Earnings season is the heartbeat of the market - and every day brings fresh signals about where money is flowing.
With each report, we learn not just how companies are performing, but how investors are reacting.
In the Daily Beat, we spotlight the most important S&P 500 earnings moves from the prior session - the winners, the losers, and the reactions that reveal what really matters to the market right now.
Whether itβs a bellwether with broad economic implications or a niche name making waves, we cut through the noise to focus on the setups that matter most.
Here are the latest earnings stats from the S&P 500 π
*Click the image to enlarge it
Thursday was a bloodbath for the market, but Walmart $WMT didn't get the memo. The $853B retail giant reported a double beat, and shareholders were rewarded with a +5.29 reaction score. This was the best reaction score since May 2024.
In the report, they beat revenue expectations by $2.06B and beat earnings per share expectations by 2 cents.
On the flip side, Nvidia $NVDA, Palo Alto Networks $PANW, & Jacobs Solutions $J were punished for reporting better-than-expected headline results. Notably, NVDA had a positive reaction score despite falling by 3.15% in absolute terms.
Now let's dive into the fundamentals and technicals π
WMT snapped a three-quarter beatdown streak π₯
Walmart had a +6.5% post-earnings reaction, and here's what happened:
Revenues grew by 5.8% year-over-year, led by the global eCommerce segment, which increased by 27% over the same period.
In addition to the strong quarter, the management team issued strong guidance for 2026.
We highlighted this report in the latest Weekly Beat column, noting that the top and bottom-line growth have been decelerating in recent quarters.
Additionally, we noted that shareholders had been punished for three consecutive earnings reports.
Not only did the company achieve tremendous headline results, but the stock soared higher in what was one of the worst days of 2025 for the broader market.
With WMT trading back above the February peak, our bias has shifted from sideways to higher. The path of least resistance will decisively shift to the upside if and when the buyers clear the October peak.
NVDA was punished for a good report π»
Nvidia had a -3.2% post-earnings reaction, and here's what happened:
Revenues soared 62% year-over-year, led by the data center segment, which increased revenues by 66% over the same period. The bottom-line increased faster than the top-line at 65% year-over-year.
Their new products, Blackwell and Rubin, are expected to generate a staggering $500B in revenue by the end of 2026.
In addition to the tremendous quarter, the management team expects growth to continue accelerating next quarter.
We highlighted this report in the latest Weekly Beat column, noting that despite consistently delivering blockbuster earnings reports, the market hasn't consistently rewarded shareholders.
That was the case again this quarter - a classic beat/beat/drop.
Even worse was the intraday action. The stock initially rallied after the earnings report, but sellers stepped in around 10 am ET, driving the price lower all day.
Now the stock is threatening to violate a shelf of former highs and form a dreaded failed breakout.
If NVDA is below 184, the path of least resistance is sideways to lower for the foreseeable future.
TGIF
-The Beat Team
P.S. If you want a clearer read on where this market is heading, you need to see Grant's report. It breaks down the internal signals driving this shift and what they mean for the months ahead.
