Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday higher by 0.19% at 6870.40 from Thursday higher by 0.11% at 6857.12.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29/25.
- Futures are higher this morning by +7.25 (+0.11%) at 6885.50 on the S&P 500 around 6:15 a.m. EST.
- Year to date the S&P 500 is up by 16.81% from 16.59% on Friday’s close.
Executive Summary:
- Bond Market is higher today on price with the 10-Year Yield lower at 4.155% from 4.112%.
- The S&P 500 sees support now at 6800 from 6700. 6900 by the FOMC? Theme for the week.
- Bitcoin failed to find a bottom this past week as it lost -1.67% for the week.
- FOMC out on Wednesday.
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. None on deck today.
- President Trump schedule:
- President Trump participates in a round-table at 2:00 p.m. EST.
- Federal Reserve Speakers – In Blackout Period until December 10th.
- 3-Year Note Auction at 1:00 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:
- APLD: Form S-3.. 2,400,000 Shares of common stock.
- CERO: Form S-1.. Up to 729,596,950 Shares of Common Stock.
- FBYD: Form S-3.. 7,485,437 Shares of Series B Preferred Stock 8,792,634 Shares of Class A Common Stock.
- KLTO: Form S-1.. Up to a Maximum of 35,000,000 Shares of Common Stock.
- LYEL: FORM S-3 – 1,900,000 Shares of Common Stock.
- SLE: Form S-3.. 3,609,383 Shares of Common Stock.
- THAR: Form S-3.. Up to 176,934,358 Shares of Common Stock.
- Notes Filed Or Priced:
- HRL – FORM S-3ASR Debt Securities.
- Convertibles Filed or Priced: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- GMM – US$4.8 Million Private Placement Financing.
- Selling Shareholders:
- BFRI: Form S-1.. 4,000,640 Shares of Common Stock Offered by the Selling Stockholders.
- Mixed Shelf Offerings:
- ICON: Form F-3.. $250,000,000 Mixed Shelf.
- LUCD: Form S-3..$175,000,000 Mixed Shelf.
- MNOV: Form S-3.. $300,000,000 Mixed Shelf.
- MYNZ: Form F-3.. $150,000,000 Mixed Shelf.
- RZLT: Form S-3ASR Mixed Shelf.
News After The Close:
- None of note.
Exchange/Listing/Company Reorg and Personnel News:
- NOW shareholders approve previously announced 5-for-1 stock split
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: UNH ADI BDX RCI FAF RAL MAIN K0F KTB SEI NIC of note.
- Stocks Ex Div Tomorrow day of note: None of note.
- MORN increases quarterly dividend to $0.50 per share from $0.455 per share
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 +7 NASDAQ 100 +52 Dow Jones +13 Russell 2000 +11 Europe is mixed and Asia is mixed as well. Bond yield is at 4.155% from 4.112% 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 lower versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $92,017 from $91,361 on Friday higher by .62% which is at $560.
Sector Action:
- Daily Positive Sectors: Communication Services, Technology and Consumer Cyclicals were higher.
- Daily Negative Sectors: All others 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:
- Tomorrow Before The Open:
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: FULC +47.5%, IMMX +19.6%, OCUL +13.7%, ACLX +12.5%, ALXO +10.6%, WVE +9.2%, SLS +8%, KYMR +5.6%, AAPG +4.4%, ORIC +4.4%, PRME +4.3%, BEAM +3.9%, BNTX +3.2%, BIDU +3.2%, LYEL +3%, EVAX +2.9%, PSHG +2.2%, HOOD +2.2% of note.
- GapDown: GROY -4.2%, PRTC -3.9%, LUCD -2.9%, MATW -2.8%, AVX -2.6%, WS -2.1%, MOLN -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: PMTS sees 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: 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: Zelensky says no agreement on Eastern Ukraine so far. (Bloomberg)
- Market Wrap: Stocks nudge higher in cautious start to week. (Bloomberg)
- Canada, Mexico, and the U.S. agreed to work toward renewing the existing USMCA.
- IBM in talks to buy Confluent for $11 billion. (WSJ)
- President Trump tells reporters that Netflix (NFLX) deal for Warner Brothers (WBD) could be an antitrust “problem.” He said he will be personally involved in the approval process.
- Meta (META) aims to delay new mixed reality glasses. Business Insider
- Analyst Ed Yardeni ends 15 years overweight on Mega Cap Tech and moves to underweight. (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- In Blackout Period until December 10th.
- President Trump’s schedule for today:
- President Trump participates in a round-table at 2:00 p.m. EST.
- Economic Data Out – None of note
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- BAC CNS Therapeutics Conference
- BAC Home Care Conference
- Capital One Securities Energy Conference
- Citi Insurance Access Day
- Jefferies Bank Summit
- RJ TMT and Consumer Conference
- Stifel MedTech Madness W Coast Tour
- UBS Media and Communications Conf
- Top Analyst, Investor: AMBO, DE, KURA, NEE, NGVT, NRIX, NRSN, RXRX, SLM, TBPH, TCRX
- Shareholder Meetings: FEAM JAGX MSGS SATL
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- American Epilepsy Society (AES) Meeting
- American Society of Hematology Meeting
- Nareit’s REITworld Conference
- San Antonio Breast Cancer Symposium
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: ALSN FIVE MA OKLO RAL ULTA V of note.
- Downgrades: ENLT FLNC LCID LEN OXY PBF RIVN RRC of note.