Expect Small Earnings Growth From the Market’s Biggest Movers

Avatar photo NeilSethi on October 26, 2026

While everyone will be focused on earnings from Alphabet ($GOOGL), Microsoft ($MSFT) and Amazon ($AMZN) this week, a Wall Street Journal analysis shows they aren’t expected to contribute enough to third-quarter S&P 500 earnings growth to get their own callout in terms of needle-movers. That’s quite a change from the second-quarter season, when their “other income” was one of the biggest sources of upside surprise.

In contrast, Nvidia ($NVDA) and Micron Technology ($MU) alone account for about a third of the nearly 30% year-over-year growth in S&P 500 third-quarter earnings. That figure blends actual results from companies that have reported with estimates for those that haven’t. Just 10 companies account for nearly two-thirds of that growth. Along with Nvidia and Micron, they are Broadcom ($AVGO), Exxon Mobil ($XOM), EchoStar ($SATS), Sandisk ($SNDK), Marathon Petroleum ($MPC), Meta Platforms ($META), Chevron ($CVX) and Valero Energy ($VLO).

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Upside, Downside Movers in the Morning

Avatar photo Doug Kass on October 20, 2026

Upside

– $RAPP +26% (Phase 2 RAP-219 trial met the primary and secondary endpoints in bipolar mania)

– $MSCI +5.9% (Q3 earnings and revenue topped expectations)

– $EFX +5.5% (sharply positive initial reaction to Q3 results released before the bell)

– $HTZ +5.0% (Oro Mobility secured an $80 million strategic equity investment to accelerate its standalone growth)

– $HAL +4.4% (Q3 earnings and revenue beat expectations)

– $SNY +2.4% (no clear fresh catalyst identified; unusually strong, liquid ADR move)

– $APA +1.9%, $XOM +1.2%, $CVX +1.4%, $COP +1.5%, $OXY +1.6%, $SLB +1.4% (energy names rise as crude jumps on renewed Middle East supply risks)

– $VICR +1.7% (Q3 product and royalty revenue surged and gross margin expanded sharply)

Downside

– $GM -7.6% (Q3 beat, but the full-year profit range was narrowed with the upper end cut, disappointing expectations for another guidance raise)

– $GPC -6.3% (quarter narrowly beat, but the full-year earnings range was narrowed and its upper end cut)

– $STLD -5.4% (Q3 profit missed consensus and fell below the company’s own guidance despite a revenue beat)

– $AAOI -4.6%, SKHY -4.8%, COHR -3.5%, SNDK -3.2%, MU -2.7%, LITE -2.7% (AI hardware, memory and optical names fall as renewed bubble concerns and a weak Korean AI listing pressure the trade)

– $CCK -4.3% (Q3 reaction turns negative as rising input costs offset strong beverage-can volume growth)

– $CRWV -3.9%, NBIS -4.4%, IREN -4.3% (debt-heavy AI-infrastructure names fall as borrowing-cost and funding concerns deepen)

– $GE -3.6% (Q3 beat and the outlook was raised, but shares slip in a high-expectations sell-the-news reaction)

– $BHP -3.0% (quarterly copper production fell 19% on lower grades, maintenance and operational disruptions)

– $AAPL -1.4% (Loop Capital downgrades to Hold from Buy and cuts its target on weaker iPhone shipment expectations)