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The ‘Heart’ of Earnings Season Starts Today

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SpaceX Set the Stage. Now the AI Trade Rests on Meta and Tesla.

“In many ways, the ‘heart’ of earnings season starts today, even though earnings season is almost two weeks old. I say that, because the most important stocks in the market will release results over the next two weeks,” wrote Tom Essaye at the Sevens Report.

Tech earnings face two questions, Essaye said. “Will cap-ex stay strong and does AI produce more direct revenue?”

Also, click here to view the full article published in Barron’s on October 21st, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

New ETFs for Your Watchlist

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What’s in Today’s Report:

  • New ETFs for Your Watchlist

Futures are pointing higher as investors take comfort in Fed Chair Warsh’s flexible stance on rates.

Warsh avoided signaling whether the Fed will hold or raise rates later this year, and markets viewed his comments as less hawkish than feared following two days of hotter-than-expected inflation data.

Economically, Eurozone HICP met expectations at 3.8% y/y, while Core HICP also met estimates at 2.5% y/y.

Today, focus will be on Import & Export Prices (E: 0.6% m/m, 0.9% m/m) and Industrial Production (E: 0.4%). Markets will be looking for signs that price pressures are not broadening further.

Finally, there are no Fed speakers scheduled today, while earnings include TRV ($7.01), TFC ($1.17), MTB ($4.98), CFG ($1.38), and RF ($0.67.

 

Understanding the Biggest AI Risk (for This Market)

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What’s in Today’s Report:

  • Understanding the Biggest AI Risk (for This Market)

Futures are modestly higher on strong tech earnings and despite further escalation between Saudi Arabia and the Houthis.

Semiconductor company ASML posted much better than expected quarterly results and order backlog and that’s helping the entire AI infrastructure sector to rally this morning.

The Houthis attacked Saudi Aramco headquarters and threatened to target energy infrastructure, sending oil 1% higher.

Today focus will be on CPI (E: 0.6% m/m, 3.6% y/y) and, more importantly, Core CPI (E: 0.2% m/m, 2.5% y/y).  Put simply, we need to see in-line or better than expected numbers to further pressure Treasury yields and if we get that, stocks should rally.  Conversely, if inflation metrics run hot, look for October rate hike odds (and yields) to rise again, likely pressuring stocks.  Away from CPI we also have two Fed speakers, Barkin (1:30 p.m. ET) and Bowman (10:55 p.m. ET), but they shouldn’t move markets.

On earnings, they continue to roll on with a focus on the banks and notable reports today include BAC ($1.11), MS ($2.83) and BLK ($14.01).  Additionally, Anthropic will release some revenue information to investors this afternoon and that will likely become public. If that revenue information is better than expected it could be a late day boost for tech/markets (and if it’s weak, a late day negative).

 

Understanding Why Rates Are Rising – France and AI

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What’s in Today’s Report:

  • Understanding Why Rates Are Rising – France and AI

Futures are sharply lower as rising oil prices and Treasury yields are pressuring stocks.

Oil prices are surging as escalating attacks on tankers near the Strait of Hormuz and in the Middle East raise concerns about sustained supply disruptions.

Economically, there were no noteworthy economic reports overnight.

Today focus will be on Jobless Claims (E: 200K), followed by 4- & 8-Week Bill auctions at 11:30 a.m. ET and the 30-Yr Bond auction at 1:00 p.m. ET. Stable claims and solid auction demand would be supportive for stocks.

Finally, there are two Fed speakers today Kashkari (10:40 a.m. ET) and Musalem (1:40 p.m. ET), while earnings today include PEP ($2.29), NG ($-0.08), and HELE ($0.32).

 

It Can Pay to Think Small(est)

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What’s in Today’s Report:

  • It Can Pay to Think Small(est)

U.S. futures are higher as Treasury yields pull back and a sharp drop in oil prices provides relief for investors.

Oil prices are falling after reports that U.S. and Iranian negotiators discussed a phased approach to ending the war and reopening the Strait of Hormuz.

Economically, the BoJ Core CPI rose 1.8% y/y vs. (E) 1.5%, while German GfK Consumer Climate fell to -30.6 vs. (E) -27.1.

Today, focus will be on Jobless Claims (E: 204K) and New Home Sales (E: 615K), while markets will continue to watch Treasury yields and oil prices for signs of easing inflation pressure.

Finally, two Fed speakers are speaking today: Schmid (9:20 a.m. ET) and Hammack (2:00 p.m. ET).

 

What Breaks the Market Stalemate? (Bullish/Bearish)

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What’s in Today’s Report:

  • What Breaks the Market Stalemate? (Bullish/Bearish)
  • Weekly Market Preview: Can We Break the High Oil/High Yields/Lower Stocks Cycle?
  • Weekly Economic Cheat Sheet: Sept. Flash PMIs are the Highlight

Futures are moderately higher on lower oil and lower yields as investors are optimistic this week’s U.N. General Assembly will yield some progress on a U.S./Iran ceasefire.

Geopolitical news over the weekend was actually negative as the Houthis continued to attack Saudi Arabia while the U.S. considered air strikes on the Houthis (which would have further escalated regional tensions).  But, the U.S. optimism is offsetting those negative headlines.

There were no notable economic reports overnight.

Today there is one economic report, Chicago Fed National Activity Index (E: -0.08), but barring a major surprise it shouldn’t move markets.  Instead, focus will remain on geopolitical headlines and any that confirm this optimism about the UN General Assembly yielding progress on a U.S./Iran ceasefire will push oil and yields lower and stocks higher.

 

Nvidia’s Results – Tom Esssaye Quoted In Advisors Perspectives

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US Stock Futures Climb as Nvidia’s Outlook Lifts Tech Sector

Nvidia’s results from Wednesday were “generally in-line” but it’s guidance was strong enough that it’s “boosting tech and futures” Thursday morning, Sevens Report founder Tom Essaye wrote.

Also, click here to view the full article on AdvisorsPerspectives.com published on August 27th, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here

How Are They Going To Monetize AI | Tom Essaye Interviewed on Yahoo Finance

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How is Meta going to monetize this? Tom Essaye Discusses Meta Post-Settlement

Is Meta a buy after its $16.68 billion social media case settlement?

Yahoo Finance Executive Editor Brian Sozzi talks with Yahoo Finance Markets and Data Editor Jared Blikre, Sevens Report Research Founder Tom Essaye, and Edward Jones Senior Global Investment Strategist Angelo Kourkafas about the company’s future and how it will approach monetizing AI.

I don’t think that this overhang is really the problem with Meta. I think the bigger problem is how are they going to monetize AI? To Angelo’s point earlier, we are shifting to a monetization phase. If you look at some of the other Mag 7 names, if you look at Google is sort of one of the closest competitors. Well, it’s obvious how they’re going to monetize it, right? They have Gemini, they have their chip business, they have their cloud storage business. How is Meta going to monetize this? Is it through better search revenue or better ad revenue through Insta? Is it through Facebook? Is it through leasing?

Also, click here to view the full video published on Yahoo Finance on August 26th, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Is the Debasement Trade Back?

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What’s in Today’s Report:

  • Is the Debasement Trade Back?

Futures are moderately higher following stronger than expected tech earnings and guidance overnight.

Nvidia earnings were generally in-line but guidance was much stronger than expected (70% revenue growth next year) and that’s boosting tech and futures.

Economically, German GfK Consumer Climate was better than expected (-26.6 vs. (E) -29.2).

Today we do get one economic report, Jobless Claims (E: 208K), but the real focus will be on earnings as there are several notable reports including, in order of importance:  MRVL ($0.65), WDAY ($1.26), ULTA ($6.20), AFRM ($0.33), BBY ($1.37), DG ($2.00) and DLTR ($1.12). Strong earnings (and solid guidance) will help stocks extend this early rally.

 

New ETFs for Your Watchlist (July Launches)

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What’s in Today’s Report:

  • New ETFs for Your Watchlist (July Launches)
  • Chart – Home Sales Fall Amid Elevated Prices

Futures are slightly lower on weak software company guidance ahead of key inflation data and NVDA earnings today.

INTU beat earnings and revenue estimates, but forward guidance fell short of lofty expectations which is dragging software stocks and the broader tech complex lower ahead of the bell.

Today, focus will be on economic data early with the Fed’s preferred measure of inflation, the Core PCE Price Index (E: 0.2% m/m, 3.3% y/y) due to be released before the open. Additionally, Durable Goods Orders (E: 0.5%) and Q2 GDP (E: 1.5%) will be released this morning, shedding light on the health of U.S. growth and demand metrics.

Later in the day, the Treasury will hold a 4-Month Bill auction (11:30 a.m. ET) and a 5-Yr Note auction (1:00 p.m. ET) and the Fed’s Barkin will speak leading into the lunch hour (11:45 a.m. ET).

Finally, focus will shift to one of the seasons most important earnings releases due after the close with NVDA ($2.09) results looming large. Other names reporting today include: KSS ($0.55), WSM ($2.05), CRM ($2.35), CRWD ($0.05), OKTA ($0.44), and HPQ ($0.66), but again NVDA will be the key report to watch.