Stock Market Update

[BRIEFING.COM] The major averages remain little changed from previous levels with just half an hour left in today's session. 

Investors have another sizable batch of earnings reports to look forward to after the close today, including that of Cisco (CSCO 85.81, -0.46, -0.53%). 

Guidance is the key driver for the stock, as the company has built credibility through consistent execution and steady EPS beats. Sentiment hinges on whether AI infrastructure momentum remains strong enough to offset broader enterprise spending variability. Investors will watch closely for incremental upside to FY26 AI revenue expectations and any signs that hyperscaler demand is accelerating or normalizing. With shares having rallied into the print and AI names seeing some recent rotation, Cisco may need to deliver both solid results and confident forward commentary to sustain momentum.

Additionally, McDonald's (MCD 323.76, -2.22, -0.68%) is set to report its earnings.  While MCD's rare EPS miss in Q3 injected some caution, investors largely focused on the encouraging comp trajectory and traffic share gains in major markets. Sentiment now hinges on whether that momentum carried into Q4 and whether management's tone on the consumer stabilizes or deteriorates further. The bifurcated spending backdrop presents both risk and opportunity, with value offerings critical to defending traffic among lower-income consumers. With shares near the upper end of their recent range, upside likely requires clear evidence of sustained comp strength and confident 2026 commentary, while any stumble in traffic or margins could quickly pressure the stock.