Overnight Summary & Early Morning Trading:
- The S&P 500 finished Wednesday higher by 0.67% at 6886.68 from Tuesday lower by -0.09% at 6840.51 from Monday lower by -0.35% at 6846.51.
- S&P 500 hit its 34th All-Tie Closing High of 2025 on 10/29/25. It got close yesterday to a new high.
- Futures are lower this morning by -18.75 (-0.27%) at 6873 on the S&P 500 around 7:30 a.m. EST.
- Year to date the S&P 500 is up by 17.09% from 16.31% on Friday’s close.
Executive Summary:
- FOMC lowered by 25 basis points and began to buy bonds again. Viewed as dovish so stocks rallied yesterday from 2:00 p.m. onward.
- Bond Market is lower today on price with the 10-Year Yield higher at 4.133% from 4.202%
- The S&P 500 sees support now at 6800. Can 6900 become support.
Key Events of Note Today:
- Federal Reserve Speakers –
- 30-Year Bond Auction at 1:00 p.m. EST.
- Economic news of note is still delayed due to the government shutdown but we will be producing what is scheduled to be reported.
- Weekly – Jobless Claims and Natural Gas Inventories
- Monthly – Trade Balance.
- President Trump schedule:
- President Trump participates in a signing ceremony and speaks from the Congressional Ball,
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Capital Raises:
- IPOs For The Week: CDNL JMG LMRI WLTH of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- AZTR: FORM S-1 – Up to 38,944,662 Shares of Common Stock
- BLNK – Pricing of $20 Million Public Offering of Common Stock
- CTOR – Closing of $18 Million Concurrent Registered Direct Offering and Private Placement Priced AtThe-Market Under Nasdaq Rules
- IMVT – Pricing of $550 Million Common Stock Financing
- STC – Pricing of Public Offering of Common Stock
- TWG – Closing of $5.04 million Public Offering
- Notes Filed Or Priced: None of note.
- Convertibles Filed or Priced:
- URG – Pricing of $100 Million Offering of 4.75% Convertible Senior Notes Due 2031
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders:
- PRLD – FORM S-3 – 6,250,000 shares of Common StockOffered by the Selling Stockholder
- Mixed Shelf Offerings:
- ARWR: Form S-3ASR Mixed Shelf
- STC: FORM S-3ASR – Mixed Shelf Offering
News After The Close: None of note.
Exchange/Listing/Company Reorg and Personnel News: None of note.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: TRV SPG NXPI PEG OXY PPL XP VFC LEA YOU VCTR CNO RYN KSS CASH of note.
- Stocks Ex Div Tomorrow day of note: SRE HPQ TU ADT SR BDC MDU MPW of note.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 -20 NASDAQ 100 -123 Dow Jones +15 Russell 2000+1 Europe is higher and Asia is higher ex Japan. Bond yield is at 4.14% from 4.20% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $90,000 from $92,050 yesterday morning but lower by -3.55% which is at $-3280.
Sector Action:
- Daily Positive Sectors: All ex Utilities were higher.
- Daily Negative Sectors: Utilities 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: None of note.
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: BRZE +15.1%, of note.
- GapDown: LAKE -21.8%, 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: Global Bond Yields Hit 17 year High. (Bloomberg)
- WSJ Lead Story: Massive Debt Deal are back on Wall Street. (WSJ)
- Market Wrap: Stocks dip on FOMC today. (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- None of note.
- President Trump’s schedule for today:
- President Trump participates in a signing ceremony at 4:45 p.m. EST.
- President Trump speaks at the Congressional Ball at 8:00 p.m. EST.
- Economic Data Out –
- Weekly Jobless Claims are due at 8:30 a.m. EST.
- Weekly Natural Gas Inventories are due out at 10:30 p.m. EST.
- September Trade Balance is due out at 8:30 a.m. EST. August came in at $-59.6 billion and September is estimated to be $-61.7 billion.
M&A Activity & Daily Changes: None of note.
Moving Average Table: Bonds recovered a bit.
Meeting & Conferences of Note:
- Sellside Conferences:
- Barclays Technology Conference
- Craig-Hallum Nuclear Energy Forum
- D.A. Davidson Eastern Bank Summit
- Jefferies Specialty Finance Crossover Conf
- KeyBanc Consumer Spotlight
- Oppenheimer Movers in Rare Disease
- Oppenheimer Industrials Summit
- RBC Healthcare Private Company Conf
- Roth Deer Valley Conference
- Sidoti Small-Cap Conference
- Stifel MedTech Madness West Coast Bus Tour
- TD Cowen Diagnosing Tomorrow
- Top Analyst, Investor: ABSI, BMY, CPA, ROIV, VVV, WSO, WY
- Shareholder Meetings: BILL LRHC OVID SCLX SFIX WKSP
- Fireside Chat: None of note.
- FDA Presentation:
- ANIX: Data Presentation for Alphalactalbumin vaccine
- GSK: PDUFA date for Blujepa
- R&D Day: None of note.
- Meetings:
- Emerging Growth Conference
- Melius Research Conference
- San Antonio Breast Cancer Symposium
- Singular Best of the Uncovereds Conf
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: BLCO DLO DTE FTRE JBHT PEN PNFP ROKU SLNH SNPS TMO U V of note.
- Downgrades: STLA of note.