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
At the top of Monday's Beat Sheet was the $55B oil & gas equipment & services stock, Baker Hughes $BKR. After beating headline expectations across the board, shareholders were rewarded with a +0.65 reaction score.
The company reported $7.39B in revenues, beating the expected $7.07B, and earnings per share of $0.78, beating the expected $0.67.
At the bottom of the list was the steel behemoth, Steel Dynamics $STLD. After posting mixed headline results, shareholders were punished with a -1.13 reaction score.
Revenues came in at $4.41B, missing the expected $4.55B, and earnings per share of $1.82, beating the expected $1.70.
Let's talk about what else happened π
BKR broke out to the highest level since 2017π₯
Baker Hughes had a +4.4% post-earnings reaction, and here's what happened:
The industrial energy and technology segment grew EBITA 19% year-over-year, outperforming the broader business.
The company had major contract wins in LNG, power systems, and new energy, including data center and geothermal projects, as well as significant awards in the U.S., Kazakhstan, and the Middle East.
In addition to the strong quarter, the management team expects the company to continue growing above trend in 2026.
This wasn't just about a better-than-expected earnings report.
The real takeaway for us was that the stock decisively broke a multi-decade downtrend line on the heels of a blockbuster earnings report.
This tells us that it isn't just a short-term pop. It's a technical move fueled by fundamentals.
With strong technical and fundamental momentum, we expect BKR to continue trending higher for the foreseeable future.
Steel Dynamics had a -4.4% post-earnings reaction, and here's what happened:
The company shipped a record 13.7M tons of steel in 2025.
With all the extra cash, they repurchased 4.4% of outstanding shares in 2025, spending $901M on share repurchases.
In addition to the strong quarter, the management team expects the aluminum rolling mill to reach 90% utilization by the end of 2026, ahead of previous guidance. This should help fuel future growth.
Aside from the slight top-line miss, this was a very strong quarter from one of the world's largest steel producers.
Unfortunately, the market wanted nothing to do with it. After initially popping to a new all-time high in Monday's session, the sellers drove the price lower all day, forming a nasty outside reversal day.
We expect this negative earnings reaction to lead to further short-term weakness.
However, the buyers are still firmly in control of the long-term trend in STLD.
Thank you for reading,
-The Beat Team
P.S. Steve Strazza is going live on Thursday at 2 am ET to unveil his new Beat Report research.
This has been under development for years, and you don't want to miss out on it.
