Ryan Specialty Holdings, Inc.

Shares of Ryan Specialty Holdings, Inc. RYAN have climbed 9% over the past three months, outpacing the industry’s 2.5% growth and the S&P 500’s 5.2% rise. The advance reflects a mix of index-related buying, better-than-expected second-quarter results, an improved margin outlook and steady capital returns.
3-Month Price Performance – RYAN, Industry and S&P 500
Let’s delve deeper.
Russell index reconstitution gave the stock an early lift after Ryan Specialty was added to the Russell 1000 Value and Russell Midcap Value benchmarks. Such changes often attract buying from passive and benchmark-tracking funds, helping support trading activity around the rebalancing period.
Fundamentals then added to the momentum. Ryan Specialty reported second-quarter adjusted earnings of 74 cents per share, up 12.1% year over year and 21.3% above the Zacks Consensus Estimate of 61 cents. Organic revenue growth was 6.7%, supported by new business wins, strong retention, broader relationships with existing clients and continued movement of risks into specialty and excess-and-surplus markets.
Management also kept its mid-single-digit organic growth outlook while improving its 2026 adjusted EBITDAC margin guidance. The updated view points to better cost control and operating leverage than previously expected.
Capital returns provided another layer of support. Ryan Specialty repurchased 8.1 million shares for $260 million in the second quarter and paid $24.5 million in dividends. At June-end, $300 million remained available under its buyback authorization.
The company is also expanding its underwriting capabilities. Recent moves include a Lloyd’s consortium arrangement, the formation of Ryan Specialty Renewables and the launch of Tera Underwriters. Tera offers more than $1 billion of accessible capacity for industrial-scale computing hardware, including AI and high-performance computing data centers.
Earnings Estimates Are Moving Higher for RYAN
The Zacks Consensus Estimate for Ryan Specialty’s 2026 earnings is currently pegged at $2.18 per share, which indicates 11.2% year-over-year growth. It witnessed nine upward revisions and no cuts over the past 60 days. The consensus mark for 2027 EPS indicates a further 12.5% year-over-year growth. It beat earnings estimates in two of the past four quarters, met once and missed on the other occasion, with an average surprise of 5.2%.
Meanwhile, the Zacks Consensus Estimate for RYAN’s 2026 and 2027 revenues is pegged at $3.30 billion and $3.54 billion, signaling 8.1% and 7.3% increases, respectively.
Zacks Rank & Key Picks
Ryan Specialty currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Finance space are Assurant, Inc. AIZ, CNO Financial Group, Inc. CNO and Equitable Holdings, Inc. EQH. While Assurant currently sports a Zacks Rank #1 (Strong Buy), CNO Financial and Equitable Holdings have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Assurant’s current-year earnings is pegged at $22.28 per share, which indicates 12.7% year-over-year growth. It has witnessed five upward estimate revisions against none in the opposite direction in the past 60 days. AIZ beat earnings estimates in each of the last four quarters, with an average surprise of 17.7%.
The consensus mark for CNO Financial’s current-year earnings is pegged at $4.74 per share, which indicates 16.2% year-over-year growth. It has witnessed two upward estimate revisions against none in the opposite direction in the past 60 days. CNO beat earnings estimates in each of the last four quarters, with an average surprise of 23.2%.
The consensus estimate for Equitable Holdings’ current-year earnings is pegged at $7.18 per share, which signals a 15.6% year-over-year increase. It has witnessed four upward estimate revisions against none in the opposite direction in the past 60 days. EQH beat earnings estimates in three of the last four quarters and missed once.
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Ryan Specialty Shares Gain 9% in 3 Months: What's Driving the Rally?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the State Street SPDR S&P Insurance ETF (Symbol: KIE) where we have detected an approximate $113.7 million dollar outflow -- that's a 16.2% decrease week over week (from 11,100,000 to 9,300,000). Among the largest underlying components of KIE, in trading today The Baldwin Insurance Group Inc (Symbol: BWIN) is up about 1.2%, Willis Towers Watson Public Ltd Co (Symbol: WTW) is up about 0.6%, and Ryan Specialty Holdings Inc (Symbol: RYAN) is up by about 1%. For a complete list of holdings, visit the KIE Holdings page » The chart below shows the one year price performance of KIE, versus its 200 day moving average:
Looking at the chart above, KIE's low point in its 52 week range is $53.445 per share, with $66.53 as the 52 week high point — that compares with a last trade of $63.71. 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 KIE Research:

State Street SPDR S&P Insurance ETF Experiences Big Outflow

The S&P 500 Index ($SPX) (SPY) on Friday closed up +0.70%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.60%. September E-mini S&P futures (ESU26) rose +0.69%, and September E-mini Nasdaq futures (NQU26) rose +0.59%.
Stock indices settled higher on Friday, with the S&P 500 and Nasdaq 100 posting 1-week highs. Amazon.com surged more than 15% to lead megacap technology stocks higher, which bolstered market sentiment. Amazon’s cloud unit recorded the fastest quarterly revenue growth in 5 years in Q2, reassuring investors that its projected increase in capital spending will generate sufficient returns and that the global AI buildout will be sustained.
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Stocks rallied on Friday despite better-than-expected US economic news and hawkish Fed comments that pushed bond yields higher. The 10-year T-note yield jumped to a 1.5-year high of 4.75% on Friday. Also, Friday’s -9% plunge in Apple was a negative factor for technology stocks after it reported disappointing service revenue and revenue from China. It also gave a weaker-than-expected revenue forecast.
Friday’s US economic news was stronger than expected. The US Q2 employment cost index rose +0.9%, stronger than expectations of +0.8%. Also, the July MNI Chicago PMI unexpectedly rose +0.9 to 57.6, stronger than expectations of a decline to 56.0. In addition, the University of Michigan US July consumer sentiment index was unexpectedly revised upward to a 5-month high of 55.2, stronger than expectations of a downward revision to 54.0.
Hawkish comments on Friday from Dallas Fed President Lorie Logan pushed bond yields higher and weighed on stocks when she said, "Without any policy restraint, inflation will likely continue to trend above target until there's an unanticipated shock. Modest action in the near term would reduce the likelihood of needing to take sharper action later."
Weaker-than-expected Chinese economic news is negative for global growth prospects after the China July manufacturing PMI fell -1.1 to 49.2, weaker than expectations of 50.1 and a 5-month low. Also, the July non-manufacturing PMI fell -1.2 to 49.0, weaker than expectations of 49.0 and the weakest level in 3.5 years.
Sep WTI crude oil prices (CLU26) rose more than +1% on Friday even after there were no fresh attacks by the US and Iran against each other overnight. However, Houthi leader Abdulmalik al-Houthi said Friday that there were indications the Saudis were heading toward "comprehensive escalation," which he said would be met with a fiercer campaign.
Tensions remain high in the Middle East. In addition to the Houthi attempt to blockade Saudi ports in the Red Sea, the US is maintaining a full maritime blockade of vessels calling at Iranian ports. Also, Iran continues to menace shipping transiting the Strait of Hormuz. In addition, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse.
The outlook for strong Q2 earnings, which continued this week, is a bullish factor for stocks. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 291 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 67% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled higher on Friday. The Euro Stoxx 50 climbed to a 3.5-week high and closed up +0.21%. China's Shanghai Composite closed up +0.72%. Japan's Nikkei-225 Stock Average closed up sharply by +4.03%.
Interest Rates
September 10-year T-notes (ZNU6) on Friday closed down -17.5 ticks. The 10-year T-note yield rose +6.8 bp to 4.741%. Sep T-notes tumbled to a 1.5-year nearest-futures low on Friday, and the 10-year T-note yield rose to a 1.5-year high of 4.745%. T-notes were under pressure on Friday amid stronger-than-expected US economic reports including the Q2 employment cost index, the Jul MNI Chicago PMI, and the University of Michigan US Jul consumer sentiment index. Also, Friday’s +1% increase in WTI crude oil prices raised inflation expectations, a bearish factor for T-notes. T-notes added to their losses after Dallas Fed President Lorie Logan said she favors tighter Fed policy to curb inflation.
European government bond yields moved higher on Friday. The 10-year German bund yield rose to a 1-week high of 3.209% and finished up +5.2 bp to 3.206%. The 10-year UK gilt yield rose +6.6 bp to 5.050%.
France Jul CPI rose +0.6% m/m and +2.1% y/y, stronger than expectations of +0.3% m/m and +1.8% y/y.
German July unemployment rose +6,000, showing a weaker labor market than expectations of +5,000. The July unemployment rate unexpectedly rose +0.1 to 6.4%, showing a weaker labor market than expectations of no change at 6.3%.
The markets are discounting a 90% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
The Magnificent Seven technology stocks, sans Apple, rallied on Friday to support the gains in the broader market. Amazon.com (AMZN) closed up more than +14% to lead gainers in the S&P 500, Nasdaq 100, and Dow Jones Industrials after reporting Amazon Web Services net sales of $42.23 billion, stronger than the consensus of $40.57 billion. Also, Alphabet (GOOGL) closed up more than +6%, and Microsoft (MSFT), Meta Platforms (META), and Nvidia (NVDA) closed up more than +3%. In addition, Tesla (TSLA) closed up +0.76%.
Energy producers and service providers gained on Friday as WTI crude oil prices rose more than +1%. APA Corp (APA), Baker Hughes (BKR), Chevron (CVX), and Devon Energy (DVN) closed up more than +2%. Also, Diamondback Energy (FANG), Haliburton (HAL), Occidental Petroleum (OXY), SLB Ltd (SLB), and ConocoPhillips (COP) closed up more than +1%
Cryptocurrency-exposed stocks were under pressure on Friday as Bitcoin (^BTCUSD) fell more than -2% to a 2.5-week low. Coinbase Global (COIN) closed down more than -10% after reporting Q2 total revenue of $1.22 billion, weaker than the consensus of $1.29 billion. Also, Riot Platforms (RIOT) closed down more than -8%, and Strategy (MSTR) and MARA Holdings (MARA) closed down more than -4%. In addition, Circle Internet Group (CRCL) and Galaxy Digital Holdings (GLXY) closed down more than -2%.
Dexcom (DXCM) closed up more than +10% after reporting Q2 revenue of $1.31 billion, better than the consensus of $1.29 billion, and raising its full-year revenue forecast to $5.18 billion to $5.25 billion from a previous forecast of $5.16 billion to $5.25 billion.
Monolithic Power Systems (MPWR) closed up more than +8% after reporting Q2 revenue of $980.6 million, well above the consensus of $903.3 million, and forecasting Q3 revenue of $1.14 billion to $1.16 billion, stronger than the consensus of $986.4 million.
Eaton Corp Plc (ETN) closed up more than +7% after reporting Q2 organic sales rose +14%, stronger than the consensus of +9.72%.
Weyerhaeuser (WY) closed up more than +6% after reporting Q2 net sales of $1.87 billion, better than the consensus of $1.82 billion.
BBB Foods Inc (TBBB) closed up more than +2% after Citigroup initiated coverage on the stock with a buy recommendation and a price target of $49.
Roblox (RBLX) closed down more than -26% after reporting Q2 daily active users of 123 million, well below the consensus of 128.71 million.
Reddit (RDDT) closed down more than -20% after reporting Q2 US daily active users of 53.2 million, below the consensus of 54 million.
GoDaddy (GDDY) closed down more than -16% to lead losers in the S&P 500 after reporting Q2 total bookings of $1.42 billion, below the consensus of $1.43 billion.
Apple (AAPL) closed down more than -9% to lead losers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 service revenue of $30.74 billion, weaker than the consensus of $31.36 billion, and Q3 Greater China revenue of $18.82 billion, below the consensus of $19.58 billion.
Stryker (SYK) closed down more than -6% after reporting Q2 organic revenue growth of 9.00%, weaker than the consensus of 9.04%.
Earnings Reports (8/3/2026)
Alexandria Real Estate Equities (ARE), Berkshire Hathaway Inc (BRK/A), Clorox Co/The (CLX), Diamondback Energy Inc (FANG), EchoStar Corp (ECHO), Loews Corp (L), Marriott International Inc/MD (MAR), ON Semiconductor Corp (ON), ONEOK Inc (OKE), Palantir Technologies Inc (PLTR), SBA Communications Corp (SBAC), TKO Group Holdings Inc (TKO), Tyson Foods Inc (TSN), Vertex Pharmaceuticals Inc (VRTX), Williams Cos Inc/The (WMB).
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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Finish Higher as Amazon Leads Megacaps Higher

The S&P 500 Index ($SPX) (SPY) today is down -0.02%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.24%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.17%. September E-mini S&P futures (ESU26) are down -0.02%, and September E-mini Nasdaq futures (NQU26) are up +0.05%.
Stocks gave up an early advance today and are trading mixed after better-than-expected US economic news and hawkish Fed comments pushed bond yields higher. The 10-year T-note yield jumped to a 1.5-year high of 4.74% today. Also, today’s -9% plunge in Apple is weighing on technology stocks after reporting disappointing service revenue and revenue from China. It also gave a weaker-than-expected revenue forecast.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stock indexes initially moved higher today, with the S&P 500 and Nasdaq 100 posting 1-week highs on strength in chipmakers. Stocks also found support after Amazon.com surged more than 14% to bolster market sentiment, as its cloud unit recorded the fastest quarterly revenue growth in 5 years, reassuring investors that its projected increase in capital spending will generate sufficient returns and that the global AI buildout will be sustained.
Today’s US economic news was stronger than expected, pushing up bond yields and weighing on stocks. The US Q2 employment cost index rose +0.9%, stronger than expectations of +0.8%. Also, the July MNI Chicago PMI unexpectedly rose +0.9 to 57.6, stronger than expectations of a decline to 56.0. In addition, the University of Michigan US July consumer sentiment index was unexpectedly revised upward to a 5-month high of 55.2, stronger than expectations of a downward revision to 54.0.
Hawkish comments today from Dallas Fed President Lorie Logan pushed bond yields higher and weighed on stocks when she said, "Without any policy restraint, inflation will likely continue to trend above target until there's an unanticipated shock. Modest action in the near term would reduce the likelihood of needing to take sharper action later."
Weaker-than-expected Chinese economic news was negative for global growth prospects after the China July manufacturing PMI fell -1.1 to 49.2, weaker than expectations of 50.1 and a 5-month low. Also, the July non-manufacturing PMI fell -1.2 to 49.0, weaker than expectations of 49.0 and the weakest level in 3.5 years.
Sep WTI crude oil prices (CLU26) are up more than +2% today even after there were no fresh attacks by the US and Iran against each other overnight. However, Houthi leader Abdulmalik al-Houthi said today that there were indications the Saudis were heading toward "comprehensive escalation," which he said would be met with a fiercer campaign.
Tensions remain high in the Middle East. In addition to the Houthi attempt to blockade Saudi ports in the Red Sea, the US is maintaining a full maritime blockade of vessels calling at Iranian ports. Also, Iran continues to menace shipping transiting the Strait of Hormuz. In addition, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 291 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 68% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are higher today. The Euro Stoxx 50 climbed to a 3.5-week high and is up +0.32%. China's Shanghai Composite closed up +0.72%. Japan's Nikkei-225 Stock Average closed up sharply by +4.03%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -15 ticks. The 10-year T-note yield is up +5.5 bp to 4.729%. Sep T-notes fell to a 1-week low today, and the 10-year T-note yield rose to a 1.5-year high of 4.735%. T-notes are under pressure today amid stronger-than-expected US economic reports including the Q2 employment cost index, the Jul MNI Chicago PMI, and the University of Michigan US Jul consumer sentiment index. Also, today’s +2% increase in WTI crude oil prices is raising inflation expectations, a bearish factor for T-notes. T-notes added to their losses after Dallas Fed President Lorie Logan said she favors tighter Fed policy to curb inflation.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 1-week high of 3.203% and is up +4.2 bp to 3.197%. The 10-year UK gilt yield is up +5.7 bp to 5.041%.
France Jul CPI rose +0.6% m/m and +2.1% y/y, stronger than expectations of +0.3% m/m and +1.8% y/y.
German Jul unemployment rose +6,000, showing a weaker labor market than expectations of +5,000. The Jul unemployment rate unexpectedly rose +0.1 to 6.4%, showing a weaker labor market than expectations of no change at 6.3%.
The markets are discounting an 89% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are extending Thursday’s sharp gains today following plans from hyperscalers to continue ramping up AI infrastructure. The Philadelphia Stock Exchange Semiconductor Index ($SOX) is up more than +1%. Marvell Technology (MRVL) is up more than +5%, and Western Digital (WDC), Nebius Group NV (NBIS), and KLA Corp (KLAC) are up more than +3%. Also, Applied Materials (AMAT) and Intel (INTC) are up more than +2%.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down more than -3% at a 2.5-week low. Coinbase Global (COIN) is down more than -14% after reporting Q2 total revenue of $1.22 billion, weaker than the consensus of $1.29 billion. Also, Strategy (MSTR) and Circle Internet Group (CRCL) are down more than -7%, and Riot Platforms (RIOT) is down more than -4%. In addition, MARA Holdings (MARA) and Galaxy Digital Holdings (GLXY) are down more than -2%.
Amazon.com (AMZN) is up more than +14% to lead gainers in the S&P 500, Nasdaq 100, and Dow Jones Industrials after reporting Amazon Web Services net sales of $42.23 billion, stronger than the consensus of $40.57 billion.
Monolithic Power Systems (MPWR) is up more than +10% after reporting Q2 revenue of $980.6 million, well above the consensus of $903.3 million, and forecasting Q3 revenue of $1.14 billion to $1.16 billion, stronger than the consensus of $986.4 million.
Dexcom (DXCM) is up more than +9% after reporting Q2 revenue of $1.31 billion, better than the consensus of $1.29 billion, and raising its full-year revenue forecast to $5.18 billion to $5.25 billion from a previous forecast of $5.16 billion to $5.25 billion.
Weyerhaeuser (WY) is up more than +4% after reporting Q2 net sales of $1.87 billion, better than the consensus of $1.82 billion.
Eaton Corp Plc (ETN) is up more than +3% after reporting Q2 organic sales rose +14%, stronger than the consensus of +9.72%.
Roblox (RBLX) is down more than -29% after reporting Q2 daily active users of 123 million, well below the consensus of 128.71 million.
Reddit (RDDT) is down more than -22% after reporting Q2 US daily active users of 53.2 million, below the consensus of 54 million.
GoDaddy (GDDY) is down more than -20% to lead losers in the S&P 500 after reporting Q2 total bookings of $1.42 billion, below the consensus of $1.43 billion.
Apple (AAPL) is down more than -9% to lead losers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 service revenue of $30.74 billion, weaker than the consensus of $31.36 billion, and Q3 Greater China revenue of $18.82 billion, below the consensus of $19.58 billion.
Stryker (SYK) is down more than -7% after reporting Q2 organic revenue growth of 9.00%, weaker than the consensus of 9.04%.
AutoNation (AN) is down more than -4% after reporting Q2 revenue of $6.93 billion, below the consensus of $6.98 billion.
Earnings Reports (7/31/2026)
AbbVie Inc (ABBV), AES Corp/The (AES), Ares Management Corp (ARES), Cboe Global Markets Inc (CBOE), Chevron Corp (CVX), Church & Dwight Co Inc (CHD), Colgate-Palmolive Co (CL), Dominion Energy Inc (D), Eaton Corp PLC (ETN), ExxonMobil Holdings Corp (XOM), Federal Realty Investment Trust (FRT), Franklin Resources Inc (BEN), Linde PLC (LIN), LyondellBasell Industries NV (LYB), Moderna Inc (MRNA), T Rowe Price Group Inc (TROW).
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 Turn Mixed as Bond Yields Jump

The S&P 500 Index ($SPX) (SPY) today is closed up +0.23%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.75%. September E-mini S&P futures (ESU26) are up +0.17%, and September E-mini Nasdaq futures (NQU26) are up +0.64%.
Stock indexes are moving higher today, with the S&P 500 and Nasdaq 100 posting 1-week highs. Stocks are climbing today, led by strength in technology stocks as chipmakers rallied sharply for a second day. Amazon.com is up more than +14% to bolster market sentiment after its cloud unit recorded the fastest quarterly revenue growth in 5 years, reassuring investors that its projected increase in capital spending will generate sufficient returns and that the global AI buildout will be sustained.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, Apple is down more than -8% after reporting disappointing service revenue and revenue from China. It also gave a revenue forecast that was weaker than expected.
Also, the 10-year T-note yield is up +4 bp to 4.70% after the Q2 employment cost index rose +0.9%, stronger than expectations of +0.8%.
Weaker-than-expected Chinese economic news was negative for global growth prospects after the China July manufacturing PMI fell -1.1 to 49.2, weaker than expectations of 50.1 and the weakest level in 5 months. Also, the July non-manufacturing PMI fell -1.2 to 49.0, weaker than expectations of 49.0 and the weakest level in 3.5 years.
Sep WTI crude oil prices (CLU26) are up more than +2% today even after there were no fresh attacks by the US and Iran against each other overnight. However, Houthi leader Abdulmalik al-Houthi said today that there were indications the Saudis were heading toward "comprehensive escalation," which he said would be met with a fiercer campaign.
Tensions remain high in the Middle East. In addition to the Houthi attempt to blockade Saudi ports in the Red Sea, the US is maintaining a full maritime blockade of vessels calling at Iranian ports. Also, Iran continues to menace shipping transiting the Strait of Hormuz. In addition, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 291 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 67% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are higher today. The Euro Stoxx 50 climbed to a 3.5-week high and is up +0.46%. China's Shanghai Composite closed up +0.72%. Japan's Nikkei-225 Stock Average closed up sharply by +4.03%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -11 ticks. The 10-year T-note yield is up +3.1 bp to 4.704%. T-notes are under pressure today amid reduced safe-haven demand with the sharp rally in stocks. Also, today’s +2% increase in WTI crude oil prices is raising inflation expectations, a bearish factor for T-notes. T-notes remained lower after the US Q2 employment cost index rose more than expected, a hawkish factor for Fed policy.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 1-week high of 3.203% and is up +2.7 bp to 3.182%. The 10-year UK gilt yield is up +3.6 bp to 5.020%.
France Jul CPI rose +0.6% m/m and +2.1% y/y, stronger than expectations of +0.3% m/m and +1.8% y/y.
German Jul unemployment rose +6,000, showing a weaker labor market than expectations of +5,000. The Jul unemployment rate unexpectedly rose +0.1 to 6.4%, showing a weaker labor market than expectations of no change at 6.3%.
The markets are discounting an 89% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are extending Thursday’s sharp gains today following plans from hyperscalers to continue ramping up AI infrastructure. The Philadelphia Stock Exchange Semiconductor Index ($SOX) is up more than +3%. Marvell Technology (MRVL) is up more than +6%, and Western Digital (WDC), Seagate Technology Holdings Plc (STX), and Intel (INTC) are up more than +5%. Also, Advanced Micro Devices (AMD), Applied Materials (AMAT), and Lam Research (LRCX) are up more than +4%, and Sandisk (SNDK) and Micron Technology (MU) are up more than +3%.
Cybersecurity stocks are climbing today. Cloudflare (NET) is up more than +3%, and CrowdStrike Holdings (CRWD), Zscaler (ZS), and Okta (OKTA) are up more than +2%. Also, Palo Alto Networks (PANW) is up more than +1%, and Fortinet (FTNT) is up +0.67%.
Amazon.com (AMZN) is up more than +14% to lead gainers in the S&P 500, Nasdaq 100, and Dow Jones Industrials after reporting Amazon Web Services net sales of $42.23 billion, stronger than the consensus of $40.57 billion.
Dexcom (DXCM) is up more than +11% after reporting Q2 revenue of $1.31 billion, better than the consensus of $1.29 billion, and raising its full-year revenue forecast to $5.18 billion to $5.25 billion from a previous forecast of $5.16 billion to $5.25 billion.
Monolithic Power Systems (MPWR) is up more than +10% after reporting Q2 revenue of $980.6 million, well above the consensus of $903.3 million, and forecasting Q3 revenue of $1.14 billion to $1.16 billion, stronger than the consensus of $986.4 million.
Ryan Specialty Holdings (RYAN) is up more than +8% after reporting Q2 total revenue of $916.6 million, well above the consensus of $867.7 million.
Mettler-Toledo International (MTD) is up more than +4% after boosting its full-year adjusted EPS forecast to $47.15 to $47.50 from a previous estimate of $46.30 to $46.95, stronger than the consensus of $46.68.
Roblox (RBLX) is down more than -26% after reporting Q2 daily active users of 123 million, well below the consensus of 128.71 million.
GoDaddy (GDDY) is down more than -24% to lead losers in the S&P 500after reporting Q2 total bookings of $1.42 billion, below the consensus of $1.43 billion.
Reddit (RDDT) is down more than -17% after reporting Q2 US daily active users of 53.2 million, below the consensus of 54 million.
Apple (AAPL) is down more than -8% to lead losers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 service revenue of $30.74 billion, weaker than the consensus of $31.36 billion, and Q3 Greater China revenue of $18.82 billion, below the consensus of $19.58 billion.
Stryker (SYK) is down more than -7% after reporting Q2 organic revenue growth of 9.00%, weaker than the consensus of 9.04%.
AutoNation (AN) is down more than -6% after reporting Q2 revenue of $6.93 billion, below the consensus of $6.98 billion.
Earnings Reports (7/31/2026)
AbbVie Inc (ABBV), AES Corp/The (AES), Ares Management Corp (ARES), Cboe Global Markets Inc (CBOE), Chevron Corp (CVX), Church & Dwight Co Inc (CHD), Colgate-Palmolive Co (CL), Dominion Energy Inc (D), Eaton Corp PLC (ETN), ExxonMobil Holdings Corp (XOM), Federal Realty Investment Trust (FRT), Franklin Resources Inc (BEN), Linde PLC (LIN), LyondellBasell Industries NV (LYB), Moderna Inc (MRNA), T Rowe Price Group Inc (TROW).
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.

Stock Indexes Supported as Amazon Earnings Bolster Tech Stocks

For the quarter ended June 2026, Ryan Specialty Group (RYAN) reported revenue of $916.65 million, up 7.2% over the same period last year. EPS came in at $0.74, compared to $0.66 in the year-ago quarter.
The reported revenue represents a surprise of +4.91% over the Zacks Consensus Estimate of $873.71 million. With the consensus EPS estimate being $0.61, the EPS surprise was +21.31%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Ryan Specialty performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Fiduciary investment income: $13.92 million compared to the $12.44 million average estimate based on four analysts.
Revenue- Net commissions and fees: $902.73 million versus $863.25 million estimated by four analysts on average.
Revenue- Net commissions and fees- Binding Authority: $100.17 million compared to the $95.94 million average estimate based on two analysts.
Revenue- Net commissions and fees- Underwriting Management: $303.76 million versus $302.82 million estimated by two analysts on average.
Revenue- Net commissions and fees- Wholesale Brokerage: $498.8 million versus $465.24 million estimated by two analysts on average.
Shares of Ryan Specialty have returned +16.1% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Ryan Specialty (RYAN) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Ryan Specialty Group (RYAN) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +21.31%. A quarter ago, it was expected that this insurance company would post earnings of $0.43 per share when it actually produced earnings of $0.47, delivering a surprise of +9.3%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Ryan Specialty, which belongs to the Zacks Insurance - Brokerage industry, posted revenues of $916.65 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.91%. This compares to year-ago revenues of $855.17 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Ryan Specialty shares have lost about 10% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Ryan Specialty?
While Ryan Specialty has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ryan Specialty was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.51 on $805.01 million in revenues for the coming quarter and $2.06 on $3.27 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Brokerage is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Accelerant Holdings (ARX), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13.
This company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Accelerant Holdings' revenues are expected to be $274.08 million, up 25.1% from the year-ago quarter.
Should You Invest in Ryan Specialty Holdings Inc. (RYAN)?
Before you invest in Ryan Specialty Holdings Inc. (RYAN), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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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.

Ryan Specialty Group (RYAN) Surpasses Q2 Earnings and Revenue Estimates

Brown & Brown (BRO) came out with quarterly earnings of $1.07 per share, missing the Zacks Consensus Estimate of $1.08 per share. This compares to earnings of $1.03 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.93%. A quarter ago, it was expected that this insurance company would post earnings of $1.36 per share when it actually produced earnings of $1.39, delivering a surprise of +2.21%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Brown & Brown, which belongs to the Zacks Insurance - Brokerage industry, posted revenues of $1.68 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.67%. This compares to year-ago revenues of $1.29 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Brown & Brown shares have lost about 15.1% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Brown & Brown?
While Brown & Brown has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Brown & Brown was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.06 on $1.8 billion in revenues for the coming quarter and $4.50 on $7.1 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Brokerage is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Ryan Specialty Group (RYAN), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This insurance company is expected to post quarterly earnings of $0.61 per share in its upcoming report, which represents a year-over-year change of -7.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Ryan Specialty Group's revenues are expected to be $873.71 million, up 2.2% from the year-ago quarter.
Should You Invest in Brown & Brown, Inc. (BRO)?
Before you invest in Brown & Brown, Inc. (BRO), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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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.

Brown & Brown (BRO) Q2 Earnings and Revenues Lag Estimates

Accelerant Holdings ARX has retreated sharply from its highs, but the operating story remains intact. Revenue growth, fee-based earnings and third-party platform participation still point to a business gaining scale.
The question is whether the lower stock price offsets the risks. For now, ARX looks more like a selective growth idea than an obvious buy-the-dip call. Over the year-to-date period, its shares have declined 23.6%, underperforming the industry’s fall of 5.5%.
ARX Valuation Looks Lower
ARX trades at 15.99X forward 12-month earnings, below the industry average at 16.50X, the sector at 16.29X and the S&P 500 at 21.03X.
That discount helps after the stock’s pullback. Still, the $15 price target versus the $13.07 share price suggests upside, not a dramatic rerating case.
Accelerant Delivers Strong Revenue and EBITDA Growth
Accelerant’s first-quarter 2026 revenues rose 57% year over year to $273.2 million. Adjusted earnings reached 17 cents per share, while adjusted EBITDA climbed 70% to $66.1 million.
The fee-led side is carrying much of the argument. Management raised its 2026 adjusted EBITDA outlook to at least $285 million, including at least $276 million from fee-based businesses.
Why ARX Earnings Quality Is Improving
The mix shift matters because ARX wants to earn more from platform fees and less from retained underwriting risk. Third-party direct written premiums reached 41% of exchange written premiums in the quarter.
Exchange Services also offers attractive economics, with margins expected near 70%. Management expects net premium retention around 10% for 2026, reinforcing the capital-light direction.
Accelerant Risks to Watch
Hadron concentration remains a key watch item, even after improvement. Fronting arrangements must also ramp through 2026 and 2027 before investors can fully credit the diversification story.
Cash flow is another offset. Operating cash flow can swing with reinsurance timing, and the Underwriting segment posted only about a 4% adjusted EBITDA margin in the first quarter.
ARX Stock Sits Between Growth and Caution
ARX has a credible growth setup: higher third-party participation, stronger take rates, growing members and a more fee-heavy earnings base. That separates it from a pure underwriting story.
Still, the current fiscal year earnings estimate implies a decline from the prior year. Ryan Specialty Holdings, Inc. RYAN offers another way to track specialty insurance distribution and underwriting-management demand, while Brown & Brown, Inc. BRO provides investors with a broader insurance brokerage reference point.
How ARX Ratings Fit This Setup
The bottom line: ARX is improving operationally, but the stock is not a clean bargain. The growth signals are real, while concentration, cash timing and uneven underwriting profitability keep the risk-reward balanced.
ARX currently carries a Zacks Rank #2 (Buy). Its Momentum Score of A and Growth Score of B support the case for constructive near-term and growth characteristics, while its Value Score of C suggests the shares are not obviously mispriced on traditional value measures. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Is Accelerant Stock a Buy After Its Sharp Pullback and Nearly 16X P/E?

Aon (AON) shares rallied 4% in the last trading session to close at $328.69. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.7% loss over the past four weeks.
Aon shares climbed last Friday as investors shifted away from richly valued AI and technology stocks and into companies with more stable earnings amid ongoing economic uncertainty and expectations that interest rates will remain higher for longer. Insurance brokers, including Aon, benefited from this rotation as their recurring fee-based business models and resilient cash flows make them attractive during uncertain market conditions. The stock also likely received support from quarter-end portfolio rebalancing, as institutional investors adjusted their holdings before the close of the quarter, lifting the broader insurance brokerage sector.
This insurance brokerage is expected to post quarterly earnings of $3.77 per share in its upcoming report, which represents a year-over-year change of +8%. Revenues are expected to be $4.27 billion, up 2.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Aon, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on AON going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Aon belongs to the Zacks Insurance - Brokerage industry. Another stock from the same industry, Ryan Specialty Group (RYAN), closed the last trading session 8.2% higher at $38.88. Over the past month, RYAN has returned 13.1%.
For Ryan Specialty, the consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $0.62. This represents a change of -6.1% from what the company reported a year ago. Ryan Specialty currently has a Zacks Rank of #4 (Sell).
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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Aon plc (AON) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Ryan Specialty Holdings, Inc.

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