Overnight Summary & Early Morning Trading:
- The S&P 500 finished Monday lower by -0.35% at 6846.51 from Friday higher by 0.19% at 6870.40.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29/25.
- Futures are higher this morning by +2.50 (+0.04%) at 6858.25 on the S&P 500 around 6:15 a.m. EST.
- Year to date the S&P 500 is up by 16.40% from 16.81% on Friday’s close.
Executive Summary:
- Bond Market is lower today on price with the 10-Year Yield higher at 4.157% from 4.155%.
- 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.
- NFIB Small Business Optimism Index and Weekly Petroleum Insititute Data are due out 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.
- 10-Year Note Auction at 1:00 p.m. EST
Notable Earnings Out After The Close:
- Beats: PHR +0.07, YEXT +0.01 of note.
- Misses: CMP -0,42, TOL -0.30 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:
- ALM – Pricing of Upsized US$112,500,000 Underwritten Offering of Common Shares in the United States.
- BORR – Public Offering of Common Shares.
- DYN – Proposed Public Offering of Common Stock.
- FCUV – Form S-1.. Up to 10,558,975 Shares of Common Stock.
- FULC – Proposed $150.0 Million Public Offering of Common Stock.
- GPCR – Proposed $500 Million Public Offering of American Depositary Shares and Pre-Funded Warrants.
- KYMR – Proposed Public Offering.
- REED – Closing of $10 Million Public Offering and Uplisting to NYSE American Stock Exchange.
- VERA – Proposed Public Offering of Class A Common Stock.
- WVE – Proposed $250 Million Public Offering of Ordinary Shares and Pre-Funded Warrants.
- Notes Filed Or Priced:
- LUMN – Pricing of its 8.500% Senior Notes Due 2036 and Upsize of Previously Announced Debt Tender Offers.
- SPH – Pricing of Private Offering of Senior Notes.
- Convertibles Filed or Priced:
- ARBE – Proposed Extension of Convertible Debenture Milestones.
- IREN – $2.3 Billion Convertible Notes Offering and the Repurchase of Existing Convertible Notes.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- ASTI – Closing of Up to $5.5 Million Private Placement Priced At-The-Market Under Nasdaq Rules.
- Selling Shareholders: None of note.
- Mixed Shelf Offerings:
- FVR: Form S-3..$200,000,000 Mixed Shelf.
News After The Close:
- Cohen & Steers (CNS) reports preliminary assets under management of $91.9 billion as of November 30, 2025, an increase of $1.3 billion from assets under management of $90.6 billion at October 31, 2025.
- Nvidia (NVDA) moving higher on report that Trump greenlights Nvidia H200 AI chip sales to China.
- Ares Management (ARES) will replace Kellanova (K) in the S&P 500 effective prior to the open of trading on Thursday, December 11. Mars Inc. is acquiring Kellanova in a deal expected to close soon, pending final closing conditions.
- Vital Farms Inc. (VITL) will replace Heidrick & Struggles Intl Inc. (HSII) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, December 11. Advent International and Corvex Private Equity are acquiring Heidrick & Struggles Intl in a deal expected to be completed soon, pending final closing conditions.
- Sezzle Inc. (SEZL) will replace Vital Energy Inc. in the S&P SmallCap 600 effective prior to the opening of trading on Monday, December 15. S&P SmallCap 600 constituent Crescent Energy Co. (CRGY) is acquiring Vital Energy in a deal expected to close soon, pending final closing conditions.
- Alexander & Baldwin (ALEX) to be taken private in $2.3 billion transaction .
Exchange/Listing/Company Reorg and Personnel News:
- CWH announces that Matthew Wagner, the Company’s President, will succeed Marcus Lemonis as CEO upon his retirement on January 1.
- GPK announces that Robbert Rietbroek has been appointed as CEO, effective January 1.
- SWIM appoints Sean Gadd as CEO, effective January 5.
- AGM announces the appointment of Matthew Pullins as its Executive Vice President, CFO, and Treasurer, starting December 1.
Buybacks:
- NECB authorizes a third stock repurchase program to acquire up to 1,400,435 shares, or 10%, of the Company’s currently issued and outstanding common stock
- UCB approves a common stock repurchase program, authorizing the repurchase of up to $100 million of its outstanding common stock on the open market, in privately negotiated transactions
Dividends Announcements or News:
- Stocks Ex Div Today of note: CNL ROST FIS AEE G GBCL TPC HOG DOLE NSP 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 +4 NASDAQ 100 +3 Dow Jones +27 Russell 2000 +1 Europe is mixed and Asia is lower ex Japan. Bond yield is at 4.157% from 4.155% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold and Silver higher with Copper lower. The U.S. Dollar is flat versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $90,634 from $92,017 yesterday higher by .02% which is at $16.
Sector Action:
- Daily Positive Sectors: Technology was 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: FERG +0.20, CNM +0.16, KFY +0.02 of note.
- Misses: CAL -0.18 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: ALEX +37.6%, MAMA +18.1%, BKD +8.5%, ARES +8.4%, CNM +7.6%, SEZL +5.8%, VITL +5.2%, GLDG +4.5%, PZG +4.3%, OWLS +4%, WVE +3.9%, ASMB +3.2%of note.
- GapDown: ALM -14.6%, VERA -6.6%, GPK -5%, FULC -4.7%, KYMR -4.5%, AUTL -3.8%, TOL -3.8%, CRDF -3.4%, BTI -2.5%, SWIM -2%, HD -1.7% 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. RNAC CBIO GMRE DMAC 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.
- Market Wrap: Stocks and Yields waver as Fed caution lingers. (Bloomberg)
- Bloomberg Lead Story: Options Traders Bracing For Wild Stock Trading off Fed Decision. (Bloomberg)
- Ukraine President Volodymyr Zelensky rules out ceding territory, which is a key part of President Trump’s peace plan.
- Judge rules that President Trump’s ban on wind projects is illegal. (Bloomberg)
- Home Depot (HD) lowered guidance ahead of its analyst meeting with Wall Street.
- CVS positive guidance today ahead of its analyst meeting.
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 attends the Vice President’s Christmas Reception at 3:15 p.m. EST.
- President Trump delivers Remarks on the Economy from Mount Airy Lodge & casino at 6:10 p.m. EST.
- Economic Data Out –
- November NFIB Small Business Optimism is due out at 6:00 a.m. EST and is estimated to come in at 98.30 from 98.20.
- Weekly Petroleum Institute Data is due out at 4:30 p.m. EST.
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- BAC Home Care Conference
- Capital One Securities Energy Conference
- Citi Consumer Conference Insurance Access Day
- GS U.S. Financial Services Conference
- Jefferies Gas Utilities Conference
- Mizuho Power, Energy & Infrastructure Conference
- RJ TMT and Consumer Conference
- UBS Media and Communications Conf
- Wells Fargo Energy and Utilities Symposium
- Top Analyst, Investor: ANDE, BLD, CVS, ELAN, GEV, GHC, HD, LGND, LTM, NXDT, REI, RELY, XOM
- Shareholder Meetings: CCRN MTN NDRA PANW PTON
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- A.G.P. Electric Vehicles & Transportation MConf
- American Society of Hematology Meeting
- iAccess Alpha Best Ideas Winter Investment Conf
- John Tumazos Very Independent Research Conference
- Nareit’s REITworld Conference
- Nasdaq Investor 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: LYEL VIK of note.
- Downgrades: FMC of note.