Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as base oils and lubricants. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas.

Phillips 66

The following companies are expected to report earnings prior to market open on 10/29/2025. Visit our Earnings Calendar for a full list of expected earnings releases.
Caterpillar, Inc. (CAT)is reporting for the quarter ending September 30, 2025. The machinery company's consensus earnings per share forecast from the 10 analysts that follow the stock is $4.52. This value represents a 12.57% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CAT is 29.56 vs. an industry ratio of 21.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Boeing Company (BA)is reporting for the quarter ending September 30, 2025. The aerospace and defense company's consensus earnings per share forecast from the 8 analysts that follow the stock is $-2.46. This value represents a 76.44% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for BA is -53.48 vs. an industry ratio of 5.30.
Verizon Communications Inc. (VZ)is reporting for the quarter ending September 30, 2025. The wireless (national) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.19. This value represents a no change for the same quarter last year. In the past year VZ has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 3.39%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for VZ is 8.36 vs. an industry ratio of 5.20, implying that they will have a higher earnings growth than their competitors in the same industry.
UBS AG (UBS)is reporting for the quarter ending September 30, 2025. The bank (foreign) company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.48. This value represents a 11.63% increase compared to the same quarter last year. In the past year UBS has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 2.86%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for UBS is 16.43 vs. an industry ratio of 12.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Automatic Data Processing, Inc. (ADP)is reporting for the quarter ending September 30, 2025. The internet software company's consensus earnings per share forecast from the 5 analysts that follow the stock is $2.44. This value represents a 4.72% increase compared to the same quarter last year. In the past year ADP has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 1.8%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ADP is 25.69 vs. an industry ratio of 18.90, implying that they will have a higher earnings growth than their competitors in the same industry.
CVS Health Corporation (CVS)is reporting for the quarter ending September 30, 2025. The medical services company's consensus earnings per share forecast from the 10 analysts that follow the stock is $1.36. This value represents a 24.77% increase compared to the same quarter last year. In the past year CVS has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 23.13%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CVS is 12.96 vs. an industry ratio of 2.30, implying that they will have a higher earnings growth than their competitors in the same industry.
TE Connectivity plc (TEL)is reporting for the quarter ending September 30, 2025. The electrical instrument company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.29. This value represents a 17.44% increase compared to the same quarter last year. In the past year TEL has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2025 Price to Earnings ratio for TEL is 27.53 vs. an industry ratio of 27.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Fiserv, Inc. (FI)is reporting for the quarter ending September 30, 2025. The financial transactions company's consensus earnings per share forecast from the 12 analysts that follow the stock is $2.64. This value represents a 14.78% increase compared to the same quarter last year. In the past year FI has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 2.49%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for FI is 12.44 vs. an industry ratio of 12.00, implying that they will have a higher earnings growth than their competitors in the same industry.
American Electric Power Company, Inc. (AEP)is reporting for the quarter ending September 30, 2025. The electric power utilities company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.81. This value represents a 2.16% decrease compared to the same quarter last year. In the past year AEP has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AEP is 19.73 vs. an industry ratio of 19.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Phillips 66 (PSX)is reporting for the quarter ending September 30, 2025. The oil refining company's consensus earnings per share forecast from the 5 analysts that follow the stock is $2.07. This value represents a 1.47% increase compared to the same quarter last year. PSX missed the consensus earnings per share in the 1st calendar quarter of 2025 by -16.88%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for PSX is 25.03 vs. an industry ratio of 9.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Garmin Ltd. (GRMN)is reporting for the quarter ending September 30, 2025. The electrical instrument company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.98. This value represents a 0.50% decrease compared to the same quarter last year. GRMN missed the consensus earnings per share in the 1st calendar quarter of 2025 by -2.42%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for GRMN is 30.74 vs. an industry ratio of 0.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Entergy Corporation (ETR)is reporting for the quarter ending September 30, 2025. The electric power utilities company's consensus earnings per share forecast from the 5 analysts that follow the stock is $1.46. This value represents a 2.67% decrease compared to the same quarter last year. In the past year ETR has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 15.38%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ETR is 25.03 vs. an industry ratio of 19.40, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for October 29, 2025 : CAT, BA, VZ, UBS, ADP, CVS, TEL, FI, AEP, PSX, GRMN, ETR

Shareholders of Phillips 66 (Symbol: PSX) looking to boost their income beyond the stock's 3.6% annualized dividend yield can sell the March 2026 covered call at the $150 strike and collect the premium based on the $4.20 bid, which annualizes to an additional 8% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 11.6% annualized rate in the scenario where the stock is not called away. Any upside above $150 would be lost if the stock rises there and is called away, but PSX shares would have to advance 11.6% from current levels for that to occur, meaning that in the scenario where the stock is called, the shareholder has earned a 14.8% return from this trading level, in addition to any dividends collected before the stock was called.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Phillips 66, looking at the dividend history chart for PSX below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3.6% annualized dividend yield.
Below is a chart showing PSX's trailing twelve month trading history, with the $150 strike highlighted in red:
The chart above, and the stock's historical volatility, can be a helpful guide in combination with fundamental analysis to judge whether selling the March 2026 covered call at the $150 strike gives good reward for the risk of having given away the upside beyond $150. (Do most options expire worthless? This and six other common options myths debunked). We calculate the trailing twelve month volatility for Phillips 66 (considering the last 250 trading day closing values as well as today's price of $134.18) to be 36%. For other call options contract ideas at the various different available expirations, visit the PSX Stock Options page of StockOptionsChannel.com.
In mid-afternoon trading on Tuesday, the put volume among S&P 500 components was 761,960 contracts, with call volume at 2.05M, for a put:call ratio of 0.37 so far for the day. Compared to the long-term median put:call ratio of .65, that represents very high call volume relative to puts; in other words, buyers are preferring calls in options trading so far today. Find out which 15 call and put options traders are talking about today.
Also see:
Earnings Surprises
IJK Options Chain
SMTC Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

YieldBoost PSX To 11.6% Using Options

The Oil/Energy sector faced a mixed bag of market dynamics in the third quarter of 2025. On one hand, crude oil prices saw a decline, weighed down by an oversupply and broader economic uncertainties. On the other hand, natural gas prices climbed, fueled by tighter supply conditions and geopolitical factors. This divergence has set the stage for a challenging earnings season, as energy companies navigate these shifting market forces.
As they prepare to share their third-quarter results, investors are keen to see how these companies are responding to the volatility — whether through measures like cost control, portfolio realignments, or a focus on seizing opportunities within the growing energy market.
Market Forces Diverge: Oil Drops, Natural Gas Rises in Q3 2025
During the third quarter of 2025, crude oil prices experienced a significant dip, with West Texas Intermediate averaging $65.74 per barrel, reflecting a 14% decrease from $76.24 in the same quarter of 2024. This downturn was largely the result of an oversupply in the market, as OPEC+ countries scaled back their earlier production cuts, contributing an additional 1.3 million barrels per day to the global oil supply. Other factors contributing to the price drop included intensifying trade disputes between the United States and China, renewed tariff threats on imports from India, and lower-than-expected industrial demand. Additionally, President Trump's policies to keep energy costs in check to curb inflation placed further pressure on oil prices. The International Energy Agency's revised global consumption forecast, which predicted slower growth, further exacerbated the bearish sentiment in the market.
In contrast, natural gas prices experienced a notable increase. The Henry Hub spot price averaged $3.03 per million British thermal units (“MMBtu”) in third-quarter 2025, marking a 44% rise from $2.11 per MMBtu during the same period in 2024. This surge was driven by a combination of tight supply conditions and robust demand. Geopolitical instability, particularly the Israel-Iran conflict, disrupted Middle East supply and reduced LNG exports. U.S. natural gas inventories remained below their typical five-year averages, and strong LNG exports to Europe and Asia helped maintain a tighter domestic supply. In addition, concerns over potential blockages in key shipping routes and the impact of tariffs on LNG equipment led to higher production costs, further bolstering the upward trend in natural gas prices during the quarter.
Q3 Earnings Snapshot: Energy Sector Drags on Market Performance
The Oil/Energy sector continues to trail the broader market this earnings season, struggling with profitability amid uncertain pricing and demand conditions. According to the latest Zacks Earnings Trends report, earnings for the third quarter are expected to drop 6.4% year over year. While this marks a recovery from the second quarter's 16.9% decline, it still falls far short of the S&P 500's robust 7.3% growth. Early results from the 12.5% of energy companies that have reported offer some insight. While 66.7% surpassed EPS forecasts and all of them exceeded revenue expectations, the sector as a whole is still struggling with weak revenue growth.
The sector's underperformance is weighing on the broader index. Excluding Energy, the S&P 500's earnings growth rises to 8%. The revenue picture is similarly weak, with a 1.0% decline for Energy contrasting sharply with the market's 6.7% gain.
This pressure is driven by a perfect storm of volatile commodity prices, fluctuating global demand, and squeezed margins. The contrast becomes even starker when compared to market leaders: while Energy contracts, sectors like Aerospace (+248.6%), Finance (+23.4%), and Technology (+11.5%) are posting explosive growth.
For investors, this divergence highlights the need for selectivity. The focus should be on companies that demonstrate superior operational efficiency, stringent cost control, and strategic positioning — particularly those with diversified portfolios or strengths in niches like natural gas — to navigate ongoing sector turbulence.
Energy Earnings in Focus: Preparing for Q3 Results
In light of these conditions, let’s examine the positioning of the following oil and energy companies ahead of their third-quarter earnings announcements on Oct. 29, and assess their ability to handle the current market challenges.
Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat.
Antero Midstream AM is scheduled to report quarterly earnings after the closing bell.The chances of the Denver, CO-based oil and gas storage and transportation company delivering an earnings beat this time around are high, as it currently has an Earnings ESP of +4.00% and a Zacks Rank #3.You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for the company’s earnings is pegged at 25 cents per share, suggesting a 19.05% increase from the prior-year reported figure. In terms of earnings surprises, Antero Midstream’s earnings beat the Zacks Consensus Estimate in two of the last four quarters, matched the estimate in one, and missed in the other one, resulting in an average surprise of 1.13%.
This is depicted in the chart below:
Antero Midstream Corporation Price, Consensus and EPS Surprise
Antero Resources Corporation AR is scheduled to report quarterly earnings after the closing bell.The chances of a Denver, CO-based oil and gas exploration and production company delivering an earnings beat this time around appear less likely, as it has an Earnings ESP of -6.46% and a Zacks Rank #4 (Sell) at present.
The Zacks Consensus Estimate for the company’s earnings is pegged at 32 cents per share, suggesting a 366.67% increase from the prior-year reported figure. Regarding earnings surprises, Antero Resources’ earnings beat the Zacks Consensus Estimate once in the last four quarters and missed three times, delivering an average negative surprise of 63.33%.
This is depicted in the chart below:
Antero Resources Corporation Price, Consensus and EPS Surprise
CVR Energy, Inc. CVI is scheduled to report quarterly earnings after the closing bell.The chances of a Sugar Land, TX-based Oil and Gas Refining and Marketing company delivering an earnings beat this time around are low, as it has an Earnings ESP of 0.00% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for the company’s earnings is pegged at 20 cents per share, suggesting a 140% increase from the prior-year reported figure. In terms of earnings surprises, CVR Energy’s earnings beat the Zacks Consensus Estimate twice in the last four quarters and missed twice, resulting in an average negative surprise of 89.14%.
This is depicted in the chart below:
CVR Energy Inc. Price, Consensus and EPS Surprise
Equinor ASA EQNR is scheduled to report quarterly earnings before the opening bell.The chances of a Norway-based integrated oil and gas company delivering an earnings beat this time around are low, as it has an Earnings ESP of -11.77% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for the company’s earnings is pegged at 57 cents per share, suggesting a 27.85% decrease from the prior-year reported figure. Equinor ASA topped the Zacks Consensus Estimate once over the past four quarters, while missing expectations in the other three, leading to an average negative earnings surprise of 7.61%.
This is depicted in the chart below:
Equinor ASA Price, Consensus and EPS Surprise
Phillips 66 PSX is scheduled to report quarterly earnings before the opening bell.The chances of a Houston, TX-based oil and gas refining and marketing company delivering an earnings beat this time around are low, as it has an Earnings ESP of 0.00% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for the company’s earnings is pegged at $2.07 per share, suggesting a 1.47% increase from the prior-year reported figure. Phillips 66 outperformed the Zacks Consensus Estimate in three of the past four quarters, with one miss, delivering an average earnings surprise of 19.16%.
This is depicted in the chart below:
Phillips 66 Price, Consensus and EPS Surprise
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

How Will These 5 Energy Stocks Perform This Earnings Season?

Key Points
Kinder Morgan's earnings growth rate has started to accelerate.
Its growth should continue picking up speed as it starts completing projects from its $9.3 billion backlog.
It sees the potential to secure over $10 billion of additional expansion projects.
It wasn't long ago that it appeared Kinder Morgan (NYSE: KMI) would never grow again. The energy infrastructure giant's earnings were basically flat for several years after adjusting for asset sales and one-time items. Meanwhile, it had relatively few expansion projects in its backlog to fuel future growth.
However, thanks in part to surging gas demand from AI data centers and other catalysts, Kinder Morgan's expansion project backlog has ballooned from $1.4 billion at the end of 2021 to $9.3 billion. The company's growth engine could more than double in the coming years as it continues to capitalize on one of the best expansion opportunities in its history. That would give the pipeline company even more fuel to grow its 4.3%-yielding dividend.
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Stomping on the accelerator
Kinder Morgan recently reported strong third-quarter results. The natural gas infrastructure giant generated nearly $2 billion of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). That's a 6% increase from the year-ago period, and a notable acceleration from prior years when its adjusted EBITDA had basically flattened out. Meanwhile, the company's adjusted earnings soared 16% to $0.29 per share.
Fueling the company's strong third-quarter showing was increased contributions from its natural gas pipelines, product pipelines, and terminals businesses:
The primary driver was the company's gas pipelines. Earnings from these assets jumped 10%, driven by higher contributions on its Texas Interstate system and Tennessee Gas Pipeline. Kinder Morgan also benefited from its acquisition of Outrigger Energy. Volumes rose 6%, fueled by deliveries to liquefied natural gas (LNG) terminals, new contracts, and expansion projects.
The fuel to grow through 2030
Kinder Morgan's gas pipeline business should continue to fuel its growth for years to come. The company ended the third quarter with $9.3 billion of expansion projects in its backlog. That was flat compared to the second quarter, as the company completed $500 million in growth projects while adding a similar amount of new expansions.
Natural gas represents the bulk of its expansion backlog (about $8.6 billion). The company has secured several natural gas pipeline projects, including Trident ($1.8 billion), South System Expansion 4 ($1.8 billion), and Mississippi Crossing ($1.7 billion). It has projects on track to enter commercial service through the second quarter of 2030. These projects will support growing gas demand from LNG terminals and power plants, notably those supplying electricity to energy-intensive AI data centers, as well as new manufacturing plants and other growth catalysts. This backlog provides the company with significant visibility into its future earnings growth.
More growth coming down the pipeline
"With historic growth in global natural gas demand, a favorable federal regulatory landscape, and strong support from permitting agencies, the outlook for our company is exceptionally promising," stated CEO Kim Dang in the third-quarter earnings press release. She noted that the company is "seeing an opportunity set more robust than at any time in the company's history."
LNG is one growth catalyst for the company. Kinder Morgan expects to deliver 12 billion cubic feet per day (Bcf/d) of gas to LNG terminals by 2028, up from 8 Bcf/d today. It's pursuing several additional opportunities to support LNG demand.
Additionally, the company is actively exploring more than 10 Bcf/d of opportunities to supply more gas to the U.S. power sector. Given AI's tremendous electricity needs, natural gas stands out as one of the fastest and most cost-effective sources to deliver the high levels of stable power this technology requires. Kinder Morgan estimates it could approve more than $10 billion in additional gas projects in the coming years.
Meanwhile, gas isn't the company's only growth driver. Kinder Morgan recently partnered with refining giant Phillips 66 to potentially build the Western Gateway Pipeline. The pipeline would ship refined products, such as gasoline, from Texas to Arizona and California. Pending approval, this pipeline could enter commercial service in 2029, further enhancing and diversifying Kinder Morgan's long-term growth outlook.
The fuel to produce high-octane total returns
Kinder Morgan is entering a period of accelerating earnings growth. It has already secured $9.3 billion of expansions that will start fueling faster earnings growth next year. Meanwhile, it has an even larger set of potential projects in the pipeline to further enhance and extend its growth outlook. The earnings growth from these projects will give Kinder Morgan more fuel to increase its high-yielding dividend, which it has done for eight straight years. That combination of income and growth could help power high-octane total returns for shareholders in the coming years, making Kinder Morgan a very compelling long-term investment opportunity right now.
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Matt DiLallo has positions in Kinder Morgan and Phillips 66. The Motley Fool has positions in and recommends Kinder Morgan. The Motley Fool recommends Phillips 66. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The AI Boom Could Empower This 4.3%-Yielding Dividend Stock to Add Another $10 Billion in Fuel to Its Growth Engine

Phillips 66 PSX is set to report third-quarter 2025 results on Oct. 29, before the opening bell.
In the last reported quarter, its adjusted earnings of $2.38 per share beat the Zacks Consensus Estimate of $1.66, primarily attributed to increased refining volumes and higher realized refining margins worldwide.
Earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of roughly 19.2%. This is depicted in the graph below:
Phillips 66 Price, Consensus and EPS Surprise
Estimate Trend for PSX
The Zacks Consensus Estimate for third-quarter earnings per share of $2.07 hasn’t witnessed any upward revisions in the past seven days. The estimated figure indicates a 1.5% improvement from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $29.9 billion indicates a 17.3% decrease from the year-ago recorded figure.
Factors to Consider for PSX
Per data from the U.S. Energy Information Administration (“EIA”), the average spot prices for Cushing, OK, West Texas Intermediate (WTI) crude for July, August and September were $68.39, $64.86 and $63.96 per barrel, respectively. However, the pricing environment was more favorable in the prior-year months, with average prices of $81.80, $76.68 and $70.24 per barrel, respectively.
The softer pricing environment is likely to have aided PSX, since it derives a significant proportion of its earnings from the refining business. From the midstream business, which is generally stable by its very nature, PSX is likely to have generated stable cash flows. Our model predicts a 5.1% year-over-year rise in pre-tax adjusted income from midstream.
Earnings Whispers
Our proven model does not indicate an earnings beat for PSX this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: PSX has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: PSX currently carries a Zacks Rank #2.
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
BP BP is an integrated energy company. It currently has an Earnings ESP of +1.87% and a Zacks Rank #3.
BP is scheduled to release third-quarter 2025 earnings on Nov. 4. The Zacks Consensus Estimate for its earnings is pegged at 72 cents per share.
ConocoPhillips COP currently has an Earnings ESP of +0.34% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
COP is set to release third-quarter 2025 earnings on Nov. 6. The Zacks Consensus Estimate for its earnings is pegged at $1.40 per share, indicating a 21.4% decrease from the prior-year reported figure.
Antero Midstream Corporation AM currently has an Earnings ESP of +2.46% and a Zacks Rank #3.
AM is set to release third-quarter 2025 earnings on Oct. 29. The Zacks Consensus Estimate for its earnings is pegged at 24 cents per share, which indicates an increase of 14.3% from the prior-year reported figure.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Phillips 66 Set to Report Q3 Earnings: Here's What You Need to Know

In its upcoming report, Phillips 66 (PSX) is predicted by Wall Street analysts to post quarterly earnings of $2.07 per share, reflecting an increase of 1.5% compared to the same period last year. Revenues are forecasted to be $29.92 billion, representing a year-over-year decrease of 17.3%.
Over the last 30 days, there has been an upward revision of 20% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
That said, let's delve into the average estimates of some Phillips 66 metrics that Wall Street analysts commonly model and monitor.
The consensus estimate for 'Sales and other operating revenues' stands at $31.24 billion. The estimate indicates a change of -12.1% from the prior-year quarter.
According to the collective judgment of analysts, 'Equity in earnings of affiliates' should come in at $315.92 million. The estimate indicates a year-over-year change of -42.5%.
The collective assessment of analysts points to an estimated 'Revenues and Other Income- Other income' of $40.03 million. The estimate suggests a change of -52.4% year over year.
The average prediction of analysts places 'Revenues- Total Refining' at $16.40 billion. The estimate points to a change of +86.6% from the year-ago quarter.
It is projected by analysts that the 'Refining operations- Gulf Coast - Crude oil capacity' will reach 529.00 thousands of barrels of oil per day. Compared to the current estimate, the company reported 529.00 thousands of barrels of oil per day in the same quarter of the previous year.
The consensus among analysts is that 'Refining operations- Atlantic Basin/Europe - Crude oil capacity' will reach 537.00 thousands of barrels of oil per day. Compared to the present estimate, the company reported 537.00 thousands of barrels of oil per day in the same quarter last year.
Analysts predict that the 'Refining operations- Atlantic Basin/Europe - Capacity utilization (percent)' will reach 92.5%. The estimate compares to the year-ago value of 93.0%.
Analysts forecast 'Refining operations- Atlantic Basin/Europe - Crude oil processed' to reach 496.72 thousands of barrels of oil per day. The estimate compares to the year-ago value of 498.00 thousands of barrels of oil per day.
Based on the collective assessment of analysts, 'Total Petroleum products sales volumes' should arrive at 2,255.45 thousands of barrels of oil per day. Compared to the current estimate, the company reported 2,294.00 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts' assessment points toward 'Refining operations- West Coast - Crude oil processed' reaching 211.74 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 230.00 thousands of barrels of oil per day.
Analysts expect 'Refining operations- West Coast - Crude oil capacity' to come in at 244.00 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 244.00 thousands of barrels of oil per day.
The combined assessment of analysts suggests that 'Refining operations- Central Corridor - Capacity utilization (percent)' will likely reach 97.4%. Compared to the present estimate, the company reported 100.0% in the same quarter last year.
View all Key Company Metrics for Phillips 66 here>>>
Over the past month, shares of Phillips 66 have returned -2.4% versus the Zacks S&P 500 composite's +1.3% change. Currently, PSX carries a Zacks Rank #2 (Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Phillips 66 (PSX) Q3 Earnings on the Horizon: Analysts' Insights on Key Performance Measures

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +0.58%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.31%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.88%. December E-mini S&P futures (ESZ25) rose +0.58%, and December E-mini Nasdaq futures (NQZ25) rose up +0.90%.
Stock indexes settled higher on Thursday, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia’s largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. rose more than +12% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International rose by more than +6% after reporting better-than-expected Q3 sales.
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Stocks also found support on Thursday’s US economic news that showed Sep existing home sales rose +1.5% m/m to a 7-month high of 4.06 million, right on expectations.
Stocks added to their gains Thursday afternoon as US-China trade tensions eased slightly when the White House confirmed that President Trump will meet directly with President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea.
On the negative side, Molina Healthcare closed down more than -17% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, Super Micro Computer (SMCI) closed down more than -8% after reporting weaker-than-expected Q1 preliminary sales.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s biggest oil producers, due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.” The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The US government shutdown continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown is delaying the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed up +0.52%. China’s Shanghai Composite closed up +0.22%. Japan’s Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) on Thursday closed down -10 ticks. The 10-year T-note yield rose +4.4 bp to 3.993%. T-notes were under pressure on Thursday amid inflation concerns, as a +5% surge in WTI crude oil prices boosted inflation expectations and pushed the 10-year breakeven inflation rate to a 1-week high of 2.31%. Also, Thursday’s rally in stocks curbed safe-haven demand for T-notes.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields moved higher on Thursday. The 10-year German bund yield rose +2.0 bp to 2.583%. The 10-year UK gilt yield rose +0.6 bp to 4.423%.
The Eurozone Oct consumer confidence indicator survey unexpectedly rose +0.7 to an 8-month high of -14.2, stronger than expectations of a decline to -15.0.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers moved higher on Thursday after the price of WTI crude oil surged more than +5% to a 2-week high. APA Corp (APA) closed up more than +7% and Valero Energy (VLO) closed up more than +6%. Also, Diamondback Energy (FANG), Marathon Petroleum (MPC), Halliburton (HAL), Baker Hughes (BKR), Devon Energy (DVN), and Phillips 66 (PSX) closed up more than +3%. In addition, Occidental Petroleum (OXY) and ConocoPhillips (COP) closed up more than +2%.
Quantum-computing stocks rallied on Thursday after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) closed up more than +6%.
Molina Healthcare (MOH) closed down more than -17% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) closed down -5% and Oscar Health (OSCR) closed down more than -3%.
Dow Inc. (DOW) closed up more than +12% to lead gainers in the S&P 500 after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Las Vegas Sands (LVS) closed up more than +12% after reporting Q3 net revenue of $3.33 billion, above the consensus of $3.04 billion.
West Pharmaceutical Services (WST) closed up more than +10% after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dover Corp (DOV) closed up more than +8% after boosting its full-year adjusted EPS continuing operations estimate to $9.50-$9.60 from a previous estimate of $9.35-$9.55.
Honeywell International (HON) closed up more than +6% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) closed up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
Trucking companies moved lower Thursday, led by a -7% fall in Knight-Swift Transportation (KNX) after it forecasted Q4 adjusted EPS of 34 cents to 40 cents, the midpoint below the consensus of 39 cents. Saia Inc (SAIA) closed down more than -5% on the news, and Schneider National (SNDR) and Old Dominion Freight Line (ODFL) closed down more than -3%.
Super Micro Computer (SMCI) closed down more than -8% after reporting Q1 preliminary sales of $5.00 billion, well below the consensus of $6.49 billion.
Southwest Airlines (LUV) closed down by more than -6% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
Roper Technologies (ROP) closed down more than -5% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
T-Mobile US (TMUS) closed down more than -3% after reporting Q3 revenue of $21.96 billion, weaker than the consensus of $21.98 billion.
Moderna (MRNA) closed down more than -2% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/24/2025)
Booz Allen Hamilton Holding Co (BAH), First Hawaiian Inc (FHB), General Dynamics Corp (GD), Gentex Corp (GNTX), HCA Healthcare Inc (HCA), Illinois Tool Works Inc (ITW), Procter & Gamble Co/The (PG).
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
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally on Strength in Energy Shares and US-China Trade Hopes

The S&P 500 Index ($SPX) (SPY) today is up +0.38%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.12%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.61%. December E-mini S&P futures (ESZ25) are up +0.34%, and December E-mini Nasdaq futures (NQZ25) are up +0.59%.
Stock indexes are moving higher today, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia’s largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. is up more than +8% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International is up more than +7% after reporting better-than-expected Q3 sales.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks also found support on today’s US economic news that showed Sep existing home sales rose +1.5% m/m to a 7-month high of 4.06 million, right on expectations.
On the negative side, Molina Healthcare is down more than -20% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, International Business Machines is down more than -4% after reporting a smaller-than-expected increase in its Q3 hybrid cloud unit. In addition, Tesla is down more than -3% after reporting Q3 EPS below consensus.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s biggest oil producers, due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.” The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.44%. China’s Shanghai Composite closed up +0.22%. Japan’s Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -7 ticks. The 10-year T-note yield is up +3.2 bp to 3.982%. T-notes are under pressure today amid inflation concerns, as a +5% surge in WTI crude oil prices has boosted inflation expectations and pushed the 10-year breakeven inflation rate to a 1-week high of 2.309%. Also, supply pressures are negative for T-notes as the Treasury will auction $26 billion of 5-year TIPS later today.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed today. The 10-year German bund yield is up +1.6 bp to 2.579%. The 10-year UK gilt yield is down -0.5 bp to 4.413%.
The Eurozone Oct consumer confidence indicator survey unexpectedly rose +0.7 to an 8-month high of -14.2, stronger than expectations of a decline to -15.0.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers are climbing today, with the price of WTI crude oil up more than +5% at a 2-week high. Valero Energy (VLO) is up more than +7% and APA Corp (APA) is up more than +6%. Also, Diamondback Energy (FANG) is up more than +4%, and Marathon Petroleum (MPC) is up more than +3%. In addition, Devon Energy (DVN), Occidental Petroleum (OXY), ConocoPhillips (COP), Halliburton (HAL), Phillips 66 (PSX), and Baker Hughes (BKR) are up more than +2%.
Quantum-computing stocks are rallying today after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) are up more than +9%.
Molina Healthcare (MOH) is down more than -20% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) and Oscar Health (OSCR) are down more than -6%. In addition, United Health Services (UHS) and UnitedHealth Group (UNH) are down more than -1%.
Las Vegas Sands (LVS) is up more than +12% to lead gainers in the S&P 500 after reporting Q3 net revenue of $3.33 billion, above he consensus of $3.04 billion.
West Pharmaceutical Services (WST) is up more than +11% after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dow Inc. (DOW) is up more than +9% after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Honeywell International (HON) is up more than +6% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) is up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
CME Group (CME) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $300.
Super Micro Computer (SMCI) is down more than -7% after reporting Q1 preliminary sales of $5.00 billion, well below the consensus of $6.49 billion.
Roper Technologies (ROP) is down more than -6% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
Southwest Airlines (LUV) is down by more than -6% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
International Business Machines (IBM) is down more than -3% to lead losers in the Dow Jones Industrials after reporting a +14% increase in its Q3 hybrid cloud unit, below the consensus of +16%.
Tesla (TSLA) is down more than -2% after reporting Q3 EPS of 50 cents, weaker than the consensus of 54 cents.
T-Mobile US (TMUS) is down more than -3% after reporting Q3 revenue of $21.96 billion, weaker than the consensus of $21.98 billion.
Moderna (MRNA) is down more than -1% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
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
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Strength in Energy Producers and Earnings

The S&P 500 Index ($SPX) (SPY) today is up +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.18%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.33%. December E-mini S&P futures (ESZ25) are up +0.35%, and December E-mini Nasdaq futures (NQZ25) are up +0.35%.
Stock indexes are moving higher today, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia's largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. is up more than +11% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International is up more than +5% after reporting better-than-expected Q3 sales.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, Molina Healthcare is down more than -20% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, International Business Machines is down more than -4% after reporting a smaller-than-expected increase in its Q3 hybrid cloud unit. In addition, Tesla is down more than -3% after reporting Q3 EPS below consensus.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia's biggest oil producers, due to "Russia's lack of serious commitment to a peace process to end the war in Ukraine." The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods "if there isn't a deal" by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.17%. China's Shanghai Composite closed up +0.22%. Japan's Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -8 ticks. The 10-year T-note yield is up +3.4 bp to 3.984%. T-notes are under pressure today due to inflation concerns, as a +5% surge in WTI crude oil prices has boosted inflation expectations and pushed the 10-year breakeven inflation rate up to a 1-week high of 2.309%. Also, supply pressures are negative for T-notes as the Treasury will auction $26 billion of 5-year TIPS later today.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are moving higher today. The 10-year German bund yield is up +1.6 bp to 2.579%. The 10-year UK gilt yield is up +0.8 bp to 4.425%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers are climbing today, with the price of WTI crude oil up more than +5% at a 2-week high. APA Corp (APA) is up more than +6% and Valero Energy (VLO) is up more than +5%. Also, Diamondback Energy (FANG) and Devon Energy (DVN) are up more than +4%, and Occidental Petroleum (OXY) and ConocoPhillips (COP) are up more than +3%. In addition, Halliburton (HAL), Phillips 66 (PSX), and Baker Hughes (BKR) are up more than +2%.
Quantum-computing stocks are rallying today after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) are up more than +6%.
Molina Healthcare (MOH) is down more than -20% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) and Oscar Health (OSCR) are down more than -7%. In addition, Humana (HUM) is down -2%, and Elevance Health (ELV), United Health Services (UHS), and UnitedHealth Group (UNH) are down more than -1%.
West Pharmaceutical Services (WST) is up more than +12% to lead gainers in the S&P 500 after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dow Inc. (DOW) is up more than +11% after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Las Vegas Sands (LVS) is up more than +9% after reporting Q3 net revenue of $3.33 billion, above he consensus of $3.04 billion.
Honeywell International (HON) is up more than +5% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) is up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
CME Group (CME) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $300.
Roper Technologies (ROP) is down more than -7% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
International Business Machines (IBM) is down more than -4% to lead losers in the Dow Jones Industrials after reporting a +14% increase in its Q3 hybrid cloud unit, below the consensus of +16%.
Tesla (TSLA) is down more than -3% after reporting Q3 EPS of 50 cents, weaker than the consensus of 54 cents.
Southwest Airlines (LUV) is down by more than -3% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
Tractor Supply Co (TSCO) is down more than -3% after narrowing its full-year comparable sales forecast to +1.4% to +2.4% from a previous forecast of 0% to +4.0%.
Packaging Corp (PKG) is down more than -1% after reporting Q3 adjusted EPS of $2.73, below the consensus of $2.82.
Moderna (MRNA) is down more than -4% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Climb on Strength in Energy Producers

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -0.53%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.71%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.99%. December E-mini S&P futures (ESZ25) fell -0.52%, and December E-mini Nasdaq futures (NQZ25) fell -0.96%.
Stock indexes settled lower on Wednesday as the broader market was under pressure throughout the session, with chipmakers selling off after Texas Instruments forecasted Q4 revenue that fell below expectations. Also, Netflix closed down more than -9% after reporting weaker-than-expected Q3 EPS. Other corporate earnings results on Wednesday were supportive for stocks. Intuitive Surgical rose more than +13% after boosting its worldwide Da Vinci procedure growth forecast for the whole year. Also, Capital One Financial rose more than +1% after reporting better-than-expected Q3 adjusted EPS.
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Stock losses accelerated Wednesday afternoon after Reuters reported that the Trump administration is considering broad restrictions on exports to China made with US software in retaliation for China’s latest round of rare earth export restrictions.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
US MBA mortgage applications fell -0.3% in the week ended October 17, with the purchase mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The average 30-year fixed rate mortgage fell -5 bp to 6.37% from 6.42% in the prior week.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 closed down -0.84%. China’s Shanghai Composite closed down -0.07%. Japan’s Nikkei Stock 225 closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ5) on Wednesday closed up +1.5 ticks. The 10-year T-note yield fell -1.4 bp to 3.949%. T-notes recovered from early losses on Wednesday and settled slightly higher. Wednesday’s slump in stocks, sparked by renewed China trade tensions, triggered short covering in T-notes and pushed prices higher. T-notes maintained modest gain on Wednesday due to strong demand for the Treasury’s $13 billion auction of 20-year T-bonds that had a bid-to-cover ratio of 2.73, better than the 10-auction average of 2.63.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields were mixed on Wednesday. The 10-year German bund yield rose +1.1 bp to 2.563%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and finished down -6.0 bp to 4.417%.
UK Sep CPI rose +3.8% y/y, unchanged from Aug and weaker than expectations of +4.0% y/y. Sep core CPI unexpectedly eased to +3.5% y/y from +3.6% y/y in Aug, weaker than expectations of +3.7% y/y.
ECB Vice President Guindos said, “The current ECB interest-rate level is adequate as the path forward for inflation looks positive,” and risks to the outlook for consumer-price growth are balanced.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Texas Instruments (TXN) closed down more than -5% to lead chipmakers lower after forecasting Q4 revenue of $4.22 billion to $4.58 billion, with the midpoint below the consensus of $4.50 billion. Also, ON Semiconductor (ON) closed down more than -5%, and Microchip Technology (MCHP) closed down more than -4%. In addition, Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Intel (INTC) closed down more than -3%. Finally, Analog Devices (ADI), KLA Corp (KLAC), ARM Holdings Plc (ARM), GlobalFoundries (GFS), Lam Research (LRCX), Micron Technology (MU), and NXP Semiconductors NV (NXPI) all closed down by more than 2%.
Cryptocurrency-exposed stocks retreated on Wednesday as the price of Bitcoin fell more than -2%. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) closed down more than -4%.
Lennox International (LII) closed down by more than -10% to lead losers in the S&P 500 after cutting its full-year EPS forecast to $22.75-$23.25 from a previous estimate of $23.25-$24.25.
Netflix (NFLX) is down more than -10% to lead losers in the Nasdaq 100 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
AST SpaceMobile (ASTS) closed down more than -10% after announcing a private offering of $850 million of convertible senior notes due 2036.
Manhattan Associates (MANH) closed down more than -4% after reporting that its Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) closed down more than -3% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
Commercial Metals (CMC) closed down more than -3% after Jeffries downgraded the stock to hold from buy.
Intuitive Surgical (ISRG) closed up more than +13% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci procedure growth forecast for the whole year.
Avery Dennison (AVY) closed up more than +9% after reporting Q3 adjusted EPS of $2.37, better than the consensus of $2.33, and announcing a pact with Walmart where Walmart will use Avery’s sensor technology that brings RFID-enabled labels to Walmart’s fresh-food departments.
Energy producers and energy service providers rallied on Wednesday after the price of WTI crude oil rose more than +2% to a 1-week high. Halliburton (HAL) closed up more than +4% and Marathon Petroleum (MPC) closed up more than +3%. Also, Phillips 66 (PSX), Occidental Petroleum (OXY), and Valero Energy (VLO) closed up more than +2%. In addition, Baker Hughes (BKR), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), and Exxon Mobil (XOM) closed up more than +1%.
Amphenol (APH) closed up more than +3% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Hilton Worldwide Holdings (HLT) closed up more than +3% after raising its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a previous forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Avadel Pharmaceuticals (AVDL) closed up more than +3% after Alkermes agreed to acquire the company for about $2.1 billion, or $20 per share.
Capital One Financial (COF) closed up more than +1% after reporting Q3 adjusted EPS of $5.95, well above the consensus of $4.39.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.