Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday higher by 0.54% at 6849.09 from Wednesday higher by 0.69% at 6812.61.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29.
- Futures are lower this morning by -39 (-0.57%) at 6820.50 on the S&P 500 around 6:00 a.m. EST.
- Year to date the S&P 500 is up by 16.45% from 15.83% on Wednesday’s close.
Executive Summary:
- Bond Market is lower today on price with the 10-Year Yield lower at 4.042% from 4.034%.
- The S&P 500 sees support now at 6800 from 6700. 6900 by the close of the week?
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.
- September Construction Spending is due out at 10:00 a.m. EST.
- November ISM Manufacturing Index is due out at 10:00 a.m. EST.
- President Trump is back in D.C. and signs Congressional Billing.
- Federal Reserve Speakers – In Blackout Period until December 10th.
- 11:30 a.m. EST, there is a 3 & 6-Month Auction.
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:
- BZAI: Form S-1.. 18,750,000 Shares of Common Stock.
- POET: Form F-3ASR Up to 29,608,160 Common Shares.
- RDZN: FORM S-3 – 7,946,634 Ordinary Shares.
- RZLV: Form F-3..Up to 200,000,000 Ordinary Shares.
- SUGP: Form F-1.. Up to 6,000,000 Units, each consisting of One Pre-Funded Warrant to Purchase One Class A Ordinary Share.
- 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:
- FLGC: Form S-1.. Resale of up to 6,300,000 Common Shares Offered by the Selling Shareholder.
- MAMA: Form S-3.. 2,666,667 Common Shares Offered by the Selling Stockholders.
- Mixed Shelf Offerings: None of note.
News After The Close:
- Black Friday was up by 1.80% on Friday.
- President Trump knows who he will name as the next Fed Chairman.
- President Trump cancels all Executive Orders signed by President Biden that were done so with an Auto Pen.
- 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- RICK names Travis Reese as Interim President and CEO and Albert Molina as interim CFO.
- RAPT discloses that Chief Medical Officer Dr. William Ho will leave the company on December 31.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: NEM MFC SLF KGC LH L RBA EG ASR BGC BC PVH CCS of note.
- Stocks Ex Div tomorrow of note: CSX B O AU EL KHC DOV DD FTV CR FDS BAX ADC CFR STEP STAG CNR CNK CXT of note.
What’s Happening This Morning: (as of 7:15 a.m. EST)
- Futures S&P 500 -42 NASDAQ 100 -200 Dow Jones -179 Europe is lower and Asia is mixed. Bond yield is at 4.045% from 4.015% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $85,908 from $86,469 on Tuesday lower by -5.94% which is at $-5460.
Sector Action:
- Daily Positive Sectors: All others were higher led by Energy, Materials, Consumer Cyclical and Communication Services.
- Daily Negative Sectors: Healthcare was 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: 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: BLTE +11%, TII +2.7%, IDYA +2.4% of note.
- GapDown: NIO -3.5%, XPEV -3.2%, HAFN -1.8% 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: 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: Bitcoin Plunges Below $86,000 to start December. (Bloomberg)
- Market Wrap: Stock Drop, Bitcoin weak in December start. (Bloomberg)
- Intel (INTC) holds 10% move on major Apple deal. (CNBC)
- China tells Home Stat Providers to stop sales data. (Bloomberg)
- Tesla (TSLA) had record sales in Norway in 2025.
- Disney (DIS) “Zootopia 2” earned $156 million from domestic box office, over $500 million globally most ever for animated movie.
- Odd Lots Podcast
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 is back in D.C. and signs Congressional Bills at 4:00 p.m.
- Economic Data Out
- September Construction Spending is due out at 10:00 a.m. EST.
- November ISM Manufacturing Index came out at 48.7% in October and the estimate is for 49.00% this month when released at 10:00 a.m. EST.
M&A Activity & Daily Changes: None of note.
Moving Average Table: The color of money is green.
Meeting & Conferences of Note:
- Sellside Conferences:
- BTIG Digital Health Forum
- BTIG Ophthalmology Day
- Citi Basic Materials Conf
- Desjardins Conference
- Needham Tech Week
- Stephens East/West Coast Bank Trip
- Stifel Deep Tech Forum: AI Hardware
- TD Technology Conference
- TD Treatment Advancements in Obesity and Related
- UBS Industrials & Transportation Conf
- UBS Technology and AI Conference
- Top Analyst, Investor: BBAI BNTC CNET GNLN LWAY RILY UMAC
- Shareholder Meetings: BWAY DVLT MNTS PRPH
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- AWS re:Invent
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: BKU CHYM CVX KTOS STTK TTWO U of note.
- Downgrades: SION of note.