Earnings are the heartbeat of the market, and every week brings a fresh set of opportunities and risks. With each report, we get new information on corporate health, investor sentiment, and where money is rotating. In the Weekly Beat, we spotlight the most important earnings reactions from the prior week: the winners, the losers, and the surprises that moved markets. Then we shift our focus to the week ahead, breaking down the technicals and fundamentals. Whether it's mega-cap leaders, niche growth stories, or the sectors most tied to the economy, we've got you covered on what traders need to know right now. |
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What happened last week 👇 |
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- Monday:
- There were no S&P 500 earnings reactions to cover, so we highlighted a healthcare name that has our attention.
- Penumbra $PEN is a $12B medical devices company sitting at the center of one of the most important growth markets in healthcare: minimally invasive treatments for acute vascular conditions.
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- Tuesday:
- Again, there were no S&P 500 earnings reactions to cover, so we wrote about an emerging energy leader.
- Suncor Energy $SU is one of the world's largest integrated oil and gas companies, with operations spanning the entire energy value chain.
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- Wednesday:
- Once again, there were no S&P 500 earnings reactions to cover, so we dove into one of our favorite discretionary names.
- Travel+Leisure $TNL is one of those businesses that quietly benefits when consumers decide to live a little. Last quarter, the stock had its best earnings reaction in years, and now it is surging to new all-time highs.
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- Thursday:
- For the final day of the earnings offseason, we covered the leader of insurance: Lemonade $LMND.
- Over the past five earnings events, LMND has been consistently rewarded by the market, with three significant double-digit reactions and two relatively muted yet constructive responses. Most notably, on November 5, the company delivered its best earnings reaction in years, with the stock surging more than 34% in a single session.
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- Friday:
- In the S&P 500, we heard from the $26B alcoholic beverage producer, Constellation Brands $STZ. Following a double beat, the stock surged 5.3% for its best earnings reaction since 2020.
- We think STZ is sold out and likely in the early stages of a brand-new primary uptrend.
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What's happening next week 👇 |
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Next week, the focus will be on a few of the world's most important financial institutions, like JPMorgan $JPM and Bank of America $BAC. We'll also be watching: |
- Bank of New York Mellon $BK, Goldman Sachs $GS, Citi $C, Wells Fargo $WFC, Morgan Stanley $MS, and Blackrock $BLK.
- The largest airline stock, Delta Air Lines $DAL.
- The specialty chemicals stock, H.B. Fuller $FUL.
- The transportation stock J.B. Hunt Transport Services $JBJT.
- And more!
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There will be plenty of earnings reactions to unpack next week in the Daily Beat. Stay tuned... With bank earnings kicking off next week, we're about to hear from some of the most important financial institutions in the world. Last quarter gave us a perfect setup for what's coming next. |
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On paper, Q3 2025 was as strong as it gets for the banking group: every single bank in the S&P 500 delivered a double beat. There were no mixed reports, no outright misses, and no ambiguity around headline fundamentals. But the market made it very clear that not all beats are created equal. |
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Despite universal double beats, earnings reactions were split almost evenly between winners and losers. Roughly half the group traded lower on their results, while the other half was rewarded, and the dispersion was meaningful. Wells Fargo $WFC led the group with the strongest reaction, followed by Bank of America $BAC and Citi $C, while names like PNC Financial $PNC, KeyCorp $KEY, and M&T Bank $MTB saw negative reactions. This kind of dispersion tells us the market is no longer rewarding the sector indiscriminately; investors are looking beneath the headlines and focusing on growth trajectories, efficiency, balance sheet quality, and forward guidance. That brings us to JPMorgan $JPM, the world's largest bank and arguably the most important bellwether in global markets. |
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JPMorgan reports Tuesday before the open, with expectations set at $46.17B in revenue and $4.88 in earnings per share. Heading into the event, the stock is already making new all-time highs, which tells us expectations are elevated. Looking back over the past three years, JPM has consistently beaten estimates, yet the stock has been punished in each of the last two earnings reports. |
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Last quarter showed solid revenue and earnings growth, but the quarter before that, July 2025, marked the first instance of negative revenue and earnings growth in years. For this earnings report, the market will be watching closely for a clear re-acceleration in top- and bottom-line growth. If that shows up, JPM has the setup for a far more constructive reaction than we've seen recently. We see a different, but equally interesting, setup in Bank of America $BAC, which reports on Wednesday before the market opens. |
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| Bank of America is breaking out above its Great Financial Crisis peak and printing fresh all-time highs. It's difficult to overstate the significance of this breakout. Investors are looking for $27.76B in revenue and $0.96 in EPS, and unlike JPM, the standout feature here isn't consistency in earnings reactions but consistency in growth. Over the past four quarters, BAC has delivered substantial revenue and earnings expansion, even though the stock's earnings reactions have alternated between positive and negative. |
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One thing that stands out from last quarter is earnings drift: Bank of America experienced negative drift both before and after the report for the first time in years. For this upcoming release, the ideal outcome isn't just a positive reaction; it's a return to positive pre- and post-earnings drift that confirms institutional demand behind this breakout. Taken together, these setups highlight exactly what the market is demanding from banks right now. Headline beats are no longer enough. Investors want growth and confirmation that strong fundamentals can translate into sustained price trends. With many banks already at or near all-time highs, next week's earnings will play a critical role in determining whether financials continue to lead, or whether selectivity becomes even more pronounced. Happy Sunday! -The Beat Team |
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Editor's note: This weekend, we brought together a lineup of the smartest technicians we know for Chart Summit 2026. If you missed the LIVE event, make sure you get access to the complete livestreams, as well as each presentation and accompanying chart deck. |
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STAY HUNGRY. STAY FOOLISH |
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