Fervent Wealth Management

We loved celebrating with our very own Kaitlyn, as she married her love, Austen this last weekend!

Stocks Open Higher as Oil Prices Drop and the AI Trade Aims for a Bounce

At the Open: U.S. equity futures bounced in premarket trading Monday, aiming to start November on a bright note after Friday’s tech-led slide. Wall Street chatter surrounded the compute and spending narratives remaining intact despite the latest ramp in scrutiny, while markets also debated cleaner positioning against a lack of meaningful capitulation signs. A selloff in crude this morning also bolstered sentiment following reports that President Trump is open to providing more time for diplomacy, pushing West Texas Intermediate below $100 per barrel and longer-dated Treasury yields lower. On the earnings front, 144 S&P 500 reports are set for the week ahead, with Magnificent Seven member Apple (AAPL) leading off high-profile reports this afternoon.



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Earnings Growth Broadens Beyond AI as Markets Enter a High‑Bar Quarter
By Natalie Garrison, MBA

I still remember the house on our street that passed out king-sized candy bars when I was growing up. You had to get there early, but stopping by that neighbor’s house was one of the things I looked forward to most. Still, no Halloween haul was complete without a wide array of chocolate and gummy candies to sort through at the end of the night. Many times, I got candy varieties I enjoyed even more than the king-sized candy bar.

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Our office will be closing today at 3pm to celebrate one of our team members' weddings this evening. We are overjoyed!

Stocks Open Sharply Lower on Another High-Profile Earnings Miss

At the Open: Equity futures pointed to back-to-back losses on the final day of October, with S&P 500 contracts currently on track to erase a slight month-to-date advance. Volatility in tech shares remained in focus following Thursday evening’s high-profile earnings from Amazon (AMZN) and Intel (INTC). AMZN offered some broadly upbeat artificial intelligence (AI) takeaways, but an earnings miss and cooler figures for the e-commerce company’s core business unit as well as cash flow and spending headwinds were an overhang on shares in pre-market. INTC also offered supportive AI takeaways, but was weighed down by margin pressure and a disappointing outlook. Plus, crude prices reversed Thursday’s loss as signs of diplomatic traction remained thin.



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Earnings Growth Broadens Beyond AI as Markets Enter a High‑Bar Quarter
By Natalie Garrison, MBA

I still remember the house on our street that passed out king-sized candy bars when I was growing up. You had to get there early, but stopping by that neighbor’s house was one of the things I looked forward to most. Still, no Halloween haul was complete without a wide array of chocolate and gummy candies to sort through at the end of the night. Many times, I got candy varieties I enjoyed even more than the king-sized candy bar.

I see a similar story shaping up with a variety of earnings expectations from sectors beyond those rooted in artificial intelligence (AI). AI may still be the king-sized candy bar everyone rushes toward, but this quarter, the variety from non-AI sectors is proving surprisingly satisfying.

As third-quarter earnings results start crossing headlines, corporations face high expectations to beat. Interestingly, market segments not rooted in AI infrastructure are starting to show a strong foundation. That’s not to say AI isn’t the main engine driving projected growth this quarter, but it makes a strong case for long-term investors with diversified portfolios.

One of the primary indicators of economic growth is inflation-adjusted gross domestic product (GDP), which is projected to grow by more than 3% in the third quarter. This is up sharply from the 1.8% growth forecasted for the second quarter. These figures support the positive earnings outlook in the non-AI sectors. The same sectors are projected to post earnings above 17%, and potentially higher given rising GDP projections.

This makes the 2026 third-quarter earnings season especially unique, given how high the bar has been set. In the S&P 500, 41% of companies that provided data raised their earnings estimates, the highest positive guidance ratio in over 5 years. This raises the question of whether high earnings estimates increase the likelihood of earnings disappointment in a quarter; research shows they do not. Since 2012, the best quarter returns followed strong positive guidance ratios, and the weakest followed quarters where the bar was set low.

What does this mean for the long-term diversified investor? This broadening growth across sectors matters, especially in a market where investors want confirmation that growth isn't centered in a single sector. Even though AI Infrastructure and cloud computing remain the primary driver of equity growth, investors may begin to see other sectors in their equity holdings provide a strong foundation for long-term market performance alongside the growing tech landscape. A diversified portfolio can capture the benefits of these non-AI sectors while also benefiting from technology and tech-related infrastructure performance in the coming months. As more earnings reports roll in, investors will watch whether non-AI sectors deliver the growth they forecast and sustain that momentum into the fourth quarter.

Just like that Halloween haul, the value isn’t only in the king-sized candy bar but, rather, in the variety. This quarter’s earnings suggest the mix may be getting richer. While I don’t go door to door looking for king-sized candy bars anymore, I'll still enjoy the smiles they bring to faces across the neighborhood as children sort through their assortment of goodies on Halloween night.

Have a blessed week!

Natalie Garrison

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This article was written by humans for humans because AI doesn’t have this quality of sarcasm.

Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Opinions voiced above are for general information only & not intended as specific advice or recommendations for any person. All performance cited is historical & is no guarantee of future results. All indices are unmanaged and may not be invested directly. This article reflects information available on October 27, 2026.

All investing involves risk, including loss of principal. No strategy assures success or protects against loss. The economic forecast outlined in this material may not develop as predicted & there can be no guarantee that strategies promoted will be successful. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Fervent Wealth Management is a financial management and services entity in Springfield, Missouri.

Stocks Open Lower on Alphabet’s Earnings Miss, While PCE Ticked Higher

At the Open: A three-day rally for the Nasdaq-100 and global tech shares lost steam following Wednesday evening’s mixed big tech earnings. Shares of Alphabet (GOOG/L) slumped in pre-market after posting an earnings miss and disappointing revenue, reinforcing concerns that it may be losing ground to its artificial intelligence (AI) rivals and that AI may be denting search revenue for the Google-parent company. Microsoft (MSFT) rose on solid cloud sales. Amazon (AMZN), Intel (INTC), and Sandisk (SNDK) highlight today’s reports. On the macro front, the personal consumption expenditures (PCE) price index indicated the pace of price increases ticked higher last month, but arrived in-line with forecasts, while third quarter economic growth topped estimates. Treasury yields steadied across the curve.



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Stocks Aim to Extend Gains on Geopolitical Hopes, Upbeat Earnings Takeaways

At the Open: Equity futures aimed to build on Monday’s advance, tracking modest gains at the open on the back of U.S.-Iran de-escalation hopes. Sentiment received a lift as crude prices and Treasury yields ticked lower on reports that Iran’s leader called for officials to ensure that conditions to end the war are met during a meeting with Iran’s Supreme National Security Council. Earnings also contributed to the positive-tilted mood, with UPS (UPS) and Coca-Cola (KO) lifting revenue guidance, and software firm Cadence Design Systems (CDNS) topping estimates. Focus remained on the artificial intelligence (AI) trade as well, following Monday’s issuance headlines and Wednesday’s reports from Alphabet (GOOG/L) and Microsoft (MSFT).



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