Overnight Summary & Early Morning Trading:
- The S&P 500 finished Wednesday lower by -0.74% at 6845.50, fromTuesday lower by -0.14% at 6896.24 and Monday lower by -0.35% at 6905.74.
- S&P 500 hit its 37th All-Time Closing High of 2025 on 12/24.
- Futures are higher this morning by +40 (+0.58%) at 6932.50 on the SP 500 around 6:30 a.m. EST.
- Year to date the S&P 500 finished up by 16.39% from 17.27% on Friday’s close.
Executive Summary:
- Bond Market is lower today on price with the 10-Year Yield at 4.157% from 4.112%.
- The S&P 500 sees support now at 6800 as it moved back below 6900 with Tuesday’s action.
- Markets will have a shortened trading week. Bias is upward as the Santa Claus Rally kicked in last Wednesday through Monday, January 5th, lower by -1.25% so far.
Key Events of Note Today:
- Economic news of note is still delayed due to the government shutdown but we will be producing what is scheduled to be reported.
- Weekly – None of note.
- Monthly – Construction Spending of note.
- Fed Speakers of Note today: None of note.
- President Trump schedule:
- Has no events of note.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None 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:
- AIIO: Form F-1.. UP TO 150,500,000 shares of Class B Common Stock.
- AWH: Form S-1. 16,697,509 Shares of Common Stock.
- CELU: Form S-1.. Up to 14,078,938 shares of Class A Common Stock.
- FEMY: Form S-3.. 68,416,943 Shares Common Stock.
- GPUS: Form S-3.. Up to 43,011,836 shares of Class A Common Stock Issuable upon Conversion of Certain Convertible Notes.
- RDHL: Form F-1.. 6,465,559 ADR’s representing 64,655,590,000 Common Shares.
- RDZN: Form S-3..Up to 19,157,081 Ordinary Shares Issuable Upon Exercise of Warrants.
- SOPA: Closing of $3 Million Public Offering of Common Stock Priced At Premium to Market Under Nasdaq Rules.
- NEE: files for $4 billion common stock offering.
- Notes Filed Or Priced: None of note.
- Convertibles Filed or Priced:
- GPUS: Form S-3.. Up to 43,011,836 shares of Class A Common Stock Issuable upon Conversion of Certain Convertible Notes.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- INBS: $10.0 Million Private Placement Priced At-the-Market Under Nasdaq Rules.
- Selling Shareholders:
- NRGV: Form S-3.. Up to 4,500,000 shares of Common Stock Offered by the Selling Stockholder Issuable Upon Exercise of Outstanding Warrants.
- Mixed Shelf Offerings: None of note.
News After The Close:
- Furniture makers up as President Trump postpones Tariffs for one year.
- Warren Buffet has stepped down as the head of Berksire Hathaway (BRKB).
- Netflix (NFLX) disclosed on its website that its Christmas NFL game between the Viking and Lions was the most streamed NFL game in U.S. history with an average of 27.5 million viewers.
- CACI awarded a five-year task order valued at up to $212 million to deliver software-defined enterprise-level network modernization for the U.S. Space Force.
- BigBear AI (BBAI) completes its previously announced acquisition of Ask Sage, a fast-growing Generative AI platform for $250 million.
- BA awarded a $2.7 billion Army contract.
- LMT awarded a $328 million Air Force contract .
Exchange/Listing/Company Reorg and Personnel News: None of note.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note:
- Stocks Ex Div Tomorrow day of note: None of note.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 +38, NASDAQ 100 +244, Dow Jones +203, Russell 2000 +19.50 Europe is higher while Asia is higher ex Japan. Bond yield is at 4.157% from 4.112% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $89,386 from $88,879 higher by 1.38% which is at $+1254.
Sector Action:
- Daily Positive Sectors: None were higher.
- Daily Negative Sectors: All 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: None of note
- Tomorrow Before The Open: None of note
Notable Earnings of Note This Morning:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: This Morning – None of note.
- Negative or Mixed Guidance: This Morning – None of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: None of note.
- GapDown: None 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 sees Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Tesla Closes Out Brutal Year in Europe with Steep Sales Declines. (Bloomberg)
- WSJ Lead Story: How Kraft Lost Its Lock on Mac and Cheese and American Shoppers. (WSJ)
- NY Times Business Section Lead Story: Hollywood Ekes Out a Slightly Better 2025. (NYT)
- Markets Wrap: Stocks, Gold, Bond Yields Rise in Lively Start to 2026. (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today: None
- President Trump’s schedule for today:
- No events on the schedule.
- Economic Data Out –
- Weekly
- None of note.
- Monthly
- November Construction Spending at 10:00 a.m. EST and there was no October data.
- Weekly
M&A Activity & Daily Changes: None of note.
Moving Average Table: 37% from 70% of Equities Positive and 40% from 76% of Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
- Top Analyst, Investor: None of note.
- Shareholder Meetings: None of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings: None of note.
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: CVE of note.
- Downgrades: None of note.