Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout. It also markets other products, including Neulasta, MVASI, AMJEVITA/AMGEVITA, TEZSPIRE, Parsabiv, Aimovig, LUMAKRAS/LUMYKRAS, EPOGEN, KANJINTI, TAVNEOS, RAVICTI, UPLIZNA and PROCYSBI. The company serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors, as well as direct-to-consumer channels. The company has collaboration agreements with AstraZeneca plc for the development and commercialization of TEZSPIRE; Novartis Pharma AG to develop and commercialize Aimovig; UCB for the development and commercialization of EVENITY; Kyowa Kirin Co., Ltd. for rocatinlimab development and commercialization; and BeiGene, Ltd. for oncology products expansion and development. Amgen Inc. was incorporated in 1980 and is headquartered in Thousand Oaks, California.

Amgen appears to be a high-quality but no longer cheap large pharmaceutical business with strong profitability and a noticeable debt burden. In terms of earnings, the company shows very strong levels: ROE, ROA, ROI, operating margin, and net margin are significantly above the industry median, while revenue, EBITDA, operating profit, and net profit are generally growing year over year. This supports the valuation and points to good business quality, sustainable profit generation, and the ability to service debt. At the same time, the P/E, P/S, P/B, and P/FCF multiples are above industry medians, which limits the potential for further re-rating and indicates that the valuation is no longer low. Particularly concerning are the very high P/B and the significant level of debt/equity, as well as the large amount of long-term debt and liabilities relative to capital. Liquidity is acceptable, but not comfortable: the quick ratio and current ratio are below the industry median, so the buffer for short-term obligations does not look strong. The dividend yield has declined compared with previous periods, which reduces the supporting effect for the stock from income-oriented investors. On the other hand, the growth in cash on hand, assets, and equity shows that the balance sheet is not deteriorating linearly and that the company retains financial flexibility. Overall, the fundamentals are more positive than weak, but the high valuation multiples and debt burden do not allow for an aggressive increase in the target price. For an investor, this is a story of a high-quality, profitable, and mature business with good operating efficiency, but limited upside due to an already expensive valuation and balance-sheet risks.

Amgen Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, незначительно вырос. Рынок на стороне быков.

Strong index, slightly up. The market is on the bulls' side.

Слабый индекс, незначительно вырос. Приток средств в лонги остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into longs remains at a low level.

Strong profitability and revenue growth support Amgen, but a high valuation and significant debt burden limit re-rating potential.

(RTTNews) - On Tuesday, AstraZeneca (AZN) and Amgen (AMGN) said Tezspire met both co-primary and key secondary endpoints in the Phase 3 CROSSING trial in eosinophilic esophagitis, with improvements at week 24 sustained through week 52.
Eosinophilic Esophagitis (EoE) & Tezspire
Eosinophilic esophagitis is a chronic inflammatory disorder of the esophagus that can cause difficulty swallowing and food becoming stuck. Tezspire, or tezepelumab, is a monoclonal antibody that blocks thymic stromal lymphopoietin, a protein involved in inflammation.
CROSSING Trial Details
The randomized, double-blind trial enrolled 368 patients aged 12-80 years with symptomatic and histologically active disease. Patients received Tezspire 210 mg, 420 mg or placebo by subcutaneous injection every four weeks.
The co-primary endpoints at week 24 were histologic remission, defined as an esophageal eosinophil count of six or fewer per high-power field, and changes in difficulty-swallowing symptoms measured by the Dysphagia Symptom Questionnaire.
Key secondary endpoints included remission and swallowing symptoms at week 52, changes in endoscopic and tissue-level disease severity at weeks 24 and 52, and endoscopic remission at week 52.
Trial Results
At week 24, histologic remission was achieved by 64.8% and 68.9% of patients receiving the 210 mg and 480 mg Tezspire doses, compared with 3.5% receiving placebo.
Difficulty-swallowing symptom scores declined by 18.8 and 22.0 points, respectively, versus 14.7 points with placebo, meeting the other co-primary endpoint.
At week 52, histologic remission rates were 67.8% and 63.3%, versus 5.4% with placebo. Total endoscopic remission, indicating no visible disease features, was achieved by 34.4% and 29.5%, respectively, compared with 4.1%.
The safety profile was consistent with Tezspire's approved indications. The most frequently reported adverse events were nasopharyngitis, headache and diarrhea.
The findings were presented at United European Gastroenterology Week 2026, held October 17-20, 2026, in Barcelona, Spain.
AZN is trading up 2.24% at $167.65.
AMGN is trading at $434.67, up 2.29%.

AstraZeneca & Amgen's Tezspire Meets Phase 3 Endpoints In Eosinophilic Esophagitis

The S&P 500 Index ($SPX) (SPY) closed up by +0.33% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +1.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.05%. December E-mini S&P futures (ESZ26) rose +0.28%, and December E-mini Nasdaq futures (NQZ26) fell -0.14%.
Stock indexes settled mixed on Thursday, with the Nasdaq 100 dropping to a 3.5-week low. Stocks recovered from early losses on Thursday to trade mixed as bond yields fell and as investors rotated out of chip stocks into software and pharmaceutical companies.
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The Nasdaq 100 was under pressure on Thursday amid concerns about the sustainability of the artificial intelligence trade. This week’s rout in chipmakers and AI-infrastructure stocks spread globally, with South Korea’s Kospi Index sinking more than 7% and China’s Shanghai Composite falling to a 14-month low. Thursday’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
Stocks were also pressured on Thursday on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news on Thursday was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, Thursday’s slump in global equity markets sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low on Thursday of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support Thursday after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of Thursday’s close, 38 of the S&P 500 companies have reported results, with 82% beating estimates.
Nov WTI crude oil prices (CLX26) rallied more than +3% on Thursday to a 3-week high. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. Crude prices raced to their high Thursday after weekly EIA crude inventories unexpectedly fell by -8.56 million bbl.
Markets are discounting a 27% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled lower on Thursday. The Euro Stoxx 50 closed down -0.36%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +21 ticks on Thursday. The 10-year T-note yield fell -10.0 bp to 5.085%. Dec T-notes rallied to a 3-week high on Thursday, and the 10-year T-note yield fell to a 3-week low of 5.035%. Lower inflation expectations were supportive of T-notes after the 10-year breakeven inflation rate fell to a 1-week low of 2.320% on Thursday. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news on Thursday was bearish for T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields moved lower on Thursday. The 10-year German bund yield fell to a 5-week low of 3.353% and finished down -5.3 bp to 3.413%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and finished down -5.0 bp to 5.374%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting a 9% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Software stocks rallied on Thursday as investors rotate out of chip stocks into software. Intuit (INTU) and ServiceNow (NOW) closed up more than +6%, and Atlassian (TEAM) and Autodesk (ADSK) closed up more than +5%. Also, Workday (WDAY), Salesforce (CRM), and Adobe Systems (ADBE) closed up more than +4%, Oracle (ORCL) closed up more than +3%, and Thomson Reuters (TRI) closed up more than +2%.
Pharmaceutical stocks moved higher on Thursday amid stock rotation out of AI stocks. Alnylam Pharmaceuticals (ALNY) closed up more than +4%, and Eli Lilly (LLY) and Ionis Pharmaceuticals (IONS) closed up more than +3%. Also, Gilead Sciences (GILD), Vertex Pharmaceuticals (VRTX), Regeneron Pharmaceuticals (REGN), and Jazz Pharma Plc (JAZZ) closed up more than +2%. and Amgen (AMGN) and Biogen (BIIB) closed up more than +1%.
Cryptocurrency-exposed stocks rallied on Thursday after Bitcoin (^BTCUSD) rebounded from a 3.5-week low and moved higher. Circle Internet Group (CRCL) closed up more than +9%, and Coinbase Global (COIN) closed up more than +6%. Also, Strategy (MSTR) closed up more than +5%, and Bullish (BLSH) and BitMine Immersion Technologies (BMNR) closed up more than +4%. In addition, Riot Platforms (RIOT) and Robinhood Markets (HOOD) closed up more than +2%, and MARA Holdings (MARA) and Galaxy Digital Holdings (GLXY) closed up more than +1%.
Chipmakers and AI-infrastructure stocks fell on Thursday on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. Applied Materials (APLD), Lam Research (LRCX), and Seagate Technology Holdings Plc (STX) closed down more than -3%, and Intel (INTC), KLA Corp (KLAC) and Western Digital (WDC) closed down more than -2%. In addition, Nvidia (NVDA), Advanced Micro Devices (AMD), Marvell Technology (MRVL), and SanDisk (SNDK) closed down more than -1%.
Penske Automotive Group (PAG) closed up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) closed up more than +6% after the Financial Times reported that private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Kimberly-Clark (KMB) closed up more than +4% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
FMC Corp (FMC) closed down more than -30% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Hewlett Packard Enterprise (HPE) closed down more than -7% to lead losers in the S&P 500, adding to Wednesday’s -7 decline, and Dell Technologies (DELL) closed down more than -6%, adding to Wednesday’s 10% plunge after Barclays downgraded the stocks to equal weight from overweight.
Rocket Lab (RKLB) closed down more than -6% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Earnings Reports (10/16/2026)
Citizens Financial Group Inc (CFG), M&T Bank Corp (MTB), Regions Financial Corp (RF), Travelers Cos Inc/The (TRV), Truist Financial Corp (TFC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Mixed as Broader Market Recovers from Chip Stock Rout

The S&P 500 Index ($SPX) (SPY) is down by -0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.71%. December E-mini S&P futures (ESZ26) are down -0.58%, and December E-mini Nasdaq futures (NQZ26) are down -1.54%.
Stock indexes are mostly lower today, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 3.5-week low. The broader market is under pressure today as the rout in chipmakers and AI-infrastructure stocks spreads globally, with South Korea’s Kospi Index sinking more than -7% and China’s Shanghai Composite falling to a 14-month low. Today’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
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Stocks extended their losses today on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news today was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, the slump in global equity markets has sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low today of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%. Also, investors rotating out of chip stocks into software companies and defensive pharmaceuticals stocks are lifting the Dow Jones Industrials.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support today after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 32 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) are up +0.20% today. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. However, today’s selloff in global equity markets is curbing demand for risk assets, including crude.
Markets are discounting a 29% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.62%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +23 ticks today. The 10-year T-note yield is down -12.5 bp to 5.060%. Dec T-notes rallied to a 3-week high today, and the 10-year T-note yield fell to a 3-week low of 5.041%. Today’s selloff in global equity markets has boosted safe-haven demand for T-notes. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news is limiting gains in T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 5-week low of 3.353% and is down -10.7 bp to 3.359%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and is down -11.3 bp to 5.312%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting an 11% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. The iShares Semiconductor ETF (SOXX) is down more than -3% at a 1-month low. SanDisk (SNDK) and Seagate Technology Holdings Plc (STX) are down more than -7%, and Intel (INTC), Lam Research (LRCX), and Western Digital (WDC) are down more than -6%. Also, Advanced Micro Devices (AMD), Applied Materials (APLD), and Marvell Technology (MRVL) are down more than -5%, and KLA Corp (KLAC) and Micron Technology (MU) are down more than -4%.
Cryptocurrency-exposed stocks are falling today, with Bitcoin (^BTCUSD) down more than -2% at a 3.5-week low. Iren Ltd (IREN) is down more than -10%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -8%. Also, MARA Holdings (MARA) and BitMine Immersion Technologies (BMNR) are down more than -6%, and Robinhood Markets (HOOD) and Strategy (MSTR) are down more than -5%. In addition, Coinbase Global (COIN) is down more than -3%, and Circle Internet Group (CRCL) and Bullish (BLSH) are down more than -2%.
Cloud infrastructure stocks are under pressure today on debt concerns after credit-default swaps have priced in a more than 50% chance that CoreWeave could default on its debt within the next five years. Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are down more than -8%, and CoreWeave (CRWV) is down more than -6%. Also, Arista Networks (ANET) and Applied Digital (APLD) are down more than -5%.
Software stocks are climbing today as investors rotate out of chip stocks into software. Intuit (INTU) is up more than +5% to lead gainers in the Nasdaq 100, and Autodesk (ADSK) is up more than +4%. Also, Workday (WDAY) and Adobe Systems (ADBE) are up more than +3%, and Salesforce (CRM) and Thomson Reuters (TRI) are up more than +2%. In addition, IBM (IBM) and ServiceNow (NOW) are up more than +1%.
Defensive pharmaceutical stocks are climbing today amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), and Vertex Pharmaceuticals (VRTX) are up more than +3%, and Biogen (BIIB), Merck & Co (MRK), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) are up more than +2%. Also, Pfizer (PFE) is up more than +1%.
FMC Corp (FMC) is down more than -34% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Rocket Lab (RKLB) is down more than -13% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Penske Automotive Group (PAG) is up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) is up more than +5% to lead gainers in the S&P 500 after the Financial Times reported private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Walmart (WMT) is up more than +3% after Deutsche Bank upgraded the stock to buy from hold with a price target of $136.
Kimberly-Clark (KMB) is up more than +3% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
Commercial Metals (CMC) is up more than +2% after reporting Q4 net sales of $2.66 billion, better than the consensus of $2.54 billion.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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Stocks Pressured as Chipmaker Selloff Deepens

The S&P 500 Index ($SPX) (SPY) closed down by -1.11% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.02%. December E-mini S&P futures (ESZ26) fell -1.16%, and December E-mini Nasdaq futures (NQZ26) fell -2.10%.
Stock indexes sold off sharply on Wednesday, with the S&P 500 falling to a 1.5-week low and the Nasdaq 100 dropping to a 3.5-week low. Inflation woes dampened market sentiment and sparked stock liquidation on Wednesday after US September consumer prices rose more than expected, reinforcing speculation that the Fed will keep interest rates higher for longer amid sticky price pressures. The chance of a 25 bp Fed rate hike at this month’s FOMC meeting rose to 37% from 22% before the CPI report. Also, the rout in chipmakers continued Wednesday, weighing on the overall market.
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Wednesday’s broader market slump sparked defensive buying of health care and pharmaceutical stocks, limiting losses in the Dow Jones industrials.
US Sep CPI rose +3.7% y/y, stronger than expectations of +3.6% y/y. Sep core CPI rose +2.6% y/y, stronger than expectations of 2.5% y/y.
The Fed Beige Book was hawkish, noting that a majority of the twelve Fed districts in the six weeks through October 5 reported economic growth, and half saw robust or intensifying price pressures.
Stocks and bonds garnered some support Wednesday on comments from Fed Vice Chair Michelle Bowman, who signaled she favors keeping Fed policy steady at this month's FOMC meeting when she said, "We have some time to wait and see how financial conditions and the economy evolve before we decide that we need to take any more action" on interest rates.
US MBA mortgage applications fell -2.7% in the week ended October 9, with the purchase mortgage sub-index down -4.0% and the refinancing mortgage sub-index down -0.4%. The average 30-year fixed-rate mortgage rose +1 bp to a 2.75-year high of 7.50% from 7.49% the prior week.
China's trade news was better than expected, supporting global growth prospects. China's Sep exports rose +36.3% y/y, stronger than expectations of +25.7% y/y and the most in 7 months. Sep imports rose +31.0% y/y, stronger than expectations of +25.0% y/y.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%.
Nov WTI crude oil prices (CLX26) closed up more than +1% on Wednesday as Yemen's Houthi rebels launched multiple drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East.
Markets are discounting a 37% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed up +0.38%. China's Shanghai Composite closed down -0.89%. Japan's Nikkei-225 Stock Average closed down -0.05%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +4.5 ticks on Wednesday. The 10-year T-note yield fell -2.5 bp to 5.183%. T-note prices recovered from early losses on Wednesday and settled higher as a slump in equity markets fueled short-covering in T-notes. Also, dovish comments on Wednesday from Fed Vice Chair Bowman were bullish for T-notes when said she sees no urgent need for the Fed to raise interest rates.
T-notes initially retreated on Wednesday on the stronger-than-expected US Sep CPI report, which boosted the chance of a Fed rate hike later this month to 37% from 22% before the report. Also, Wednesday’s +1% increase in WTI crude oil has raised inflation expectations and is bearish for T-notes. In addition, the Fed Beige Book was negative for T-notes, noting intensifying price pressures in more than half of the Fed’s districts.
European government bond yields moved lower on Wednesday. The 10-year German bund yield fell -0.3 bp to 3.466%. The 10-year UK gilt yield fell -2.3 bp to 5.424%.
The German Sep wholesale price index rose +8.7% y/y from +6.8% y/y in Aug, the strongest pace of increase in nearly 3.5 years.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks sold off Wednesday, weighing on the overall market. The iShares Semiconductor ETF (SOXX) fell to a 3.5-week low and closed down more than -4%. CoreWeave closed down more than -15% to lead losers in the Nasdaq 100, and Lumentum Holdings (LITE) closed down more than -8%. Also, Marvell Technology (MRVL) closed down more than -7%, and ARM Holdings Plc (ARM) closed down more than -6%. In addition, Advanced Micro Devices (AMD) and SanDisk (SNDK) closed down more than -5%, and Lam Research (LRCX), Seagate Technology Holdings Plc (STX), Microchip Technology (MCHP), Intel (INTC), and Western Digital (WDC) closed down more than -4%.
The Magnificent Seven technology stocks fell on Wednesday, weighing on the broader market. Nvidia (NVDA) and Meta Platforms (META) closed down more than -3%, and Tesla (TSLA) closed down more than -2%. Also, Alphabet (GOOGL), Amazon.com (AMZN), and Microsoft (MSFT) closed down more than -1%. Bucking the trend, Apple (AAPL) closed up +0.50%.
Cybersecurity stocks weakened on Wednesday, weighing on the overall market. Cloudflare (NET) and Okta (OKTA) closed down more than -6%, and Palo Alto Networks (PANW) closed down more than -5%. Also, Crowdstrike Holdings (CRWD) and SentinelOne (S) closed down more than -4%, and Fortinet (FTNT) and Zscaler (ZS) closed down more than -3%.
Cryptocurrency-exposed stocks fell on Wednesday after Bitcoin (^BTCUSD) fell more than -1%. Iren Ltd (IREN) closed down more than -12%, and MARA Holdings (MARA) and Riot Platforms (RIOT) closed down more than -9%. Also, Galaxy Digital Holdings (GLXY) and Robinhood Markets (HOOD) closed down more than -8%, and Circle Internet Group (CRCL), BitMine Immersion Technologies (BMNR), and Strategy (MSTR) closed down more than -5%. On addition, Coinbase Global (COIN) and Bullish (BLSH) closed down more than -4%.
Health insurance stocks moved higher on Wednesday as a defensive play amid the broader market rout. UnitedHealth Group (UNH) closed up more than +4% to lead gainers in the S&P 500 and Dow Jones Industrials. Also, CVS Health Corp (CVS), Cardinal Health (CAH), and United Health Services (UHS) closed up more than +3%, and HCA Healthcare (HCA) and the Cigna Group (CI) closed up more than +2%. In addition, Centene (CNC) and Humana (HUM) closed up more than +1%.
Defensive pharmaceutical stocks rallied on Wednesday amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), Merck & Co (MRK), Pfizer (PFE), and Regeneron Pharmaceuticals (REGN) closed up more than +3%, and Vertex Pharmaceuticals (VRTX) closed up more than +2%.
Dell Technologies (DELL) closed down more than -11% to lead losers in the S&P 500 , Hewlett Packard Enterprise (HPE) closed down more than -8%, and NetApp (NTAP) closed down more than -6% after Barclays downgraded the stocks to equal weight from overweight.
Bank of America (BAC) closed down more than -4% after reporting Q3 equities trading revenue ex-DVA of $2.51 billion, weaker than the consensus of $2.63 billion.
State Street (STT) closed down more than -3% after reporting Q3 revenue of $4.00 billion, weaker than the consensus of $4.04 billion.
Progressive (PGR) closed down more than -3% after reporting Q3 net premiums written of $22.30 billion, below the consensus of $22.50 billion.
Liquidia (LQDA) closed up more than +27% after reaching a global settlement resolving all pending litigation with United Therapeutics.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Sharply Lower on Inflation Woes and Slumping Chipmakers

The S&P 500 Index ($SPX) (SPY) closed down by -0.02% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.31%. December E-mini S&P futures (ESZ26) fell -0.02%, and December E-mini Nasdaq futures (NQZ26) fell -0.32%.
Stock indexes settled lower on Tuesday, with the Nasdaq 100 falling to a 1.5-week low. Weakness in chipmakers weighed on the broader market Tuesday amid concerns that investment in artificial intelligence may be unsustainable due to safety concerns and signs of funding strain. Also, a selloff in South Korea’s Samsung Electronics and SK Hynix knocked South Korea’s Kospi Index down more than -5% on Tuesday to a 2.5-month low amid concerns over intensifying competition from China, adding additional pressure to chip stocks.
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However, stocks recovered from their worst levels on Tuesday as bond yields fell on dovish Fed comments that bolstered speculation the Fed won’t be forced to raise interest rates aggressively. Fed Governor Christopher Waller said the recent surge in long-term bond yields is helping to curb demand in interest-rate-sensitive sectors, such as housing and automobiles, doing some of the Fed's work to tighten monetary policy. Waller’s comments suggest he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said, "It may be appropriate for one more 25 bp Fed rate hike this year, but I don't think at this time I have any reason to believe that we would need to do more."
Hawkish comments on Tuesday from Chicago Fed President Austan Goolsbee limited the decline in T-note yields when he said inflation tied to the AI boom is "jumping out of its lane" and starting to push up prices in unrelated corners of the economy. The 10-year T-note yield fell -3 bp to 5.21%.
Tuesday’s US economic news was supportive for stocks after Sep existing home sales unexpectedly rose +1.5% m/m to 3.99 million, stronger than expectations of a decline to 3.95 million.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.”
According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins this week when US money center banks report.
The International Monetary Fund (IMF) raised its 2026 global GDP forecast to 3.1% from 3.0% in July and kept its 2026 global consumer price forecast unchanged from July at 4.7%.
Nov WTI crude oil prices (CLX26) rose slightly on Tuesday amid concerns about Middle East energy-supply disruptions. Saudi Arabia has seen an increase in attacks from Houthi rebels in Yemen in recent days, while Iran has ramped up attacks on shipping in the Strait of Hormuz.
Gains in crude were limited on Tuesday after Saudi Arabia said its Sep crude production rose by +2 million bpd (+40% m/m) to 8.732 million bpd, recovering from a 36-year low in August. Goldman Sachs estimates a $24-a-barrel risk premium in crude oil prices due to the Middle East conflict. However, if Europe releases half the diesel it has announced from reserves, fair value prices could fall by about $11 a barrel.
Markets are discounting a 22% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 closed down -0.55%. China's Shanghai Composite recovered from a 2.5-month low and closed up +0.10%. Japan's Nikkei-225 Stock Average fell to a 1.5-week low and closed down -1.82%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +5.5 ticks on Tuesday. The 10-year T-note yield fell -2.5 bp to 5.213%. Dec T-notes rose to a 1-week high on Tuesday, and the 10-year T-note yield fell to a 1-week low of 5.171%. Lower inflation expectations supported gains in T-notes on Tuesday after the 10-year breakeven inflation rate fell to a 1-week low of 2.336%. Dovish Fed comments also supported T-note prices on Tuesday when Fed Governor Christopher Waller said the recent surge in long-term bond yields is doing some of the Fed’s work to tighten monetary policy, suggesting he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said that after the Fed hikes rates one more time this year, he believes the Fed’s rate-hike cycle is done.
T-note gains were limited Tuesday after Chicago Fed President Austan Goolsbee said inflation remains too high. Also, Tuesday’s report showing Sep existing home sales unexpectedly increased weighed on T-notes.
European government bond yields were mixed on Tuesday. The 10-year German bund yield fell to a 1-week low of 3.426% and finished down -0.8 bp to 3.469%. The 10-year UK gilt yield rose +0.7 bp to 5.447%.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks retreated for a second session on Tuesday, weighing on the overall market. Applied Materials (AMAT) closed down more than -6% to lead losers in the S&P 500 and Nasdaq 100 after failing to give a detailed outlook at an investor day conference. Also, Micron Technology (MU) and KLA Corp (KLAC) closed down more than -3%, and Lam Research (LRCX) closed down more than -2%. In addition, ASML Holding NV (ASML) and Western Digital (WDC) closed down more than -1%.
Pharmaceutical stocks sold off on Tuesday. Vertex Pharmaceuticals (VRTX) closed down more than -4%, and Merck & Co (MRK), Ionis Pharmaceuticals (IONS), Jazz Pharmaceuticals Plc (JAZZ), and Untragenyx Pharmaceutical (RARE) closed down more than -2%. Also, Gilead Sciences (GILD), Amgen (AMGN), Eli Lilly (LLY), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) closed down more than -1%.
Energy producers and service providers rallied on Tuesday as WTI crude prices rose. Valero Energy (VLO) closed up more than +4%, and Marathon Petroleum (MPC) and Phillips 66 (PSX) closed up more than +3%. Also, APA Corp (APA), ConocoPhillips (COP), and Devon Energy (DVN) closed up more than +2%, and Chevron (CVX), Diamondback Energy (FANG), and ExxonMobil Holdings (XOM) closed up more than +1%.
Telecom operators moved higher on Tuesday. Charter Communications (CHTR) closed up more than +4%, and T-Mobile US (TMUS), Comcast (CMCSA), Verizon Communications (VZ), and AT&T (T) closed up more than +1%.
Syndax Pharmaceuticals (SNDX) closed down more than -16% after saying its MAXPIRe Phase 2 trial of its axatilimab to treat idiopathic pulmonary fibrosis failed to meet its primary endpoint.
AST SpaceMobile (ASTS) closed down more than -8% after Piper Sandler downgraded the stock to neutral from overweight.
SentinelOne (S) closed down more than -6% after announcing that it intends to offer $1.25 billion in convertible senior notes due in 2031 via private placement.
Johnson & Johnson (JNJ) closed down more than -5% to lead losers in the Dow Jones Industrials after forecasting full-year sales of $101.00 billion to $101.40 billion, the midpoint below the consensus of $101.24 billion.
Domino’s Pizza (DPZ) closed down more than -5% after reporting Q3 total domestic store comparable sales growth of +0.30%, below the consensus of +0.72%.
Meta Platforms (META) closed up more than +2% to lead gainers in the Nasdaq 100, adding to Monday’s +3% gain, after releasing a new artificial intelligence model called Muse Wonder, which the company claims has “frontier capabilities.”
Ollie’s Bargain Outlet Holdings (OLLI) closed up more than +2% after its Board of Directors approved a $500 million stock buyback plan.
Amer Sports (AS) closed up more than +2% after Jefferies initiated coverage on the stock with a buy recommendation and a price target of $42.
Earnings Reports (10/14/2026)
Bank of America Corp (BAC), Blackrock Inc (BLK), Fastenal Co (FAST), Morgan Stanley (MS), Progressive Corp/The (PGR), State Street Corp (STT).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Finish Lower Ahead of Wednesday’s CPI Report

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Invesco NASDAQ 100 ETF (Symbol: QQQM) where we have detected an approximate $1.4 billion dollar inflow -- that's a 1.3% increase week over week in outstanding units (from 357,420,000 to 361,920,000). Among the largest underlying components of QQQM, in trading today Texas Instruments Inc. (Symbol: TXN) is down about 0.1%, Amgen Inc (Symbol: AMGN) is off about 1.3%, and Marvell Technology Inc (Symbol: MRVL) is higher by about 7.2%. For a complete list of holdings, visit the QQQM Holdings page » The chart below shows the one year price performance of QQQM, versus its 200 day moving average:
Looking at the chart above, QQQM's low point in its 52 week range is $228.75 per share, with $313.80 as the 52 week high point — that compares with a last trade of $313.29. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further QQQM Research:

Noteworthy ETF Inflows: QQQM, TXN, AMGN, MRVL

Key Points
Vertex Pharmaceuticals and Amgen recently posted strong clinical trial results for promising candidates.
Both companies have robust businesses and strong medium-term prospects.
Vertex Pharmaceuticals (NASDAQ:VRTX) and Amgen (NASDAQ:AMGN) have both outperformed the broader market this year as of this writing. However, it might not be too late to invest in these stocks. Recent developments highlight that these drugmakers have strong pipelines and attractive medium-term prospects. Here's some recent news from Vertex Pharmaceuticals and Amgen, and why investors should seriously consider buying shares of both drugmakers.
Image source: The Motley Fool.
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1. Vertex Pharmaceuticals
Vertex Pharmaceuticals' business looks healthy. The company generates consistent revenue and earnings thanks to its medicines that treat the underlying causes of cystic fibrosis (CF). This rare, lifelong illness damages patients' lungs and digestive systems. There is no cure for CF, and Vertex's products are the standard of care. Patients need to take them indefinitely. That grants Vertex strong pricing power and a somewhat predictable revenue stream.
In the second quarter, the company's top line increased by 12% year over year to $3.33 billion, while its earnings per share climbed 8% year over year to $4.31. However, Vertex has been slowly diversifying its lineup. That makes sense. If another drugmaker launches competing CF medicines, it could be catastrophic for Vertex. No biotech has managed to do so yet, but that doesn't mean it won't happen. Vertex has launched products such as Casgevy, a gene-editing therapy for two blood-related diseases, and Journavx, a medicine for acute pain.
It could also earn approval for povetacicept, a treatment for IgA nephropathy, by the end of November. And another one of Vertex's pipeline candidates, inaxaplin, is looking increasingly promising. Recently, Vertex posted results from a Phase 2b study of inaxaplin in patients with APOL1-mediated kidney disease (AMKD) and modest proteinuria (excess protein in urine), or with AMKD and type 2 diabetes. Inaxaplin helped reduce the urine albumin-to-creatinine ratio, a measure of proteinuria, in both patient populations.
Inaxaplin is undergoing a Phase 2/3 study in patients with AMKD and severe proteinuria. But these Phase 2 results highlight a potentially large opportunity across a broader population of AMKD patients. Of course, there is a long way to go before Vertex earns approval for inaxaplin, but between this and other exciting pipeline candidates, the potential launch of povetacicept relatively soon, and its core CF franchise that won't run out of patent exclusivity anytime soon, the stock looks attractive.
2. Amgen
Amgen started facing biosimilar competition in the U.S. for denosumab, a medicine approved for several bone-related conditions, last year. Denosumab was, at its peak, an important growth driver for the biotech, but Amgen is navigating that patent cliff rather well. In the second quarter, the company's revenue increased by a healthy 10% year over year to $10.1 billion.
As management noted, 22 of its products posted at least double-digit sales growth during the period, and 17 had an annualized revenue run rate exceeding $1 billion. In other words, Amgen's lineup is significantly diversified. That's a big reason why, even though denosumab's sales are dropping off a cliff, it continues to perform fairly well. And the company could continue to do so over the medium term as it adds new drugs to its portfolio.
Amgen has several exciting pipeline candidates, one of which is dazodalibep, which is being developed to treat Sjögren's disease, a chronic autoimmune condition. In a Phase 3 study of dazodalibep in certain patients with Sjögren's disease, the medicine significantly reduced disease activity. Some analysts expect dazodalibep to generate well over $1 billion in sales at its peak, so it could become a meaningful contributor for Amgen.
Another one of the company's exciting candidates is MariTide, a GLP-1 medicine being developed for obesity and some obesity-related conditions. MariTide is undergoing several Phase 3 studies, and positive results could jolt the stock. Unlike the current leaders in the weight-loss market, MariTide could be administered once monthly (or even less frequently), potentially attracting a meaningful share of patients.
All of that paints a rather bright picture for Amgen's future. The company could continue delivering solid returns as it expands its approved lineup and maintains consistent revenue and earnings growth.
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2 Healthcare Stocks That Just Delivered Great News for Investors

Wall Street finished virtually flat on Sept. 24, as stocks staged a late-day recovery, erasing earlier losses triggered by surging bond yields and rising oil prices. A brief intraday pullback came as investors digested potential U.S.-Iran discussions regarding the Strait of Hormuz.
With the 30-year U.S. Treasury yield surging to its highest level since 2004, market participants remain cautious about concentrating heavily in high-multiple, pure-growth stocks.
Instead, dividend growth stocks offer an appealing sweet spot: combining steady income generation, lower equity volatility and long-term compounding power amid macro uncertainty.
These companies boast a proven track record of increasing payouts, underscoring the balance-sheet strength and cash-flow resilience required to navigate a market environment where traditional growth narratives are being reassessed.
Stocks with a strong history of year-over-year dividend growth can help build a resilient portfolio with greater potential for capital appreciation compared to simple dividend-paying or high-yield stocks.
We have selected five dividend growth stocks, Enersys Inc. ENS, Amgen AMGN, Cheesecake Factory CAKE, Vertiv Holdings VRT and Taiwan Semiconductor TSM, which could be solid choices for your portfolio.
Why Is Dividend Growth Better?
Stocks with a strong history of dividend growth are typically associated with mature companies that are less prone to sharp market swings, allowing them to serve as a hedge against economic or political uncertainty as well as broader market volatility. Their steadily rising payouts provide some measure of downside protection.
These companies are generally backed by solid fundamentals, making them attractive long-term dividend-growth investments. Key strengths include durable business models, consistent profitability, expanding cash flows, healthy liquidity, strong balance sheets and attractive valuations.
A consistent history of dividend growth underscores the potential for continued growth ahead.
Although these stocks do not necessarily have the highest yields, they have outperformed the broader stock market and other dividend-paying stocks over an extended period.
As a result, selecting dividend-growth stocks appears to be a winning strategy when other key parameters are taken into account.
5-Year Historical Dividend Growth Greater Than Zero: This selects stocks with a solid dividend growth history.
5-Year Historical Sales Growth Greater Than Zero: This represents stocks with a strong record of growing revenues.
5-Year Historical EPS Growth Greater Than Zero: This represents stocks with a solid earnings growth history.
Next 3-5 Year EPS Growth Rate Greater Than Zero: This represents the rate at which a company's earnings are expected to grow. Improving earnings should help companies sustain dividend payments.
Price/Cash Flow Less Than M-Industry: A ratio lower than the industry median indicates that a stock is undervalued within its industry, meaning an investor would pay less for the company’s cash flow.
52-Week Price Change Greater Than S&P 500 (Market Weight): This ensures that a stock has appreciated more than the S&P 500 over the past year.
Top Zacks Rank: Stocks having a Zacks Rank #1 (Strong Buy) or 2 (Buy) generally outperform their peers in all types of market environments.
Growth Score of B or Better: Our research shows that stocks with a Growth Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.
These few criteria alone narrowed the universe from more than 7,700 stocks to just eight.
Here are five of the eight stocks that fit the bill:
Pennsylvania-based EnerSys manufactures, markets and distributes industrial batteries and related stored-energy products. It also develops battery chargers and accessories, power electronics, power equipment and outdoor cabinet enclosures. The Zacks Consensus Estimate for ENS' fiscal 2027 revenues suggests a year-over-year improvement of 3.7%. The stock boasts a long-term (three-to-five years) earnings growth rate of 15% and has an annual dividend yield of 0.64%.
ENS currently carries a Zacks Rank #2 and has a Growth Score of A.
California-based Amgen is one of the biggest biotech companies in the world, with a strong presence in the oncology, general medicine, inflammation and rare diseases markets. The Zacks Consensus Estimate for AMGN’s 2026 revenues suggests a year-over-year improvement of 5.6%. The stock boasts a long-term earnings growth rate of 6% and has an annual dividend yield of 2.48%.
AMGN currently carries a Zacks Rank #2 and has a Growth Score of B.
Headquartered in California, Cheesecake Factory is a restaurant and bakery company that owns and operates hundreds of upscale, full-service dining locations. The Zacks Consensus Estimate for CAKE's 2026 revenues suggests a year-over-year improvement of 7%. The stock boasts a long-term earnings growth rate of 13.40% and an annual dividend yield of 1.15%.
CAKE currently sports a Zacks Rank #1 and has a Growth Score of B. You can see the complete list of today’s Zacks #1 Rank stocks here.
Ohio-based Vertiv Holdings is a leading global provider of critical digital infrastructure and services for data centers, communication networks, and commercial and industrial environments. The Zacks Consensus Estimate for VRT’s 2026 revenues suggests a year-over-year improvement of 36.9%. The stock boasts a long-term earnings growth rate of 36.30% and has an annual dividend yield of 0.10%.
VRT currently carries a Zacks Rank #2 and has a Growth Score of A.
Headquartered in Taiwan, Taiwan Semiconductor is the world's largest dedicated integrated circuit foundry. The Zacks Consensus Estimate for TSM’s 2026 revenues suggests a year-over-year improvement of 36.5%. The stock boasts a long-term earnings growth rate of 27.30% and has an annual dividend yield of 0.78%.
TSM currently carries a Zacks Rank #2 and has a Growth Score of B.
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Bet on These 5 Dividend Growth Stocks Amid Rising Treasury Yields

Amgen AMGN announced positive top-line data from the phase III OASIZ 301 study evaluating dazodalibep in adults with Sjögren’s disease and moderate-to-severe systemic disease activity.
Sjögren’s disease is a systemic autoimmune disease that can cause extensive dryness, fatigue, chronic pain, major organ involvement and neuropathy. Currently, there are no FDA-approved therapies for the given indication, highlighting a significant unmet need.
More on AMGN’s OASIZ 301 Study Data
Data from the OASIZ 301 study showed that treatment with dazodalibep led to statistically significant and clinically meaningful improvement as measured by the EULAR Sjögren's Syndrome Disease Activity Index (ESSDAI) at week 48 – the study’s primary endpoint.
ESSDAI is a validated clinical tool used to check systemic disease activity across organ systems in patients with Sjögren’s disease.
Importantly, improvements in ESSDAI were observed as early as week four following treatment with dazodalibep and were sustained through week 48.
AMGN’s Price Performance
Year to date, shares of Amgen have rallied 27.9% compared with the industry’s rise of 8%.
Image Source: Zacks Investment Research
Per the company, the above data underscores the potential of dazodalibep as an emerging treatment for improving systemic disease activity in patients with Sjögren’s disease.
Amgen plans to present detailed data from the OASIZ 301 study at an upcoming medical conference.
Besides the OASIZ 301 study, dazodalibep is also being evaluated in the phase III OASIZ 303 study in patients with moderate-to-severe symptomatic Sjögren's disease. The study is expected to be completed in the fourth quarter of 2026.
AMGN’s Key Pipeline Development Activities
Amgen has several interesting candidates in its pipeline, which represent significant commercial opportunity. The company’s main area of focus remains general medicine, obesity, inflammation, rare disease and oncology.
Besides dazodalibep, important pipeline candidates include olpasiran for atherosclerotic cardiovascular disease in a phase III study, xaluritamig for metastatic castration-resistant prostate cancer in a phase III study and daxdilimab for primary discoid lupus erythematosus in a phase II study.
Amgen is developing MariTide, a GIPR/GLP-1 receptor for monthly and maybe less frequent dosing, which may help reduce treatment burden and improve persistence on treatment over time. MariTide is being studied for type II diabetes, obesity and obesity-related conditions.
Amgen believes that progress across its late-stage pipeline assets and biosimilars pipeline can support sustainable long-term growth beyond its established portfolio of marketed drugs.
AMGN’s Zacks Rank & Stocks to Consider
Amgen currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Repligen RGEN, Anika Therapeutics ANIK and Precigen PGEN, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while estimates for 2027 have increased from $2.57 to $2.61 during the same time. RGEN’s shares have risen 14% year to date.
Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%.
Over the past 60 days, estimates for Anika Therapeutics’ 2026 earnings per share have risen from 41 cents to $1.05, while estimates for 2027 have increased from 46 cents to 95 cents during the same time frame. ANIK’s shares have surged 11% year to date.
Anika Therapeutics’ earnings beat estimates in each of the trailing three quarters, with the average surprise being 950.00%.
Over the past 60 days, estimates for Precigen’s 2026 bottom line have moved from a loss of 2 cents per share to earnings of 25 cents. Earnings estimates for 2027 have increased from 25 cents to 86 cents during the same time. PGEN’s shares have rallied 84.2% year to date.
Precigen’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 88.8%.
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AMGN's Dazodalibep Meets Goal in Systemic Sjogren's Disease Study

The S&P 500 Index ($SPX) (SPY) closed unchanged on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.82%. December E-mini S&P futures (ESZ26) fell -0.02%, and December E-mini Nasdaq futures (NQZ26) rose +0.79%.
Stock indexes settled mixed on Tuesday, with the S&P 500 falling from a 5-week high and the Nasdaq 100 reaching a new all-time high. Strength in chipmakers and AI stocks pushed the Nasdaq 100 to a record high, and weaker crude oil prices eased inflation risks and boosted market sentiment. WTI crude oil fell more than -1% on Tuesday to a 3-week low after Japan’s Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade is lifted.
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Stocks also have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping.
Stock indexes fell back from their best levels on Tuesday and settled mixed after bond yields rose on hawkish comments from Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, who warned that inflation pressures could remain elevated and suggested they may favor additional Fed tightening. Also, the Sep Richmond Fed manufacturing survey fell more than expected to a 7-month low. Weakness in energy producers and financial stocks also weighed on the broader market.
The US Sep Richmond Fed manufacturing survey fell -6 to a 7-month low of -2, weaker than expectations of 2.
Hawkish Fed comments on Tuesday were negative for stocks and bonds. Boston Fed President Susan Collins said she saw an "increased likelihood" of scenarios in which inflation remains "notably above 2%." Also, Richmond Fed President Tom Barkin warned it could take time for inflationary shocks to wane, and there is a risk elevated pressures could become entrenched.
Oct WTI crude oil prices (CLV26) fell more than -1% on Tuesday to a 3-week low after Japan's Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade of Iranian ports is lifted. Crude prices added to their losses on signs that diplomacy may bring an end to Middle East hostilities after a spokesman for Iran's Islamic Revolutionary Guard said that "if our national interests require us to negotiate alongside the war, we must negotiate." In addition, President Trump said that US officials had a "very productive" meeting with Iranian representatives and that "they have another one scheduled in the very near future."
Markets are discounting a 53% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Tuesday. The Euro Stoxx 50 rose to a 1.5-week high and closed up +0.108%. China's Shanghai Composite climbed to a 2-week high and closed up +0.067%. Japan's Nikkei-225 Stock Average did not trade today with Japanese markets closed for a National holiday.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -1.5 ticks on Tuesday. The 10-year T-note yield rose +1.4 bp to 4.965%. T-notes gave up an early advance on Tuesday and moved lower on hawkish Fed comments, after Boston Fed President Susan Collins and Richmond Fed President Tom Barkin warned inflation may remain above the Fed’s 2% target, suggesting they may favor additional Fed tightening.
T-notes initially moved higher on Tuesday after WTI crude oil fell more than -1% to a 3-week low, easing inflation expectations. Also, today’s larger-than-expected decline in the Sep Richmond Fed manufacturing survey to a 7-month low supported T-notes. Tuesday’s $69 billion Treasury auction of 2-year T-notes had decent demand, a positive factor for T-notes, as the auction had a bid-to-cover ratio of 2.63, just above the 10-auction average of 2.62.
European government bond yields finished higher on Tuesday. The 10-year German bund yield rebounded from a 1.5-week low of 3.422% and finished up +0.5 bp to 3.463%. The 10-year UK gilt yield recovered from a 2-week low of 5.166% and finished up +2.7 bp to 5.238%.
The Eurozone Sep consumer confidence index fell -1.0 to -16.5, weaker than expectations of -16.0.
ECB Chief Economist Philip Lane said a new wave of high energy prices means Eurozone inflation will stay elevated longer than the ECB initially anticipated.
Markets are discounting a 48% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks moved higher on Tuesday, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) rose to a 5-week high and closed up more than +1%. SanDisk (SNDK) closed up more than +7%, and Micron Technology (MU) and Seagate Technology Holdings Plc (STX) closed up more than +4%. Also, Western Digital (WDC) and ARM Holdings Plc (ARM) closed up more than +3%, and ASML Holding NV (ASML), Lam Research (LRCX), KLA Corp (KLAC), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) closed up more than +2%.
Financial stocks slid on Tuesday, limiting gains in the broader market. Charles Schwab (SCHW) closed down more than -6%, and Raymond James Financials (RJF), JPMorgan Chase (JPM), Wells Fargo & Co (WFC), Bank of America (BAC), and Northern Trust (NTRS) closed down more than -3%. Also, Morgan Stanley (MS), American Express (AXP), and Mastercard (MA) closed down more than -2%.
Energy stocks and service providers retreated on Tuesday after WTI crude oil fell more than -1% to a 3-week low. Valero Energy (VLO) closed down more than -4%, and APA Corp (APA) and Marathon Petroleum (MPC) closed down more than -3%. Also, Diamondback Energy (FANG) closed down more than -2%, and Phillips 66 (PSX), Occidental Petroleum (OXY), ConocoPhillips (COP), and Devon Energy (DVN) closed down more than -1%.
Viking Therapeutics (VKTX) closed up more than +36% after announcing results from a study showing patients taking its VK2735 GLP-1 weight-loss drug maintained up to 97% of weight loss versus 61% for placebo.
Vicor Corp (VICR) closed up more than +20% after raising its guidance on Q3 revenue growth to over 20% q/q from a previous estimate of 10%, citing royalties from a non-exclusive license to Vertical Power Delivery.
Shopify (SHOP) closed up more than +7% after announcing that it was “partnering deeply” with Meta Platforms’ Muse artificial intelligence agent.
Amgen (AMGN) closed up more than +4% to lead gainers in the Dow Jones industrials after saying the primary endpoint was met in a Phase 3 study evaluating its dazodalibep drug in adults with Sjogren’s disease, a chronic autoimmune condition.
AutoZone (AZO) closed up more than +3% after reporting Q4 EPS of $56.05, better than the consensus of $54.03.
Royal Caribbean Cruises Ltd (RCL) closed down more than -6% after the Financial Times reported the company is nearing a deal to acquire a majority stake in Sandals Resorts International.
Quest Diagnostics (DGX) closed down more than -3%, and Labcorp Holdings (LH) closed down more than -2% after the Centers for Medicare and Medicaid Services (CMS) released new preliminary medicare payment rates for lab services.
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On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
P/E	24.30	—	25.14	—	—	25.14	20.61
Price/Sales	5.09	—	5.26	—	—	5.26	2.97
P/B	20.39	16.65	21.22	—	—	21.22	2.47
P/FCF	21.91	19.22	22.80	—	21.74	21.74	19.25

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
ROE	89.41	89.32	—	—	—	89.32	19.40
ROA	8.64	9.48	—	—	—	9.48	7.13
ROI	12.84	14.25	—	—	—	14.25	9.52
Net Worth	188.87	195.85	—	229.30	—	229.30	0.24
Quick Ratio	1.01	1.13	—	—	—	1.13	1.73
Current Ratio	1.26	1.37	—	—	—	1.37	2.86

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
Net Profit Margin	20.96	22.95	—	—	—	22.95	11.18
Operating Margin	28.39	29.99	—	—	—	29.99	14.10
Gross Margin	68.26	69.52	—	—	—	69.52	75.17
Return on tangible equity	0.00	0.00	—	—	—	0.00	41.05

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
EPS	5.15	—	—	—	—	5.15	0.46
EPS Forecast	4.73	—	—	—	—	4.73	0.38
Revenue	8.62B	10.05B	—	—	—	10.05B	19.00M
Gross Profit	5.87B	7.24B	—	—	—	7.24B	—
EBITDA	3.78B	4.63B	—	—	—	4.63B	—

Amgen Inc.

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