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 it’s 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 👇
*Click the image to enlarge it
Friday's Beat Sheet was primarily red, but one reaction stood out to us on the upside.
At the top of the list was the $87B regional bank stock, PNC Financial Services $PNC. Following a big double beat, shareholders were rewarded with a +2.49 reaction score.
The company reported $6.07B in revenues, beating the expected $5.96B, and earnings per share of $4.88, beating the expected $4.48.
At the bottom of the list was the $35B asset management stock, State Street $STT. After beating the headline expectations, shareholders were punished with a -4.18 reaction score.
Revenues came in at $3.67B, beating the expected $3.60B, and earnings per share of $2.97, crushing the expected $2.79.
Let's talk about what else happened 👇
PNC had its best earnings reaction in 7 quarters🔥
PNC Financial Services had a +3.8% post-earnings reaction, and here's what happened:
Net income reached a new all-time high, growing by a staggering 21% year-over-year.
The company closed the $4.2B acquisition of FirstBank in January 2026, expanding its presence in Colorado and Arizona. This acquisition is expected to add $1 per share to its 2027 earnings results.
In addition to the blockbuster report, the management team issued incredibly strong forward guidance.
This was arguably the best earnings report we've seen so far in this new S&P 500 earnings season. Everything about it was excellent.
And the market is responding as we expected. Not only did the stock rally on the heels of its earnings report, but it had the best earnings reaction in years.
Additionally, the stock is on the cusp of resolving a prolonged accumulation pattern.
With the technicals and fundamentals both pointing higher, we expect PNC to make a decisive breakout to new all-time highs soon.
STT had its 3rd consecutive negative earnings reaction🩸
State Street had a -6.1% post-earnings reaction, and here's what happened:
The top-line reached a new all-time high, with EPS growth of 19% year-over-year.
Investment management AUM hit $5.7T, up 20%, with 134 new products launched and net new asset growth above 3% for the third consecutive year.
While the quarterly report was solid, the management team issued disappointing forward guidance.
This stock has been on an absolute heater since bottoming in April 2025, nearly doubling since then.
With the price making new all-time highs ahead of this report, it was clear that expectations were elevated.
And while the company delivered better-than-expected headline results this quarter, the market wasn't happy to hear the management team's weak forward guidance.
Given STT's earnings sentiment consistently leaning bearish over the past 3 quarters, we prefer other financial-sector names. For example, see PNC above.
Thank you for reading.
-The Beat Team
P.S. Q3 earnings are in. Here are the takeaways, and how we identified them.
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