After Hours Report

The stock market retreated today as the recent momentum unwind ultimately pressured the market lower after some choppy action this morning, with the S&P 500 (-0.9%), Nasdaq Composite (-0.8%), and DJIA (-1.2%) closing below their 50-day moving averages for the first time since April. 

The S&P 500 and Nasdaq Composite were able to reclaim their 50-day moving averages after slipping beneath them in the late morning, though stocks faced a steeper pullback in the afternoon hours, which sent the DJIA beneath the key support level as well. 

Dampened sentiment around the AI trade was once again at the core of today's retreat as NVIDIA (NVDA 186.60, -3.57, -1.88%) moved lower after Peter Thiel's fund, Thiel Macro LLC, fully divested its ~537,742-share stake in NVIDIA during the third quarter.

Chipmaker names struggled across the board as the PHLX Semiconductor Index closed with a 1.6% loss, widening its month-to-date slide to 7.2%. 

Elsewhere in the information technology sector (-1.4%), Apple (AAPL 267.46, -4.95, -1.82%) moved lower after Financial Times reported that CEO Tim Cook may step down as early as next year. 

Meanwhile, Dell (DELL 122.48, -11.28, -8.43%) and Hewlett Packard Enterprise (HPE 21.23, -1.60, -7.01%) finished with the widest losses in the sector after receiving downgrades from Morgan Stanley. 

Today's retreat became increasingly broad-based as the session progressed, as a total of nine S&P 500 sectors finished with losses, five of which fell more than 1.0%. 

The financials sector (-1.9%) ended up with the widest loss, facing pressure in nearly all of its components. American Express (AXP 341.25, -15.93, -4.46%) was a laggard after reporting its October card metrics, which saw a 0.3% increase in consumer card member loan write-offs, while U.S. Small Business Card member loans net write-offs increased 0.1%.

Digital cryptocurrency exchange Coinbase Global (COIN 263.95, -20.05, -7.06%) was among the worst-performing S&P 500 names as Bitcoin continued its recent slide, with today's loss wiping out its year-to-date gain. 

As for today's slim batch of winners, the communication services sector (+1.1%) led for the entirety of the session as Alphabet (GOOG 285.60, +8.62, +3.11%) moved higher after Berkshire Hathaway Inc. (BRK-B 503.29, -5.65, -1.11%) disclosed a new $4.9 billion position in the company. 

Meanwhile, the utilities sector (+0.8%) also managed a gain as investors sought more defensive positions. 

Outside of the S&P 500, the Russell 2000 (-2.0%) and S&P Mid Cap 400 (-1.8%) faced outsized losses as the market displayed a firm risk-off posturing today. 

The VIX Volatility Index surged 14.3% to 22.67, implying a heightened sense of uncertainty in the market. 

On the macro front, Fed Vice Chair Philip Jefferson (voting FOMC member) struck a similarly cautious tone to other recent Fed speakers. Mr. Jefferson said in a speech this morning that he backed last month's 25-basis-point rate cut but emphasized that "the evolving balance of risks underscores the need to proceed slowly as we approach the neutral rate."

Just before the close, Fed Governor Christopher Waller (voting FOMC member) said in a speech that he supports another rate cut in December for risk management reasons. The headline helped stocks finish off of their session lows and saw the market's implied odds of a December rate cut increase slightly from earlier levels. The CME FedWatch Tool now assigns a 44.9% probability to a 25-basis point rate cut in December, little changed from Friday's 44.4% odds. 

Ultimately today's action reflected a market still struggling to find its footing as leadership rotates and sentiment resets. The major averages closing beneath their 50-day averages marks a significant break from a trend that has persisted since the market began its rebound effort in April. With NVIDIA's earnings and key economic data on deck later this week, the next few sessions will go a long way in determining whether this pullback deepens or simply marks another shakeout in the broader uptrend.

U.S. Treasuries vacillated today but maintained a mostly positive bias. The 2-year note yield finished unchanged at 3.61%, and the 10-year note yield settled down two basis points to 4.13%. 

• Nasdaq Composite: +17.6% YTD
• S&P 500: +13.4% YTD
• DJIA: +9.5% YTD
• Russell 2000: +5.0% YTD
• S&P Mid Cap 400: +0.8% YTD

Reviewing today's data:

• November NY Empire State Manufacturing Index (Actual 18.7; Briefing.com consensus: 6.1; Prior 10.7)
• Total construction spending increased 0.2% month-over-month in August (Briefing.com consensus: 0.1%) following an upwardly revised 0.2% increase (from -0.1%) in July. Total private construction was up 0.3% month-over-month, while total public construction was flat month-over-month. On a year-over-year basis, total construction spending was down 1.6%.
  • The key takeaway from the report is that the increase in spending came solely from the residential side; unfortunately, that did not include new single-family construction activity. The strength was concentrated in new multifamily construction.

Overseas:

• Europe: DAX -1.2%, FTSE -0.2%, CAC -0.6%
• Asia: Nikkei -0.1%, Hang Seng -0.7%, Shanghai -0.5%

Commodities:

• Crude Oil -0.16 @ 59.92
• Nat Gas -0.19 @ 4.59
• Gold -22.60 @ 4072.60
• Silver -0.04 @ 50.63
• Copper -0.05 @ 5.01

After-Hours Spotlight:

• Calix Networks (CALX) announces appointment of John Durocher as COO, effective immediately...CALX -1.9%
• Gorilla Technology Group (GRRR) beats by $0.13, revs in-line; reaffirms FY25 revs; guides for FY26 revs...GRRR +11.2%
• Helmerich & Payne (HP) misses by $0.24, beats on revs; Provides operational outlook for 1Q26...HP -9.7%
• James Hardie (JHX) reports EPS in-line, revs in-line; Raises FY26 adjusted EBITDA guidance; Also announces appointment of Ryan Lada as CFO, and appointment of Nigel Stein as Chair of the Board of Directors...JHX +13.3%
• LifeMD (LFMD) misses by $0.08, misses on revs; guides Q4 revs below consensus...LFMD -17.7%
• XP (XP) beats by $0.04, reports revs in-line...XP +4.7%

Fair Value for Tuesday, November 18:

• S&P 500: 6,691
• Nasdaq 100: 24,881
• DJIA: 46,658

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Aramark (ARMK) misses by $0.07, misses on revs; guides FY26 EPS in-line, revs in-line
  • Brady (BRC) beats by $0.02 (two estimates), beats on revs; raises low end of FY26 EPS guidance range
  • HIVE Digital Technologies (HIVE) reports Q2 results
  • JinkoSolar (JKS) reports Q2 & Q3 results and provides guidance (no comparable ests)
  • Sezzle (SEZL) posts investor presentation slides with same FY25 guidance (revenue growth of 60-65% and EPS of $3.38) as November 5 when company reported Q3 earnings
  • sohu.com (SOHU) reports Q3 results
  • XPENG (XPEV) reports Q3 results
  • Yum China (YUMC) outlines “RGM 3.0” Strategy and multi-year growth targets at Investor Day
  • Zeekr Group (ZK) reports Q3 results
• General News
  • USTR Jamieson Greer is frustrated with EU's slow pace of regulation and tariff cuts, according to FT
  • President Trump is considering talks with Venezuelan President Nicolás Maduro amid U.S. military buildup in the region, according to Washington Post
  • White House modifies reciprocal tariff program on certain agricultural products
  • China sends ships near disputed islands with Japan and warns travelers about safety risks, according to NY Times
  • Former Fed Governor Adriana Kugler violated Federal Reserve trading rules, according to Washington Post
  • Department of Transportation announce termination of FAA emergency order, return to normal operations
  • DOT & FAA announce reduction of required flight cuts to 3% from 6%
  • The Senate Finance Committee will hold a hearing on healthcare costs Wednesday, according to Axios
  • Senator Bill Cassidy in interview says he is working with the White House on healthcare plan which would involve sending subsidies to Americans instead of insurance companies, according to CBS News
  • Provision in spending bill criminalizes several hemp derived products, according to Axios
  • DoubleLine Capital's Jeffrey Gundlach recommends a 20% cash position to guard against a downturn in the market, according to Bloomberg
  • 70% of voters in Chile supported conservative candidates, according to WSJ
  • EU will warn Commerce Secretary Howard Lutnick next week against expanding list of products that are subject to steel tariffs, according to Bloomberg
  • 4D Molecular Therapeutics (FDMT) appoints Kristian Humer as CFO
  • AbbVie (ABBV) announced that a new 6-month 45mg LUPRON DEPOT (leuprolide acetate for extended-release injectable suspension) strength has received Health Canada approval for the treatment of advanced prostate cancer
  • Airbus (EADSY): Pratt & Whitney (RTX) in discussions with Airbus regarding engine needs, according to Reuters
  • Alibaba (BABA) aiming to revamp Qwen chatbot, according to SCMP
  • Alphabet (GOOG) posts blog titled "WeatherNext 2: Our most advanced weather forecasting model"
  • Amazon (AMZN) founder Jeff Bezos to invest in Project Prometheus, according to NY Times
  • American Eagle (AEO) partners with Sydney Sweeney again, according to Express Tribune
  • American Express (AXP) reports October card metrics
  • Apple (AAPL) CEO Tim Cook could step down as early as next year, according to FT
  • Apple (AAPL) aiming to release high end iPhone in 2027, according to Bloomberg
  • Apple (AAPL): U.S. trade tribunal to consider new Apple Watch import ban amid dispute with Masimo (MASI), according to Reuters
  • AT&T (T) accelerates 5G expansion nationwide with rapid EchoStar Spectrum deployment
  • Becton Dickinson (BDX) nnounced that the Conformité Européenne (CE) Marked BD Onclarity HPV Assay for the BD COR System and the BD Viper LT System have been accepted for the World Health Organization list of prequalified in vitro diagnostic products
  • BeOne Medicines (ONC) reports Phase 3 results support ZIIHERA as HER2-Targeted Therapy-of-Choice and combination with TEVIMBRA and Chemotherapy as new Standard of Care in first-line HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma
  • Biogen (BIIB): High dose regimen of nusinersen receives positive CHMP opinion for the treatment of spinal muscular atrophy
  • Biogen (BIIB) and Stoke Therapeutics (STOK) Announce Publication of Two-Year Natural History Data Demonstrating the Severity of Dravet Syndrome, Including Frequent Seizures and Significant Cognitive and Behavioral Impairments
  • Boeing (BA): Emirates expands fleet with major order for 65 additional Boeing 777X Jets
  • Boeing (BA) aiming to focus on stability before it increases production again, according to Bloomberg
  • Boeing (BA): Ethiopian Airlines expands growth plans with order for 11 additional Boeing 737 MAX Jets
  • Box (BOX) and Amazon Web Services announce a new multi-year strategic collaboration agreement to transform how organizations securely use AI to extract value from their most important content
  • Brainsway (BWAY) launches first clinical trial of Deep TMS 360 System for Alcohol Use Disorder
  • Capital One (COF) reports October card metrics
  • Cemig (CIG) mulling privatization, according to Globo
  • Chevron (CVX) weighs entry in bid for Lukoil’s overseas oil assets, joining Carlyle in the race, according to Reuters
  • Citigroup (C) reports October card metrics
  • Codere Online Luxembourg (CDRO) names Marcus Arildsson as CFO
  • Comcast's (CMCSA) Xfinity and Peacock team up with EA Sports FC (EA) 26 to bring fans exclusive in-game offers and kits
  • Compass Diversified (CODI) provides update as Lugano subsidiary files for Chapter 11
  • Cosan (CSAN) CFO Rodrigo Araujo Alves resigned from his position
  • Cracker Barrel (CBRL): Proxy firm urges Cracker Barrel shareholders to withhold votes amid sharp declines
  • Denison Mines (DNN) expands strategic perimeter around Wheeler River through Multi-JV Deal with Skyharbour
  • Distribution Solutions Group (DSGR) increases share repurchase authorization by $30 mln
  • EHang (EH) announces the successful completion of a landmark series of trial air taxi flights, including point-to-point and human-carrying flights, with its EH216-S pilotless electric vertical takeoff and landing aircraft in the core district of Doha, Qata
  • Elbit Systems (ESLT) inks $2.3 bln international contract
  • Embraer SA (EMBJ) signed two Memoranda of Understanding (MoUs) with UAE-based companies AMMROC and GAL, marking a significant step toward expanding its defense footprint in the Middle East
  • GE Aerospace (GE): Emirates expands Boeing (BA) 777-9 fleet with major GE9X Engine Order
  • GE Aerospace (GE): flydubai orders 60 GEnx-1B engines for first Boeing (BA) 787 Fleet
  • GE HealthCare (GEHC) announces that Cardiovascular Associates of America plans to broaden its adoption of GE HealthCare’s FDA-approved cardiac positron emission tomography radiotracer Flyrcado injection, across approximately 25 sites following a successful pilot at Cardiovascular Medicine in Davenport, Iowa
  • Google (GOOG, GOOGL) aiming to increase India data hub investment to over $15 bln, according to Bloomberg
  • HSBC (HSBC): George Osborne could become HSBC Chairman, according to Sky News
  • Hyundai Motor (HYMLF) to invest KRW 125.2 trillion in Korea over next five years to 2030
  • Incyte (INCY) receives Positive CHMP Opinion for Minjuvi (tafasitamab) for the Treatment of Relapsed or Refractory Follicular Lymphoma
  • Jazz Pharma (JAZZ) reports HERIZON-GEA-01 Phase 3 results supporting Ziihera
  • JPMorgan Chase (JPM) reports October card metrics
  • Kornit Digital (KRNT) CFO Lauri Hanover to step down, names Assaf Zipori as its new CFO; authorizes a new $100 mln share repurchase program
  • Lennar (LEN) announces that Lennar Co-Chief Executive Officer and President Jon Jaffe will retire effective December 31, 2025
  • Live Nation (LYV): Supports UK government plan to ban ticket resale above face value
  • Logitech Int'l SA (LOGI) discloses cybersecurity event
  • Masimo (MASI) wins $634 mln jury verdict against Apple (AAPL) for patent infringement
  • Merus (MRUS) and Halozyme (HALO) sign global deal to develop subcutaneous Petosemtamab
  • Mesoblast (MESO) names James M. O’Brien as new CFO
  • MSCI (MSCI) announced that C.D. Baer Pettit, President and COO, and a member of the Board of Directors, has informed the company that he will retire next year
  • MTN Group (MTNOY) and Microsoft (MSFT) expand access to AI-powered tools across Africa
  • National Vision (EYE) outlines multi-year reinvention strategy and long-term growth targets; reaffirms FY25 outlook
  • Nike (NKE) CEO Elliott Hill in an interview discussed reinvention plan, according to WSJ
  • Nokia (NOK) wins landmark 5G deal with Telecom Italia (TIIAY)
  • NOV Inc. (NOV) and Armada collaborate to bring AI-powered solutions to the edge
  • Novo Nordisk A/S (NVO) announces that Wegovy injection 0.25 mg and 0.5 mg and Ozempic are now available at a limited time price of $199 per month to new self-pay patients between now and March 31, 2026
  • Nuvalent (NUVL) reports topline pivotal data from ALKOVE-1 Clinical Trial of Neladalkib
  • Oaktree Specialty Lending Corp (OCSL) discloses it has elected Brett McKeone as COO, effective December 31
  • Organon (OGN) and Henlius secure FDA approval for POHERDY
  • Palantir Technologies (PLTR) and FTAI Aviation Ltd. (FTAI) announce multi-year strategic partnership, which will allow FTAI to leverage Palantir’s Artificial Intelligence Platform across FTAI’s global maintenance footprint
  • Petrobras (PBR) informs about another oil discovery in the Campos Basin+
  • Redwire (RDW) opens new facility in Michigan to increase production of critical fuel cells for Stalker UAS
  • Rio Tinto (RIO) partners with Calix on low-emissions steel pilot, pauses BioIron development
  • Rio Tinto (RIO) adding fees to aluminum shipping to US, according to Bloomberg
  • Sandoz (SDZNY) rolls out TYRUKO
  • Scynexis (SCYX) announces federal funding of collaboration between Hackensack Meridian CDI and Johns Hopkins researchers to develop new therapeutics, including novel fungerps, for resistant fungal infections
  • Sea Limited (SE) authorizes share buyback program
  • Six Flags (FUN) will open location in the Middle East, according to Bloomberg
  • SuperX AI Technology Limited (SUPX) announced that Dr. Chenhong Huang has been appointed as Chairman of the Board, Executive Director, and Chief Executive Officer of the Company
  • Surmodics (SRDX) announces FTC does not intend to appeal denial of injunction, order preventing closing set to expire today
  • Target Hospitality (TH) expands data center community by 160% to meet accelerating customer demand
  • Tesla (TSLA) is requesting that suppliers exclude Chinese parts from the production process, according to WSJ
  • Tesla (TSLA): Syrah Resources will extend the supply agreement with Tesla, according to Reuters
  • The Vita Coco Company (COCO) comments on tariff relief impact
  • Tonix Pharma (TNXP) announces that TONMYATM is now commercially available at pharmacies by prescription in the United States
  • UBS AG (UBS) spoke to Treasury Secretary Scott Bessent about moving headquarters to U.S., according to FT
  • Union Pacific Railroad (UNP) and The Brotherhood of Railway Carmen reach an agreement that provides a commitment of job security for hundreds of union employees after Union Pacific and Norfolk Southern (NSC) merge to build America’s first coast-to-coast railroad
  • VEON (VEON) commences $100 mln share repurchase program
  • Walmart (WMT) gives holiday shoppers what they have been asking for: More Black Friday Deals, More Cyber Monday Steals, and More Goggins
  • Walt Disney (DIS) announces multi-year distribution agreement with YouTube TV (GOOG,. GOOGL)
  • WPP plc (WPP): Havas denies that it is in discussions with WPP about potential investment, according to Bloomberg
  • Zymeworks (ZYME) announces positive HERIZON-GEA-01 Phase 3 Results Supporting Ziihera as HER2-targeted agent-of-choice and new standard of care in first-line HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma

• Upgrades:
  • American Electric Power (AEP) upgraded to Buy from Hold at Jefferies, tgt $137
  • Apogee Enterprises (APOG) upgraded to Buy from Neutral at DA Davidson, tgt $47
  • Ball Corp. (BALL) upgraded to Buy from Neutral at BofA Securities, tgt $61
  • Blackstone Mortgage Trust (BXMT) upgraded to Outperform from Market Perform at Keefe, Bruyette & Woods, tgt $21
  • Block Inc. (XYZ) upgraded to Hold from Sell at Truist Securities, tgt $68
  • Expeditors International (EXPD) upgraded to Buy from Neutral at UBS, tgt $166
  • Gap Inc. (GAP) upgraded to Overweight from Equal Weight at Barclays, tgt $30
  • O-I Glass (OI) upgraded to Buy from Neutral at BofA Securities, tgt $17
  • Sylvamo Corp. (SLVM) upgraded to Buy from Underperform at BofA Securities, tgt $59
  • The Vita Coco Co. (COCO) upgraded to Buy from Neutral at BofA Securities, tgt $48
  • Yum! Brands (YUM) upgraded to Buy from Hold at TD Cowen, tgt $173
  • Rubrik Inc. (RBRK) upgraded to Outperform from Neutral at Mizuho, tgt $97
• Downgrades:
  • Adverum Biotechnologies (ADVM) downgraded to Neutral from Buy at H.C. Wainwright, tgt $5
  • Ardent Health Partners (ARDT) downgraded to Sector Weight from Overweight at KeyBanc
  • Celcuity Inc. (CELC) downgraded to Neutral from Buy at H.C. Wainwright, tgt $94
  • Century Therapeutics (IPSC) downgraded to Market Perform from Outperform at Leerink Partners, tgt $2
  • Cidara Therapeutics (CDTX) downgraded to Equalweight from Overweight at Morgan Stanley, tgt $221.5
  • Cidara Therapeutics (CDTX) downgraded to Neutral from Overweight at JPMorgan, tgt $221.5
  • Cidara Therapeutics (CDTX) downgraded to Sector Perform from Outperform at RBC Capital, tgt $221.5
  • Corebridge Financial (CRBG) downgraded to Equal weight from Overweight at Morgan Stanley, tgt $33
  • Dell (DELL) downgraded to Underweight from Overweight at Morgan Stanley, tgt $110
  • HP Inc. (HPQ) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $24
  • HP Enterprise (HPE) downgraded to Equal weight from Overweight at Morgan Stanley, tgt $25
  • Karat Packaging (KRT) downgraded to Underperform from Buy at BofA Securities, tgt $22
  • Potlatch (PCH) downgraded to Underperform from Buy at BofA Securities, tgt $46
  • Sealed Air (SEE) downgraded to Hold from Buy at Stifel, tgt $45
  • Weyerhaeuser (WY) downgraded to Neutral from Buy at BofA Securities
• Others:
  • Akamai Technologies (AKAM) initiated at Outperform at Oppenheimer, tgt $100
  • Alto Neuroscience (ANRO) initiated at Buy at BTIG, tgt $27
  • Builders FirstSource (BLDR) initiated at Equal Weight at Wells Fargo, tgt $115
  • TopBuild Corp. (BLD) initiated with an Overweight at Wells Fargo, tgt $500
  • Fastly (FSLY) initiated at Perform at Oppenheimer
  • Installed Building Products (IBP) initiated at Equal Weight at Wells Fargo, tgt $275
  • Masimo Corp. (MASI) initiated at Neutral at BofA Securities, tgt $162
  • NetApp (NTAP) initiated at Perform at Oppenheimer
  • Nutanix (NTNX) initiated at Outperform at Oppenheimer, tgt $90
  • Ovid Therapeutics (OVID) initiated at Outperform at Leerink Partners, tgt $5
  • Pure Storage (PSTG) initiated at Outperform at Oppenheimer, tgt $120
  • Pacira Pharmaceuticals (PCRX) initiated at Buy at H.C. Wainwright, tgt $38
  • Rubrik (RBRK) initiated at Perform at Oppenheimer
  • Stagwell Inc. (STGW) initiated at Buy at Seaport Global, tgt $10
  • SunocoCorp LLC (SUNC) initiated at Outperform at Raymond James, tgt $70
  • TAT Technologies (TATT) resumed at Buy at Benchmark, tgt $53
  • Vivos Therapeutics (VVOS) initiated at Buy at H.C. Wainwright, tgt $7

• Econ Data (Tuesday):
  • 09:15 ET: October Industrial Production and Capacity Utilization
  • 10:00 ET: November NAHB Housing Market Index
  • 10:30 ET: Fed Governor Barr on Bank Supervision (FOMC voter)
  • 16:00 ET: September Net Long-Term TIC Flows

• Earnings:
  • Monday (Nov 17)
    • Pre-Market: AMRK BRC JJSF JKS
    • After-Hours: LFMD TCOM
      
    Tuesday (Nov 18)
    • Pre-Market: ACM AS BIDU BRBR ENR HD JHX KLAR MDT OCSL PDD WB
    • After-Hours: DLB GBDC HP LZB POWL SQM
      
  • Wednesday (Nov 19)
    • Pre-Market: BLSH DY GDS GLBE KC LOW NTES TGT TJX VIK WIX
      
    • After-Hours: BV CPA JACK KLIC NJR NVDA ODD PANW ZTO
  • Thursday (Nov 20)
    • Pre-Market: ATKR BBWI ROAD J MAGN MMS SCVL VIPS WMT WMG
    • After-Hours: CPRT ESTC ESE GAP INTU POST ROST UGI VEEV BULL
  • Friday (Nov 21)
    • Pre-Market: BJ BKE MOG.A
    • After-Hours: None