Overnight Summary & Early Morning Trading:
- The S&P 500 finished Monday higher by 1.23% at 6875.16 from Friday higher by 0.79% at 6791.69.
- S&P 500 hit its 33rd All-Time Closing High of 2025 on Monday from the last one on Friday, back to back new highs!
- Futures are higher this morning by +1.50 (+0.02%) at 6909.75 on the S&P 500 around 6:20 a.m. EDT.
- Year to date the S&P 500 is up by 16.89% from 14.98% Friday’s close.
Executive Summary:
- The S&P 500 hit another new All-Time Closing High on Monday almost clearing 6900.
- Big week ahead with earnings, FOMC and Trump overseas. Yesterday, we noted, ” more new highs?” and that is exactly what we got.
- President Trump is in Japan today and then moves onto South Korea and Thursday meets with Chinese President Xi. Putin meeting at end of week?
- AI is driving job cuts, Amazon latest example.
- Auctions Today: 7-Year at 1:00 p.m. EDT.
Key Events of Note Today:
- Economic news of note today scheduled include Case Shiller Home Price Index and Consumer Confidence along with weekly API Petroleum Institute
- No Federal Reserve Speakers as they are in a blackout period until this Wednesday, October 29th.
- President Trump is overseas.
Notable Earnings Out After The Close:
- Beats: CAR +2.13, UHS +0.81, CINF +0.71, WHR +0.70, HIG +0.69, ACGL +0,51, NUE +0.45, FFIV +0.42, BBBY +0.41, OLN +31, METC +0;22, SSD +0.17. CR +0.15, VSEC +0.15, CDNS +0.14, DORM +0.12, PFG +0.12, BRO +0.11, KRC +0.11 of note.
- Misses: EG -7.09, BMRN -0.69, RMBS -0.19, NOV -0.13, FTAI -0.11, ARE -0.09, NE -0.07, WM -0.04, NWBI -0.02, NXPI -0.01 and CTOS -0.01 of note.
- Flat: BRX LEG of note.
Capital Raises:
- IPOs For The Week: BGIN, DTDT, ELCG, MKTR, MMTX, NPT, POAS
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- COYA Closing of $23.0 Million Upsized Public Offering of Common Stock, Including Full Exercise of Underwriter’s Option to Purchase Additional Shares.
- DRCT: Form S-1.. 50,000,000 Shares of Class A Common Stock.
- SLNH: Form S-1.. Up to 3,500,000 Shares of Common Stock.
- VSEC – Prices Public Offering of Common Stock.
- WRD: Form F-1.. 88,250,000 Class A Ordinary Shares.
- Notes Filed Or Priced:
- APH – Pricing of Senior Notes Offerings.
- LUV – Announces Pricing of Notes.
- OCFC – Pricing of Subordinated Notes Offering.
- Convertibles Filed: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- GLXY – Private Offering of $1.0 Billion of Exchangeable Senior Notes.
- Selling Shareholders of note:
- WLDS: Form F-3.. Up to 3,322,000 Ordinary Shares Offered by the Selling Shareholder.
- Mixed Shelf Offerings:
- ASTI: Form S-3.. $100,000,000 Mixed Shelf.
News After The Close:
- President Trump is holding a dinner in Japan.
- Paramount Global (PARA) aiming to eliminate 1000 jobs.
- NextEra (NEE) confirms two agreements with Google (GOOG) to accelerate nuclear energy deployment in the U.S.
- Solstice Advance Materials (SOLS) will replace CarMax (KMX) in the S&P 500, and CarMax will replace USANA Health Sciences (USNA) in the S&P SmallCap 600 effective prior to the opening of trading on Friday, October 31.
- Qnity Electronics (Q) will replace Eastman Chemical (EMN) in the S&P 500, and Eastman Chemical will replace Caleres (CAL) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, November 4.
- 10-K Delays , 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- GFS CFO John Hollister steps down; Q3 results are expected to be within or above prior guidance.
Buybacks:
- KBH announces new $1 billion share repurchase authorization.
- FHS authorizes new $1.5 billion share repurchase program.
Dividends Announcements or News:
- Stocks Ex Div Today of note: FAST VIV CE of note.
- Stocks Ex Div Tomorrow of note: ASML CARR CFG ENTG CALM of note.
- HESM increases quarterly cash distribution to $0.7548 per share from $0.737 per share.
What’s Happening This Morning: (as of 7:15 a.m. EDT)
- Futures S&P 500 +2.50 NASDAQ 100 +33.50 Dow Jones +124 Europe is mixed and Asia is lower. Bond yield is at 3.981% from 4.024% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower as well. Gold, Silver and Copper are lower. The U.S. Dollar is lower versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $114,445 from $115,433 lower by -0.44% which is $-504.
Sector Action:
- Daily Positive Sectors: All others led by Communications Services, Technology and Consumer Cyclical were higher.
- Daily Negative Sectors: Materials and Consumer Defensivc 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:
- Wednesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: REGN+2.18, CHKP +1.49, UPS+0.44, THC +0.36 , PII +0.25, HRI +0.17, AIT +0.15, ZBRA +0.13, UNH +0.12, EDU +0.11, CARR +0.11 of note.
- Misses: GPI -0.28, DHI -0.23, 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 – RVTY DEA of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: UPS +15.6%, CCJ +12.4%, CFLT +11.7%, ETHZ +9.2%, CLS +9.2%, DDD +8.5%, CHKP +8%, SFD +7.1%, FFWM +6.7%, VRDN +6.3%, FRGE +6%, UHS +5.4%, AGYS +5.1%, PONY +5%, SBCF +5%, CARR +4.6%, WRD +4.4%, VFC +4%, STEX +3.7%, UNH +3.6%, CR +3.5%, HSBC +2.9%, NEE +2.8%, METC +2.7%, CTEV +2.3% of note.
- GapDown: RMBS -17.2%, AVR -11.9%, CTOS -6.5%, AMKR -6.5%, FFIV -6.3%, SLNH -5.5%, ARE -5.2%, OLN -4.4%, EG -4.2%, ESRT -4.1%, EDU -4%, NE -3.9%, GPI -3.6%, NWBI -3.4%, VSEC -3%, WM -2.9%, NVS -2.7%, HTO -2.4%, EMN -2%, of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list.
Insider Action: None sees Insider Buying with dumb short selling. None sees Insider Buying with smart short sellers. Above $100,000 in purchases.
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 Hails Japan Offers Takaichi “Anything You Want”. (Bloomberg)
- Bloomberg Market Wrap: Stock rally stalls. (Bloomberg)
- President Trump says Toyota (TM) will invest $10 billion in U.S.
- Amazon (AMZN) laying off 14,000 Corporate Workers as it invests more in AI. (CNBC)
- UnitedHealth (UNH) sees growth in 2026, tops earnings expectations. (Bloomberg)
- Goldman (GS) CEO David Solomon says there is no systematic crisis in credit markets.
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- No Federal Reserve Speakers of note today due to Blackout Period prior to FOMC on Wednesday.
- President Trump is in Japan and then off to South Korea for tomorrow and Thursday.
- Economic Releases:
- October Consumer Confidence is due out at 10:00 a.m. EDT and is expected to stay at 94.20.
- S&P Cas Schiller Home Price Index is due out at 9:00 a.m. EDT
- Weekly API Petroleum is due out at 4:30 p.m. EDT.
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Wainwright Global Investment Conference
- Roth Sustainability Private Capital Conference
- Top Analyst, Investor: ADBE, ARQT, SCLS, WMT
- Shareholder Meetings: CTAS, KMT, MCFT, SYNA, UFI
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- Adobe MAX
- Abacus Asset Group Investor Summit
- Air Medical Transport Conference
- American College of Gastroenterology Meeting
- American College of Rheumatology Convergence
- Atrium Index Investor Conference
- Centurion One Capital Bahamas Summit
- NVIDIA GTC AI Conference
- Sohn San Francisco Investment Conference
- WWD Apparel & Retail CEO 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.
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- Upgrades: CORZ CRWD FOXA RBA UPWK of note.
- Downgrades: BOOT WTRG of note.