Overnight Summary & Early Morning Trading:
- The S&P 500 finished Monday higher by 0.64% at 6878.49 from Friday higher by 0.88% at 6834.50.
- S&P 500 hit its 35th All-Time Closing High of 2025 on 12/11.
- Futures are lower this morning by -4 (-0.06%) at 6926.25 on the SP 500 around 7:35 a.m. EST.
- Year to date the S&P 500 is up by 16.95% from 16.20% on Friday’s close.
Executive Summary:
- Bond Market is higher today on price with the 10-Year Yield lower at 4.143% from 4.169%.
- 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 tomorrow 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 – API Petroleum Institute Data of note
- Monthly – Multiple of note of note
- 5-Year Note Auction at 1:00 p.m. EST.
- Fed Speakers of Note today:
- President Trump schedule:
- Nothing on the schedule today as he is in Mar-a-Lago for Christmas.
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:
- CYCU: Form S-1.. 1,657,460 Shares of Common Stock Underlying a Pre-Funded Warrant 3,314,920 Shares of Common Stock Underlying a Warrant.
- ENVB: FORM S-3 882,627 Shares of Common Stock.
- IINN: FORM F-1 – Up to 24,973,528 Ordinary Shares.
- NVA – Closing of Public Offering.
- SBEV: Form S-1.. 7,765,238 Shares of Common Stock.
- SIDU – Pricing of Public Offering.
- 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:
- JBIO files for 3,214,286 share common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- BYND: Form S-3ASR Mixed Shelf.
- LARK: Form S-3.. $75,000,000 Mixed Shelf.
- RLGT: Form S-3.. $150,000,000 Mixed Shelf.
- UPXI: Form S-3.. $1,000,000,000 Mixed Shelf.
News After The Close:
- Amneal Pharmaceuticals (AMRX) announces that the FDA approved its Biologics Licensing Applications for Boncresa.
- Neurocrine Biosciences (NBIX) Phase 3 KINECT-DCP study did not meet primary or key secondary endpoints.
- RTX awarded a $841 million Army contract.
- PSN awarded a Missile Defense Agency SHIELD contract worth up to $151 billin.
- No delays 10-Q.
Exchange/Listing/Company Reorg and Personnel News:
- OII appoints Mr. Michael Sumruld to serve as Senior Vice President and Chief Financial Officer, and elects Mr. Roger Jenkins to serve as an independent, non-executive director.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: JCI VST CINF ESLT LAMR SUZ TTX MAIN POR WU CURB CSGS ARCO of note.
- Stocks Ex Div Tomorrow day of note: QSR OTF BCPC LTC QCRH of note.
- MRP increases quarterly dividend to $0.75/sh from $0.73/sh.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 -5, NASDAQ 100 -26, Dow Jones -33, Russell 2000 -5.10 Europe is mixed while Asia is higher ex the Hang Sang. Bond yield is at 4.147% from 4.169% 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 $87,668 from $89,986 yesterday morning lower by -0.55% which is at $-487.
Sector Action:
- Daily Positive Sectors: All others ex Consumer Defensive were higher.
- Daily Negative Sectors: Consumer Defensive 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: 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: ZIM +9.5%, NVO +6.9%, ITRG +6.3%, PSN +6.2%, HII +5.2%, SVM +2.6%, STNE +2.0%of note.
- GapDown: BYND -2.8% 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: AZO WRB AVGO VSTS see Insider Buying with dumb short selling. GTE BNTC EPSN 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: Copper Hits $12,000. (Bloomberg)
- WSJ Lead Story: Car Payments Now Average $750 a month, welcome to the 100 month loan. (WSJ)
- NY Times Business Section Lead Story: The economy avoided a recession in 2025m but many are reeling. (NYT)
- Markets Wrap: Stocks hold gains at GDP and Consumer Confidence due up. (Bloomberg)
- Visa (V) Holiday Spending rose 4.2%.
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today: None
- President Trump’s schedule for today:
- Nothing is on the schedule as he is at Mar a Lago.
- Economic Data Out –
- Weekly
- Weekly Petroleum Institute Data of note
- Monthly
- Q3 GDP is due out at 8:30 a.m. EST and is expected to drop to 3.0% from 3.80%.
- October Durable Orders are due out at 8:30 a.m. EST and expected to drop to 0.3% from 0.5%.
- Industrial Production for November is due out at 9:15 a.m. EST and is expected to rise 0.1% and there has been no October number.
- December Consumer Confidence is out at 10:00 a.m. EST and expected to rise to 89 from 88.70.
- November New Home Sales is also out at 10:00 a.m. EST and there are no estimates or October numbers.
- Weekly
M&A Activity & Daily Changes: None of note.
Moving Average Table: 100% from 97% of Equities Positive and 16% from 16% of Bonds Negative.
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
- Top Analyst, Investor: None of note.
- Shareholder Meetings: FAT, GDYN, NIXX
- 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: AME of note.
- Downgrades: None of note.