Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday higher by 0.88% at 6834.50 from Thursday higher by 0.79% at 6774.76.
- S&P 500 hit its 35th All-Time Closing High of 2025 on 12/11.
- Futures are higher this morning by +25 (+0.36%) at 6912 on the SP 500 around 6:20 a.m. EST.
- Year to date the S&P 500 is up by 16.20% from 15.07% on Thursday’s close.
Executive Summary:
- Bond Market is higher today on price with the 10-Year Yield lower at 4.169% from 4.151%.
- The S&P 500 sees support now at 6800 as it moved back above 6800 on Friday.
- Markets will have shortened trading weeks the next two, bias is upward as the Santa Claus Rally kicks in Wednesday through Monday, January 5th.
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 – None of note
- Monthly – None of note
- 2-Year TIPS Auction at 1:00 p.m. EST.
- Fed Speakers of Note today:
- President Trump schedule:
- Nothing on the schedule today.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Capital Raises:
- IPOs For The Week: AIGO ALEH ANDG DTDT HWEP MDLN RIKU UTX of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- APRE: Form S-3.. 5,503,556 Shares of Common Stock.
- CELU: FORM S-1 – Up to 15,945,039 shares of Class A Common Stock.
- GPUS – “At-the-Market” Offering of Common Stock.
- KZIA: Form F-1.. 10,700,211 American Depositary Shares Representing 5,350,105,500 Ordinary Shares.
- MNTS: Form S-1.. Up to 1,214,835 Shares of Common Stock.
- RZLV: Form F-3.. Up to 11,127,780 Ordinary Shares (for resale).
- Notes Filed Or Priced: None of note.
- Convertibles Filed or Priced:
- MASK – Initial Closing of $2 Million Convertible Promissory Note Offering.
- 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:
- CYBN: FORM F-10 – $1,700,000,000 Mixed Shelf Offering.
- GBCI: FORM S-3ASR – Mixed Shelf Offering.
- INSW: Form S-3ASR – Mixed Shelf Offering.
News After The Close:
- Cytokinetics (CYTK) today announced that the U.S. Food and Drug Administration (FDA) has approved MYQORZO™ (aficamten), 5 mg, 10 mg, 15 mg, 20 mg tablets for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM) to improve functional capacity and symptoms.
- Manitowoc (MTW) announces that the European Commission launched an anti-dumping investigation into imports of mobile cranes from China following a complaint filed by European mobile crane manufacturers.
- Rocket Lab (RKLB) awarded $816 million prime contract to build missile- defense satellite constellation for U.S. Space Force.
- Medtronic’s (MDT) Diabetes business, previously announced to operate under the name MiniMed, has filed registration statement with SEC for an IPO.
- LMT awarded a $3.63 billion modification to a previously awarded US Navy contract.
- BA awarded a $266.6 million US Air Force contract.
- RTX awarded a $512.2 million US Army contract.
- NOC awarded a $264.9 million modification to Defense Logistics Agency order.
- No delays 10-Q.
Exchange/Listing/Company Reorg and Personnel News:
- FIX announces that Trent McKenna, currently Executive Vice President and Chief Operating Officer, will be appointed to serve as President and Chief Operating Officer, effective January 1, 2026.
- PAX appoints Nikitas Psyllakis as new COO; also names new CFO.
- Dina Powell McCormick resigns as a member of the META Board, effective immediately.
Buybacks:
- TRST announces two-million share stock repurchase program.
- SBCF increases share repurchase program to $150 million.
Dividends Announcements or News:
- Stocks Ex Div Today of note: JCI VST CINF ESLT LAMR SUZ TTC MAIN POR WU CURB CSGS ARCO of note.
- Stocks Ex Div Tomorrow day of note: HPE OMC IFF DOC HLNE TPB of note.
What’s Happening This Morning: (as of 7:45 a.m. EST)
- Futures S&P 500 +27, NASDAQ 100 +159, Dow Jones +24, Russell 2000 +12 Europe is lower ex Germany while Asia is higher. Bond yield is at 4.169% from 4.151% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $89,986 from $87,895 yesterday morning higher by +1.95% which is at $+1724.
Sector Action:
- Daily Positive Sectors: Technology, Industrials, Healthcare and Materials were higher.
- Daily Negative Sectors: Utilities, Consumer Defensive and Real Estate 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
- Tuesday 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: WYFI +22.4%, of note.
- GapDown: NKE -9.9%, 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: AZO KOD see Insider Buying with dumb short selling. GTE 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: Gold and Silver hit all time highs. (Bloomberg)
- WSJ Lead Story: America’s Seniors Are Overmedicated. (WSJ)
- NY Times Business Section Lead Story: 329 Days of Trump, Trump, Trump. (NYT)
- Markets Wrap: Tech fuels stock gains as gold and copper hit records. (Bloomberg)
- Japan’s 10-year JGB yield pushed above 2% to around 2.10%, the highest since Feb. 1999, extending Japan’s bond selloff after the BOJ raised its policy rate to 0.75%.
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today: None
- President Trump’s schedule for today:
- None of note
- Economic Data Out –
- Weekly
- None of note
- Monthly
- None of note
- Weekly
M&A Activity & Daily Changes: None of note.
Moving Average Table: 97% from 47% of Equities Positive and 16% from 76% of Bonds Negative.
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
- Top Analyst, Investor: None of note.
- Shareholder Meetings: BNKK, KIDZ, MBIO, SSTK, TRUE
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings: None of note.
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: OLLI of note.
- Downgrades: LYFT AGCO of note.
