Early Look

Friday, July 31, 2026

U.S. futures are up strong on this final trading day of the week, adding to the Thursday sharp gains especially in technology (XLK, SOX, QQQ) as Amazon (AMZN) is leading, rising 13% overnight, while Apple shares slide -7% after its latest forecasts disappointed investors. The continuing rebound comes at the end of a turbulent week in which AI concerns, the Iran war, the Federal Reserve and losses at a highflying AI-focused hedge fund whipsawed markets. The tech rally is being fueled by relief after a sale of stock by the firm, Situational Awareness, gave investors more confidence to wade back into AI-related stocks, investors said. Amazon reported accelerating cloud-computing sales (Revenue rose 20% to $200.6B, while AWS revenue jumped 37% to $42.2B, topping estimates and marking its fastest growth in 18 quarters). Meanwhile Apple plunged despite the iPhone maker posting a Q3 beat on revenue and earnings, as weaker-than-expected Services revs and Greater China revenue overshadowed strong iPhone and Mac sales. The gains are big in Asia as well as The Nikkei Index surged 2,494 points or 4% to end the week at 64,362, the Shanghai Index rose 27 points to 3,832, the Hang Seng Index edged higher 25 points to 25,884 and the Korean Kospi surged nearly 20% to 1,046, rebounding after having plunged in recent weeks after rapid gains earlier this year fueled by a frenzy in AI-related stocks. In Europe, the German DAX is up 193 points to 25,805, while the FTSE 100 advances 60 points to 10,958. Japanese authorities intervened on Thursday to prop up the yen, helping drive USD/JPY down 392 bps in its biggest one-day fall since 2022 to as low at 158, but is back above 160 this morning despite the intervention.

• The Dow Jones Industrial Average rose 613.92 points, or 1.19%, to 52,208.06
• The Nasdaq Composite surged 679.24 points, or 2.78%, to 25,122.18
• The Russell 2000 Index advanced 39.80 points, or 1.37% to 2,946.11

• 9:45 AM ET                  Chicago PMI for July
• 10:00 AM ET                University of Michigan Sentiment, July-final
• 10:00 AM ET                University of Michigan 1-yr and 5-yr inflation expectations, July-final
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Floor & Décor (FND) Q2 Adj EPS $0.58 vs est $0.56, revenue $1.25B vs est $1.232B, comps -2.1%; FY26 net sales guide $4.77B to $4.99B vs est $4.831B, FY26 comps guide -4% to flat, sees FY26 adj EBITDA $545Mm to $580Mm vs est $546.37Mm and FY26 CAPEX $240Mm to $275Mm.
• Live Nation (LYV) Q2 adj operating income $817M vs. est. $784.7M; Q2 revs $7.67B vs. est. $7.53B; “Full year capital expenditures now projected to be $1.1 billion, toward the lower end of our initial range due to timing of projects; said it hit record second-quarter concert attendance of 49 million fans.
• Mohawk Industries (MHK) Q2 adj EPS $3.67 vs. est. $2.58; Q2 revs $3.0B vs. est. $2.78B; Sees Q3 EPS $2.50-$2.60 vs. est. $2.37; implemented pricing increases across products, geographies due to higher labor, overhead, material, energy & transportation costs.
• Rivian Corp.(RIVN) Q2 adj EPS ($0.47) vs est ($0.63) on revs $1.658B vs est $1.507B, guides FY deliveries 65-70k vs prior 62-67k, sees FY adj EBITDA ($2B)-($1.8B) vs est ($1.987B)

• Chevron (CVX) Q2 adjusted EPS $6.06 tops consensus $5.57 on revs $70.06B vs. est. $67.98B; Q2 upstream earnings $8.18B; 2Q cash flow from ops $22.6B vs. est. $19.72B; sees FY capex low end of $18B-$19B; ran U.S. refineries at 97% of capacity during second qtr; Most Recent; Q2 U.S. production was a record 2.1 million barrels oil equivalent per day.
• Enbridge’s (ENB) Line 5 oil pipeline is liable for trespassing on the Bad River Reservation in Wisconsin, the 7th U.S. Circuit Court of Appeals ruled Thursday, but the court gave the ‌company more time to reroute the pipeline and ordered a recalculation of damages.
• ExxonMobil (XOM) missed Q2 profit estimates saying earnings rose 67% q/q to $14.7B, or $3.52 per share and below the consensus of $3.60; still, the quarterly profit was more than double the amount posted by the largest U.S. producer in the same period of last year; Q2 total production was 4.5M barrels of oil equivalent per day, down from 4.6M boepd in the first three months of the year.
• First Solar (FSLR) Q2 EPS $3.92 vs. est. $2.86; Q2 sales $1.056B misses $1.062B est. and down from $1.1B y/y; Net sales dropped primarily due to lower revenue following customer contract terminations; the company expects module sales to be between 3.9 GW and 4.5 GW in Q3; cost of sales fell to $451.2M from $597.3M
• Nextpower Inc. (NXT) Q1 Adj EPS $1.20 vs est $1.05, revenue $935Mm vs est $936.5Mm, +6.2% YoY revenue, adj EBITDA $233Mm vs est $204.22Mm, adj EBITDA margin 24.9%; FY27 revenue guide $4.0B to $4.4B vs $4.25B est, FY27 adj EBITDA guide $845Mm to $930Mm vs $900Mm prior and $910.55Mm est; FY27 adj EPS guide $4.30 to $4.73 vs $4.61 est, EBOS revenue on track to exceed $100Mm for year.
• Shell (SHEL) said it had agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720M; BG Cyprus’ 35% non-operated interest in a Cyprus Offshore block, home to the Aphrodite gas field in the eastern Mediterranean, will be controlled by MOL upon the expected 2027 completion of the deal.

• MicroStrategy (MSTR) Q2 EPS loss (-424.45) vs. est. $3.07 as results were dominated by an $8.3B unrealized bitcoin loss, overshadowing a modest revenue beat. Management also highlighted efforts to support and stabilize its STRC preferred shares; Q2 revs $122.3M vs. est. $124.48M.
• Reddit (RDDT) shares fall; Q2 EPS $1.25 vs est $0.95; revenue $805Mm vs est $730.4Mm, +38.2% YoY; advertising revenue $762Mm; U.S. revenue $638.1Mm; gross margin 91.3%; adj EBITDA $343Mm vs est $297.2Mm; free cash flow $261Mm; daily active uniques +18% YoY to 130.3Mm; Q3 revenue guide $860Mm to $870Mm vs est $829.1Mm and adj EBITDA guide $385Mm to $395Mm vs est $368.95Mm.

• Guardant Health (GH) Q2 adj EPS ($0.42) vs est ($0.41), adj EBITDA ($55.9)Mm vs est ($50.28)Mm on revs $335Mm vs est $314.23Mm; guides FY revs $1.34-1.36B vs est $1.314B.
• Illumina Corp. (ILMN) Q2 adj EPS $1.31 vs. est. $1.23; Q2 revs $1.16B vs. est. $1.13B; raises FY26 adjusted EPS view to $5.30-$5.40 from $5.15-$5.30 (est. $5.23) and boosts FY26 rev view to $4.6B-$4.64B from $4.52B-$4.62B (est. $4.57B); ROW organic revenue growth greater than 5%, vs. prior guidance of 2%-4%.
• Karyopharm (KPTI) shares plunge -60% after saying it plans to file an sNDA with the FDA in August 2026 for selinexor with ruxolitinib in myelofibrosis; application targets accelerated approval using SVR35 as a surrogate endpoint; the company will seek Priority Review. If Priority Review is granted, the PDUFA action date would be about six months from FDA receipt.
• Myriad Genetics (MYGN) shares fall; Q2 EPS loss (-$0.25) vs. est. loss (-$0.06); Q2 revs fell -11% y/y to $190.7M below consensus $206.03M; Q2 Gross margin dropped 4.6% to 66.6%; operating loss narrowed to $38.9< Q2 test volumes slipped 1% to 379,000; average revenue per test fell 9%, partly reflecting an $11M revenue reduction tied to cash-collection estimates; cuts FY26 revs to $770M-$790M from $860M-$880M
• Stryker Corp. (SYK) Q2 adj EPS $3.69 vs. est. $3.49; Q2 revs $6.59B vs. est. $6.58B; sees FY26 adjusted EPS $14.95-$15.10, vs. consensus $14.97 and says foreign exchange is expected to have a slightly favorable impact on both sales and adjusted net earnings per diluted share should rates hold near current levels.
• Tempus AI (TEM) Q2 adj EPS loss (-$0.04) vs. est. loss (-$0.14); Q2 revs $382.5M vs. est. $379.7M; Q2 operating loss -$75.9M; guides FY revs $1.595B-$1.605B vs. est. $1.59B and backs FY26 adjusted EBITDA view roughly $65M after Q2 adj Ebitda $8.04M.
• Veracyte Inc. (VCYT) Q2 Adj EPS $0.54 vs est $0.43, revenue $150.3Mm vs est $144.6Mm, +15% YoY revenue, gross margin 72%, adj operating expenses $70Mm, FY26 revenue guide raised to $590Mm to $596Mm vs $586.4Mm est.

• Eastman Chemical (EMN) Q2 adj EPS $1.97 vs. est. $1.82; Q2 revs $2.51B vs. est. $2.4B; Sales revenue increased 15 percent sequentially driven by strong volume growth across the company and disciplined price-cost management in our specialty businesses; expect Q3 EBIT to be higher driven by improved price-cost and improved asset utilization and sees Q3 EPS around $1.97 (est. $1.89).
• Eaton Corporation (ETN) Q2 adj Net Income $1.228B vs. est. $1.195B; Q2 adj EPS $3.15 vs. est. $3.07; Q2 sales $8.531B vs. est. $8.133B and Q2 organic growth 14%; raises FY26 adjusted EPS view to $13.40-$13.60 from $13.05-$13.50 (est. $13.35); sees Fy organic growth of 11%-13%; Segment margins of 24.1%-24.5%; sees Q3 organic rev. +13.5% to +15.5%, vs. est. +10.6%.
• Hunstman Corp. (HUN) Q2 adj EPS $0.00 vs. est. $0.06 and revs beat at $1.66B vs. est. $1.61B; Q2 adjusted net income was flat vs. year ago loss citing higher volumes and pricing, but notes energy cost headwinds, especially in Europe; sees FY capex $170M; said increased sales volumes and higher average selling prices across all segments drove revenue growth.
• Ingersoll Rand (IR) Q2 adj EPS $0.86 vs est $0.83, adj EBITDA $520Mm vs est $517.16Mm on revs $2.049B vs est $1.959B; guides FY revs +4.5-6.5% vs est +3.79%, see adj EPS near high end of range.
• LyondellBasell (LYB) Q2 adj EPS $4.3 vs. est. $3.41; Q2 sales and other operating revs $9.177B; says outlook could temporarily impact normal buying patterns; do not anticipate material demand deterioration in our key end markets; company’s capital allocation priorities remain unchanged.
• MasTec (MTZ) Q2 adj EPS $2.22 vs. on revs +23% y/y to $4.37B  vs. est. $4.3B; Q2 adj EBITDA rose 40% y/y to $384M and 18-month backlog: $21.4B (+30% YoY), a record; guides FY outlook for adj EPS of $9.30 above consensus of $9.14 and sees revs at $18.2B; said Clean Energy & Infrastructure backlog surged 58% YoY, driving overall backlog growth.
• Olin Corp.(OLN) Q2 EPS ($0.12) vs est ($0.10), revenue $1.742B vs est $1.807B, adj EBITDA $191.3Mm vs est $184.8Mm, Q3 adj EBITDA guide $160Mm to $200Mm vs est $226.19Mm.

• AXT (AXTI) Q2 adj EPS $0.19 vs. est. $0.07; Q2 sales $47.58M vs. est. $34.08M; Q2 GAAP gross margin widened to 44.9% from 29.6% in Q1 citing strong demand for data-center optical connectivity; Q2 marked the company’s highest indium phosphide revenue on record.
• Cohu Inc. (COHU) Q2 Adj EPS $0.26 vs est $0.14, revenue $149Mm vs est $144.1Mm, adj gross margin 46.5%, FY26 Ai-driven compute opportunity pipeline ~ $850Mm, Q3 sales guide $170M +/- $7M vs est $146.3M.
• Go Daddy (GDDY) Q2 EPS $1.83 vs est $1.70; revenue $1.298B vs est $1.295B; Q3 sales guide $1.315B to $1.335B vs est $1.326B; FY26 sales guide narrowed to $5.215B to $5.255B from $5.195B to $5.275B, vs $5.242B est.
• Monolithic Power Systems (MPWR) Q2 adj EPS $6.50 vs est $5.87, adj EBIT $303.9Mm vs est $325.73Mm on revs $980.6Mm vs est $902.5Mm, adj gr mgn 55.6%; guides Q3 revs $1.14-1.16B vs est $981.88B; announces additional $500M stock repurchase authorization.
• Roblox (RBLX) Q2 EPS ($0.26) vs est ($0.34) on revs $1.5B vs est $1.557B, bookings $1.6B; guides Q3 FDF ($60)Mm to $5Mm); sees Q3 revenue $1.41B-$1.49B, vs. consensus $1.86B; sees Q3 bookings decline of 14%-18% y/y; sees sequential increase in DAUs in Q3 but sees monetization softness observed in Q2 persisting.
• SPX Technology (SPXC) Q2 Adj EPS $2.02 vs est $1.85, revenue $679Mm vs est $640.1Mm, adj EBITDA $151.8Mm vs est $147.99Mm; FY26 adj EPS guide raised to $8.20 to $8.60 vs $8.04 est, FY26 revenue guide raised to $2.705B to $2.765B vs $2.614B est.