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 itโs 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 ๐
*Click the image to enlarge it
Thursday's Beat Sheet was the best one we've seen so far this quarter.
At the top of the list was the $179B asset manager, BlackRock $BLK. Following a big double beat, shareholders were rewarded with a +3.13 reaction score.
The company reported $7.01B in revenues, beating the expected $6.76B, and earnings per share of $13.16, beating the expected $12.24.
At the bottom of the list was the $293B capital markets stock, Goldman Sachs $GS. After posting mixed headline results, shareholders were rewarded with a +2.26 reaction score.
Revenues came in at $13.45B, well below the expected $14.52B, and earnings per share of $14.01, crushing the expected $11.70.
Let's talk about what else happened ๐
BLK had its best earnings reaction since Q4 2022๐ฅ
BlackRock had a +5.9% post-earnings reaction, and here's what happened:
Revenues surged 23% year-over-year, driven by higher base fees and securities lending revenues.
The company announced a 10% increase in the 2026 dividend per share and expanded share repurchase authorization to 7M additional shares.
In addition to the good quarter, the management team expects continued growth in its base fees.
This was an incredible report from the world's largest asset manager, and the market made it clear that the company is doing everything right.
Not only have shareholders been consistently rewarded for its earnings events for years, but the fundamental momentum accelerated this quarter with the best earnings reaction in years.
With BLK decisively resolving a multi-month consolidation with this earnings event, we expect to see continued upside follow-through over the coming days and weeks.
MS had its best earnings reaction since Q4 2024๐ฅ
Morgan Stanley had a +5.8% post-earnings reaction, and here's what happened:
Total client assets reached $9.3T, with net new assets over $350B and significant expansion in Wealth, Institutional Securities, and Investment Management.
Strategic investments in technology, talent, and acquisitions fueled growth and global expansion.
While the management team expects flat net interest income growth, they expect to surpass $10T in client assets in 2026.
This stock has been rewarded for six of its last seven earnings reports, indicating that the fundamentals are in a strong primary uptrend.
And the technicals are confirming. As you can see, the stock has been in a steady uptrend since the April low last year.
We see no reason for the fundamental or technical uptrends to end here. We expect MS to continue growing.
Happy Friday!
-The Beat Team
P.S. Q3 earnings are in. Here are the takeaways, and how we identified them.
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