Salesforce, Inc. provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale. In addition, its platform offering comprise a flexible platform that enables companies of various sizes, locations, and industries to build business workflow and apps with customer; online learning platform that allows anyone to learn in-demand Salesforce skills; and Slack, an intelligent productivity platform. The company's marketing services enables companies to plan, personalize, automate, and optimize customer marketing journey, connecting interaction, and connected products; and commerce services, which empowers shopping experience across various customer touchpoint, such as mobile, web, social, and stores and provides click-to-code tools that offers customers to build and deploy solutions. Further, its analytics offering includes Tableau, an end-to-end analytics solution for range of enterprise use cases and intelligent analytics with AI models, spot trends, predict outcomes, creates summaries, timely recommendations, and take action from any device; and integration service including MuleSoft, which provides building blocks to deliver end-to-end and connected experiences. Additionally, the company provides data cloud, a hyperscale data engine native to Salesforce; vertical services to meet the needs of customers in industries, such as financial services, healthcare and life sciences, manufacturing and automotive and government; and offers salesforce starter for small and medium-sized businesses. Salesforce, Inc. was incorporated in 1999 and is headquartered in San Francisco, California.

Salesforce looks like a high-quality business in terms of earnings and margins, but the balance sheet and some of the valuation multiples do not provide grounds for an aggressive increase in the target. A P/E of 16.79 is noticeably below the industry median, and a P/FCF of 10.69 also looks moderate, supporting the argument that the company is undervalued relative to earnings and free cash flow. At the same time, a P/S of 3.75 and a P/B of 4.92 are above industry benchmarks, so the market is already pricing in a premium for the scale and resilience of the business. Profitability is strong: ROE of 20.15%, ROA of 9.12%, and ROI of 13.36% are above the median, while net and operating margins remain high, confirming the efficiency of the model. It is especially important that net income, revenue, and EBITDA are at a high level and generally growing year by year, although revenue is increasing without sharp acceleration, meaning the story is more about stability than explosive growth. Operating margin is holding around 20%, and gross margin is around 77%, which points to strong pricing power and solid product economics. On the other hand, liquidity is weak: the current ratio of 0.84 is below one, the quick ratio is effectively zero, and this increases sensitivity to short-term obligations. Debt burden looks noticeably higher than the industry: a debt/equity ratio of 1.02 and long-term debt of $39.3 billion create risk, especially against the backdrop of declining shareholders’ equity compared with previous periods. The decline in total shareholder equity as liabilities rise indicates that the balance sheet has become heavier, even if absolute profitability remains strong. Dividend yield is very low and increases only gradually, so it contributes little to the investment case through income. Overall, the fundamentals justify maintaining a positive view of the business quality, but due to the debt load, weak liquidity, and multiples that are no longer cheap, only a moderate, conservative adjustment to the valuation is appropriate.

Salesforce, Inc.

Сильный индекс, значительно вырос. Быки резко укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls sharply strengthened confidence in their positions.

Слабый индекс, значительно упал. Рынок не поддерживает быков.

Weak index, significantly down. The market does not support the bulls.

Сильный индекс, значительно упал. Отток средств из лонгов на высоком уровне.

Strong index, significantly down. Outflow of funds from longs at a high level.

Strong profitability and moderate P/E and P/FCF support the valuation, but weak liquidity, high debt, and premium P/S and P/B limit the upside.

(RTTNews) - Tuesday, Salesforce, Inc. (CRM) announced an agreement to acquire Braze, Inc. (BRZE), a customer engagement platform, for approximately $5.66 billion in enterprise value.
As per the terms of the deal, holders of Braze Class A common stock will receive $47.50 in cash per share.
The company intends to enhance customer interaction by integrating Braze's real-time engagement and AI decisioning capabilities with Salesforce Marketing Cloud, CRM, and Data 360. These capabilities are also expected to advance Salesforce's vision for a more complete Customer 360 and expand how brands connect with customers across high-volume B2C experiences.
Upon closing the deal, expected in Salesforce's fiscal year 2028, Braze would also bring deep expertise in mobile experiences, data engineering, and customer engagement to Salesforce Marketing Cloud.
The company noted that there would be no anticipated change to its fiscal year 2027 outlook.
In pre-market hours, CRM was trading at $235.50, down 2.87 percent on the NYSE, and BRZE was trading at $29.95, down 0.30 percent on the Nasdaq.

Salesforce To Acquire Braze For $5.66 Bln

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 ($SPX) (SPY) is down by -0.07% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.69%. December E-mini S&P futures (ESZ26) are down -0.05%, and December E-mini Nasdaq futures (NQZ26) are down -0.65%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 2.5-week high. The broader market is under pressure from higher crude oil prices, with WTI crude up more than +2% today on concerns about escalating tensions in the Middle East after repeated Houthi attacks on Saudi Arabia from neighboring Yemen. Weakness in chipmakers and AI-infrastructure stocks is also weighing on the overall market today.
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Stocks have support from the prospect of solid quarterly earnings results that will begin this week. Goldman Sachs today 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.” Also, strength in software stocks and energy producers is supportive of the overall market.
Market activity may be below normal, as the cash Treasury market is closed today for the Columbus Day bank holiday.
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.
Nov WTI crude oil prices (CLX26) are up more than +2% today after Iran-backed Houthi rebels in Yemen launched drone and missile attacks against Saudi Arabia over the weekend, raising the risk of escalation that could draw the US into the conflict. Also, there's been a recent escalation of drone and missile attacks against vessels traversing the Strait of Hormuz, limiting energy exports from the region. Limiting gains in crude are the prospects of Russia releasing diesel supplies into theglobal marketafter the US Treasury issued a waiver for previously sanctioned Russian fuel. Last Friday, Russia said it will partially lift its ban on diesel exports, allowing 500,000 MT of diesel fuel to reach international markets following an agreement between Russian President Putin and US President Trump.
Markets are discounting a 19% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.44%. China's Shanghai Composite closed down -0.43%. Japan's Nikkei-225 Stock Average did not trade, as Japanese markets were closed today for the Health Sports Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -2.5 ticks today. The 10-year T-note yield is not trading today, as the cash Treasury market is closed for the Columbus Day bank holiday. Dec T-notes are under pressure today as higher crude oil prices raise inflation expectations.
European government bond yields are mixed today. The 10-year German bund yield is down -0.5 bp to 3.476%. The 10-year UK gilt yield is up +0.1 bp to 5.444%.
ECB Governing Council member Yannis Stournaras said the ECB may raise interest rates again to curb inflation but without rushing any action, suggesting an ECB rate hike this month is less likely than one in December.
Markets are discounting a 13% 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 sliding today, weighing on the overall market. Lumentum Holdings (LITE) is down more than -7% to lead losers in the S&P 50 and Nasdaq 100, and Sandisk (SNDK) is down more than -6%. Also, Micron Technology (MU) and Marvell Technology (MRVL) are down more than -4%, and Advanced Micro Devices (AMD), ARM Holdings (ARM), Intel (INTC), and Seagate Technology Holdings Plc (STX) are down more than 3-%. In addition, Lam Research (LRCX), KLA Corp (KLAC), Microchip Technology (MCHP), and Western Digital (WDC) are down more than -2%, and Applied Materials (AMAT), Broadcom (AVGO), and Qualcomm (QCOM) are down more than -1%.
Software stocks are climbing today, led by a +2% jump in Salesforce (CRM) to lead gainers in the Dow Jones Industrials after Bank of America Global Research double-upgraded the stock to buy from underperform with a price target of $285. Also, Workday (WDAY) is up more than +2%, and ServiceNow (NOW), Intuit (INTU), and Microsoft (MSFT) are up more than +1%.
Energy producers and service providers are moving higher today, with WTI crude oil up more than +2%. Diamondback Energy (FANG) is up more than +2%, and APA Corp (APA), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +1%.
IonQ (IONQ) is down more than -8% after agreeing to buy Elisity Inc. for as much as $1.3 billion in an all-stock transaction.
Chipotle Mexican Grill (CMG) is down more than -4% after Starbucks said it has no plans to acquire the company.
Enact Holdings (ACT) is down more than -1% after JPMorgan Chase downgraded the stock to underweight from neutral with a price target of $44.
Adobe (ADBE) is down more than -1% after Wells Fargo Securities double-downgraded the stock to underweight from overweight with a price target of $225.
First Tracks Biotherapeutics (TRAX) is up more than +6% after reporting topline results from an early-stage trial of its experimental therapy for celiac disease.
AST SpaceMobile (ASTS) is up more than +4% after Deutsche Bank upgraded the stock to buy from hold with a price target of $93.
Biogen (BIIB) is up more than +3% after JPMorgan Chase upgraded the stock to overweight from neutral, with a price target of $300.
Earnings Reports (10/12/2026)
Liberty Live Holdings Inc (LLYVA) and SR Bancorp Inc (SRBK).
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 Pressured by Rising Crude Prices and Chipmaker Weakness

The S&P 500 Index ($SPX) (SPY) closed down by -0.25% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.86%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.23%. December E-mini S&P futures (ESZ26) fell -0.25%, and December E-mini Nasdaq futures (NQZ26) rose +0.24%.
Stock indexes settled mixed on Wednesday, with the Dow Jones Industrial falling to a 3.5-month low. Stocks erased early gains as the broader market turned lower, as rising crude oil prices boosted inflation expectations and pushed bond yields higher. WTI crude rose more than +1% on Wednesday, and the 10-year T-note yield climbed to a 19-year high of 5.30%.
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Stocks initially rose on Wednesday as inflation concerns eased after the Q2 core PCE price index was revised lower and the Aug core PCE price index rose less than expected. The better-than-expected inflation news reduced the chance of a Fed rate hike next month to 37% from 52% on Tuesday. Also, signs of growth in the US economy supported stocks after Q2 GDP was revised higher, the Sep ADP employment change rose more than expected, and Aug personal spending rose the most in 5 months. Stocks added to their gains after the Sep MNI Chicago PMI expanded at the strongest pace in 4 months.
Stocks are awaiting Micron Technology's earnings after Wednesday’s close to gauge demand for AI spending.
US MBA mortgage applications fell -6.0% in the week ended September 25, with the purchase mortgage sub-index down -4.3% and the refinancing mortgage sub-index down -8.7%. The average 30-year fixed-rate mortgage rose +18 bp to a 2.75-year high of 7.30% from 7.12% the prior week.
The US Sep ADP employment change rose by +90,000, stronger than expectations of +75,000.
US Aug personal spending rose by +0.9% m/m, right on expectations and the largest increase in five months. Aug personal income rose +0.2% m/m, weaker than expectations of +0.5% m/m.
The US Aug core PCE price index, the Fed's preferred inflation gauge, rose +0.2% m/m and +3.0% y/y, weaker than expectations of +0.3% m/m and +3.3% y/y.
US Q2 GDP was revised upward to +2.2% (q/q annualized), stronger than expectations of no change at +1.5%, as Q2 personal consumption was revised upward to +3.8% from the previously reported +3.4%. The Q2 core PCE price index was revised downward to +3.3% from the previously reported +3.6%.
The US Sep MNI Chicago PMI rose +11.7 to 58.8, stronger than expectations of 51.0 and the fastest pace of expansion in four months.
Positive economic news from China supported global growth prospects and boosted stocks. The China Sep manufacturing PMI rose +0.3 to 50.1, right on expectations. The China Sep non-manufacturing PMI rose +1.2 to 50.2, stronger than expectations of 49.2.
Nov WTI crude oil prices (CLX26) rose more than +1% on Wednesday after Russia announced that it was extending a ban on most diesel exports through October, further tightening theglobal market Russia began its diesel export ban in July after Ukrainian drone and missile attacks damaged Russian refineries. Gains in crude are limited after JPMorgan Chase said Middle East crude exports have rebounded to 17.5 million bpd, or about 98% of pre-war levels, although flows of gasoline, diesel and distillates were at 3 million bpd, or 58% of pre-war levels.
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 down -0.81%. China's Shanghai Composite closed up +0.31%. Japan's Nikkei-225 Stock Average closed up +1.94%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -7 ticks on Wednesday. The 10-year T-note yield rose +5.7 bp to 5.293%. Dec T-notes tumbled to a 19-year nearest-futures low on Wednesday, and the 10-year T-note yield rose to a 19-year high of 5.304%. T-notes gave up an early advance on Wednesday and turned lower on stronger-than-expected US economic news, including Q2 GDP, the Sep ADP employment change, and the Sep MNI Chicago PMI. Also, Wednesday’s +1% increase in WTI crude oil raised inflation expectations and weighed on T-notes. The 10-year break-even inflation rate rose to a 2-week high of 2.375% on Wednesday.
T-notes initially moved higher on Wednesday as inflation concerns eased after the Q2 core PCE price index was revised lower and the Aug core PCE price index rose less than expected. The weaker-than-expected inflation readings reduced the chance of a Fed rate hike next month to 37% from 52%. T-notes also have support from some month- and quarter-end buying by bond fund managers on Wednesday as they extend duration in their portfolios.
European government bond yields were mixed on Wednesday. The 10-year German bund yield fell -4.0 bp to 3.586%. The 10-year UK gilt yield matched Monday’s 19-year high of 5.437% on Wednesday and finished up +1.4 bp at 5.424%.
The German Sep unemployment change rose +12,000, showing a weaker labor market than expectations of 500.
German Aug retail sales rose +1.3% m/m, the largest increase in 14 months but slightly weaker than expectations of +1.5% m/m.
German Sep CPI (EU harmonized) rose +0.6% m/m and +3.3% y/y, stronger than expectations of +0.5% m/m and +3.2% y/y, with the +3.3% y/y gain the largest year-on-year increase in 2.75 years.
UK Q2 GDP was revised upward to +0.5% q/q and +1.4% y/y from the previously reported +0.4% q/q and +1.2% y/y.
Markets are discounting a 26% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Software stocks were stronger on Wednesday, a positive factor for the broader market. ServiceNow (NOW) closed up more than +3%, and Adobe Systems (ADBE), Intuit (INTU), and Autodesk (ADSK) closed up more than +2%. Also, Salesforce (CRM) closed up more than +1% to lead gainers in the Dow Jones Industrials, and Datadog (DDOG), Atlassian Corp (TEAM), Microsoft (MSFT), and Cadence Design Systems (CDNS) closed up more than +1%.
Cybersecurity stocks rose on Wednesday. Gen Digital (GEN) closed up more than +5% to lead gainers in the S&P 500, and Okta (OKTA), Palo Alto Networks (PANW), and SentinelOne (S) closed up more than +2%. Also, Fortinet (FTNT) closed up more than +1%, Crowdstrike Holdings (CRWD) closed up +0.81%, and Zscaler (ZS) closed up +0.71%.
Fair Isaac (FICO) closed down -4%, adding to Tuesday’s -26% plunge and leading credit reporting agencies lower on negative carryover from Tuesday when FHA director Pulte announced a move that makes it easier for lenders to adopt VantageScore, a move that will increase competition that could pressure credit companies’ market share and pricing power. TransUnion (TRU) also closed down more than -4% and Equifax (EFX) closed down more than -2%.
Moderna (MRNA) closed down more than -5% after Citigroup downgraded the stock to sell from neutral with a price target of $80.
Northrup Grumman (NOC) closed down more than -4% after losing out to Boeing on the $20 billion contract to build the Navy’s next-generation fighter jet.
Walmart (WMT) closed down more than -2% to lead losers in the Dow Jones Industrials after Target announced additional price cuts, which may lead to lower profits at Walmart if it is forced to follow suit.
Synopsys (SNPS) closed up more than +4% to lead gainers in the Nasdaq 100 after signing a deal with Amazon.com valued at over $1 billion over multiple years.
Hewlett Packard Enterprise (HPE) closed up more than +3% after raising its fiscal 2027 networking segment revenue growth outlook.
FactSet Research Systems (FDS) closed up more than +3% after forecasting 2027 adjusted operating margin of 34.8% to 35.3%, above the consensus of 34.4%.
Huntington Ingalls Industries (HII) closed up more than +2% after the US Navy awarded the company a $5.1 billion contract to complete the USS Harry S. Truman refueling and complex overhaul.
Earnings Reports (10/1/2026)
Accenture PLC (ACN), Acuity Inc (AYI), American Resources Corp (AREC), McCormick & Co Inc/MD (MKC), NIKE Inc (NKE).
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 Pressured by Rising Bond Yields

The S&P 500 Index ($SPX) (SPY) is up by +0.63% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.15%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.75%. December E-mini S&P futures (ESZ26) are up +0.55%, and December E-mini Nasdaq futures (NQZ26) are up +0.72%.
Stock indexes are moving higher today as inflation concerns eased after the Q2 core PCE price index was revised lower and the Aug core PCE price index rose less than expected. The better-than-expected inflation news reduced the chance of a Fed rate hike next month to 35% from 52% on Tuesday. Also, signs of growth in the US economy supported stocks after Q2 GDP was revised higher, the Sep ADP employment change rose more than expected, and Aug personal spending rose the most in 5 months. Stocks added to their gains after the Sep MNI Chicago PMI expanded at the strongest pace in 4 months.
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Stocks are awaiting Micron Technology's earnings after the close today to gauge demand for AI spending.
US MBA mortgage applications fell -6.0% in the week ended September 25, with the purchase mortgage sub-index down -4.3% and the refinancing mortgage sub-index down -8.7%. The average 30-year fixed-rate mortgage rose +18 bp to a 2.75-year high of 7.30% from 7.12% the prior week.
The US Sep ADP employment change rose by +90,000, stronger than expectations of +75,000.
US Aug personal spending rose by +0.9% m/m, right on expectations and the largest increase in five months. Aug personal income rose +0.2% m/m, weaker than expectations of +0.5% m/m.
The US Aug core PCE price index, the Fed's preferred inflation gauge, rose +0.2% m/m and +3.0% y/y, weaker than expectations of +0.3% m/m and +3.3% y/y.
US Q2 GDP was revised upward to +2.2% (q/q annualized), stronger than expectations of no change at +1.5%, as Q2 personal consumption was revised upward to +3.8% from the previously reported +3.4%. The Q2 core PCE price index was revised downward to +3.3% from the previously reported +3.6%.
The US Sep MNI Chicago PMI rose +11.7 to 58.8, stronger than expectations of 51.0 and the fastest pace of expansion in four months.
Positive economic news from China supported global growth prospects and boosted stocks. The China Sep manufacturing PMI rose +0.3 to 50.1, right on expectations. The China Sep non-manufacturing PMI rose +1.2 to 50.2, stronger than expectations of 49.2.
Nov WTI crude oil prices (CLX26) are up more than +2% today after Russia announced that it was extending a ban on most diesel exports through October, further tightening theglobal market Russia began its diesel export ban in July after Ukrainian drone and missile attacks damaged Russian refineries. Gains in crude are limited after JPMorgan Chase said Middle East crude exports have rebounded to 17.5 million bpd, or about 98% of pre-war levels, although flows of gasoline, diesel and distillates were at 3 million bpd, or 58% of pre-war levels.
Markets are discounting a 35% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite closed up +0.318%. Japan's Nikkei-225 Stock Average closed up +1.94%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -3 ticks today. The 10-year T-note yield is up +1.3 bp to 5.268%. Dec T-notes gave up an early advance today and turned lower on stronger-than-expected US economic news, including Q2 GDP, the Sep ADP employment change, and the Sep MNI Chicago PMI. Also, today’s +2% increase in WTI crude oil is raising inflation expectations and is bearish for T-notes. The 10-year breakeven inflation rate rose to a 2-week high of 2.365% today.
T-notes initially moved higher today as inflation concerns eased after the Q2 core PCE price index was revised lower and the Aug core PCE price index rose less than expected. The weaker-than-expected inflation readings reduced the chance of a Fed rate hike next month to 35% from 52%. T-notes also have support from some month- and quarter-end buying by bond fund managers today as they extend duration in their portfolios.
European government bond yields are mixed today. The 10-year German bund yield is down -4.9 bp to 3.577%. The 10-year UK gilt yield is up +0.5 bp to 5.415%.
The German Sep unemployment change rose +12,000, showing a weaker labor market than expectations of 500.
German Aug retail sales rose +1.3% m/m, the largest increase in 14 months but slightly weaker than expectations of +1.5% m/m.
German Sep CPI (EU harmonized) rose +0.6% m/m and +3.3% y/y, stronger than expectations of +0.5% m/m and +3.2% y/y, with the +3.3% y/y gain the largest year-on-year increase in 2.75 years.
UK Q2 GDP was revised upward to +0.5% q/q and +1.4% y/y from the previously reported +0.4% q/q and +1.2% y/y.
Markets are discounting a 28% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Software stocks are stronger today, supporting gains in the broader market. Atlassian Corp (TEAM) is up more than +3%, and Salesforce (CRM) is up more than +3% to lead gainers in the Dow Jones Industrials. Also, Datadog (DDOG), Adobe Systems (ADBE), Autodesk (ADSK), and Intuit (INTU) are up more than +2%. In addition, Microsoft (MSFT), Palantir Technologies (PLTR), ServiceNow (NOW), and Cadence Design Systems (CDNS) are up more than +1%.
Cybersecurity stocks are strengthening today, providing support to the overall market. Gen Digital (GEN) is up more than +6%, and Okta (OKTA) and Palo Alto Networks (PANW) are up more than +3%. Also, Fortinet (FTNT) and SentinelOne (S) are up more than +2%, and Crowdstrike Holdings (CRWD) and Zscaler (ZS) are up more than +1%.
Hewlett Packard Enterprise (HPE) is up more than +7% to lead gainers in the S&P 500 after raising its fiscal 2027 networking segment revenue growth outlook.
Huntington Ingalls Industries (HII) is up more than +2% after the US Navy awarded the company a $5.1 billion contract for the accomplishment of the USS Harry S. Truman refueling and complex overhaul.
Target (TGT) is up more than +1% after HSBC upgraded the stock to buy from hold with a price target of $190.
Moderna (MRNA) is down more than -7% to lead losers in the S&P 500 after Citigroup downgraded the stock to sell from neutral with a price target of $80.
Cal-Maine Foods (CALM) is down more than -3% after reporting Q1 net sales of $539.6 million, below the consensus of $552.2 million.
Northrup Grumman (NOC) is down more than -3% after losing out to Boeing on the $20 billion contract to build the Navy’s next-generation fighter jet.
Earnings Reports (9/30/2026)
Cal-Maine Foods Inc (CALM), Conagra Brands Inc (CAG), FactSet Research Systems Inc (FDS), Jabil Inc (JBL), Micron Technology Inc (MU), Progress Software Corp (PRGS).
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 Push Higher as Fed Rate Hike Chances Fall

The S&P 500 Index ($SPX) (SPY) is up by +0.34% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.07%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.52%. December E-mini S&P futures (ESZ26) are up +0.35%, and December E-mini Nasdaq futures (NQZ26) are up +0.52%.
Stock indexes are moving higher today as inflation concerns eased after the Q2 core PCE price index was revised lower and the Aug core PCE price index rose less than expected. The better-than-expected inflation news reduced the chance of a Fed rate hike next month to 35% from 52% on Tuesday. Also, signs of growth in the US economy supported stocks after Q2 GDP was revised higher, the Sep ADP employment change rose more than expected, and Aug personal spending rose the most in 5 months.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks are awaiting Micron Technology's earnings after the close today to gauge demand for AI spending.
US MBA mortgage applications fell -6.0% in the week ended September 25, with the purchase mortgage sub-index down -4.3% and the refinancing mortgage sub-index down -8.7%. The average 30-year fixed-rate mortgage rose +18 bp to a 2.75-year high of 7.30% from 7.12% the prior week.
The US Sep ADP employment change rose by +90,000, stronger than expectations of +75,000.
US Aug personal spending rose by +0.9% m/m, right on expectations and the largest increase in five months. Aug personal income rose +0.2% m/m, weaker than expectations of +0.5% m/m.
The US Aug core PCE price index, the Fed's preferred inflation gauge, rose +0.2% m/m and +3.0% y/y, weaker than expectations of +0.3% m/m and +3.3% y/y.
US Q2 GDP was revised upward to +2.2% (q/q annualized), stronger than expectations of no change at +1.5%, as Q2 personal consumption was revised upward to +3.8% from the previously reported +3.4%. The Q2 core PCE price index was revised downward to +3.3% from the previously reported +3.6%.
Positive economic news from China supported global growth prospects and boosted stocks. The China Sep manufacturing PMI rose +0.3 to 50.1, right on expectations. The China Sep non-manufacturing PMI rose +1.2 to 50.2, stronger than expectations of 49.2.
Nov WTI crude oil prices (CLX26) are up more than +1% today after Russia announced that it was extending a ban on most diesel exports through October, further tightening theglobal market Russia began its diesel export ban in July after Ukrainian drone and missile attacks damaged Russian refineries. Gains in crude are limited after JPMorgan Chase said Middle East crude exports have rebounded to 17.5 million bpd, or about 98% of pre-war levels, although flows of gasoline, diesel and distillates were at 3 million bpd, or 58% of pre-war levels.
Markets are discounting a 35% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite closed up +0.318%. Japan's Nikkei-225 Stock Average closed up +1.94%.
Interest Rates
December 10-year T-notes (ZNZ6) are up +5 ticks today. The 10-year T-note yield is down -2.1 bp to 5.234%. Dec T-notes are moving higher today as inflation concerns eased after the Q2 core PCE price index was revised lower and the Aug core PCE price index rose less than expected. The weaker-than-expected inflation readings reduced the chance of a Fed rate hike next month to 35% from 52%. T-notes also have support from some month- and quarter-end buying by bond fund managers today as they extend duration in their portfolios.
Gains in T-notes are limited after the Sep ADP employment change rose more than expected, a sign of labor market strength that is hawkish for Fed policy. Also, today’s +1% increase in WTI crude oil is raising inflation expectations and is bearish for T-notes.
European government bond yields are moving lower today. The 10-year German bund yield is down -5.6 bp to 3.570%. The 10-year UK gilt yield is down -0.9 bp to 5.401%.
The German Sep unemployment change rose +12,000, showing a weaker labor market than expectations of 500.
German Aug retail sales rose +1.3% m/m, the largest increase in 14 months but slightly weaker than expectations of +1.5% m/m.
German Sep CPI (EU harmonized) rose +0.6% m/m and +3.3% y/y, stronger than expectations of +0.5% m/m and +3.2% y/y, with the +3.3% y/y gain the largest year-on-year increase in 2.75 years.
UK Q2 GDP was revised upward to +0.5% q/q and +1.4% y/y from the previously reported +0.4% q/q and +1.2% y/y.
Markets are discounting a 27% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Software stocks are stronger today, supporting gains in the broader market. Datadog (DDOG) is up more than +2%, and Salesforce (CRM) is up more than +2% to lead gainers in the Dow Jones Industrials. Also, Adobe Systems (ADBE), Atlassian Corp (TEAM), Autodesk (ADSK), Intuit (INTU), Microsoft (MSFT), Palantir Technologies (PLTR), ServiceNow (NOW), and Workday (WDAY) are up more than +1%.
Cybersecurity stocks are strengthening today, providing support to the overall market. Okta (OKTA) is up more than +2%, and Crowdstrike Holdings (CRWD), Palo Alto Networks (PANW), SentinelOne (S), and Gen Digital (GEN) are up more than +1%.
Hewlett Packard Enterprise (HPE) is up more than +6% to lead gainers in the S&P 500 after raising its fiscal 2027 networking segment revenue growth outlook.
Huntington Ingalls Industries (HII) is up more than +2% after the US Navy awarded the company a $5.1 billion contract for the accomplishment of the USS Harry S. Truman refueling and complex overhaul.
Target (TGT) is up more than +1% after HSBC upgraded the stock to buy from hold with a price target of $190.
Moderna (MRNA) is down more than -6% to lead losers in the S&P 500 after Citigroup downgraded the stock to sell from neutral with a price target of $80.
Cal-Maine Foods (CALM) is down more than -5% after reporting Q1 net sales of $539.6 million, below the consensus of $552.2 million.
Northrup Grumman (NOC) is down more than -3% after losing out to Boeing on the $20 billion contract to build the Navy’s next-generation fighter jet.
Earnings Reports (9/30/2026)
Cal-Maine Foods Inc (CALM), Conagra Brands Inc (CAG), FactSet Research Systems Inc (FDS), Jabil Inc (JBL), Micron Technology Inc (MU), Progress Software Corp (PRGS).
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 Climb on Signs of Lower Inflation and Stronger US Growth

Guidewire Software, Inc. GWRE exited fiscal 2026 with stronger cash generation and significant share repurchase activity. Operating cash flow for the year reached $390 million, up 30% year over year. The company ended the fiscal fourth quarter with $1.2 billion in cash, cash equivalents and investments. Management attributed the cash flow performance to execution and operating leverage in the business model.
During fiscal 2026, Guidewire repurchased $606 million worth of shares under its share buyback program. This represented 4.1 million shares bought back at an average price of $148.41 per share. On the lastearnings call management stated that the company had nearly completed its share repurchase program after buying back more than $600 million in shares. Management linked its ability to execute the repurchases to expanding profitability, cash generation and confidence in the long-term durability of the business.
The improvement in cash generation accompanied higher profitability during fiscal 2026. Guidewire reported non-GAAP operating income of $340 million, up 63% year over year. Gross profit increased 25% to $990 million, while overall gross margin was 67%. Subscription and support gross margin improved 4 percentage points to 74.5%. The company highlighted that strong subscription and support gross profit, higher-than-expected license revenues and operating expense discipline drove operating income growth.
For fiscal 2027, Guidewire expects operating cash flow of $445 million to $465 million. The company also projects non-GAAP operating income of $403 million to $423 million and total gross margin of 67% to 68%. Capital expenditures are expected to range from $23 million to $28 million, including approximately $17 million of capitalized software development costs. On the lastearnings call Guidewire stated that the first-quarter fiscal 2027 cash flow will be affected by annual employee bonus payments and commissions related to fourth-quarter sales, similar to the pattern seen in fiscal 2026.
A Look at GWRE’s Competitors’ Cash Flow and Buyback Plans
ServiceNow, Inc. NOW generated $2.26 billion in operating cash flow in the first half of 2026 and continues to target a 35% free cash flow margin for 2026. The company also expects about $500 million in internal AI efficiency savings this year, which should support cash generation while keeping headcount flat despite acquisitions. In the second quarter, free cash flow increased to $634 million from $535 million a year earlier, while the company ended the period with $2.50 billion in cash and cash equivalents. Strong cash generation provides funding capacity for reinvestment, acquisitions and potential capital returns.
Salesforce CRM continues to generate strong cash flow, supporting investments and shareholder returns. In the first half of fiscal 2027, the company generated $7.97 billion in operating cash flow and $7.65 billion in free cash flow. It also returned $364 million through dividends in the second quarter and continued executing its $25 billion accelerated share repurchase program. Through the first half, total capital returns reached $27.9 billion, while the share count declined 15% year over year. Salesforce expects operating and free cash flow to grow 4-5% in fiscal 2027, supporting continued capital returns.
GWRE Price Performance, Valuation and Estimates
Shares of Guidewire have gained 18% over the past three months compared with the Internet Software industry’s growth of 26.2%.
GWRE’s shares are trading at a forward 12-month price-to-sales multiple of 6.86X, higher than the Internet Software industry’s 4.43X.
The Zacks Consensus Estimate for GWRE’s earnings for 2026 has been revised upward over the past 60 days.
Image Source: Zacks Investment Research
GWRE currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).

Guidewire's Cash Flow and Buybacks: Can Both Keep Scaling?

The S&P 500 Index ($SPX) (SPY) is down by -0.92% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.75%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.55%. December E-mini S&P futures (ESZ26) are down -0.90%, and December E-mini Nasdaq futures (NQZ26) are down -1.47%.
Stock indexes are under pressure today as crude oil prices raise inflation risks and push bond yields higher. Crude prices are up more than +2% today as hopes faded for an imminent breakthrough to end the war in Iran and reopen the Strait of Hormuz after President Trump rejected Iran’s latest proposals to end the war. Today’s surge in crude prices has raised inflation expectations and pushed global bond yields higher, with the 10-year T-note yield climbing to a 19-year high of 5.27% and the 10-year German Bund yield rising to a 17-year high of 3.65%. The jump in bond yields is weighing on chipmakers and AI stocks, which are leading the overall market lower.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the positive side for stocks, the US and China detailed a plan to cut tariffs on about $30 billion of imports from each country. China's Commerce Ministry said today that the reductions will take effect once both sides complete procedures required under their domestic laws. Also, today’s US economic news supported stocks after the Sep Dallas Fed manufacturing survey fell -1.8 to 9.8, a smaller decline than expectations of 7.8.
Nov WTI crude oil prices (CLX26) are up more than +2% today on fading hopes for an imminent breakthrough in peace talks to end the Iran war. President Trump on Saturday rejected Iran's latest proposal to end the war, and Iran said it will not soften any demands it has made to reopen the Strait of Hormuz. The Wall Street Journal reported that US negotiators are pressing Iran to make concessions on its nuclear program to revive the peace talks and placate President Trump on an issue he has made a top priority. The newspaper also reported that Mr. Trump expects to resume the bombing campaign against Iran after the US midterm elections on November 3. Crude prices also rose after Iran-backed Houthi militants in Yemen launched drone and missile attacks against Saudi Arabia over the weekend.
Markets are discounting a 68% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.57%. China's Shanghai Composite fell to a 1.75-month low and closed down -1.67%. Japan's Nikkei-225 Stock Average fell from a 1.25-month high and closed down -0.73%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -17 ticks today. The 10-year T-note yield is up +9.7 bp to 5.257%. T-note prices tumbled to a 19-year nearest-futures low today, and the 10-year T-note yield rose to a new 19-year high of 5.272%. Today’s +2% jump in WTI crude oil has strengthened inflation expectations, undercutting T-note prices and pushing yields higher. Losses in T-notes are limited as today’s slump in equities has spurred some safe-haven demand for T-notes.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 17-year high of 3.650% and is up +4.1 bp to 3.642%. The 10-year UK gilt yield rose to a 1.5-week high of 5.421% and is up +5.4 bp to 5.420%.
Comments from ECB President Christine Lagarde were dovish for ECB policy when she said, “While growth has been resilient, since the last ECB meeting, long-term interest rates have risen notably, which will slow growth and reduce pass-through by more than projected in our September exercise.”
Markets are discounting a 37% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are sliding today, with the jump in T-note yields. The iShares Semiconductor ETF (SOXX) is down more than -3%. ARM Holdings Plc (ARM) is down more than -8% to lead losers in the Nasdaq 100, and Intel (INTC) and Qualcomm (QCOM) are down more than -6%. Also, SanDisk (SNDK) and Advanced Micro Devices (AMD) are down more than -5%, and Marvell Technology (MRVL) is down more than -4%. In addition, Micron Technology (MU), Seagate Technology Holdings Plc (STX), and Western Digital (WDC) are down more than -3%, and Applied Materials (AMAT), Lam Research (LRCX), and KLA Corp (KLAC) are down more than -2%.
Mining stocks are slipping today as gold and silver prices tumbled to 1.75-month lows. Anglogold Ashanti (AU) is down more than -6%, and Coeur Mining (CDE) and Hecla Mining (HL) are down more than -5%. Also, Newmont Corp (NEM) and Barrick Mining (B) are down more than -4%, and Freeport-McMoRan (FCX) and Southern Copper (SCCO) are down more than -1%.
Software stocks are slumping today, weighing on the broader market. Atlassian Corp (TEAM) is down more than -4%, and ServiceNow (NOW) and Oracle (ORCL) are down more than -3%. Also, Adobe Systems (ADBE), Intuit (INTU), and IBM (IBM) are down more than -2%, and Salesforce (CRM) is down more than -4% to lead losers in the Dow Jones Industrials. In addition, Autodesk (ADSK) and Microsoft (MSFT) are down more than -1%.
Bloom Energy (BE) is down more than -9% to lead losers in the S&P 500 after Oracle sent a New Mexico data center developer a notice citing force majeure, in an attempt to put off payments if the data center gets derailed.
Roblox (RBLX) is down more than -7% after Jeffries downgraded the stock to underperform from hold, with a price target of $38.
Boeing (BA) is down more than -4% to lead losers in the Dow Jones Industrials on a complaint that the company violated several federal laws when it retaliated against a federal contract compliance expert for calling attention to aircraft safety and worker health issues.
UiPath (PATH) is down more than -3% after D.A. Davidson downgraded the stock to underperform from neutral, with a price target of $10.
Snowflake (SNOW) is down more than -2% after announcing it intends to offer $3.5 billion of convertible senior notes due in 2029 and 2031.
Kodiak Sciences (KOD) is up more than +142% after saying a Phase-3 study of Zenkuda and tabirafusp-ted met key endpoints in patients with wet age-related macular degeneration.
Netease ADRs (NTES) are up more than +5% after Morgan Stanley named it a top pick among peers, expecting the company’s new Ananta game to become a blockbuster launch and a core growth driver next year.
Nvidia (NVDA) is up more than +2% to lead gainers in the Dow Jones Industrials after boosting its share buyback program by $150 billion.
Earnings Reports (9/28/2026)
IDT Corp (IDT), Jefferies Financial Group Inc (JEF), Liberty Live Holdings Inc (LLYVA), ReposiTrak Inc (TRAK), SR Bancorp Inc (SRBK), Vail Resorts Inc (MTN).
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.
More news from Barchart

Stocks Retreat as Bond Yields Surge

The S&P 500 Index ($SPX) (SPY) is down by -0.51% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.66%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.76%. December E-mini S&P futures (ESZ26) are down -0.52%, and December E-mini Nasdaq futures (NQZ26) are down -0.81%.
Stock indexes are tumbling today as crude oil prices and bond yields soar as hopes faded for an imminent breakthrough to end the war in Iran and reopen the Strait of Hormuz. Crude prices are up more than +2% today after President Trump rejected Iran’s latest proposals to end the war. Today’s surge in crude prices has raised inflation expectations and pushed global bond yields higher, with the 10-year T-note yield climbing to a 19-year high of 5.23% and the 10-year German Bund yield rising to a 17-year high of 3.65%. The jump in bond yields is weighing on chipmakers and AI stocks, which are leading the overall market lower.
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On the positive side for stocks, the US and China detailed a plan to cut tariffs on about $30 billion of imports from each country. China's Commerce Ministry said today that the reductions will take effect once both sides complete procedures required under their domestic laws.
Nov WTI crude oil prices (CLX26) are up more than +2% today on fading hopes for an imminent breakthrough in peace talks to end the Iran war. President Trump on Saturday rejected Iran's latest proposal to end the war, and Iran said it will not soften any demands it has made to reopen the Strait of Hormuz. The Wall Street Journal reported that US negotiators are pressing Iran to make concessions on its nuclear program to revive the peace talks and placate President Trump on an issue he has made a top priority. The newspaper also reported that Mr. Trump expects to resume the bombing campaign against Iran after the US midterm elections on November 3. Crude prices also rose after Iran-backed Houthi militants in Yemen launched drone and missile attacks against Saudi Arabia over the weekend.
Markets are discounting a 68% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.43%. China's Shanghai Composite fell to a 1.75-month low and closed down -1.67%. Japan's Nikkei-225 Stock Average fell from a 1.25-month high and closed down -0.73%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -9 ticks today. The 10-year T-note yield is up +5.7 bp to 5.217%. Dec T-notes are sliding today, and the 10-year T-note yield rose to a new 19-year high of 5.234%. Today’s +2% jump in WTI crude oil has strengthened inflation expectations, undercutting T-note prices and pushing yields higher. Losses in T-notes are limited as today’s slump in equities has spurred some safe-haven demand for T-notes.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 17-year high of 3.650% and is up +3.8 bp to 3.639%. The 10-year UK gilt yield rose to a 1.5-week high of 5.421% and is up +4.8 bp to 5.414%.
Markets are discounting a 45% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are sliding today, with the jump in T-note yields. The iShares Semiconductor ETF (SOXX) is down more than -1%. ARM Holdings Plc (ARM) is down more than -7% to lead losers in the Nasdaq 100, and Qualcomm (QCOM) is down more than -7% to lead losers in the S&P 500. Also, Intel (INTC) and SanDisk (SNDK) are down more than -3%, and Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Western Digital (WDC) are down more than -2%.
Software stocks are slumping today, weighing on the broader market. Atlassian Corp (TEAM) is down more than -7%, and ServiceNow (NOW) is down more than -5%. Also, Adobe Systems (ADBE) and Intuit (INTU) are down more than -4%, and Salesforce (CRM) is down more than -4% to lead losers in the Dow Jones Industrials. In addition, Autodesk (ADSK), Microsoft (MSFT), Oracle (ORCL), and Workday (WDAY) are down more than -2%, and Palantir Technologies (PLTR), Thomson Reuters (TRI), Datadog (DDOG), and IBM (IBM) are down more than -1%.
Mining stocks are slipping today as gold and silver prices tumbled to 1.75-month lows. Anglogold Ashanti (AU) is down more than -5%, and Coeur Mining (CDE) and Hecla Mining (HL) are down more than -4%. Also, Newmont Corp (NEM) and Barrick Mining (B) are down more than -3%, and Freeport-McMoRan (FCX) and Southern Copper (SCCO) are down more than -1%.
UiPath (PATH) is down more than -6% after the Wall Street Journal reported that MGM Resorts International is discussing making a bid for the company.
Roblox (RBLX) is down more than -6% after Jeffries downgraded the stock to underperform from hold with a price target of $38.
Snowflake (SNOW) is down more than -4% after announcing it intends to offer $3.5 billion of convertible senior notes due in 2029 and 2031.
Kodiak Sciences (KOD) is up more than +113% after saying a Phase-3 study of Zenkuda and tabirafusp-ted met key endpoints in patients with wet age-related macular degeneration.
Netease ADRs (NTES) are up more than +4% after Morgan Stanley named it a top pick among peers, expecting the company’s new Ananta game to become a blockbuster launch and a core growth driver next year.
Nvidia (NVDA) is up more than +3% to lead gainers in the S&P 500, Dow Jones Industrials, and Nasdaq 100 after boosting its share buyback program by $150 billion.
Earnings Reports (9/28/2026)
IDT Corp (IDT), Jefferies Financial Group Inc (JEF), Liberty Live Holdings Inc (LLYVA), ReposiTrak Inc (TRAK), SR Bancorp Inc (SRBK), Vail Resorts Inc (MTN).
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.
More news from Barchart

Indicator	Jan 26	Apr 26	Jul 26	TTM
Net Income	RUB 1.94B	RUB 2.11B	RUB 3.53B	RUB 3.53B
Operating Income	RUB 1.87B	RUB 2.35B	RUB 2.33B	RUB 2.33B

Indicator	Jan 26	Apr 26	Jul 26	TTM
Total Assets	RUB 112.31B	RUB 106.68B	RUB 109.62B	RUB 109.62B
Cash on Hand	RUB 9.57B	RUB 11.84B	RUB 11.40B	RUB 11.40B
Total share holder equity	RUB 59.14B	RUB 34.24B	RUB 38.38B	RUB 38.38B

Indicator	Jan 26	Apr 26	Jul 26	TTM
Long Term Debt	RUB 10.44B	RUB 39.28B	RUB 39.29B	RUB 39.29B
Total liabilities	RUB 53.16B	RUB 72.45B	RUB 71.24B	RUB 71.24B

Salesforce, Inc.

Recent quarterly and TTM performance

Growth

Assets

Debts