After Hours Report

The stock market mounted a broad-based advance for the second consecutive session this week, sending the S&P 500 (+0.9%), Nasdaq Composite (+0.7%), and DJIA (+1.4%) to higher closes back above their 50-day moving averages. 

The major averages wavered this morning amid weakness in the top-weighted information technology sector (flat). In particular, NVIDIA (NVDA 177.82, -4.73, -2.59%) struggled today following a report by The Information that stated Alphabet (GOOG 323.64, +5.17, +1.62%) is increasing efforts to compete with NVIDIA on artificial intelligence chips, and Meta Platforms (META 636.22, +23.17, +3.78%) is interested in using Google's chips.

NVIDIA later posted on X that "NVIDIA is a generation ahead of the industry," though the stock still finished as one of the worst-performing S&P 500 names. 

Advanced Micro Devices (AMD 206.13, -8.92, -4.15%) finished even lower, though it finished substantially improved from early session levels that saw the stock hold a nearly double-digit loss. The PHLX Semiconductor Index (+0.2%) would go on to finish modestly positive, and the information technology sector finished flat after holding a loss wider than 1.0%. 

Meanwhile, the eight other S&P 500 sectors that finished higher all captured gains of 1.0% or wider, reflecting strong buying interest across the broader market. 

The health care sector (+2.2%) topped the leaderboard, as it has in many recent sessions that have featured weakness across tech, mega-cap, and momentum names. While that cohort improved throughout the session, it was not to the detriment of the health care sector, which traded in a steady range near session highs since noon. 

News that President Trump's initial health care plan includes an extension of ACA subsidies helped boost the sector, which saw its month-to-date gain surpass 10.0%. 

The consumer discretionary sector (+1.9%) captured a similar gain as all of its components traded higher, with homebuilder names a standout in today's trade as expectations for a December rate cut remained firm on the heels of notable increases on Friday and yesterday.

Strength in Alphabet and Meta saw the communication services sector (+1.6%) round out the top three movers. Only the energy (-0.7%) and utilities (-0.4%) sectors finished lower. 

Outside of the S&P 500, the smaller-cap Russell 2000 (+2.3%) and S&P Mid Cap 400 (+2.0%) also outperformed amid reinvigorated odds for a December rate cut. 

The CME FedWatch tool shows an 82.7% probability of a 25-basis-point rate reduction at the next FOMC meeting, down slightly from 84.4% yesterday.

Fed Governor Stephen Miran (voting FOMC member) told CNBC that he will not dissent at the next meeting in favor of a larger rate cut because there are other FOMC members who will vote to keep rates unchanged.

In other Fed news, Bloomberg reported that National Economic Council Director Kevin Hassett has emerged as a frontrunner for the next Fed Chair nomination.

This morning's sizable batch of economic data came largely in line with expectations, which helped prevent an outsized move in the market's implied odds of a rate cut in one direction or the other. 

All told, the market solidified its rebound effort, with the major averages moving above a key technical level in their 50-day moving averages. Stellar breadth figures underpinned the advance (advancers outpaced decliners by a roughly 4-to-1 ratio on the NYSE and a roughly 3-to-1 clip on the Nasdaq), while the outperformance of the S&P 500 Equal Weighted Index (+1.4%) over the market-weighted S&P 500 (+0.9%) highlighted a rotation into more value-oriented holdings. 

While the major averages secured a win in reclaiming their 50-day moving averages, some technical resistance remains overhead. Notably, the S&P 500 closed just beneath the 6,770 level, which was the peak level the index hit following NVIDIA's earnings release, before a strong pullback ensued. 

U.S. Treasuries climbed again on Tuesday, making for their fourth consecutive advance that sent yields on 10s and shorter tenors toward their October lows. The 2-year note yield settled down five basis points to 3.46%, and the 10-year note yield settled down four basis points to 4.00%. 

• Nasdaq Composite: +19.3% YTD
• S&P 500: +15.0%
• DJIA: +10.7% YTD
• Russell 2000: +10.6% YTD
• S&P Mid Cap 400: +4.9% YTD

Reviewing today's data:

• Retail sales were up 0.2% month-over-month in September (Briefing.com consensus 0.4%) after increasing 0.6% in August. Excluding autos, retail sales were up 0.3%, as expected, following a downwardly revised 0.6% increase (from 0.7%) in August.
  • The key takeaway is that gasoline station sales were a big driver of the monthly increase. Excluding gasoline station sales, retail sales were flat in September after increasing 0.6% in August, signaling a slowdown in consumer spending on goods. 
• The Producer Price Index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decline in August. That left the year-over-year change at 2.7% versus 2.6% in August. The Producer Price Index for final demand, less foods and energy, increased just 0.1% month-over-month (Briefing.com consensus: 0.2%) following a 0.1% decline in August. That left the year-over-year change at 2.6% versus 2.8% in August.
  • The key takeaway from the report is that inflation at the wholesale level is still sticky, highlighted by a 1.1% month-over-month increase in the final demand foods index, which was up 4.0% year-over-year, shedding light on why many consumers, seeing the pass-through at grocery stores, are not aligned with the thinking that inflation is being brought under control. 
• The Conference Board's Consumer Confidence Index dropped to 88.7 in November (Briefing.com consensus 93.3) from an upwardly revised 95.5 (from 94.6) in October. In the same period a year ago, the index stood at 112.8.
  • The key takeaway from the report is that there was a further deterioration in the expectations index, with sentiment on business conditions, labor market conditions, and household income all trending negatively. That could portend a slowdown in discretionary spending activity. 
• September FHFA Housing Price Index (actual 0.0%; Briefing.com consensus 0.3%; prior 0.4%)
• September S&P Case-Shiller Home Price Index (actual 1.4%; Briefing.com consensus 1.6%; prior 1.6%). 
• October Pending Home Sales (actual 1.9%; Briefing.com consensus 0.0%; prior 0.1%). 
• ADP says "For the four weeks ending November 8, 2025, U.S. private employers shed an average of -13,500 jobs per week, according to the NER Pulse, a weekly update of the monthly ADP National Employment Report"

Overseas:

• Europe: DAX +1.0%, FTSE +0.8%, CAC +0.8%
• Asia: Nikkei +0.1%, Hang Seng +0.7%, Shanghai +0.9%

Commodities:

• Crude Oil -0.86 @ 58.00
• Nat Gas -0.19 @ 4.48
• Gold +45.80 @ 4140.30
• Silver +0.66 @ 50.96
• Copper +0.12 @ 5.09

After-Hours Spotlight:

• Autodesk (ADSK) beats by $0.17, beats on revs; guides Q4 EPS above consensus, revs above consensus...ADSK +5.4%
• Dell (DELL) beats by $0.12, reports revs in-line; guides Q4 revs above consensus...DELL +1.6%
• HP Inc. (HPQ) beats by $0.01, reports revs in-line; guides Q1 EPS in-line; guides FY26 EPS below consensus; increases dividend; announces company-wide initiative, includes 4,000-6,000 workforce reduction...HPQ -4.9%
• NetApp (NTAP) beats by $0.17, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY26 EPS in-line, reaffirms FY26 revs guidance...NTAP +4.6%
• Nutanix (NTNX) reports EPS in-line, revs in-line; guides Q2 revs below consensus; guides FY26 revs below consensus...NTNX -13.2%
• PagerDuty (PD) beats by $0.08, reports revs in-line; guides Q4 EPS in-line, revs below consensus...PD -5.9%
• Urban Outfitters (URBN) beats by $0.08, beats on revs...URBN +14.6%
• Workday (WDAY) beats by $0.15, reports revs in-line; Issues Q4 and FY26 subscription revenue and non-GAAP operating margin guidance...WDAY -6.3%
• Zscaler (ZS) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs above consensus...ZS -7.5%

Fair Value for Wednesday, November 26:

• S&P 500: 6,782
• Nasdaq 100: 25,086
• DJIA: 47,178

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

• Earnings/Guidance (Full Earnings Calendar):
  • Abercrombie & Fitch (ANF) beats by $0.19, reports revs in-line, comps +3%; guides Q4 EPS in-line, revs in-line
  • Agilent (A) beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY26 EPS below consensus, revs above consensus
  • Alibaba (BABA) reports Q2 (Sep) results, beats on revs
  • Amentum Holdings (AMTM) beats by $0.04, beats on revs; guides FY26 EPS in-line, revs in-line
  • American Woodmark (AMWD) misses by $0.44, misses on revs
  • Analog Devices (ADI) beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs above consensus
  • Best Buy (BBY) beats by $0.16, reports revs in-line; guides FY26 EPS above consensus, revs in-line
  • Blue Bird (BLBD) beats by $0.21, beats on revs; reaffirms FY26 revs guidance
  • Burlington Stores (BURL) beats by $0.04, reports revs in-line; guides Q4 EPS in-line, revs in-line; guides FY26 EPS above consensus
  • Central Garden (CENT) beats by $0.11, beats on revs; guides FY26 EPS in-line
  • Dick's Sporting Goods (DKS) beats by $0.09, beats on revs; guides FY26 EPS in-line, revs in-line
  • Embecta Corp. (EMBC) beats by $0.04, reports revs in-line; guides FY26 EPS in-line, revs in-line
  • Fluence (FLNC) misses by $0.06, misses on revs; guides FY26 revs in-line
  • J.M. Smucker (SJM) reports EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line
  • Keysight (KEYS) beats by $0.08, beats on revs; guides Q1 EPS above consensus, revs above consensus; Announces new $1.5 bln share repurchase program
  • Kohl's (KSS) beats by $0.26, beats on revs, comparable sales decreased 1.7%; guides FY26 EPS above consensus, revs above consensus; Appoints Michael J. Bender as CEO
  • Nanobiotix (NBTX) provides Q3 operational and financial update along with 2026 clinical outlook
  • NIO (NIO) beats by RMB0.46, misses on revs; guides Q4 revs below consensus
  • Pony AI (PONY) reports Q3 results; plans >3,000-vehicle fleet by end of 2026
  • Semtech (SMTC) beats by $0.04, reports revs in-line; guides Q4 EPS in-line, revs above consensus
  • Shake Shack (SHAK) reaffirms Q4 revenue guidance; nnounced that Katherine Fogertey, Chief Financial Officer, will step down from the Company effective March 4, 2026
  • Symbotic (SYM) misses by $0.09, beats on revs; guides Q1 revs in-line
  • Woodward (WWD) beats by $0.21, beats on revs; guides FY26 EPS in-line, revs in-line
  • Zeta Global (ZETA) increases revenue guidance for Q4, Q1 and FY26 to account for its acquisition of Marigold's enterprise software business
  • Zoom Communications (ZS) beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs above consensus; increases stock repurchase authorization by $1 bln
• General News
  • Ukraine has agreed to peace deal brokered by President Trump, but there are still minor details to work out and Russia still needs to agree, according to CBS News
  • Allies of Fed Chairman Jerome Powell are laying the groundwork for a December rate reduction, according to WSJ
  • Treasury Secretary Scott Bessent CNBC interview: There is a "very good chance" President Trump will make the Fed Chair announcement before Christmas
  • NEC Director Kevin Hassett emerges as frontrunner for Fed Chair as President Trump nears decision, according to Bloomberg
  • President Trump unveils the genesis mission to accelerate AI for scientific discovery
  • President Trump is planning to speak directly with Venezuela President Maduro, according to Axios
  • President Trump's healthcare plan received conservative criticism before it was released because of the extension of Obamacare subsidies, according to CNN
  • House Speaker Mike Johnson warns that most House Republicans are against extending Affordable Care Act subsidies, according to WSJ
  • Ukrainian President Volodymyr Zelensky wants to meet with President Trump ASAP to finalize peace deal, according to Axios
  • Russia likely to reject revised Ukraine peace plan, according to Washington Post
  • White House Press Secretary Karoline Leavitt denies MS Now report that President Trump mulling removing Kash Patel as FBI director
  • China wants airlines to extend Japanese flight reductions through March of next year, according to Bloomberg
  • Atlanta Fed GDPNow model estimate forecasts Q3 GDP +4.0% versus +4.2% prior
  • Agriculture Secretary Brooke Rollins says she expects farmer aid package and Chinese soybean purchases within weeks, according to Reuters
  • Align Tech (ALGN) launches Invisalign system with mandibular advancement for Class II correction
  • Apollo Global Management (APO): Optimum Communications sues Apollo, Ares for alleged antitrust credit market collusion, according to WSJ
  • Apple (AAPL): Singapore wants Apple and Google (GOOG, GOOGL) to prevent government spoofing, according to Reuters
  • Apple (AAPL): There are four possible successors to Apple CEO Tim Cook, according to WSJ
  • Autolus Therapeutics (AUTL): NICE recommends AUCATZYL for adult relapsed or refractory B-ALL in England and Wales
  • Biogen (BIIB) and Eisai Completes Rolling Submission to U.S. FDA for LEQEMBI IQLIK (lecanemab-irmb) Supplemental Biologics License Application as a Subcutaneous Starting Dose for the Treatment of Early Alzheimer's Disease Under Fast Track Status
  • Boeing (BA) conducting more inspections in the wake of 737 Max crash, according to NY Times
  • Brightstar Lottery (BRSL) signs a contract with Pan Malaysian Pools SDN BHD, a licensed numbers forecast operator in Malaysia, to supply and deliver 1,200 Retailer Pro S2 terminals as part of PMP's ongoing quest to upgrade its business infrastructure
  • Bristol-Myers (BMY) receives approval from the European Commission to expand Use of CAR T Cell Therapy Breyanzi for relapsed or refractory Mantle Cell Lymphoma
  • CareDx (CDNA): SHORE study demonstrates HeartCare's prognostic value for heart transplant recipients, published in journal of heart and lung transplantation
  • Carrier Global (CARR) CEO D. Gitlin bought 19,300 shares between $52.45 to $52.70 worth approx. $1.02 mln
  • Clearfield (CLFD) authorizes an increase to its common stock share repurchase plan to $85 mln from $65 mln
  • Coherent (COHR): Bain Capital offers a block of Coherent shares for $1.14 bln, according to Bloomberg
  • Deutsche Bank (DB): ECB reviewing claims that Deutsche Bank underplayed balance sheet risks, according to FT
  • eBay (EBAY): France investigating EBAY for alleged selling of illegal products, according to Le Monde
  • Fermi America (FRMI) confirms talks for $4+ bln in project financing for first tenant
  • FrontView REIT (FVR) announces $75 million stock repurchase authorization
  • Google (GOOG, GOOGL) increasing efforts to compete with Nvidia (NVDA) on artificial intelligence chips, and Meta (META) is interested in using Google's chips, according to The Information
  • Herc Holdings (HRI) announces promotion of Aaron Birnbaum, most recently Senior Vice President and Chief Operating Officer, as President, effective January 1, 2026
  • Keurig Dr Pepper (KDP) names Anthony DiSilvestro as CFO
  • Kymera Therapeutics (KYMR) Announces First Patient Dosed in BROADEN2 Phase 2b Atopic Dermatitis Clinical Trial of KT-621, a First-in-Class, Oral STAT6 Degrader
  • Lilly (LLY) to highlight progress across key programs in early and advanced hormone receptor-positive breast cancer at the 2025 San Antonio Breast Cancer Symposium
  • Novartis (NVS) wins FDA approval for Itvisma, first gene-replacement therapy for SMA across all ages
  • Novartis (NVS) highlights key hematology and oncology data ahead of ASH and SABCS
  • Novo Nordisk A/S (NVO) phase 2 trial with amycretin reports significant weight loss and HbA1c reduction in type 2 diabetes
  • NVIDIA (NVDA) issues memo to CNBC: The company said "We are not aware of any claims that NVDA has improperly capitalized operating expenses. Several commentators allege that customers have overstated earnings by extending GPU depreciation schedules beyond economic useful life"
  • Oracle (ORCL) borrowing is worrying lendors, according to The Information
  • Peloton's (PTON) new AI-powered equipment sees sluggish early sales despite holiday push, according to Bloomberg
  • Personalis (PSNL) discloses that CMS Molecular Diagnostics Program revised its reimbursement rate determination for Medicare coverage for our ultrasensitive NeXT Personal test for post-treatment surveillance of cancer recurrence in patients with stage II and III breast cancer
  • Rocket Lab USA (RKLB) launches window for the first of two dedicated Electron launches with the Japan Aerospace Exploration Agency
  • Ross Stores' (ROST) Board of Directors approves Board Chair succession plan; K. Gunnar Bjorklund, current Board member and Lead Independent Director, has been appointed to succeed Mr. Balmuth as Chairman of the Board
  • Sandisk (SNDK) set to join S&P 500; Upwork, First Interstate BancSystem, PTC Therapeutics to Join S&P SmallCap 600
  • Sanofi (SNY): EU approves Dupixent as first targeted therapy in over a decade for chronic spontaneous urticaria
  • Spotify (SPOT) will increase subscription prices early next year, according to FT
  • Volkswagen AG (VWAGY) now able to fully develop and validate products in China for China
  • Walmart (WMT) considers bringing ads to Sparky, according to WSJ
  • Warner Bros. Discovery (WBD) seeks higher bids as Paramount, Comcast, and Netflix vie for sale, according to Bloomberg
  • ZIM Integrated Shipping BOD (ZIM) updates on ongoing strategic review process

• Upgrades:
  • Applied Materials (AMAT) upgraded to Buy from Neutral at UBS, tgt $285
  • AvalonBay Communities (AVB) upgraded to Overweight from Equal Weight at Barclays, tgt $216
  • Brinker International (EAT) upgraded to Buy from Neutral at Citigroup, tgt $176
  • Cummins (CMI) upgraded to Neutral from Sell at UBS, tgt $500
  • GlaxoSmithKline (GSK) upgraded to Neutral from Underperform at BofA Securities
    
  • IMAX (IMAX) upgraded to Neutral from Sell at Goldman, tgt $34
    
  • Inspire Medical Systems (INSP) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $180
    
  • L'Oreal (LRLCY) upgraded to Buy from Neutral at Rothschild & Co Redburn
    
  • Mesoblast (MESO) upgraded to Buy from Hold at Jefferies
    
  • Novartis (NVS) upgraded to Buy from Neutral at BofA Securities
    
  • Oxford Industries (OXM) upgraded to Neutral from Sell at Citigroup, tgt $35
    
  • Semtech (SMTC) upgraded to Buy from Hold at Summit Insights
    
  • Symbotic (SYM) upgraded to Buy from Hold at Craig-Hallum, tgt $70
• Downgrades:
  • Camden Property Trust (CPT) downgraded to Equal Weight from Overweight at Barclays, tgt $118
    
  • EHang Holdings (EH) downgraded to Neutral from Overweight at JPMorgan, tgt $13
    
  • Estee Lauder (EL) downgraded to Sell from Neutral at Rothschild & Co Redburn, tgt $70
    
  • Green Dot (GDOT) downgraded to Market Perform from Outperform at Northland, tgt $14.25
    
  • Royal Bank of Canada (RY) downgraded to Hold from Buy at Jefferies
    
  • TD Bank (TD) downgraded to Hold from Buy at Jefferies
    
  • Waldencast (WALD) downgraded to Market Perform from Outperform at Telsey Advisory Group, tgt $3
• Others:
  • Arch Capital (ACGL) resumed with an Outperform at RBC Capital, tgt $108
  • Achieve Life Sciences (ACHV) initiated at Market Outperform at Citizens JMP, tgt $19
    
  • AIG (AIG) resumed with a Sector Perform at RBC Capital, tgt $85
  • ArriVent Biopharma (AVBP) initiated with a Buy at Truist, tgt $43
  • AXIS Capital (AXS) initiated with an Outperform at RBC Capital, tgt $125
  • Bank of Montreal (BMO) initiated with a Market Perform at Raymond James
    
  • Bank of Nova Scotia (BNS) initiated with an Outperform at Raymond James
    
  • Bowhead Specialty (BOW) resumed with an Outperform at RBC Capital, tgt $33
  • CDW (CDW) upgraded to Strong Buy from Outperform at Raymond James, tgt $185
    
  • Canadian Imperial Bank of Commerce (CM) initiated with a Market Perform at Raymond James
    
  • Coty (COTY) initiated with a Neutral at Rothschild & Co Redburn, tgt $3.60
    
  • DexCom (DXCM) initiated with an In Line at Evercore ISI, tgt $68
    
  • Engie SA (ENGIY) initiated with an Outperform at RBC Capital
    
  • Ermenegildo Zegna (ZGN) initiated with an Outperform at Bernstein, tgt $13
  • Esperion Therapeutics (ESPR) initiated with an Overweight at Piper Sandler, tgt $9
    
  • Forte Biosciences (FBRX) initiated with an Outperform at Evercore ISI, tgt $65
    
  • Harley-Davidson (HOG) initiated with a Hold at Loop Capital, tgt $21
    
  • Hartford Financial (HIG) resumed with a Sector Perform at RBC Capital, tgt $145
    
  • Hesai Group (HSAI) initiated with an Outperform at CICC, tgt $23.50
  • Jade Biosciences (JBIO) initiated with a Buy at Clear Street, tgt $25
    
  • Jumia Technologies (JMIA) initiated with a Buy at Benchmark, tgt $18
  • Kinsale Capital (KNSL) resumed with a Sector Perform at RBC Capital, tgt $415
    
  • Loar Holdings (LOAR) initiated with a Buy at Goldman, tgt $91
    
  • Live Nation Entertainment (LYV) initiated with a Buy at UBS, tgt $164
    
  • Marsh & McLennan (MMC) resumed with a Sector Perform at RBC Capital, tgt $200
    
  • Miniso (MNSO) resumed with a Buy at Deutsche Bank, tgt $23
    
  • Mirion Technologies (MIR) initiated with an Outperform at Evercore ISI, tgt $29
    
  • Opus Genetics (IRD) initiated with an Overweight at Piper Sandler, tgt $7
    
  • Pelthos Therapeutics (PTHS) initiated with a Buy at Roth Capital, tgt $57
    
  • Rhythm Pharmaceuticals (RYTM) initiated with a Buy at Citigroup, tgt $136
    
  • Selective Insurance (SIGI) resumed with an Outperform at RBC Capital, tgt $95
    
  • ServiceNow (NOW) initiated with a Neutral at Macquarie, tgt $860
    
  • STMicroelectronics (STM) initiated with a Neutral at Mizuho, tgt $22
    
  • The Hanover Insurance Group (THG) initiated with a Sector Perform at RBC Capital, tgt $200
    
  • TWFG Insurance (TWFG) resumed with an Outperform at RBC Capital, tgt $33
    
  • Vistra Energy (VST) initiated with an Overweight at KeyBanc, tgt $217
    
  • Waste Management (WM) initiated with a Buy at DZ Bank, tgt $250

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -5.2%)
  • 8:30 ET: September Durable Orders (Briefing.com consensus 0.3%; prior 2.9%), Durable Orders ex-transport (Briefing.com consensus 0.2%; prior 0.4%), weekly Initial Claims (Briefing.com consensus 225,000; prior 220,000), and Continuing Claims (prior 1.974 mln)
  • 9:45 ET: November Chicago PMI (Briefing.com consensus 44.5; prior 43.8)
  • 10:30 ET: Weekly crude oil inventories (prior -3.43 mln)
  • 12:00 ET: Weekly natural gas inventories (prior -14 bcf)
  • 14:00 ET: November Beige Book

• Earnings:
  • Monday (Nov 24)
    • Pre-Market: None
    • After-Hours: A BLBD CENT FLNC KEYS SMTC SYM WWD ZM
      
    Tuesday (Nov 25)
    • Pre-Market: ANF BABA ADI BBY BURL DKS EMBC SJM KSS NIO
    • After-Hours: AMBA ARWR ADSK CLSK DELL GES HPQ NTAP NTNX PD WOOF URBN WDAY ZS
      
  • Wednesday (Nov 26)
    • Pre-Market: DE LI
      
    • After-Hours: None
  • Thursday (Nov 27)
    • Pre-Market: None
    • After-Hours: None
  • Friday (Nov 28)
    • Pre-Market: None
    • After-Hours: None