Overnight Summary & Early Morning Trading:
- The S&P 500 finished Thursday higher by 0.21% at 6901 from Wednesday higher by 0.67% at 6886.68.
- S&P 500 hit its 35th All-Time Closing High of 2025 yesterday.
- Futures are lower this morning by -11 (-0.16%) at 6895 on the S&P 500 around 6:45 a.m. EST.
- Year to date the S&P 500 is up by 17.30% from 17.09% on Friday’s close.
Executive Summary:
- Bond Market is higher today on price with the 10-Year Yield higher at 4.178% from 4.133%
- The S&P 500 sees support now at 6900. Can 6900 hold at support?
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.
- Weekly – Baker Hughes Rig Count
- Monthly – None of note.
- President Trump schedule:
- President Trump participates in a signing ceremony at 3:00 p.m. EST.
Notable Earnings Out After The Close:
- Beats: LULU +0.38, NTSK +0.15, AVGO +0.08, COST +0.07, of note.
- Misses: RH -0.45 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: None of note.
- 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: None of note.
- Mixed Shelf Offerings: None of note.
News After The Close:
- AI stocks lower on Broadcom (AVGO) earnings.
- Costco (COST) beats on earnings and revenues.
- Trump to seek to have a national AI strategy, not state driven.
- Lululemon Athletica CEO to step down, stock rallies.
Exchange/Listing/Company Reorg and Personnel News:
- Lululemon Athletica CEO to step down, stock rallies.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: SRE HPQ TU ADT SR BDC MDU MPW of note.
- Stocks Ex Div Tomorrow day of note: of note.
What’s Happening This Morning: (as of 7:45 a.m. EST)
- Futures S&P 500 -11 NASDAQ 100 -145 Dow Jones +89 Russell 2000+4 Europe is higher and Asia is higher. 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 and Silver are higher with Copper lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $92,246 from $92,100 yesterday morning higher by +0.79% which is at $719.
Sector Action:
- Daily Positive Sectors: Materials, Financials, Industrials and Consumer Defensive were higher.
- Daily Negative Sectors: Communications Services, Technology and Energy 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: None of note
- 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: TLRY +28.7%, NX +22.4%, CGC +21.2%, MITK +18.5%, SNDL +15.3%, ACB +12.8%, CRON +11.9%, LULU +9.3%, ANIX +5.4%, FTI +5.1%, WEST +4.1%, RH +3.8%, SCVL +3.3% of note.
- GapDown: DXLG -10.3%, CMTL -8.8%, TNYA -8.8%, AVGO -6.5%, LPTH -6.3%, NTSK -5.6% 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: None
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Lead Story: President Trump is expected to dramatically cut federal restrictions on marijuana and reclassify it as a Schedule III drug. (The Washington Post)
- Paramount (PSKY) might increase bid for Warner Brothers (WBD) by 10%
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 swearing in ceremony for the new head of the EXIM Bank at 1:30 p.m. EST.
- President Trump signs a new bill at 3:00 p.m. EST.
- Economic Data Out –
- Weekly Baker Hughes is due at 1:00 a.m. EST.
M&A Activity & Daily Changes: None of note.
Moving Average Table: Bonds recovered a bit.
Meeting & Conferences of Note:
- Sellside Conferences:
- D.A. Davidson Eastern Bank Summit
- KeyBanc Consumer Spotlight
- Roth Deer Valley Conference
- Top Analyst, Investor: AMGN, MIST, SCHW
- Shareholder Meetings: ASTC BMRA NTNX WDFC
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- 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: BMY DVN LNTH of note.
- Downgrades: RBLX RH of note.