Overnight Summary & Early Morning Trading:
- The S&P 500 finished Tuesday higher by 0.58% at 5970.37 from Monday higher by +0.41% at 5935.94.
- Futures are higher this morning by -24.50 (-0.41%) at 5922.75 around 6:00 a.m. EDT.
- The cash range is now 200 points on the S&P 500 cash for the year, 5900 to 6100. Year to date the S&P 500 is up by 1.51% from 0.92% on Monday’s close.
Quote of the Day:
- “I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH” – President Trump on Truth Social at 2:00 a.m. EDT this morning.
Chart of the Day:
- Crowdstrike (CRWD) is lower in the pre-market. Was there anything in the chart that warned of the drop? EC Spread did warn of weakness ahead.
Breaking News:
- Weekly MBA Mortgage Applications fell -3.9% this morning.
Executive Summary:
- Stocks refuse to break. Early weakness has been met with buying. Through 6000 by end of the week?
Key Events of Note Today:
- ADP Payroll Report and ISM Services are out this morning, with Crude Oil Inventories out at 10:30 a.m. EDT.
- Fed Speak today of note.
- Federal Reserve Atlanta President Raphael Bostic speaks at 8:30 a.m. EDT.
- President Trump has a quiet day with an Intelligence Briefing and signing along with a nightime party.
Notable Earnings Out After The Close:
- Beats: GWRE+0.42, APPS +0.09, CRWD +0.07, HPE +0.05, ASAN +0.03, BASE +0.02, YEXT +0.02 of note.
- Misses: None of note.
- Flat: None of note.
- IPOs For The Week: CRCL FMFC OMDA
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- UTL files for share common stock offering.
- Notes Priced: None of note.
- Notes Files: None of note.
- Convertibles Filed: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders of note:
- OKE files for 4,852,645 share common stock offering by selling shareholder.
- UTL also filed for shares by selling shareholders.
- Mixed Shelf Offerings:
- EPR files mixed securities shelf offering.
- QBTS files for $400 million mixed securities shelf offering.
- LPG files mixed securities shelf offering.
News After The Close:
- Tennant (TNC) sells its 10,000th autonomous mobile robot.
- Crowdstrike (CRWD) beat on estimates but guidance is hitting shares taking it lower.
- Wells Fargo (WFC) confirmed after the close that the Federal Reserve has removed the limits on growth in total assets imposed in its 2018 consent order.
- NASDAQ (NDAQ) reports May 2025 volumes; U.S. equity options volume of 316 million contracts compared to 346 million contracts in April 2025 and 259 million contracts in May 2024.
- Transocean (RIG) expects Q2 results to include a $1.1-1.2 billion non-cash charge associated with the impairment of certain rigs.
- 10K or Qs Filings/Delays – (Filed), (Delayed) None of note.
Exchange/Listing/Company Reorg and Personnel News:
- GRND appoints Chad Cohen as Chair of the Audit Committee.
- CABO announces that Julia Laulis Chair of the Company’s Board of Directors, President, and CEO will retire.
- OM appoints Renee Gaeta as CFO, effective immediately; reiterates financial guidance.
Buybacks:
- CDNA authorizes new $50 million share repurchase program; representing ~ 5% of outstanding shares.
- PHG to repurchase up to 6 million shares to cover long-term incentive plans.
Dividends Announcements or News:
- Stocks Ex Div Today: LIN ADI PBR RCL SLB ODFL WDC HAL AVY ICL HRB AL PJT WSC AVT PVH NPO
- Stocks Ex Div Thursday of note: None of note.
- ALV increased dividend to $0.85 from $0.70.
Stocks Moving Up & Down Yesterday:
- Gap Up: MLTX +26.2%, GWRE +8.9%, ANAB+6.3%, HQY +5.1%, LITE +4.3%, HPE +3.1%, WFC +2.4% of note.
- Gap Down: ASAN -6.6%, MRUS -6%, CRWD -5.7%, CABO -3.2%, QBTS -2.9% of note.
What’s Happening This Morning: (as of 7:45 a.m. EDT) Futures S&P 500 +13, NASDAQ +28, Dow Jones +43 . Europe is higher while Asia is higher as well. Bonds are at 4.46% from 4.41% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold and Silver were lower and Copper higher. The U.S. Dollar is lower versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $105,308 from $105,323 lower by $-1018 (-0.95%).
- Daily Positive Sectors: Technology, Energy, Industrials, Consumer Cyclicals and Materials were higher of note.
- Daily Negative Sectors: Communication Services, Consumer Defensive and Real Estate of note.
- One Month Winners: Industrials, Financials, Technology, Materials and Utilities of note.
- Three-Month Winners: Consumer Defensive and Utilities of note.
- Six-Month Winners: Financials, Consumer Defensive, Communication Services and Utilities of note.
- Twelve-Month Winners: Financials, Communication Services, Utilities, Technology, Consumer Defensive and Consumer Cyclical of note.
- Year to Date Winners: Utilities, Materials, Consumer Defensive and Financials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Wednesday After the Close:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note THO +0.75, REVG +0.13, DLTR +0.05, GCO +0.04 of note.
- Misses: None of note.
- Still to Report: CXM of note.
Company Earnings Guidance:
- Positive Guidance: LITE of note.
- Negative or Mixed Guidance: DLTR GCO of note.
Advance/Decline Daily Update: The A/D Line was flat again yesterday.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: SGMT +37.5%, THO +12.9%, YEXT +11.6%, GWRE +11.1%, TLX +6.7%, ANAB +6.3%, HPE +5.9%, HQY +5.4%, LITE +5%, WFC +3.4%, CANG +3.4%, NG +3.2%, TVTX +3.1%, SNOW +2.5%, TRVI +2.4%, VTS +2.2%, ALV +2.1% of note.
- Gap Down: ASAN -9.2%, CRWD -7.4%, MRUS -6%, OBT -5.3%, DLTR -3.8%, GTLS -2.8%, OM -2.5%, BASE -2.5%, RS -2.4%, QBTS -2.1% of note.
Insider Action: No stock sees Insider Buying with dumb short selling. None sees Insider Buying with smart short sellers.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Trump Says China’s Xi is “Extremely Hard To Deal With”. (Bloomberg)
- Markets Wrap: Stock Futures extend gains in jobs week. (Bloomberg).
- President Donald J. Trump signed a Proclamation to increase the tariff to 50% on steel and aluminum. U.K. to 25%.
- ECB almost guaranteed to cut rates. (CNBC)
- Big Take: Why Self-Driving has limits. (Podcast)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
-
- May ADP Employment Report is due out at 8:15 a.m. EDT and expected to rise to 115,000 from 62,000.
- May ISM Services is due out at 10:00 a.m. EDT and expected to rise to 51.90% from 51.60%.
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
- Weekly MBA Mortgage Applications fell -3.9% this morning.
- President Trump’s Daily Schedule.
- President Trump receives the Intelligence Briefing at 2:00 p.m. EDT.
- President Trump signs Proclamations at 3:00 p.m. EDT.
- President Trump holds a Summer Soiree at 7:00 p.m. EDT.
- Federal Reserve Speakers of note today.
- The Latest Fed Beige Book Minutes are due out at 2:00 p.m. EDT.
- Federal Reserve Atlanta President Raphael Bostic speaks at 8:30 a.m. EDT.
M&A Activity and News:
- Post (POST) to acquire 8th Avenue Food & Provisions; increases FY25 adjusted EBITDA guidance to account for the acquisition, cost $880 million.
- Franklin Resources (BEN) announced it has entered into a definitive agreement to acquire a majority interest in Apera Asset Management, a pan-European private credit firm with over €5 billion in assets under management.
Moving Average Table: Moves from 74% to 94% on Equity Indexes and Bonds remain in trouble.
Meeting & Conferences of Note:
- Sellside Conferences:
- Baird Consumer Tech & Services Conf
- BAC Global Technology Conference
- DB dbAccess Global Consumer Conference
- FBN Technology Conference
- Jefferies Healthcare Conference
- JP Morgan European Automotive Conf
- Maxim Group Tech Conference
- Noble Emerging Growth Equity Conference
- RBC Capital Markets Global Energy Power & Infrastructure Conference
- Stifel Industrials Conference
- TD Cowen Future of the Consumer Conf
- UBS Auto & Auto Tech Conference
- William Blair Growth Stock Conference
- Wolfe Research Small & Mid-Cap Conf
- Shareholder Meetings: AMBA, DVN, GDDY, OCS, SMCI, URBN
- Top Analyst, Investor Meetings: AJG, ALV, PHVS
- Fireside Chat: None of note.
- FDA Presentation: American Society of Clinical Oncology (ASCO)
- R&D Day: None of note.
- Meetings:
- American Society of Clinical Oncology Annual Meeting
- Datacloud Global Congress
- ISG AI Impact Summit
- MicroCap Rodeo Conference
- Nareit REITweek Investor Conference
- Snowflake Summit
- THE Mining Investment Event
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: AGEN ANAB SNOW WHD XP YEXT YUM of note.
Downgrades: AAPL (HOLD) CRWD (3) of note.
