Overnight Summary & Early Morning Trading:
- The S&P 500 finished Tuesday by -0.83% at 6617.32 from Monday lower by -0.92% at 6672.41.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29.
- Futures are lower this morning by -11.75 (-0.18%) at 6680.25 on the S&P 500 around 6:10 a.m. EST.
- Year to date the S&P 500 is up by 13.44% from 13.44% Friday’s close.
Executive Summary:
- Bond Market is lower today on price with the 10-Year Yield higher at 4.113% from 4.127%.
- The S&P 500 sees support now at 6600.
- All eyes on Nvidia (NVDA) and its earnings due out after the close.
Key Events of Note Today:
- Economic news of note today include
- Federal Reserve Speakers – 1 of note: Williams.
- President Trump speaks at the Saudi Investment Forum held at JFK Center For Performing Arts at 12:00 p.m. EST.
Notable Earnings Out After The Close:
- Beats: POWL +0.44, DLB +0.29, LZB +0.17 of note.
- Misses: SQM -0.03 and GBDC -0.03 of note.
- Flat: None of note.
Capital Raises:
- IPOs For The Week: None of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- BRTX: FORM S-1 – 508,592 Shares of Common Stock
- CEVA – PRICING OF UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK
- EOSE – Proposed Registered Direct Offering of Common Stock to Fund Repurchase of Convertible Senior Notes
- NUVL – Pricing of Public Offering of Common Stock
- OLMA – Proposed Public Offering of Common Stock and Pre-Funded Warrants
- SHPH: Form S-1.. 625,156 Shares of Common Stock
- Notes Filed Or Priced:
- CVE – $2.6 billion offering of senior notes
- Convertibles Filed or Priced:
- EOSE – Proposed Convertible Senior Notes Offering
- PLUG – Pricing of Offering of $375.0 Million of 6.75% Convertible Senior Notes
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders:
- WNW: Form F-1.. Primary Offering of 38,000,000 Ordinary Shares Selling Shareholder Offering of 12,000,000 Ordinary Shares Meiwu Technology Company Limited
- Mixed Shelf Offerings:
- FINW: FORM S-3 – $150,000,000 Mixed Shelf Offering
News After The Close:
- Warner Bros Discovery (WBD) ticks higher after hours on report its Board wants Paramount to lift offer to around $30/share from $23.50. (Axios)
- U.S. to provide a $1 bln loan to support restarting the Three Mile Island Reactor which is run by Constellation Energy (CEG).
- 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- REXR implements CEO succession plan; COO Laura Clark to succeed Howard Schwimmer and Michael Frankel as CEO, effective April 1, 2026
- BKD announces that current interim EVP, Mary Sue Patchet, has been named COO; effective December 1st .
Buybacks:
- ON announces $6 billion share repurchase authorization
Dividends Announcements or News:
- Stocks Ex Div Today of note: of note.
- Stocks Ex Div tomorrow of note: None of note.
- SND declares special cash dividend of $0.05 per share of common stock
- RGLD increases quarterly cash dividend 6% $1.80/share to $1.90/share
- MKC increases quarterly cash dividend to $0.48/share from $0.45/share
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 +22.50 NASDAQ 100 +106.75 Dow Jones +60 Europe is higher and Asia is mixed. Bond yield is at 4.112% from 4.102% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $91,499 from $91,332 lower by -1.46% which is $-1346.
Sector Action:
- Daily Positive Sectors: Energy, Real Estate and Healthcare were higher.
- Daily Negative Sectors: Consumer Cyclical, Technology, Utilities and Industrials were lower.
- One Month Winners: Healthcare Services, Utilities, Technology, Industrials, Materials and Consumer Defensive of note.
- Three-Month Winners: Communication Services, Technology, Materials, Utilities and Healthcare of note.
- Six-Month Winners: Technology, Communication Services, Industrials and Consumer Cyclicals of note.
- Twelve-Month Winners: Communication Services, Technology, Financials, Consumer Cyclical, and Industrials of note.
- Year to Date Winners: Communication Services, Materials, Technology, Financials, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Today After the Close:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Beats: KC +0.85, GDS +0.77, WIX +0.26, LOW +0.09, TGT +0.07, OCSL +0.01, WB +0.01 of note.
- Misses: HD -0.10, ENR -0.07, BRBR -0.03 of note.
- Flat: GLBE BLSH VIK of note.
- Still to Report: WSM TJX GFF of note.
Company Earnings Guidance:
- Positive Guidance: This Morning – None of note.
- Negative or Mixed Guidance: This Morning – LOW, of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: KZIA +43.6%, NUTX +21.3%, CLLS +9%, ONIT +6.9%, NXST +5.8%, LZB +4.5%, LOW +3.8%, SLMT +3.7%, CEG +3.5%, GBDC +3.3%, ON +3.2%, CHPT +2.9%, FSM +2.8%, ESLT +2.7%, GLBE +2.7%, CEVA +2.1%, SQM +2.1%, NC +2% of note.
- GapDown: PLUG -15.9%, QFIN -11.9%, ECO -6.8%, OLMA -6.3%, WIX -6.3%, OGS -5.1%, ELDN -3.9%, DLB -3.4%, EOSE -3.2%, NOK -3.2% of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list. No new outliers of note.
Insider Action: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history:
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Target Lowers Profit Outlook on Soft Demand. (Bloomberg)
- Market Wrap: Stock Rout stops ahead of Nvidia earnings. (Bloomberg)
- Weekly Mortgage Applications fell -5.2% week over week.
- Former Treasury Secretary and Harvard President Larry Summers resigns from the Open AI Board over Epstein concerns.
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve New York President John Williams speaks at 2:00 p.m. EST
- President Trump’s schedule for today:
- President Trump speaks at the Saudi Investment Forum held at JFK Center For Performing Arts at 12:00 p.m. EST.
- Economic Releases:
-
October Housing Starts are scheduled but due to the government shutdown will not be reported.
- Weekly Crude Oil Inventories are due out at 4:30 p.m. EDT.
-
M&A Activity & Daily Changes: None of note.
Moving Average Table: International markets are selling off as well.
Meeting & Conferences of Note:
- Sellside Conferences:
- Baird Defense & Government Conference
- Citi’s FinTech Conference
- Craig-Hallum Alpha Select InvestorConference
- J.P. Morgan Ultimate Services Investor Conference
- Jefferies Global Healthcare Conference
- Jefferies Real Estate Conference
- RBC Capital Global TIMT Conference
- Stephens Investment Conference
- TD Cowen Annual Energy Conference
- Wells Fargo TMT Summit
- Top Analyst, Investor:
- Shareholder Meetings:
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- ISG AI Impact Summit
Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
- Upgrades: AS CURB DASH GLAD PODD ZION of note.
- Downgrades: CSIQ QS of note.