“You don’t have to see the whole staircase, just take the first step.”

— Martin Luther King Jr.

 

DAILY RECAP

Friday, October 10th

 

Wall Street Advances Ahead of Earnings

Stocks rose as investors looked ahead to key economic data and major U.S. bank earnings

 

S&P 500 – 7,811.54 (+0.59%)

Dow Jones – 51,654.95 (+0.83%)

NASDAQ – 27,366.17 (+0.64%)

 

TOP HEADLINES OF THE DAY

• Wall Street Rallies Ahead of Bank Earnings: All three major indexes finished higher Friday, with the S&P 500 gaining 0.59% as investors positioned for a busy week of corporate earnings and inflation data. 
• Fuel Costs Put Airlines Under Pressure: Delta slashed its 2026 profit forecast as soaring jet fuel prices threaten margins, raising questions about how long airlines can sustain higher ticket prices. 
• Trump Announces Russian Diesel Supply Deal: A proposed agreement with Vladimir Putin could bring millions of tons of diesel to global markets as geopolitical conflicts disrupt fuel supplies. 
• AI Infrastructure Demand Remains Red-Hot: Nvidia-backed Lumentum reported that key optical components are sold out through early 2029, underscoring the scramble to build AI data centers. 
• Inflation and Treasury Yields Stay in Focus: Rising energy costs and elevated bond yields remain key concerns as traders prepare for September CPI and fresh signals about the Federal Reserve's next moves.

STOCKS MAKING MOVES

• Verizon (VZ), AT&T (T) and T-Mobile (TMUS): Telecom shares tumbled after SpaceX agreed to acquire a nationwide spectrum portfolio, intensifying concerns about competition from Starlink Mobile. 
• SpaceX (SPCX): Shares advanced following the spectrum acquisition deal, which could help the company expand into the U.S. wireless market. 
• Humana (HUM): Shares surged after an improved government rating for its Medicare Advantage plans raised expectations for higher bonus payments. 
• Lumentum (LITE): The Nvidia-backed optical technology company gained as its CEO highlighted booming AI demand and component capacity sold out through early 2029. 
• Apple (AAPL): Shares slipped following reports that the company asked suppliers to reduce production of certain iPhone 18 components amid softer demand. 
• Moderna (MRNA) and Novavax (NVAX): Both biotech stocks rallied after reports of a planned NIH initiative to accelerate personalized cancer vaccine development. 
• PepsiCo (PEP): Shares climbed after quarterly earnings and revenue topped expectations, although the company lowered its full-year outlook. 
• Chipotle Mexican Grill (CMG): Shares jumped following reports that Starbucks was considering a potential acquisition of the restaurant chain. 
• Delta Air Lines (DAL): Shares faced pressure after the carrier cut its annual profit forecast, citing persistently elevated fuel costs. 
• Freeport-McMoRan (FCX): Shares advanced as gold prices rose, putting the precious metal on track for its first weekly gain in three weeks.

MARKET NOTABLES

• Earnings Season Takes Center Stage: Major U.S. banks, including JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup, are scheduled to report next week, offering fresh insight into lending, consumer health and corporate profitability. 
• Inflation Data Could Move Markets: September CPI and core CPI are due Wednesday, October 14, giving investors a critical update on price pressures and the potential implications for Federal Reserve policy. 
• Treasury Yields Remain Elevated: The 10-year Treasury yield finished Friday at 5.24% after reaching its highest level since 2002 earlier in the week, keeping borrowing costs and inflation concerns in focus. 
• The Dollar Extends Its Winning Streak: The U.S. dollar recorded its fourth consecutive weekly gain against a basket of major currencies as investors weighed economic resilience, interest rates and geopolitical risks. 
• Oil and Energy Supply Remain Wild Cards: Trump's proposed Russian diesel supply agreement could help ease fuel shortages, but ongoing geopolitical tensions and disruptions to energy infrastructure continue to cloud the outlook. 
• Global Markets Finish Higher: International equities advanced, while global bonds rallied. U.S. Treasuries moved in the opposite direction, reflecting continued uncertainty over inflation and interest rates. 
• AI Spending Remains a Key Market Driver: Optimism surrounding OpenAI's projected revenue growth helped support AI-related shares after recent weakness, while Lumentum's extended backlog highlighted continued demand for data-center infrastructure. 

• Monday's Market Schedule: U.S. stock markets will remain open on October 12, although the bond market will be closed for Columbus Day/Indigenous Peoples' Day. Investors will then turn to bank earnings and inflation data for the next major market catalysts.

EARNINGS SPOTLIGHT

JPMorgan Chase & Co. (JPM) is scheduled to release its third-quarter 2026 earnings on October 13, 2026, before the opening bell. The Zacks Consensus Estimate stands at $5.94 per share, marking a 17.2% jump compared to the prior-year quarter. Analysts project quarterly revenues of $52.21 billion, reflecting a 12.5% increase year-over-year.  

WHAT TO WATCH

After a relatively quiet week for economic data, investors will have plenty to watch ahead. September CPI will be a major focus, with headline inflation expected to accelerate as higher energy prices work their way through the numbers. 

On the earnings front, Q3 reporting season gets underway, with several major banks among the first companies to report. Strong earnings growth has been a key driver of this year's market gains, and continued strength could provide another boost for stocks.

October 12: No major earnings or data expected; U.S. bond market closed for Columbus Day/Indigenous Peoples' Day.

October 13: Expected earnings from JPMorgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C), UnitedHealth Group (UNH), Johnson & Johnson (JNJ), Domino's Pizza (DPZ), and existing home sales for September.

October 14: September Consumer Price Index (CPI) and core CPI, Fed Beige Book, and expected earnings from ASML (ASML), Bank of America (BAC), Morgan Stanley (MS), BlackRock (BLK), Progressive (PGR), Fastenal (FAST), and State Street Corporation (STT).

October 15: Expected earnings from Taiwan Semiconductor Manufacturing (TSM), PNC Financial Services (PNC), U.S. Bancorp (USB), and Producer Price Index for September and initial jobless claims.

October 16: Expected earnings from Travelers (TRV) and Truist (TFC), and industrial production for September.