Q2 income from operations increased 18.4% to $255.7M.
  • FMC Corp. (FMC) Q2 adj EPS $0.26 vs. est. $0.22; Q2 revs $867M vs. est. $895.1M; guides 4Q adj EPS of $1.09-1.33, above est $0.98 but sees Q3 EPS $0.05-0.13, missing est. $0.60; sees FY outlook for adj EPS of $1.19-1.49, below consensus of $1.63.
  •  FTAI Aviation (FTAI) Q2 EPS $1.13 vs. est. $1.38, miss by $0.25; revenue $953.1Mm vs est $897.78Mm; adj. EBITDA $291.4Mm vs. est. $330.6Mm; dividend increased to $0.50.
  • Hexcel Corp. (HXL) Q2 adj EPS $0.66 vs. est. $0.58; Q2 revs $529.3M vs. est. $528.81M; Q2 Sales growth was particularly strong for both the Airbus A350 and Boeing 787 programs; raises FY26 adjusted EPS view to $2.30-$2.40 from $2.10-$2.30 (est. $2.28) and boosts FY26 revenue view to $2.025B-$2.125B from $2.0B-$2.1B (est. $2.08B).
  • L3 Harris (LHX) Q2 adj. EPS $3.35 vs. est. $2.80, revenue $5.90B vs. est. $5.81B, operating Income $654Mm vs est $873.72Mm, orders $7.30B, book-to-bill 1.2x, backlog a record $42B; FY26 revenue guided $23.2B–$23.7B vs. est. $23.579B and FY26 EPS guided $11.8–$12.0 vs est $11.61.
  • Modine Manufacturing (MOD) Q1 adj. EPS $1.53 vs. est. $1.29, revenue $874.1Mm vs. est. $877.6Mm, adj. EBITDA $106.5Mm vs. est. $121.6Mm; gross profit $182Mm; operating Income $74.8Mm; guides FY27 adj. EBITDA $650Mm–$680Mm vs. est. $664.8Mm.
  • Solstice Advanced Materials (SOLS) raises its full-year adjusted profit and sales forecast on strong demand for nuclear, refrigerants and electronic materials, as well as pricing actions; sees 2026 adj. EPS $2.75-$2.95, compared with prior view of $2.45-$2.75.
  • Woodward Inc. (WWD) Q3 adj. EPS $2.52 vs. est. $2.50; sales $1.10B vs. est. $1.11B, +21% YoY; adj. EBIT $217M vs est $195.84Mm; FY26 outlook raised to adj. EPS $9.30–$9.50 vs est $9.42 and sales growth 19%–21% vs est +21.88%.

Technology, Media & Telecom

  • Microsoft Corp. (MSFT) Q4 adj. EPS $4.74 vs. est. $4.24; revenue $90.0B vs. est. $87.6B; Azure and other Cloud services revenue growth 43%; Cloud revenue $59.3B, Intelligent Cloud revenue $39.3B, Azure revenue $100.0B; CAPEX $41.0B with roughly two-thirds on short-lived assets; free cash flow $19.6B, down 23%; M365 Copilot surpassed 30M paid Seats.
  • Meta Inc. (META) shares fall on miss/capex; Q2 EPS $6.18 misses consensus $7.22 on revs $60.8B vs. est. $60.29B; narrows FY capex to $130B-$145Bfrom prior $125B-$145B; sees Q3 revenue $61B-$64B vs. Est. $63.24B; expect tax rate for the remaining quarters of 2026 to be between 15-17%, an increase from our prior outlook of 13-16%; Q2 free cash flow of $784M, down from $8.55B y/y.
  • Arm Holdings (ARM) Q1 EPS $0.45 vs. est. $0.40; Q1 revs rose 22% y/y to $1.29B vs. est. $1.27B; said demand for its chip designs continued to grow across artificial intelligence infrastructure and data centers; Q1 Royalty revenue rose 22% to $715M; sees Q2 EPS $0.41-$0.51 vs. est. $0.44 and revs $1.375B-$1.385B above consensus $1.34B.
  • Axt, Inc. (AXTI) announces long-term supplier agreement with Lumentum (LITE); Lumentum to pay Axt $43.50M initial deposit and $43.50M second deposit in 2028.
  • Equinix (EQIX) Q2 AFFO/shr $11.78 vs est $11.26, adj EBITDA $1.396B vs est $1.352B on revs $2.625B vs est $2.579B; sees Q3 adj EBITDA $1.275-1.315B vs est $1.305, sees FY AFFO/shr $42.69-43.29 vs est $42.35 and adj EBITDA $5.21-5.27B vs est $5.19B.
  • Five9, Inc. (FIVN) will replace Two Harbors Investment Corp. (TWO) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, August 3. CrossCountry Mortgage LLC is acquiring Two Harbors Investment Corp. in a deal expected to close soon, pending final closing conditions.
  • Fortinet (FTNT) Q2 EPS $0.90 vs. est. $0.75; Q2 revs rose 26% y/y to $2.05B vs. est. $1.89B; guides Q3 revs $2.01B-$2.1B vs. est. $1.95B and year revs $8.02B-$81.8B vs. est. $7.81B; guides FY Billings in the range of $9.35B to $9.55B
  • Impinj (PI) Q2 EPS $0.86 vs. est. $0.80; Q2 revs $108.4M vs. est. $104.6M; sees Q3 EPS $0.59-$0.63 vs. est. $0.50 and revs $105.5M-$108.5Mvs. est. $98.7M; reported Q2 revenue and adjusted EPS at new quarterly highs, citing strong execution.
  • Lam Research (LRCX) Q4 adj. EPS $1.82 vs. est. $1.68; revenue $6.722B vs. est. $6.665B; Q1 guidance calls for adj. EPS $2.00–$2.30 vs est $1.83 and revenue $7.7B–$8.5B vs est $7.093B.
  • Qualcomm (QCOM) Q3 adj. EPS $2.21 vs. est. $2.23, -1% YoY; rev. $9.95B vs. est. $9.67B, +?% YoY; Q4 guidance adj. EPS $2.05–$2.25 vs. est. $2.36, rev. $9.7B–$10.5B vs. est. $10.02B; management said Apple product revenue step-down should accelerate starting in Q4, and non-handset revenue growth including data center is expected to accelerate from 24% in FY26 to >60% in FY27.
  • Tenable (TENB) Q2 adj. EPS $0.51 vs. est. $0.47, revenue $268.5Mm vs. est. $264.8Mm; FY26 revenue guided $1.075B–$1.081B vs est $1.074B and FY26 adj. EPS guided $1.95–$2.00 vs est $1.96, while Q3 guidance is adj. EPS $0.49–$0.52 vs est $0.49 and revenue $270.0Mm–$273.0Mm vs est $269.87Mm

_________________________________________________________________

Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.

mrking mrking giriş kingroyal kingroyal giriş kingroyal güncel kingroyal kingroyal giriş kingroyal güncel madridbet madridbet giriş madridbet güncel madridbet madridbet giriş madridbet güncel meritking meritking giriş meritking güncel meritking adres meritking meritking giriş meritking güncel meritking adres meritking meritking giriş meritking güncel meritking adres mrking mrking giriş