Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday higher by 0.59% at 6643.70 from Thursday lower by -0.50% at 6604.72.
- S&P 500 hits its 26th All-Time Closing High of 2025 on Monday.
- Futures are higher this morning by +34.75 (+0.52%) at 6731.25 on the S&P 500 around 5:45 a.m. EDT.
- Year to date the S&P 500 is up by 12.96% from 12.29% from Wednesday’s close.
Executive Summary:
- All eyes are focused on Washington D.C. and whether there is going to be a government shutdown on Wednesday. President Trump will be meeting with the heads of both parties today at the White House.
Key Events of Note Today:
- Economic news of note today includes Pending Home Sales with Chicago PMI, Consumer Confidence, ADP Employment Report, Construction Spending, ISM Manufacturing Index, Factory Orders, Nonfarm Payrolls, Unemployment Rate and ISM Services later in the week.
- President Trump signs Executive Order in the morning then meets with Israeli Minister Netanyahu into early afternoon before meeting with Dems and Republicans at 3:00 p.m. before holding a Gold Star Reception.
- 3 & 6 month Treasury Bill Auction at 11:30 a.m. EDT.
- Several Fed speakers of note today see below.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Capital Raises:
- IPOs For The Week: CBK, FRMI, HWEP, KNRX, NP, OWLS of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: Kodiak Robotics set to go public on Thursday via business combination with Ares Acquisition Corporation II in a SPAC deal.
- Secondaries Filed or Priced:
- NCL: Form S-1.. Up to 120,000,000 Shares of Common Stock.
- SLNH: Form S-3.. 2,000,000 Common Warrants to Purchase Up to 2,000,000 Shares of Common Stock.
- Notes Filed Or Priced:
- PSA – Prices Public Offering of Euro-Denominated Senior Notes.
- WU: Form S-3ASR – Debt Securities.
- Convertibles Filed: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- JFB – Approximately $44 Million Private Placement Priced At The Market Under Nasdaq Rules.
- Selling Shareholders of note:
- APLD files for 8,393,611 share common stock offering by selling shareholders.
- SKYX files for 5,519,840 share common stock offering by selling shareholders.
- BSLK: Form S-1.. Up to 20,085,588 shares of common stock by the Selling Stockholder.
- Mixed Shelf Offerings:
- HCC files mixed securities shelf offering.
- DRI files mixed securities shelf offering.
- QSI files for $300 million mixed securities shelf offering.
- BDRX files for $100 million mixed securities shelf offering.
- LUNG: Form S-3.. $200,000,000 Mixed Shelf.
- SLXN: Form S-3.. $100,000,000 Mixed Shelf.
News After The Close:
- Immuneering (IMRX) to host a conference call and live webcast at 8:30 am ET this morning to discuss recently announced updated overall survival and safety data in first-line pancreatic cancer patients treated with atebimetinib + mGnP (N=34) with 9 months median follow up.
- Enanta Pharmaceuticals (ENTA) to present topline results from its Phase 2b study evaluating Zelicapavir for the treatment of Respiratory Syncytial Virus in high-risk adults on conference call at 8:30 am ET.
- President Trump considering imposing tariffs on foreign electronics based on number of chips in each device.
- Nexstar (NXST) announced that “Jimmy Kimmel Live!” will return to its owned and partner television stations affiliated with ABC beginning Friday, September 26th.
- Spirit (FLYY) to suspend 40 routes and hires Supply Chain Executive from Amazon (AMZN).
- BA awarded a $125.6 million modification to a previously awarded US Army contract.
- RTX awarded a $160.9 million modification to a previously awarded US Navy contract.
- GD awarded a $642.3 million modification to a previously awarded US Navy contract.
- LMT’s Sikorsky Aircraft unit awarded a $10.33 billion modification to a previously awarded US Navy contract.
- US Foods (USFD) awarded a maximum $340.8 million DLA contract for full-line food and beverage items.
- 10-K Delays , 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- CAVA COO Jennifer Somers steps down and Jonathan Braatvedt, SVP of Operations, will temporarily assume Ms. Somers’ responsibilities and serve as Interim Head of Operations.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: GE CM TRP NTR ERIC IFF STN ASR TRNO SOBO INDB TOWN NOG VET CSR of note.
- Stocks Ex Div Tuesday of note: SYK TTE DE AMT MDLZ USB ITW STX MPWR A WTW PCG VTR NUE FITB of note.
- HON approves an increase in its annual cash dividend to $4.76/share from $4.52/share.
Stocks Moving Up & Down Last Week:
- Gap Up: QURE (53.99 +289.25%), SLDB (6.08 +18.75%), PRTA (9.42 +16.73%), SVM (6.06 +16.22%), ODP (28.00 +34.49%), PRO (22.93 +39.73%), INTC (35.56 +20.22%), BMA (45.29 +15.32%), CRK (19.74 +16.8%), LBRT (12.68 +15.8%).
- Gap Down: RIGL (28.47 -18%), ACAD (21.11 -13.55%), FCX (35.82 -20.3%), FLY (35.89 -20.61%), BE (70.27 -17.27%), KMX (44.94 -23.1%), SERV (11.68 -16.45%), FLWS (4.78 -13.81%), SNBR (7.28 -12.08%), DOMO (15.69 -13.12%), NOVT (101.22 -11.75%),
What’s Happening This Morning: (as of 7:35 a.m. EDT)
- Futures S&P 500 +, NASDAQ 100 +, Dow Jones +. Europe is higher ex FTSE and Asia is mixed. Bond yields are at 4.143% from 4.172% Friday on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas flat. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $112,130 from $108,780 which is higher by $1761 at 1.62%.
Sector Action:
- Daily Positive Sectors: Utilities, Consumer Cyclical, Healthcare and Materials led the way higher.
- Daily Negative Sectors: None were lower.
- One Month Winners: Communication Services, Technology, Materials, Energy, Consumer Cyclicals, and Utilities of note.
- Three-Month Winners: Communication Services, Technology, Materials, Energy, Consumer Cyclicals and Utilities of note.
- Six-Month Winners: Technology, Communication Services, Consumer Cyclicals, Materials and Industrials 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, Industrials and Energy 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:
- Tuesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: None of note.
- Misses: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: TXT +4.4%, of note.
- Gap Down: CNXC -19.4%, of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list.
Insider Action: No stock of note sees Insider Buying with dumb short selling. No stock of note 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: Huawei to Double Output Of Top AI Chip. (Bloomberg)
- Bloomberg Market Wrap: Stocks extend rally at gold tops $3,800. (Bloomberg)
- Goldman Strategists turn bullish on Stocks. (Bloomberg)
- Pentagon wants to double missile production in case there is a conflict with China. (WSJ)
- Barron’s is + on NVDA MSFT.
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today.
- Federal Reserve Governor Christopher Waller speaks at 7:30 a.m. EDT.
- Federal Reserve Cleveland President Beth Hammock speaks at 8:00 a.m. EDT.
- Federal Reserve New York President John Williams speaks at 1:30 p.m. EDT.
- Federal Reserve St. Louis President Alberto Musalem speaks at 1:30 p.m. EDT.
- Federal Reserve Atlanta President Raphael Bostic speaks at 6:00 p.m. EDT.
- President Trump has a quiet schedule after his return from the U.K.
- President Trump signs Executive Orders at 10:00 a.m. EDT.
- President Trump meets with Israeli Prime Minister Netanyahu from 11:00 a.m. to 2:00 p.m. EDT.
- President Trump then meets with Republican and Democratic Leaders at 3:00 p.m. EDT.
- President Trump holds a reception for Gold Star families at 5:30 p.m. EDT.
- Economic Releases:
- August Pending Home Sales are out at 10:00 a.m. EDT and is expected to rise to 0.40% from -0.40%.
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Jefferies Healthcare Services Conference
- JP Morgan Electrical Equipment & MultiIndustry Forum
- Pickering Energy Conference
- TD Cowen Forest Products & Packaging Conference
- TD Securities Cross-Asset Macro Conference
- Wainwright Global Investment Conference
- Wainwright MASH Investor Conference
- Wolfe Research Conference
- Top Analyst, Investor: ARCB, CLYM, CNP
- Shareholder Meetings: FDX, RR, SENS
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- AACR Special Conference on Pancreatic Cancer Research
- ECOC
- IRPC
- U.S. ELSO Conference
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.
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- Upgrades: GD INVZ LCRX of note.
- Downgrades: CHH GT MAA NVO WAL of note.