Overnight Summary & Early Morning Trading:
- The S&P 500 finished Monday lower by -0.53% at 6812.63 from Friday higher by 0.54% at 6849.09.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29.
- Futures are higher this morning by +19.50 (+0.29%) at 6845.50 on the S&P 500 around 6:00 a.m. EST.
- Year to date the S&P 500 is up by 15.83% from 16.45% on Friday’s close.
Executive Summary:
- Bond Market is higher today on price with the 10-Year Yield lower at 4.09% from 4.042%.
- The S&P 500 sees support now at 6800 from 6700. 6900 by the close of the week? Theme for the week.
- Cyber Monday was up 4.50% yesterday. The overall number was $13.9 to $14.2 billion.
- Black Friday saw sales rise by $79 billion.
- Can Bitcoin find a bottom this week or does it have to wait until the FOMC is out next 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.
- Weekly API Petroleum Institute Data is due out at 4:30 p.m. EST.
- President Trump schedule:
- Cabinet Meeting at 11:30 a.m. EST.
- President Trump makes announcement at 2:00 p.m. EST.
- 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: MDB +0.51, CRDO +0.18 of note.
- Misses: VSTS -0.03 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:
- AGRO: F-3.. Rights to Subscribe for Common Shares.
- BKV – Pricing of Public Offering of Common Stock.
- BLTE – Pricing of $350.0 Million Underwritten Public Offering of American Depositary Shares.
- IREN – Proposed Offering of Ordinary Shares to Fund the Repurchase of Convertible Notes.
- JTAI: Form S-1.. 2,000,000 Shares of Common Stock.
- Notes Filed Or Priced:
- HLT – Pricing of Senior Notes Offering.
- POST – Pricing of Senior Notes Offering.
- SPGI – Pricing of Offering of $600,000,000 Senior Notes due 2031 and $400,000,000 Senior Notes due 2035.
- 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:
- APYX: FORM S-3 – $100,000,000 Mixed Shelf Offering.
- UCB: FORM S-3ASR – Mixed Shelf Offering.
- VENU: Form S-3.. $1,000,000,000 Mixed Shelf.
News After The Close:
- Instacart (CART) -4% and DoorDash (DASH -1.5%) lower after hours on The Information report that Amazon is preparing to roll out an ultrafast delivery option.
- Amazon (AMZN) offering deliveries in 30 minutes in parts of Seattle and Philadelphia.
- Bristol-Myers (BMY) virtually unchanged in after-hours trading after U.S. judge rejected company’s bid to dismiss a $6.7 billion lawsuit over delayed cancer drug Breyanzi. (Reuters)
- Warner Brothers Discovery (WBD) ticks higher on report that it was fielding a second round of bids on Monday, including a mostly cash offer from Netflix (NFLX). (Bloomberg)
- BAESY awarded a $184 million modification to Navy contract.
- BA awarded a $104 million Navy contract.
- 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- SEG announces appointment of Lenah Elaiwat as CFO
- Apple (AAPL) announces John Giannandrea, Apple’s senior vice president for Machine Learning and AI Strategy, is stepping down from his position and will serve as an advisor to the company before retiring in the spring of 2026.
Buybacks:
- SB announces 10 million shares of common stock repurchase program.
- FCF authorizes a new $25 million share repurchase program of the company’s common stock.
Dividends Announcements or News:
- Stocks Ex Div Today of note: CSX B O AU EL KHC DOV DD FTV CR FDS BAX ADC CFR STEP STAG CNR CNK CXT of note.
- Stocks Ex Div tomorrow of note: None of note.
- NUE increases quarterly cash dividend to $0.56 per share from $0.55 per share.
- ACIC declares special cash dividend of $0.75 per share of common stock.
What’s Happening This Morning: (as of 7:15 a.m. EST)
- Futures S&P 500 +17 NASDAQ 100 +92 Dow Jones +47 Russell 2000 +14 Europe is higher and Asia is mixed. Bond yield is at 4.10% from 4.045% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $87.426 from $85,908 on Monday higher by 2.38% which is at $2049.
Sector Action:
- Daily Positive Sectors: Energy and Consumer Cyclical 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:
- Wednesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: SIG +0.34, UNFI +0.16, BNS +0.08 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 – UNFI of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: MDB +23.4%, CRDO +17.9%, CANG +6.2%, DRVN +5.8%, SB +3.1%, FCF +2.1%, APYX +2%, OOMA +1.9%, WBD +1.9% of note.
- GapDown: JANX -39.9%, BWLP -6.9%, VSTS -6.7%, IREN -4.5%, BKV -3.3%, HUN -3.3%, EXK -3.2%, CART -3%, XPO -3%, HL -2.3% 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: CBZ GXO see Insider Buying with dumb short selling. INSE sees 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: World Economy Surprisingly Resilient To Tariffs Says OECD. (Bloomberg)
- Market Wrap: (Bloomberg)
- Nvidia (NVDA) takes stake in $4 billion AI startup in London. (CNBC)
- Shopify (SHOP) hit with hours long outage during Cyber Monday. (CNBC)
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 holds a Cabinet Meeting at 11:00 a.m.
- President Trump makes an announcement at 2:00 p.m. EST.
- 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: Bonds got hammered yesterday.
Meeting & Conferences of Note:
- Sellside Conferences:
- BAC European Materials Conference
- BAC Leveraged Finance Conference
- Citi Basic Materials Conf
- Citi Healthcare Conference
- Craig-Hallum Gaming Conference
- Evercore Healthcare Conference
- GS Aircraft Leasing Conference
- MS Consumer & Retail Conference
- Piper Healthcare Conference
- TD Bermuda Insurance Trip
- UBS Industrials & Transportation Conf
- UBS Technology and AI Conference
- Wolfe Small and Mid-Cap Conference
- Top Analyst, Investor: EGY F PTCT FWDI MNST NVCT ZTS
- Shareholder Meetings: BCDA CXDO TEAM
- 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: DAR FUN PNTG SOLV TER of note.
- Downgrades: SYM of note.