Southwest Airlines Co. operates as a passenger airline company that provides scheduled air transportation services in the United States and near-international markets. As of December 31, 2023, the company operated a total fleet of 817 Boeing 737 aircraft; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. It also provides inflight entertainment and connectivity services on Wi-Fi enabled aircraft; and Rapid Rewards loyalty program that enables program members to earn points for dollars spent on Southwest base fares. In addition, the company offers a suite of digital platforms to support customers' travel needs, including websites and apps; and SWABIZ, an online booking tool. Further, it provides ancillary services, such as Southwest's EarlyBird Check-In, upgraded boarding, and transportation of pets and unaccompanied minors. Southwest Airlines Co. was incorporated in 1967 and is headquartered in Dallas, Texas.

Southwest Airlines looks more resilient in terms of profitability than in terms of balance sheet quality and capital efficiency. TTM revenue of $8.43 billion and net income of $233 million confirm that the business remains profitable, while EBITDA of $687 million and operating income of $285 million indicate that positive operating cash flow has been maintained. At the same time, margins remain weak relative to the industry: the operating margin of 3.46% and net margin of 2.83% are noticeably below the median, which limits re-rating potential. ROE of 11.28%, ROA of 2.87%, and ROI of 7.18% are also below industry benchmarks, so the quality of capital returns does not yet look outstanding. It is positive that these metrics have improved significantly compared with last year: profitability and returns recovered after the weaker quarters of 2025. However, the valuation multiples no longer look cheap: P/E of 26.6 is above the median, P/B of 2.9 is also higher, and P/FCF is extremely high, which usually implies limited room for valuation expansion. The only clear argument for undervaluation is the low P/S of 0.72, but for an airline this signal should be interpreted cautiously because of cyclicality and low margins. Liquidity remains a weak point: the current ratio of 0.49 and quick ratio of 0.42 are well below the industry level, increasing sensitivity to fuel prices, demand, and macro shocks. The debt load is moderate in absolute terms, but debt/equity of 0.54 is slightly above the median, and long-term debt of $3.79 billion still requires attention. The dividend yield of 0.46% has declined compared with last year, so the dividend factor does not support a higher valuation. Overall, the fundamentals support the current price more than they justify a meaningful increase in the target price. For an investor, this is a story of improving operational resilience, but with limited upside re-rating due to weak liquidity, modest margins, and valuation multiples that are no longer cheap.

Southwest Airlines Company

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. 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.

Southwest’s profitability has improved, but weak liquidity, a high P/E and P/B valuation, and low margins limit the stock’s upside potential.

Key Points
Third-quarter operating revenue reached a record $8.4 billion.
Revenue per available seat mile increased 21.6% year over year, exceeding guidance.
Managed business revenue grew 29% in the third quarter.
On its third quarter of 2026earnings call held on Oct. 22, 2026, Southwest Airlines (NYSE:LUV) announced that its commercial initiatives delivered record revenue. The company's commercial transformations are expanding operating margins. These structural changes position the airline for long-term profit growth. Three key takeaways from management explain how the business is evolving.
1. Network Realignment Enhances Commercial Economics
Reallocating flight capacity into core hubs strengthens customer demand while improving route economics across the system.
By concentrating our network where we can win, and giving customers more choice in how they travel with us, we are attracting more customers, increasing engagement, improving the economics of those markets.
-- Justin Jones, Chief Commercial Officer
2. Loyalty Ecosystem Expansion Drives Customer Retention
Developing a new premium tier for Rapid Rewards, the airline's customer loyalty program, elevates engagement across both frequent and casual travelers.
The improvements to the day of travel experience that we are making, those are huge retention and acquisition levers for us. And then the hook that we have just made into the Rapid Rewards program really engaged members on the more infrequent side of the scale all the way up to our most engaged customers.
-- Anthony Roach, Executive Vice President and Chief Customer and Brand Officer
3. Active Fleet Monetization Secures Low-Cost Capital
Retiring older aircraft and completing sale-leasebacks, where the company sells planes and leases them back, generates cash flow to offset capital spending for new jets.
Aircraft sales are a cash story. So you have got a ton of embedded value in the existing fleet.
-- Tom Doxey, Chief Financial Officer
Looking Ahead
Unit revenue set an all-time record in the third quarter, and executive leaders are channeling momentum into operational execution. The airline retains key competitive advantages through its point-to-point network efficiency, investment-grade balance sheet, and flexible fleet model. Management is maintaining pricing discipline and focusing on on-time performance improvements as key priorities.
The initiatives we have implemented across the business are creating a more resilient earnings profile and helping us perform through a wider range of operating environments.
-- Tom Doxey, Chief Financial Officer
As commercial enhancements take effect through 2027, management is focusing on executing multiyear financial targets. Executive leadership aims to build durable earnings power across changing economic cycles.
Our third quarter performance and fourth quarter outlook both demonstrate that the earnings power we have built is durable.
-- Robert E. Jordan, President and Chief Executive Officer
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Southwest Airlines: 3 Key Takeaways for Long-Term Investors

Key Points
Ark Invest estimates a $160 billion market opportunity in reusable rocket launchers.
The Starlink satellite business doubled its subscriber count in the second quarter.
Ark sold a small part of the Next Generation Technology ETF.
Famed growth investor Cathie Wood has been a longtime fan of Elon Musk and Space Exploration Technologies (NASDAQ: SPCX). She gained renown for spotlighting Tesla before it exploded into the trillion-dollar company it is today, and her firm, Ark Invest, sold private access to SpaceX before it went public.
For the first time since SpaceX went public in June, Wood cut her position by roughly 55,000 shares. What does that mean for retail investors?
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Why Cathie Wood loves SpaceX
Cathie Wood and her team have written many pages extolling SpaceX and its part in the "space economy," and they're bullish on the company's Starlink satellite broadband business. Starlink is the dominant industry player, and it's growing quickly. It's also the only SpaceX segment that's profitable.
The firm estimates that reusable rockets will create a $160 billion market opportunity, and it embraces the idea of putting data centers into space, which it says will be 25% less costly than on Earth. SpaceX's rocket-launching business is still unprofitable, but Ark envisions costs decreasing and revenue increasing over the next several years. SpaceX revenue increased 29% year over year in the second quarter.
In the second quarter, Starlink revenue increased 66% year over year, and operating income rose 79%. Subscriber count doubled to 12 million, and Starlink now has more than 11,000 satellites in space, about two-thirds of all satellites in space, and is powering broadband Internet across the world. It has signed deals with major airlines for in-flight web access, including American Airlines, Southwest Airlines, and Virgin Atlantic. It has contracts with the U.S. government for secure satellite services.
SpaceX's position in Ark Invest's ETFs
Ark Invest has positions in SpaceX in four of Wood's exchange-traded funds (ETFs) and its venture fund:
Ark Disruptive Innovation ETF, 6.9%
Ark Autonomous Tech & Robotics ETF, 9.1%
Ark Space & Defense Innovation ETF, 11.8%
Ark Venture Fund, 7.1%
On Oct. 6, Ark Invest sold 54,873 shares of SpaceX stock from the Next Generation Technology ETF, or 0.4% of its position. That's a tiny amount of what the ETF owns, and it doesn't indicate any decline in its confidence in SpaceX.
In general, when Ark Invest sells a stock like this, it's doing some reshuffling. It might need to rebalance the portfolio in response to stock movements, or it might need some cash for another opportunity.
SpaceX is one of Ark Invest's largest positions, and it's unlikely the fund manager will sell much of the stock, but I'd still keep an eye out for further sales.
A larger or repeated sale would be a different signal, particularly if it came alongside any slowdown at Starlink, which is still carrying the company’s profitability while rocket launches and the AI business lose money.
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Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends Southwest Airlines. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Cathie Wood Just Cut Her SpaceX Position. Is It Time to Sell?

The S&P 500 Index ($SPX) (SPY) is up by +0.26% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.31%. December E-mini S&P futures (ESZ26) are up +0.20%, and December E-mini Nasdaq futures (NQZ26) are up +0.16%.
Stock indexes are moving higher today, supported by lower crude oil prices. WTI crude oil is down nearly -1% today as Middle East tensions eased after President Trump said the US would not attack Iran before the midterm elections.
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Also, concerns about slowing demand for AI-infrastructure stocks eased today after people familiar with the matter said OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, refuting a report from the Financial Times on Thursday that said OpenAI is on track to generate annualized revenue of roughly $50 billion based on its current performance.
Earnings optimism is a bullish factor for stock prices. 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 next week when US money center banks report.
Nov WTI crude oil prices (CLX26) are down nearly -1% today after President Trump said the US would not attack Iran ahead of next month’s midterm elections, citing “productive discussions” with Iran. Losses in crude may be limited today as signs point to lower US crude output and threats to refining capacity. Roughly 1.28 million bpd of crude output, or 63% of US Gulf crude production, has been shut in, and Hurricane Isaias is expected to make landfall along the Gulf Coast later today or tomorrow, threatening 500,000 bpd of refining capacity. Also, due to Iranian attacks on shipping in the Strait of Hormuz, the cost to ship oil out of the Middle East is soaring, with freight rates from the Middle East to China jumping to $1.4 million a day, the most on record.
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 +1.18%. China's Shanghai Composite recovered from a 2.5-month low and closed up +0.05%. Japan's Nikkei-225 Stock Average closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -7 ticks today. The 10-year T-note yield is up +3.0 bp to 5.257%. T-notes are under pressure today from stronger stocks, which curbs safe-haven demand for government debt. T-note losses are limited today, with WTI crude oil prices down nearly -1%, easing inflation expectations.
European government bond yields are moving lower today. The 10-year German bund yield is down -2.6 bp to 3.469%. The 10-year UK gilt yield is down -5.2 bp to 5.429%.
Italy's Aug industrial production fell -1.3% m/m, weaker than expectations of no change and the biggest decline in a year.
Markets are discounting a 11% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Optical-equipment makers are rallying today after Lumentum Holdings said its components are “completely sold out” through 2029 on high demand from tech companies clamoring for faster AI data centers. Applied Optoelectronics (AAOI) is up more than +9%, and Coherent (COHR) is up more than +8%. Also, Lumentum Holdings (LITE) is up more than +6% to lead gainers in the Nasdaq 100, and Fabrinet (FN) is up more than +3%.
Tower companies are gaining today after SpaceX said it had agreed to acquire a nationwide low-band spectrum license portfolio in a deal analysts say is a positive catalyst for the sector. Crown Castle (CCI) is up more than +11%, and American Tower (AMT) and SBA Communications (SBAC) are up more than -7%.
Humana (HUM) is up more than +14% to lead gainers in the S&P 500 and health insurance stocks higher after data from the Centers for Medicare and Medicaid Services showed improved ratings for the company’s Medicare Advantage contract, allowing it to earn bonus payments. Also, UnitedHealth Group (UNH) is up more than +3% to lead gainers in the Dow Jones Industrials, and Elevance Health (ELV) and Centene (CNC) are up more than +2%. In addition, Molina Healthcare (MOH), and the Cigna Group (CI) are up more than +1%.
Telecom stocks are retreating today after SpaceX said it had agreed to acquire a nationwide low-band spectrum license portfolio, which will increase competition from satellite operators. T-Mobile US (TMUS) is down more than -9% to lead losers in the S&P 500 and Nasdaq 100. Also, AT&T (T) is down more than -7%, and Verizon Communications (VZ) is down more than -6%. In addition, Charter Communications (CHTR) is down more than -3%, and Comcast (CMCSA) is down more than -1%.
Delta Air Lines (DAL) is down more than -3% to lead airline stocks lower after cutting its full-year adjusted EPS forecast to $5.10 to $5.60 from a previous estimate of $6.50 to $7.50, the midpoint below the consensus of $5.44. Also, American Airlines Group (AAL), United Airlines Holdings (UAL), and Alaska Air Group (ALK) are down more than -2%, and Southwest Airlines (LUV) is down more than -1%.
Fastly (FSLY) is up more than +6% after Oppenheimer upgraded the stock to outperform from perform, with a price target of $35.
Cboe Global Markets (CBOE) is up more than +3% after Morgan Stanley double-upgraded the stock to overweight from underweight, with a price target of $358.
Apple (AAPL) is down more than -2% to lead losers in the Dow Jones Industrials after cutting component orders for the iPhone 18 Pro and iPhone 18 Pro Max following weaker-than-expected demand. Skyworks Solutions (SWKS), a supplier of Apple, also dropped -6% on the news.
Earnings Reports (10/9/2026)
Delta Air Lines Inc (DAL), Hingham Institution For Savings (HIFS), Nurix Therapeutics Inc (NRIX).
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 Push Higher as Crude Oil Prices Ease

The S&P 500 Index ($SPX) (SPY) closed up by +0.58% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.48%. December E-mini S&P futures (ESZ26) rose +0.61%, and December E-mini Nasdaq futures (NQZ26) rose +0.52%.
Stock indexes settled higher on Tuesday, with the S&P 500 and Nasdaq 100 posting new all-time highs and the Dow Jones Industrials posting a 1-week high. Lower bond yields on Tuesday supported stock gains as the 10-year T-note yield fell -4 bp to 5.27%.
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Strength in the Magnificent Seven technology stocks and a rally in cybersecurity stocks also supported the overall market on Tuesday. In addition, earnings optimism is bullish for stock prices. 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 next week when US money center banks report.
Weakness in chipmakers and AI stocks on Tuesday limited broader market gains. Also, hawkish comments on Tuesday from San Francisco Fed President Mary Daly weighed on stocks when she said she's concerned that AI spending, tariffs, and energy costs could keep inflation elevated longer, requiring more Fed tightening.
Tuesday’s US economic news was bearish for stocks after the Aug trade deficit increased to a 17-month high of -$105.6 billion, wider than expectations of -$102.1 billion and a negative factor for Q3 GDP.
Nov WTI crude oil prices (CLX26) settled little changed on Tuesday. Prices initially tumbled to a 1-month low Tuesday, on signs that more oil supplies are coming out of the Middle East. Kuwait said it is pumping about 75% of the level seen before the Iran war, and Iraq is seeking to hire additional vessels to send its oil cargoes through the Strait of Hormuz. Crude prices were also pressured on Tuesday after Yemeni government forces backed by Saudi Arabia said they retook the port city of Mokha and other areas near the Bab el-Mandeb Strait from Houthi militants.
However, short covering emerged, and crude prices finished little changed Tuesday on signs that Iran is ramping up attacks on tankers attempting to transit the Strait of Hormuz. The UK’s Maritime Trade Operations reported on Tuesday that the pace of attacks by Iran has increased in recent days, with nine vessels targeted over the last several days.
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 settled higher on Tuesday. The Euro Stoxx 50 closed up +0.48%. China's Shanghai Composite did not trade, with markets in China closed for the week-long Golden Week holidays. Japan's Nikkei-225 Stock Average soared to a 3-month high and closed up +1.05%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up +9 ticks on Tuesday. The 10-year T-note yield fell down -3.8 bp to 5.267%. T-notes finished higher on Tuesday and found early support from the decline in WTI crude oil prices to a 1-month low. Also, decent demand for the Treasury’s $58 billion auction of 3-year T-notes was supportive for prices after the auction produced a bid-to-cover ratio of 2.62, close to the 10-auction average of 2.64.
However, Tuesday’s rally in the S&P 500 curbed safe haven demand for T-notes. Also, hawkish comments from San Francisco Fed President Mary Daly limited gains in T-notes when she said inflation may last longer than expected, requiring additional Fed rate hikes.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell -1.5 bp to 3.478%. The 10-year UK gilt yield fell -4.3 bp to 5.375%.
Eurozone Aug retail sales rose +0.1% m/m, weaker than expectations of +0.2% m/m.
German Aug factory orders fell -10.6% m/m, weaker than expectations of -1.0% m/m and the biggest decline in 7 months.
French Finance Minister Lescure said circumstances in France are very different from a decade earlier during the debt crisis and the country is far from needing help from the ECB.
Markets are discounting a 14% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Most Magnificent Seven technology stocks finished higher on Tuesday, a positive factor for the overall market. Amazon.com (AMZN) closed up more than +1%, and Microsoft (MSFT) closed up +0.85%. Also, Tesla (TSLA) closed up +0.47%, Alphabet (GOOGL) closed up +0.34%, Apple (AAPL) closed up +0.22%, and Nvidia (NVDA) closed up +0.15%. Conversely, Meta Platforms (META) closed down -0.34%.
Strength in cybersecurity stocks rallied on Tuesday. Zscaler (ZS) closed up more than +5%, and Palo Alto Networks (PANW) and Fortinet (FTNT) closed up more than +3%. Also, Crowdstrike Holdings (CRWD) and Gen Digital (GEN) closed up more than +2%, and SentinelOne (S) closed up more than +1%.
Airlines and cruise line operators found support on Tuesday from the decline in WTI crude oil to a 1-month low, which lowers fuel costs and boosts the profitability prospects of the companies. Royal Caribbean Cruises (RCL) closed up more than +5% and Norwegian Cruise Line Holdings (NCLH) closed up more than +4%. Also, Carnival (CCL) closed up more than +3%, and United Airlines Holdings (UAL), American Airlines Group (AAL), Alaska Air Group (ALK) and Southwest Airlines (LUV) closed up more than +1%.
Weakness in chipmakers and AI stocks on Tuesday limited gains in the broader market. Seagate Technology Holdings Plc (STX) closed down more than -9% to lead losers in the S&P 500 and the Nasdaq 100. Also, Western Digital (WDC) closed down more than -6% and KLA Corp (KLAC) closed down more than -4%. In addition, Lam Research (LRCX) and Intel (INTC) closed down more than -3%, and Sandisk (SNDK) and Applied Materials (AMAT) closed down more than -2%.
Option Care Health (OPCH) closed up more than +32% after McKesson and Clayton Dubilier & Rice agreed to acquire the company for $5.8 billion, including debt.
Constellation Energy (CEG) closed up more than +12% to lead gainers in the Nasdaq 100 after announcing a long-term deal with Google to bring 890 MW of new nuclear capacity over 20 years onto the PJM grid in Illinois, Pennsylvania, and New Jersey.
Apogee Enterprises (APOG) closed up more than +11% after boosting its 2027 adjusted EPS estimate to $3.00 to $3.40 from a prior view of $2.70 to $3.25, well above the consensus of $2.92.
Lam Weston Holdings (LW) closed up more than +7% after boosting its 2027 adjusted EPS forecast to $3.05 to $3.35 from a previous estimate of $2.95 to $3.25, stronger than the consensus of $3.02.
Marvell Technology (MRVL) closed up more than +5% after saying at an investor day conference that it sees $20 billion in total revenue for fiscal 2028.
Advanced Micro Devices (AMD) closed up more than +2% after CEO Lisa Su predicted “very high” chip demand continuing for the next few years.
Vaxcyte (PCVX) closed down more than -9% after announcing that it will offer $500 million worth of shares and pre-funded warrants.
Gentex (GNTX) closed down more than -1% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $20.
Earnings Reports (10/7/2026)
Applied Digital Corp (APLD), Richardson Electronics Ltd/Uni (RELL), ZenaTech Inc (ZENA).
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 Higher on Lower Bond Yields and Earnings Optimism

What happened
Shares of Boeing (NYSE: BA) are slumping today, down by 2.3% as of 11:20 a.m. The plane manufacturer was the subject of a cautious note issued by an analyst yesterday, apparently raising concerns among investors.
So what
Bank of America's note commented on a Wednesday report that American Airlines' Allied Pilots Association is opposing moves to exempt Boeing from a requirement that it install "modern cockpit alerting" systems in its Boeing 737 MAX 7 and MAX 10 airplanes in order to receive certification from the Federal Aviation Administration (FAA). As Reuters explains, unless the FAA certifies the MAX 7 and MAX 10 for flight by December, the new cockpit alert requirements will kick in for Boeing. And once those apply, Boeing will be required to make costly changes to both airplanes' designs to comply with the requirements.
For its part, Boeing says it shouldn't have to comply, because it's safer to have a single pilot alert system operating across all models of the 737, claiming there is less chance of confusing pilots. Nevertheless, the company doesn't expect to receive its exemption, and therefore doesn't expect to receive MAX 7 and MAX 10 approval before next summer.
Now what
Now why is this a problem for Boeing? According to Bank of America, MAX 7s and MAX 10s make up approximately 22% of Boeing's order book, says StreetInsider. (Other 737 variants account for another 60%.) If certification of the MAX 7 and MAX 10 is delayed, therefore, then a big part of the company's revenue stream gets delayed as well.
Moreover, the longer questions remain surrounding the MAX 7 and MAX 10, the more time Boeing rival Airbus (OTC: EADSY) has to extend its lead over Boeing in both airplane sales and airplane deliveries of single-aisle jets. Granted, on the plus side, BofA thinks Boeing is still "dominant" in sales of widebody aircraft. But widebody Boeing 767, 777, and 787 airplanes -- although pricier than single-aisle planes and therefore a relatively bigger part of the revenue stream -- account for less than 20% of the company's order book. So long as the 737 line remains plagued with problems, Boeing's battling Airbus with one wing tied behind its back.
Add in the costs Boeing will incur if required to modify its pilot alert systems, and the news for the plane maker this week is pretty bad all around. At a forward P/E ratio of more than 25, and with its prospects darkening, now doesn't look like a great time to buy Boeing stock.
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Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Why Boeing Stock Just Dropped

The S&P 500 Index ($SPX) (SPY) closed down by -0.75% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.68%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.85%. December E-mini S&P futures (ESZ26) fell -0.76%, and December E-mini Nasdaq futures (NQZ26) fell -0.87%.
Stock indexes settled lower on Wednesday, pressured by soaring bond yields. Crude prices rose by more than +1% on Wednesday, boosting inflation expectations, lifting bond yields and undercutting market sentiment. The 10-year T-note yield jumped to a 19-year high of 5.13% on Wednesday and raised the odds of a Fed rate hike at next month’s FOMC meeting to 69% from 53% on Tuesday. Chipmakers and AI-infrastructure stocks also slid on Wednesday, weighing on the broader market and giving back some of Tuesday’s gains that pushed the Nasdaq 100 to a new record high.
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Hawkish comments from Fed Governor Michael Barr also boosted bond yields and pressured stocks as he signaled that he favors additional Fed tightening, saying, "further policy adjustments by the Fed are likely to be needed to ensure inflation comes down to target in a timely fashion."
Wednesday’s US economic news was better than expected, supporting stocks but pushing bond yields higher after the Sep S&P manufacturing PMI unexpectedly rose +3.1 to 57.0, stronger than expectations of a decline to 53.7 and the fastest pace of expansion in 4.25 years.
Stocks have support on positive anticipation ahead of a summit on Thursday between Presidents Trump and Xi Jinping.
Stocks found some support on Wednesday after the Organization for Economic Co-operation and Development (OECD) raised its US GDP forecast and cut its inflation forecast for this year. The OECD raised its 2026 US GDP forecast by +0.2 to 2.2% from a June forecast of 2.0%. The OECD cut its 2026 US inflation forecast -0.1 to 3.6% from a June forecast of 3.7%.
US MBA mortgage applications fell -1.5% in the week ended September 18, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -2.6%. The average 30-year fixed-rate mortgage rose +15 bp to a 2.25-year high of 7.12% from 6.97% in the prior week.
Nov WTI crude oil prices (CLX26) recovered from overnight losses and climbed more than +1% as the US and Iran remain at odds over key issues, including control over the Strait of Hormuz. Also, US Secretary of State Rubio said that Iran fired at commercial ships on Wednesday in the Strait of Hormuz and that peace talks with Iran are being impeded by Iran's Revolutionary Guard leaders. Iranian President Pezeshkian said on Wednesday that Iran won’t allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place.
Markets are discounting a 69% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 fell from a 2-week high and closed down -0.39%. China's Shanghai Composite closed down -0.39%. Japan's Nikkei-225 Stock Average did not trade on Wednesday, with Japanese markets closed for the Autumnal Equinox Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -31 ticks on Wednesday. The 10-year T-note yield rose +14.3 bp to 5.104%. Dec T-notes retreated today and plummeted to a 19-year nearest-futures low, and the 10-year T-note yield surged to a 19-year high of 5.133%. T-notes sank on Wednesday after WTI crude oil prices erased an overnight decline and turned higher, raising inflation expectations.
Losses in T-notes accelerated on Wednesday after the US Sep S&P manufacturing PMI unexpectedly rose to a 4.25-year high, which boosted the odds of a Fed rate hike at next month’s FOMC meeting to 69% from 53% on Tuesday. T-notes fell to their lows Wednesday afternoon on weak demand for the Treasury’s $70 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.21, well below the 10-auction average of 2.34 and the lowest in 7.75-years.
European government bond yields moved higher on Wednesday. The 10-year German bund yield rose +9.2 bp to 3.555%. The 10-year UK gilt yield rose +10.8 bp to 5.347%.
The Eurozone Sep S&P manufacturing PMI was unchanged at 52.7, stronger than expectations of a decline to 52.6.
The Eurozone Sep S&P composite PMI unexpectedly rose +1.1 to 53.1, stronger than expectations of a decline to 51.7 and the fastest pace of expansion in 3.25 years.
ECB Governing Council member and Bundesbank President Joachim Nagel said Eurozone inflation is above 3% and is projected to stay above the ECB's 2% goal for another year. Therefore, the ECB may have to raise interest rates to a level at which they hold back economic growth.
The OECD raised its 2026 Eurozone GDP forecast by +0.2 to 1.0% from a June forecast of 0.8%. The OECD also raised its 2026 Eurozone inflation forecast by +0.2 to 3.0% from a June forecast of 2.8%.
Markets are discounting a 60% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks were under pressure on Wednesday and weighed on the overall market. The iShares Semiconductor ETF (SOXX) closed down more than -1%. SanDisk (SNDK) closed down more than -4%, and Broadcom (AVGO) and Micron Technology (MU) closed down more than -2%. Also, Intel (INTC), Lam Research (LRCX), ARM Holdings Plc (ARM), Advanced Micro Devices (AMD), Nvidia (NVDA), Analog Devices (ADI), and NXP Semiconductors NV (NXPI) closed down more than -1%.
Airlines and cruise line operators retreated on Wednesday after WTI crude oil rose more than +1%, raising fuel costs and dampening the profitability prospects of the companies. Alaska Air Group (ALK) closed down more than -5%, and United Airlines Holdings (UAL) closed down more than -3%. Also, Delta Air Lines (DAL), Southwest Airlines (LUV), Royal Caribbean Cruises (RCL), and Carnival (CCL) closed down more than -2%, and American Airlines Group (AAL) closed down more than -1%.
Home builders and building suppliers fell on Wednesday after the 10-year T-note yield rose to a 19-year high, which will boost mortgage rates and weigh on housing demand. DR Horton (DHI), Pulte Group (PHM), KB Home (KBH), Builders Firstsource (BLDR), and Home Depot (HD) closed down more than -2%, and Lennar (LEN) and Toll Brothers (TOL) closed down more than -1%.
Most cybersecurity stocks rallied on Wednesday. Palo Alto Networks (PANW) closed up +5% to lead gainers in the S&P 500 and Nasdaq 100, and Crowdstrike Holdings (CRWD) and Okta (OKTA) closed up more than +4%. Also, Zscaler (ZS) and Fortinet (FTNT) closed up more than 2%, and SentinelOne (S) closed up more than +1%.
Software stocks rose on Wednesday, a supportive factor for the broader market. Palantir Technologies (PLTR) and Atlassian Corp (TEAM) closed up more than +3%, and Cadence Design Systems (CDNS), ServiceNow (NOW), Thomson Reuters (TRI), and Workday (WDAY) closed up more than +2%. In addition, Datadog (DDOG) and Adobe Systems (ADBE) closed up more than +1%, and Salesforce (CRM) closed up more than +1% to lead gainers in the Dow Jones industrials.
Energy stocks and service providers moved higher on Wednesday as WTI crude oil rose more than +1%. APA Corp (APA) closed up more than +3%, and ConocoPhillips (COP) and Devon Energy (DVN) closed up more than +2%. Also, Occidental Petroleum (OXY), Chevron (CVX), ExxonMobil Holdings (XOM), and Baker Hughes (BKR) closed up more than +1%.
Voyager Technologies (VOYG) closed down more than -14% after announcing its intention to offer $350 million of convertible senior notes in a private offering.
Paychex (PAYX) closed down more than -8% to lead losers in the S&P 500 and Nasdaq 100 after reporting Q1 management solutions revenue of $1.21 billion, weaker than the consensus of $1.23 billion.
McDonald’s (MCD) closed down more than -4% to lead losers in the Dow Jones Industrials after announcing it will spend up to $8.5 billion to help franchises serve better food and improve service.
IonQ (IONQ) closed up more than +4% after announcing that it developed the industry’s first end-to-end real-time quantum error correction decoder that runs on a single standard central processing unit.
Earnings Reports (9/24/2026)
Costco Wholesale Corp (COST), Darden Restaurants Inc (DRI), NexPoint Diversified Real Estate Trust (NXDT), Scholastic Corp (SCHL), TD SYNNEX Corp (SNX).
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 Fall as the 10-Year T-note Yield Soars to a 19-Year High

The S&P 500 Index ($SPX) (SPY) is down by -0.48% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.73%. December E-mini S&P futures (ESZ26) are down -0.48%, and December E-mini Nasdaq futures (NQZ26) are down -0.73%.
Stock indexes are under pressure today after crude prices erased an overnight decline and rose more than +1%, lifting bond yields and undercutting market sentiment. The 10-year T-note yield jumped to a 19-year high of 5.06% today and raised the odds of a Fed rate hike at next month’s FOMC meeting to 75% from 53% yesterday. Chipmakers and AI-infrastructure stocks are also sliding today, weighing on the broader market and giving back some of Tuesday’s gains that pushed the Nasdaq 100 to a new record high.
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Stocks are also pressured, and bond yields rose today on hawkish comments from Fed Governor Michael Barr that suggest he favors additional Fed tightening when he said: "further policy adjustments by the Fed are likely to be needed to ensure inflation comes down to target in a timely fashion."
Today’s US economic news was better than expected, supporting stocks but pushing bond yields higher after the Sep S&P manufacturing PMI unexpectedly rose +3.1 to 57.0, stronger than expectations of a decline to 53.7 and the fastest pace of expansion in 4.25 years.
Stocks have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping.
Stocks found some support today after the Organization for Economic Co-operation and Development (OECD) raised its US GDP forecast and cut its inflation forecast for this year. The OECD raised its 2026 US GDP forecast by +0.2 to 2.2% from a June forecast of 2.0%. The OECD cut its 2026 US inflation forecast -0.1 to 3.6% from a June forecast of 3.7%.
US MBA mortgage applications fell -1.5% in the week ended September 18, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -2.6%. The average 30-year fixed-rate mortgage rose +15 bp to a 2.25-year high of 7.12% from 6.97% in the prior week.
Nov WTI crude oil prices (CLX26) recovered from overnight losses and are up more than +1% as the US and Iran remain at odds over key issues, including control over the Strait of Hormuz. Crude prices initially fell in overnight trading on signs of more crude supplies leaving the Middle East. Data compiled by Bloomberg from the European Union's Copernicus satellite shows oil supertankers with the capacity to ship 12 million barrels of crude were at Saudi Arabia's Persian Gulf export installations on Tuesday. Saudi Arabia also said it plans for a meaningful resumption of its East-West pipeline to the Red Sea by Saturday.
Markets are discounting a 75% 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 fell from a 2-week high and is down -0.27%. China's Shanghai Composite closed down -0.39%. Japan's Nikkei-225 Stock Average did not trade today, with Japanese markets closed for the Autumnal Equinox Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -20 ticks today. The 10-year T-note yield is up +10.3 bp to 5.066%. Dec T-notes retreated today and dropped to a 2.75-year low, and the 10-year T-note yield surged to a 19-year high of 5.067%. T-notes are under pressure after WTI crude oil erased an overnight decline and turned higher, raising inflation expectations. Supply pressures are also weighing on T-notes as the Treasury will auction $28 billion of 2-year floating-rate notes and $70 billion of 5-year T-notes later today. Losses in T-notes accelerated today after the US Sep S&P manufacturing PMI unexpectedly rose to a 4.25-year high, which boosted the odds of a Fed rate hike at next month’s FOMC meeting to 75% from 53% yesterday.
European government bond yields are moving higher today. The 10-year German bund yield is up +7.6 bp to 3.538%. The 10-year UK gilt yield is up +8.0 bp to 5.318%.
The Eurozone Sep S&P manufacturing PMI was unchanged at 52.7, stronger than expectations of a decline to 52.6.
The Eurozone Sep S&P composite PMI unexpectedly rose +1.1 to 53.1, stronger than expectations of a decline to 51.7 and the fastest pace of expansion in 3.25 years.
ECB Governing Council member and Bundesbank President Joachim Nagel said Eurozone inflation is above 3% and is projected to stay above the ECB's 2% goal for another year. Therefore, the ECB may have to raise interest rates to a level at which they hold back economic growth.
The OECD raised its 2026 Eurozone GDP forecast by +0.2 to 1.0% from a June forecast of 0.8%. The OECD also raised its 2026 Eurozone inflation forecast by +0.2 to 3.0% from a June forecast of 2.8%.
Markets are discounting a 58% 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 under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -1%. Intel (INTC), Broadcom (AVGO), Lam Research (LRCX), and SanDisk (SNDK) are down more than -2%. Also, ARM Holdings Plc (ARM), Advanced Micro Devices (AMD), Nvidia (NVDA), Micron Technology (MU), NXP Semiconductors NV (NXPI), KLA Corp (KLAC), ASML Holding NV (ASML), Analog Devices (ADI), and Microchip Technology (MCHP), and Qualcomm (QCOM) are down more than -1%.
Airlines and cruise line operators are falling today with WTI crude oil up more than +1%, raising fuel costs and dampening profitability prospects of the companies. Royal Caribbean Cruises (RCL) is down more than -3%, and Alaska Air Group (ALK) is down more than -2%. Also, American Airlines Group (AAL), United Airlines Holdings (UAL), Delta Air Lines (DAL), Southwest Airlines (LUV), Carnival (CCL), and Norwegian Cruise Line Holdings (NCLH) are down more than -1%.
Software stocks are climbing today, a supportive factor for the broader market. Palantir Technologies (PLTR) is up more than +4% to lead gainers in the S&P 500 and Nasdaq 100. Also, Atlassian Corp (TEAM) and Datadog (DDOG) are up more than +3%, and Cadence Design Systems (CDNS), IBM (IBM), ServiceNow (NOW), Salesforce (CRM), Thomson Reuters (TRI), and Workday (WDAY) are up more than +2%. Finally, Adobe Systems (ADBE) is up more than +1%.
Energy stocks and service providers are moving higher today with the strength in crude oil prices. APA Corp (APA) is up more than +3%, and ConocoPhillips (COP), Devon Energy (DVN), and Occidental Petroleum (OXY) are up more than +2%. Also, Chevron (CVX), ExxonMobil Holdings (XOM), and Halliburton (HAL) are up more than +1%.
Voyager Technologies (VOYG) is down more than -13% after announcing its intention to offer $350 million of convertible senior notes in a private offering.
Paychex (PAYX) is down more than -7% to lead losers in the Nasdaq 100 after reporting Q1 management solutions revenue of $1.21 billion, weaker than the consensus of $1.23 billion.
McDonald’s (MCD) is down more than 4% to lead losers in the Dow Jones Industrials after announcing it will spend up to $8.5 billion to help franchises serve better food and improve service.
IonQ (IONQ) is up more than +7% after announcing that it developed the industry’s first end-to-end real-time quantum error correction decoder that runs on a single standard central processing unit.
Earnings Reports (9/23/2026)
Cintas Corp (CTAS), Cracker Barrel Old Country Store (CBRL), General Mills Inc (GIS), HB Fuller Co (FUL), NioCorp Developments Ltd (NB), Paychex Inc (PAYX), Stitch Fix Inc (SFIX), ZenaTech Inc (ZENA).
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 Retreat as Bond Yields Climb on Fed Rate Hike Fears

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Valero Energy Corp (Symbol: VLO), where a total volume of 18,094 contracts has been traded thus far today, a contract volume which is representative of approximately 1.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 55.9% of VLO's average daily trading volume over the past month, of 3.2 million shares. Particularly high volume was seen for the $375 strike put option expiring September 25, 2026, with 1,403 contracts trading so far today, representing approximately 140,300 underlying shares of VLO. Below is a chart showing VLO's trailing twelve month trading history, with the $375 strike highlighted in orange:
Southwest Airlines Co (Symbol: LUV) options are showing a volume of 31,375 contracts thus far today. That number of contracts represents approximately 3.1 million underlying shares, working out to a sizeable 55.9% of LUV's average daily trading volume over the past month, of 5.6 million shares. Particularly high volume was seen for the $44 strike call option expiring September 25, 2026, with 26,098 contracts trading so far today, representing approximately 2.6 million underlying shares of LUV. Below is a chart showing LUV's trailing twelve month trading history, with the $44 strike highlighted in orange:
And PayPal Holdings Inc (Symbol: PYPL) saw options trading volume of 72,590 contracts, representing approximately 7.3 million underlying shares or approximately 55.3% of PYPL's average daily trading volume over the past month, of 13.1 million shares. Particularly high volume was seen for the $55 strike call option expiring September 25, 2026, with 9,461 contracts trading so far today, representing approximately 946,100 underlying shares of PYPL. Below is a chart showing PYPL's trailing twelve month trading history, with the $55 strike highlighted in orange:
For the various different available expirations for VLO options, LUV options, or PYPL options, visit StockOptionsChannel.com.
Further VLO Research:

Notable Tuesday Option Activity: VLO, LUV, PYPL

The S&P 500 Index ($SPX) (SPY) is up by +0.09% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.52%. December E-mini S&P futures (ESZ26) are up +0.05%, and December E-mini Nasdaq futures (NQZ26) are up +0.46%.
Stock indexes have added to Monday’s gains today, with the S&P 500 posting a 5-week high and the Nasdaq 100 posting a 3.5-month high. Weaker crude oil prices today are easing inflation risks, lowering bond yields, and boosting market sentiment. WTI crude oil is down more than -2% today at 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. President Trump will address the United Nations General Assembly in New York later today. The 10-year T-note yield is down -3 bp to 4.93% on the weakness in crude prices.
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Stocks also have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping. In addition, stock indexes rose on support from a rally in chipmakers and AI-infrastructure stocks.
Oct WTI crude oil prices (CLV26) are down more than -2% today at 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, people familiar with the matter said Saudi Arabia is in the early stages of restarting its East-West pipeline and resuming crude exports from its Red Sea port of Yanbu later this week.
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 are higher today. The Euro Stoxx 50 rose to a 1.5-week high and is up +0.61%. 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) are up by +6 ticks today. The 10-year T-note yield is down -1.8 bp to 4.933%. T-notes are moving higher today as WTI crude oil fell more than -2% to a 3-week low, easing inflation expectations. Supply pressures may limit additional upside in T-note prices as the Treasury will auction $211 billion of T-notes and floating-rate notes this week, beginning with today’s auction of $69 billion of 2-year T-notes.
European government bond yields are moving lower today. The 10-year German bund yield slid to a 1.5-week low of 3.425% and is down -2.8 bp to 3.430%. The 10-year UK gilt yield fell to a 2-week low of 5.166% and is down -2.4 bp to 5.188%.
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 43% 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 moving higher today, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) is up +0.55% at a 5-week high. SanDisk (SNDK) is up more than +7% to lead gainers in the S&P 500, and Seagate Technology Holdings Plc (STX) and Western Digital (WDC) are up more than +4%. Also, Micron Technology (MU) is up more than +3%, and Marvell Technology (MRVL) is up more than +1%.
Airlines and cruise line operators are climbing today, as a -2% decline in WTI crude oil to a 3-week low reduces fuel costs and boosts profitability prospects for the companies. Carnival (CCL) and Norwegian Cruise Line Holdings (NCLH) are up more than +4%, and American Airlines Group (AAL), United Airlines Holdings (UAL), Delta Air Lines (DAL), Southwest Airlines (LUV), Alaska Air Group (ALK), and Royal Caribbean Cruises (RCL) are up more than +3%. Also, Delta Air Lines (DAL) is up more than +2%.
Trucking and freight companies are moving higher today, as crude oil prices slide to a 3-week low. Knight-Swift Transportation Holdings (KNX), ArcBest (ARCB), Saia Inc (SAIA), and XPO Inc (XPO) are up more than +2%. Also, FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and Marten Transport Ltd (MRTN) are up more than +1%.
Energy stocks and service providers are under pressure today, with WTI crude oil down more than -2% to a 3-week low. Valero Energy (VLO) is down more than -3%, and Marathon Petroleum (MPC) is down more than -2%. Also, ConocoPhillips (COP), Phillips 66 (PSX), Diamondback Energy (FANG), APA Corp (APA), Baker Hughes (BKR), and Halliburton (HAL) are down more than -1%.
Viking Therapeutics (VKTX) is up more than +32% 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) is up more than +13% 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) is up more than +7% to lead gainers in the Nasdaq 100 after announcing that it was “partnering deeply” with Meta Platforms’ Muse artificial intelligence agent.
AutoZone (AZO) is up more than +4% after reporting Q4 EPS of $56.05, better than the consensus of $54.03.
Amgen (AMGN) is up more than +3% 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.
Quest Diagnostics (DGX) is down more than -3%, and Labcorp Holdings (LH) is down more than -2% after the Centers for Medicare and Medicaid Services (CMS) released new preliminary medicare payment rates for lab services.
Earnings Reports (9/22/2026)
AutoZone Inc (AZO), KB Home (KBH), MillerKnoll Inc (MLKN), Thor Industries Inc (THO), Worthington Enterprises Inc (WOR).
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 Supported as Crude Oil Prices Ease

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the WisdomTree U.S. Value Fund (Symbol: WTV) where we have detected an approximate $230.9 million dollar outflow -- that's a 6.6% decrease week over week (from 33,120,000 to 30,950,000). Among the largest underlying components of WTV, in trading today Target Corp (Symbol: TGT) is up about 0.7%, Zoom Communications Inc (Symbol: ZM) is down about 0.5%, and Southwest Airlines Co (Symbol: LUV) is up by about 1.2%. For a complete list of holdings, visit the WTV Holdings page » The chart below shows the one year price performance of WTV, versus its 200 day moving average:
Looking at the chart above, WTV's low point in its 52 week range is $87.88 per share, with $109.7419 as the 52 week high point — that compares with a last trade of $105.95. 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 WTV Research:

Indicator	Mar 26	Jun 26	Sep 26	TTM
Net Income	RUB 227.00M	RUB 233.00M	RUB 270.00M	RUB 270.00M
Operating Income	RUB 330.00M	RUB 285.00M	RUB 378.00M	RUB 378.00M

Indicator	Mar 26	Jun 26	Sep 26	TTM
Total Assets	RUB 29.36B	RUB 30.12B	RUB 30.54B	RUB 30.54B
Cash on Hand	RUB 3.33B	RUB 3.79B	—	RUB 3.79B
Total share holder equity	RUB 6.88B	RUB 7.08B	RUB 7.33B	RUB 7.33B

Indicator	Mar 26	Jun 26	Sep 26	TTM
Long Term Debt	RUB 4.54B	RUB 3.79B	RUB 3.73B	RUB 3.73B
Total liabilities	RUB 22.48B	RUB 23.04B	RUB 23.21B	RUB 23.21B

Southwest Airlines Company

Recent quarterly and TTM performance

Growth

Assets

Debts