“Because there’s enough other sectors going higher.”
That was OptionsAI’s CC Lagator on PreMarket Prep this morning, making the case for why the broader market has a higher-probability shot at bouncing today despite a brutal overnight session for big tech and crypto.
If you look across the pre-market tape, you’re seeing a divide between risk off and risk on. Traders are aggressively hitting the exits on soft Q4 tech guidance and offshore crypto risk, while rotating straight into old-economy beats across Big Oil and Big Pharma.
After the bell last night, the market drew a line between legacy silicon, cloud expectations, and high-flying storage:
- Intel (NASDAQ: INTC) & Amazon (NASDAQ: AMZN): Intel plunged 25% pre-market after guiding Q4 sales well short of estimates, while Amazon dropped 6.6% pre-market after missing both Q3 lines and guiding Q4 sales to $240.00B–$247.00B (vs. $244.31B est.).
- SanDisk (NASDAQ: SNDK): In a bright spot for hardware, SanDisk crushed Q1 with EPS of $49.51 (vs. $46.41 est.) and revenue of $11.03B (vs. $10.70B est.). Even better for the bulls, management raised Q2 guidance above consensus and announced an 8-for-1 forward stock split effective November 19, 2026.
- Beyond Amazon and Intel, Q4 revenue outlooks disappointed across consumer internet and gaming. Reddit (NYSE: RDDT) beat Q3 but guided Q4 sales light; Pinterest (NYSE: PINS) matched Q3 EPS and missed revenue with soft Q4 sales guidance; and Roblox (NYSE: RBLX) matched Q3 EPS and missed revenue while guiding Q4 sales well below the Street.
“Let BlackRock do it for you,” All Star Charts Senior Crypto Analyst Louis Sykes said on PreMarket Prep this morning, making the case for playing spot Bitcoin ETFs (NASDAQ: IBIT) over direct exchange custody after offshore crypto got rocked overnight.
Step outside the tech hangover and the offshore crypto shock, and you can see where institutional money is playing offense this morning:
- CoinDesk reported that Binance lost $5.7 billion in the largest crypto hack to date, sending Bitcoin down $1,200 to under $79k after hours and dragging down IBIT, MSTR, HOOD, CRCL, GLXY, MARA, and RIOT. That offshore chaos stood in contrast to Coinbase’s Q3 results, which showed onshore custody strength with $719M in net income, $78M in Adjusted net income, and $333M in Adjusted EBITDA. Coinbase returned to a peak 12.5% market share of Assets on Platform and captured 10.7% of crypto trading volume market share, while Average USDC Held hit a record $22B, Paid Coinbase One subscribers reached a new record, Subscription & Services hit 49% of net revenue, tokenized stock volume on Base topped $1B, and prediction markets blew past $200M in annualized revenue.
- Big Oil & Big Pharma’s Risk-On Morning Sweep: Old-economy stocks swept the morning slate before the bell. Energy majors Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) both crushed Q3 estimates, while healthcare extended Thursday’s momentum with beats across the board from AbbVie (NYSE: ABBV), Regeneron (NASDAQ: REGN), Sanofi (NASDAQ: SNY), and AstraZeneca (NASDAQ: AZN).
- EV, Consumer & Mortgage Divergence: Elsewhere across the consumer tape, Rivian (NASDAQ: RIVN) delivered a Q3 beat, while Starbucks (NASDAQ: SBUX) beat Q4 EPS but missed on revenue. In the housing and mortgage pocket, Rocket Companies (NYSE: RKT) beat Q3 Adjusted EPS but guided Q4 Adjusted Revenue light.
STN Desk Takeaway: Respect the split tape this morning. It’s risk off where Q4 tech guidance is compressing and risk on where energy and healthcare are putting up undeniable cash flow. Watch to see if the morning sweep in Big Oil and Big Pharma can absorb the early index drag from Intel and Amazon, and keep custody risk top of mind as crypto flows favor regulated onshore vehicles following the Binance exploit.
AJ Fabino, Editor in Chief, Stock Trader Network
