Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday lower by -0.05% at 6734.11 from Thursday lower by -1.66% at 6737.49.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29.
- Futures are higher this morning by +11 (+0.16%) at 6766.25 on the S&P 500 around 6:05 a.m. EST.
- Year to date the S&P 500 is up by 14.50% from 14.55% Friday’s close.
Executive Summary:
- Bond Market is lower today on price with the 10-Year Yield higher at 4.127% from 4.09%.
- The S&P 500 broke below 6800 last week with support now at 6700.
- All eyes on Nvidia (NVDA) and its earnings due out after the close on Wednesday.
- President Trump cut tariffs on lots of food products to help ease inflation.
- Fed met with Wall Street Banks on Repo market.
Key Events of Note Today:
- Economic news of note today include Empire Manufacturing Data at 8:30 a.m. EST.
- Federal Reserve Speakers – Williams, Jefferson and Waller of note.
- President Trump speaks at 2:00 p.m. EST and 6:00 p.m. EST.
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:
- ANNX – Closing of Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares for Gross Proceeds of $86.25 Million.
- BTTC: Form F-1.. 3,036,703 ordinary shares.
- NOTE: Form S-3..Up to 2,349,395 Shares of Class A Common Stock.
- SKBL: Form F-1.. Up to 36,131,489 Class A Ordinary Shares.
- Notes Filed Or Priced: None of note.
- Convertibles Filed or Priced: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders:
- EDBL: Form S-3.. 4,043,142 Shares of Common Stock Offered by the Selling Stockholders.
- SDOT: Form S-1.. Up to 400,000 Shares of Common Stock to be Offered by the Selling Stockholder.
- Mixed Shelf Offerings:
- ONON: Form F-3ASR Mixed Shelf.
- TOMZ: Form S-3.. $50,000,000 Mixed Shelf.
- UEC: FORM S-3ASR – Mixed Shelf Offering.
News After The Close:
- Dept of Energy announces $355 million to expand domestic production of critical minerals and materials.
- Biogen (BIIB) announces it has completed the acquisition of Alcyone Therapeutics.
- BLS announces the September jobs report will be released on Thursday, Nov 20.
- Alphabet’s Google (GOOGL) plans to invest $40 billion in new Texas data centers.
- President Trump noted that certain products shall no longer be subject to the reciprocal tariffs. Some of these products include: coffee and tea; tropical fruits and fruit juices; cocoa and spices; bananas, oranges, and tomatoes; beef; and additional fertilizers.
- DOT & FAA announce reduction of required flight cuts to 3% from 6%.
- 10-Q Delays: Q DFDV ASPI KULR of note.
Exchange/Listing/Company Reorg and Personnel News:
- CBNK appoints Jacob Dalaya as Executive Vice President and Chief Financial Officer of Capital Bancorp and Capital Bank, National Association, effective immediately.
- LEN announces that Co-Chief Executive Officer and President Jon Jaffe will retire effective December 31, 2025.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: BG SO APO ARR CEG COF COP GEN HSY IEP JBL JEF KKR LHX LPG MRX MUR OSK PSX ROK UPS EXPI GLNG HRZN KLAC PZZA WYNN of note.
- Stocks Ex Div Tuesday of note: None of note.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 +7.50 NASDAQ 100 +67.50 Dow Jones -27 Europe is lower and Asia is mixed. Bond yield is at 4.12% from 4.09% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $95.421 from $95,550 higher by 1.20% which is $1124.
Sector Action:
- Daily Positive Sectors: Energy, Technology and Real Estate were higher.
- Daily Negative Sectors: Materials, Consumer Cyclical, Communication Services and Financials 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:
- Tuesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: BRC +0.02 of note.
- Misses: ARMK -0.07
- 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: ZYME +59.2%, JAZZ +31.2%, RPTX +24.8%, SSP +18%, QUBT +17.1%, AVR +14.9%, NIU +8%, ESLT +7.8%, FIGR +6.8%, NUVL +6.2%, HIVE +6.2%, QLGN +5.9%, GOOGL +4.7%, SE +3.8%, MASI +3.2%, SRDX +3.1%, JBIO +2.8%, UMAC +2.7%, OGN +2.1%, MNRO +2%, of note.
- GapDown: ARMK -7.2%, WTF -3.7%, XPEV -3.2%, YSG -2.6%, 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:
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 Urges House to Vote For Release of Epstein Files. (Bloomberg)
- Market Wrap: US Futures pair gains as big earnings week starts. (Bloomberg)
- China threatens Japan over comments on Taiwan over the weekend. (Bloomberg)
- Bloomberg Odd Lots: Doubeline Capital Portfolio Manager Jeffrey Gundlach says private credit is a “powder keg” of garbage lending. (Podcast)
- Netflix (NFLX) splits 10-1 today.
- Federal Reserve New York President Williams met with 25 Wall Street Banks on repo market. (FT)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve New York President John Williams at 9:00 a.m. EST
- Federal Reserve Vice Chairman Philip Jefferson speaks at 9:30 a.m. EST
- Federal Reserve Governor Christopher Waller speaks at 3:35 p.m. EST
- President Trump schedule for today:
- The President meets with the White House Task Force on the FIFA World Cup 2026 at 2:00 p.m. EDT.
- The President delivers Remarks at McDonald’s Impact Summit at 6:00 p.m. EDT.
- Economic Releases:
- November Empire Manufacturing is due out at 8:30 a.m. EST and expected to fall to 6.1 from 10.70.
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Jefferies Global Healthcare Conference
- Raymond James Napa Valley Small Cap Symposium
- Redburn’s FinTech Conference
- Wolfe Research Healthcare Conference
- Top Analyst, Investor: DARE EYE IHD INVH MRK NTGR RIVN SRTA
- Shareholder Meetings: PMN SGN SOHO
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- Dubai Airshow
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: BALL COCO EXPD OI YUM of note.
- Downgrades: BMEA DELL HPQ KRT PCH of note.