Quick Read
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Chevron beat EPS estimates at $5.28 vs. $4.83, while Cameco missed badly at $0.00 vs. $0.27 due to a mill shutdown, sending shares down 9%.
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Exelon flagged ~11 GW of high-probability data center load, while Dominion Energy raised its 2026 earnings outlook to the top half of its range.
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Big Tech is dragging the Nasdaq-100 down over 2% premarket while the Dow holds flat, signaling a rotation toward earnings-supported stocks.
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Big Tech is pulling Wall Street toward a lower open on Friday, while a lot of earnings reports from energy, healthcare and utility companies keeps blue chips steady. Before the open, a fund tracking the S&P 500 was down 1% in premarket trading. The Nasdaq-100 proxy was off more than 2%. Those S&P 500 losses are concentrated in tech, and Barron's lists Intel and Amazon among the stocks driving the morning.
Premarket Snapshot Before the 9:30 Bell
| Index |
Premarket ETF Proxy (Delayed) |
|---|---|
| S&P 500 |
Down 1% |
| Nasdaq-100 (Composite not yet quoted) |
Down more than 2% |
| Dow Jones Industrial Average |
Essentially flat |
| Russell 2000 |
Down about half a percent |
| VIX (Wednesday close) |
Almost 17, normal range |
Diesel Profits Keep Chevron Ahead of the Market
Chevron( NYSE:CVX ) posted adjusted EPS of $5.28, ahead of the $4.83 estimate. The beat came from refining.
U.S. downstream earnings jumped to $3.58B from $638M on record refinery throughput, and CNBC tied the surge to high diesel fuel prices. Chevron is a Dow component, and its shares gained about 1% premarket, which helps hold that index near flat.
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AbbVie Raises Its Outlook While Cameco Stumbles
AbbVie( NYSE:ABBV ) earned $3.82 per share against a $3.78 estimate. It also lifted full-year EPS guidance to $13.95-$13.99. Its chief executive said the company is "once again increasing AbbVie's full-year guidance and raising our quarterly dividend." The stock still slid about 1%, because a narrow beat was not enough to excite buyers.
Cameco( NYSE:CCJ ) delivered the morning's worst miss. Adjusted EPS came in at $0.00 against expectations of $0.27.
A long maintenance shutdown at the Key Lake mill cut output to 1.1M lbs from 2.2M lbs. Shares fell about 9%, a hit to sentiment across nuclear stocks.
Data Center Power Demand Lifts Utility Outlooks
Exelon( NASDAQ:EXC ) beat with $0.87 per share and pointed to about 11 GW of high-probability data center load. Dominion Energy( NYSE:D ) now expects 2026 earnings in the top half of its range. Falling yields help too: the 10-year Treasury slid to nearly 5%. The utilities feeding the AI expansion are exactly the kind of non-chip suppliers we profiled in a free report on seven stocks powering the AI boom.
The exchange operator that runs the VIX franchise raised its organic revenue outlook to the "high teens" after record trading in same-day options.
What a Tech Sell-Off With a Flat Dow Tells You
The early split points to a rotation. As money leaves highly valued tech for companies with clear earnings support, the Dow and Russell 2000 are holding up better than the Nasdaq-100. A VIX near 17 shows traders are cautious but calm. A sharp jump today would signal the sell-off is spreading beyond tech.
Once trading starts, check whether tech losses stay in the Nasdaq or spread to the broader market. Dominion faces a Virginia hearing on its proposed merger starting November 17.
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