This week brings the busiest stretch of third-quarter earnings season, along with a Federal Reserve policy meeting and fresh inflation data, while the AI trade, the engine of the full-year bull market, continues to lose steam. The midterm elections are less than 10 days away, and Middle East headlines keep oil prices elevated. Among the 11 Club names reporting this week, Boeing has a consensus revenue estimate of $23.8 billion and a loss of 21 cents per share, with third-quarter free cash flow expected at $330 million after a $700 million payment to the Justice Department. Azure is the key metric for Microsoft, and investors will also start getting an exact quarterly revenue figure rather than just a growth rate; its cloud backlog stood at $678 billion at the end of June, up 84%. FedEx reports a four-month period from June to September as it shifts to a January-to-December fiscal year, while Eli Lilly must deliver another beat-and-raise quarter to sustain its stock momentum.
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Related tickers and likely impact
QQQ
• NeutralInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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