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Jan Kniffen says consumers remain resilient and willing to spend, but they are becoming much more selective about where their money goes. He highlights Walmart (WMT), Costco (COST), Home Depot (HD), Dick’s Sporting Goods (DKS) and TJX Companies (TJX) as retail standouts, while discussing challenges for Levi Strauss (LEVI), Nike (NKE) and Lululemon (LULU). He also weighs inflation, employment concerns and the outlook for holiday spending. Tom White follows with a bullish options trade on Costco (COST).

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PepsiCo (PEP) shares bounced off 6-year lows in the first hour of Thursday's trading day after the company posted an earnings beat. However, the legacy drink and snack firm lowered its full-year guidance. Alex Coffey takes investors through the key metrics in the report to show how the mixed picture plays into how analysts price the stock ahead. Joe Tigay offers an example options trade for PepsiCo.

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While market breadth is rebounding at the start of Thursday's trading day, Charles Schwab's Joe Mazzola says he needs to see more strength to become confident in the uptrend. Stocks across sectors are about to see their next test as well with the upcoming earnings season. Joe explains how earnings must validate the recent rally in the S&P 500 (SPX) and Nasdaq-100 (NDX) beyond tech. He also addresses TSMC (TSM) and its monthly revenue and the lack of reaction to the earnings surge through the stock.

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Robert Koenigsberger discusses growing opportunities in emerging markets as investors seek diversification from developed-market risks. He favors highly secured, asset-backed private credit and says more mature policies have strengthened the case for emerging market debt as a core allocation.

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Buyers are stepping into the market with the S&P 500 (SPX) Equal Weight outperforming the broader index, says Kevin Green. However, keep crude oil's climb and lasting elevation in Treasury yields in mind, as both serve as strong headwinds against equities. KG offers a glimpse into economic data through the latest read on jobless claims.

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Palantir (PLTR) crossed above $200 for the first time since November 2025 after getting an upgrade from Goldman Sachs. Diane King Hall explains why the firm is just now turning bullish on the stock. Meanwhile, Citi downgraded NXP Semiconductors and slashed its price target. Diane turns to the earnings front in PepsiCo (PEP) after the company posted an earnings beat but lowered full-year guidance.

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David Dietze turns bullish on stocks ahead of a potential year-end rally, favoring small caps and consumer staples. His picks include AutoNation (AN), which he expects to rebound as rates ease, and VICI Properties (VICI) for its attractive yield and Las Vegas real estate portfolio.

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Crude oil's 4% rally ahead of Thursday's open is keeping investors on edge. Kevin Hincks discusses the headlines pointing to heightening tensions between the U.S. and Iran causing the spike, along with the path ahead he sees for the energy trade. He outlines the impact crude's elevated prices will have on the Fed's interest rate cycle and whether the committee will continue to hike.

======== Schwab Network ========

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Jason Stephens discusses the outlook for stocks as higher rates, oil and inflation fuel near-term volatility. He remains bullish over the next 12 to 18 months, highlighting AI-driven growth and opportunities in financials, industrials and health care, while Broadcom (AVGO) and Oracle (ORCL) illustrate the massive investment flowing into AI.

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Shares in Delta Airlines (DAL) have rallied close to 20% so far in 2026 even though energy trade volatility rattled the company and its travel peers. Tom White turns to the key support and resistance levels to watch heading into Friday's earnings. He then offers an example options trade for Delta.

======== Schwab Network ========

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