Overnight Summary & Early Morning Trading:
- The S&P 500 finished Thursday higher by 0.01% at 6921.46 from Wednesday lower by -0.34% at 6920.63.
- The S&P 500 sees support now at 6900 as it moved back above 6900 with Monday’s close. Resistance is now at 7000.
- S&P 500 hit its first All-Time Closing High of 2026 on Tuesday.
- Year to date the S&P 500 finished up by 1.12% from 1.11% on Friday’s close.
- Futures are higher this morning by +4.25 (+0.08%) at 6966.25 on the SP 500 around 6:20 a.m. EST.
- Bond Market is lower today on price with the 10-Year Yield at 4.187% from 4.163%.
Executive Summary:
- Supreme Court Ruling on Tariffs?
- Nonfarm Payrolls, Housing, Mich. Sentiment
- ACA Subsidies approved by House, will help avoid a late January government shutdown.
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 – Baker Hughes Rig Count is due out.
- Monthly – Nonfarm Payrolls, Housing Starts (2) and University of Michigan Consumer Sentiment of note.
- Fed Speakers of Note today: Kashkari speaks at 10:00 a.m. EST, Tom Barkin speaks at 1:35 p.m. EST
- President Trump schedule:
- Meets with the Secretary of State in the morning, lunches with the Vice President and then meets with Oil Executives regarding Venezuela.
Notable Earnings Out After The Close:
- Beats: GBX+0.35 of note.
- Misses: WDFC -0.17 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:
- FLYX announces proposed public offering of common stock.
- FLGC: Form S-3.. 966,497 Common Shares.
- GLUE – Pricing of $300 Million Underwritten Public Offering.
- Notes Filed Or Priced:
- CWEN – Pricing of Upsized Offering of $600 Million of Senior Notes.
- MUR – Pricing of $500 Million of 6.500% Senior Notes Due 2034.
- O – Closing of $862.5 Million Convertible Senior Notes Offering.
- Convertibles Filed or Priced:
- CSIQ – Pricing of Upsized Offering of $200 Million Convertible Notes due 2031.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders: None of note.
- Private Placements: None of note.
- Mixed Shelf Offerings:
- AVTX files for $750 million mixed securities shelf offering.
News After The Close:
- Rio Tinto (RIO) confirms that it has been engaging in preliminary discussions with Glencore about a possible combination.
- House approves renewal of expired Obamacare ACA subsidies. Will help avoid a government shutdown.
- Krystal Biotech (KRYS) announces Positive Interim Clinical Update from KB407 Phase 1 CORAL-1 Study with Confirmation of Wild-Type CFTR Delivery to the Lungs of Patients with Cystic Fibrosis.
- Eli Lilly (LLY) Orforglipron helped people maintain weight loss after switching from injectable incretins to oral GLP-1 therapy in first-of-its-kind Phase 3 trial.
- GM expects $6 billion charge in Q4 related to reducing EV production and impairments.
- Intel (INTC) +1.9% moving higher after hours after President Trump said he had a great meeting with CEO Lip-Bu Tan in Truth Social Post.
- President Trump instructing Fannie (FNMA) and Freddie (FMCC) to purchase $200 billion in MBS.
- GE awarded a $1.4 billion modification to Navy contract.
Exchange/Listing/Company Reorg and Personnel News:
- MMSI appoints F. Ann Millner, Ed.D., formerly Lead Independent Director, as Chair of the Board.
- PRAX announces the promotion of Megan Sniecinski to Chief Operating Officer.
- NAVI appoints Steve Hauber as CFO, effective immediately.
- ILMN appoints Eric D. Green, M.D., Ph.D., as Chief Medical Officer (CMO), effective February 2.
- CNMD CFO Todd Garner to step down.
- JAZZ appoints Thomas Riga as Chief Business Officer.
Buybacks:
- CAC authorizes new share repurchase program up to 850,000 shares.
- GWRE authorizes new $500 million share repurchase program.
Dividends Announcements or News:
- Stocks Ex Div Today of note: ORCL MA INTU TD MRVL GEHC GIS DRI TOL KRG AEO BRC BKU AAP of note.
- Stocks Ex Div Tomorrow day of note: T VZ UDR HRL LNC ORLA GNL UVV.
- STAG increases in the annual dividend rate from $1.49 per share to $1.55 per share.
What’s Happening This Morning: (as of 7:30 a.m. EST)
- Futures S&P 500 +6 , NASDAQ 100 +44 , Dow Jones -1 . Europe is higher while Asia is mixed. Bond yield is at 4.183% from 4.163% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. 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 $90,296 from $89,718 lower by -0.45% which is at $-409.
Sector Action:
- Daily Positive Sectors: All others were higher.
- Daily Negative Sectors: Technology and Healthcare 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.
- Monday 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: After The Close & This Morning – MMSI ADCT BBNX of note.
- Mixed – None of note.
- Negative or Mixed Guidance: After The Close & This Morning – OLN PCRX AXTI LWAY of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: ACON +24% of note.
- GapDown: IMRX -22.6% 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: ZNTL
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Trump Cancels Second Attack on Venezuela. (Bloomberg)
- WSJ Lead Story: How Smuggling Illegal Oil Into Asia Works. (WSJ)
- NY Times Business Section Lead Story: The Man Who Could Be Apple’s Next CEO. (NYT)
- Markets Wrap: Dollar, Yields and Stocks rise ahead of Payrolls. (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve Minneapolis President Neel Kashkari speaks at 10:00 a.m. EST.
- Federal Reserve Richmond President Tom Barkin speaks at 1:35 p.m. EST.
- President Trump’s schedule for today:
- Meets with Secretary of State Rubio at 11:00 a.m. EST.
- Lunches with Vice President Vance at 1:00 p.m. EST.
- Meets with Oil & Gas Executives at 2:30 p.m. EST.
- Economic Data Out –
- Weekly
- Baker Hughes Rig Count are due out at 1:00 p.m. EST.
- Monthly
- December Nonfarm Payrolls are due out at 8:30 a.m. EST and expected to fall to 55,000 from 64,000 with the unemployment rate falling to 4.5% from 4.60%.
- September Housing Starts are also out at 8:30 a.m. and expected to rise to 1,320,000 from 1,307,000.
- October Housing Starts are also out at 8:30 a.m. and expected to rise to 1,340,000.
- January University of Michigan Consumer Sentiment is due out at 10:00 a.m. EST and expected to rise to 53 from 52.90.
- Weekly
M&A Activity & Daily Changes: Merck (MRK) may buy Revmed (RVMD).
Moving Average Table: 97% of Equities are Positive, and 40% from 84% of Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Davidson Northeast Private Equity Conference
- Evercore Leading the Charge Power & Utility Conference
- Needham Growth Conference
- Top Analyst, Investor: BBIO IDYA JAZZ TSM
- Shareholder Meetings: RBBN
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- ASCO
- CES
- Sachs Associates Oncology Innovation Forum
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: ARRY CHH CRWD DCI EW EXPD FDX LMT MLTX MO ORA PWR SEDG SNDR WM of note.
- Downgrades: HQY IHRT STNG ZBH of note.