Morning Briefing, October 23, 2026

S&P 500 futures point to a modestly lower open, down about 0.2%, as markets digest Thursday's tech-led rout, the Nasdaq's worst session since June, triggered by a spike in Meta Platforms' credit default swaps over spending plans that erased roughly $100 billion in market value and dragged semiconductors sharply lower.

Oil posted its sharpest weekly drop since April after Iran's Fars news agency reported Tehran has stopped illicit vessel traffic in the Strait of Hormuz, with crude flows reportedly recovering toward pre-war levels even as diesel supplies stay tight from Russian refinery attacks. Trump dismissed reports of Iranian strikes on tankers as an attempt to lift prices ahead of the midterms, while a US envoy told the Financial Times Washington is prepared for a long standoff with Iran. Treasury yields fell hard alongside the risk-off move, with the 10-year dropping below 5% for the first time since September 23, and traders no longer fully price a Fed rate hike before year-end. The Bank of Japan said rates remain far from neutral, with a December move in focus.

Real estate and telecom-infrastructure names are the standout premarket gainers, led by Crown Castle up 9.7%, SBA Communications up 8.2% and American Tower up 6.9%. Chip names tied to Thursday's selloff are bouncing, with the Semiconductor ETF up 2.1% and SK hynix jumping 4.6%. Energy is firmer even after oil's weekly reversal, with the sector ETF up 0.5%.

Company News

Deckers Brands falls 9.1% despite beating earnings estimates and raising full-year EPS and sales guidance.
American Express beat estimates with EPS of $4.68 and raised full-year EPS guidance to $18.30-$18.60.
SLB beat estimates and agreed to acquire thermal management firm Kelvion for about $3.4 billion in cash plus assumed debt.
Booz Allen Hamilton beat estimates and raised fiscal 2027 revenue, EBITDA, EPS and free cash flow guidance.
SK Hynix confirmed it has scrapped plans for a US IPO of Solidigm, citing market conditions.
LKQ withdrew its full-year guidance after European underperformance and named Salvatore Abbate as CEO, effective December 15, succeeding Justin Jude.
Autoliv missed estimates and narrowed its full-year operating margin outlook to around 10.5% on rising raw material and logistics costs.
First Citizens BancShares beat estimates with EPS of $55.37 and authorized a new $1.2 billion buyback.
Western Digital beat estimates and guided next-quarter revenue to about $5.1 billion.
Newmont beat estimates, reaffirmed production guidance, and lowered its cost outlook.
Grocery Outlet is down 6.0% and Moderna extends its decline, off 3.4%, continuing Thursday's institutional selling.
T-Mobile, AT&T and Verizon remain weak, continuing Thursday's post-earnings slide.

Overseas Data

Japan's September core CPI came in at 2.1%, in line with expectations and up from 1.7% prior, reinforcing the Bank of Japan's hawkish tilt toward a December hike.

In the UK, the October composite PMI rose to 53.1, beating the 51.7 forecast, while September retail sales fell 0.4%, worse than the 0.1% decline expected. Germany's October composite PMI slipped to 52.8, missing the 53.4 forecast.