After Hours Report

The stock market faced a broad-based retreat to start December as a sharp sell-off across Bitcoin and other cryptocurrencies weighed on sentiment, sending the S&P 500 (-0.5%), Nasdaq Composite (-0.4%), and DJIA (-0.9%) lower. 

Stocks steadily rebounded from the opening lows, with the S&P 500 and Nasdaq Composite nearly breaching their flatlines as the information technology sector (+0.1%) recovered from an early 1.3% loss. 

NVIDIA (NVDA 179.92, +2.92, +1.65%) was a standout across the mega-cap stocks, trading higher after announcing a strategic partnership with Synopsys (SNPS 438.29, +20.28, +4.85%) in which the companies will advance agentic AI engineering using GPUs, accelerated computing, and digital-twin technologies.

Apple (AAPL 283.10, +4.25, +1.52%) also notched a solid gain, which helped mask losses in over half of the sector's components. 

Meanwhile, Amazon (AMZN 233.88, +0.66, +0.28%) was the only other "magnificent seven" name to capture a gain, which helped the consumer discretionary sector finish on its flatline. 

Alphabet (GOOG 315.12, -5.00, -1.56%), which has notably outperformed this quarter, faced some profit-taking. 

The energy sector (+0.9%) was the only sector to maintain any space above its flatline, supported by crude oil futures settling today's session $0.83 higher (+1.5%) at $59.38 per barrel. OPEC+ announced over the weekend that it will leave oil output levels steady for the first quarter of 2026.

Stocks were unable to maintain the rebound from opening lows, with eight S&P 500 sectors ultimately finishing in negative territory. 

The utilities sector (-2.4%) faced the widest loss as all but one of its components traded lower amid a rise in longer-term treasury yields, sending the sector below its 50-day moving average. 

The health care (-1.5%) sector also faced a considerable loss despite the U.S. and U.K. reaching a broad pharmaceutical pricing agreement in which the U.K. will boost NHS payments for new medicines and ease rebate pressures, while the U.S. will lift tariff threats and drop investigations into U.K. pricing practices. 

Moderna (MRNA 24.16, -1.82, -7.01%) was the worst-performing S&P 500 name, trading lower following a report from The Washington Post that the FDA is planning on imposing stricter standards for vaccine approvals due to alleged coronavirus vaccine deaths, though the link between the vaccine and the fatalities in question is contested. 

The industrials sector (-1.5%) finished similarly, with significant pressure coming from defense names amid some speculation that President Trump's plan to end the Russia-Ukraine war could be successful. The iShares U.S. Aerospace and Defense ETF closed with a 2.9% loss. 

Meanwhile, stocks with direct ties to the cryptocurrency market faced outsized losses. Coinbase Global (COIN 259.84, -12.98, -4.76%) and Robinhood Markets (HOOD 123.24, -5.25, -4.09%) were two of the worst-performing names in the financials sector (-0.9%), while Bitmine Immersion Technologies (BMNR 28.98, -4.14, -12.50%) faced a double-digit loss as Ethereum slid alongside Bitcoin. Strategy Inc (MSTR 171.42, -5.76, -3.25%) reversed from its session lows but still finished with a loss. 

The small-cap Russell 2000 (-1.3%) underperformed amid today's risk-off sentiment, while the S&P Mid Cap 400 (-0.5%) finished with a loss similar to that of its larger-cap counterparts. 

Ultimately, today's broad-based retreat was reminiscent of earlier-November sessions, not the rally that came amid a spike in rate-cut expectations near the month's end. While expectations for further Fed easing remain elevated, the market was subject to some profit-taking from last week's highs, while a sharp sell-off in cryptocurrency and a dip in U.S. Treasuries weighed on sentiment. Fortunately, the month-ending rally put enough space between the major averages and their 50-day moving averages that they all remain over 1% above the key technical level even after today's weakness. 

U.S. Treasuries began December on a lower note, sliding alongside other sovereign debt amid solidifying expectations for a rate hike from the Bank of Japan on December 19. The 2-year note yield settled up five basis points to 3.54%, and the 10-year note yield settled up eight basis points to 4.10%. 

• Nasdaq Composite: +20.5% YTD
• S&P 500: +15.8% YTD
• DJIA: +11.2% YTD
• Russell 2000: +10.7% YTD
• S&P Mid Cap 400: +5.4% YTD

Reviewing today's data:

• The November ISM Manufacturing Index checked in at 48.2% for November (Briefing.com consensus: 49.0%), down from 48.7% in October. The dividing line between expansion and contraction is 50.0%, so the November figure, which is the ninth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.
  • The key takeaway from the report is that the manufacturing sector resembled a sector in a state of stagflation in November, punctuated by a faster pace of contraction, rising prices, and weakening employment.
• The S&P Global U.S. Manufacturing PMI hit 52.2 in the final reading for November, down from 52.5 in October.

Overseas:

• Europe: DAX -1.0%, FTSE -0.2%, CAC -0.3%
• Asia: Nikkei -1.9%, Hang Seng +0.7%, Shanghai +0.7%

Commodities:

• Crude Oil +0.83 @ 59.38
• Nat Gas +0.15 @ 4.92
• Gold +19.10 @ 4274.80
• Silver +2.01 @ 59.15
• Copper +0.02 @ 5.30

After-Hours Spotlight:

• Amazon (AMZN) offering deliveries in 30 minutes in parts of Seattle and Philadelphia...AMZN +0.3%
• Credo Technology Group (CRDO) beats by $0.18, beats on revs; guides Q3 revs above consensus...CRDO +14.2%
• Huntsman (HUN) lowers guidance, sees Q4 adjusted EBITDA at low end of prior guidance range of $25-$50 mln due to an unplanned outage at its Polyurethanes facility located in Rotterdam, Netherlands...HUN -4.3%
• MongoDB (MDB) beats by $0.51, beats on revs, Atlas revenue growth of 30%; guides Q4 EPS above consensus, revs above consensus...MDB +20.0%
• Vestis (VSTS) misses by $0.03, beats on revs; guides FY26 revs in-line; launches strategic business transformation plan...VSTS -5.6%
• Warner Bros. Discovery (WBD) ticks higher on report that it was fielding a second round of bids on Monday, including a mostly cash offer from Netflix, according to Bloomberg...WBD +0.8%

Fair Value for Tuesday, December 2:

• S&P 500: 6,823
• Nasdaq 100: 25,389
• DJIA: 47,327

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

• Earnings/Guidance (Full Earnings Calendar):
  • Broadstone Net Lease (BNL) sees FY25 FFO and FY26 FFO in line ahead of investor day
  • Kestra Medical Technologies (KMTS) sees Q2 revs above consensus
  • Li Auto (LI) reports November deliveries
  • NIO (NIO) reports November deliveries increased 76% yr/yr
  • XPeng (XPEV) reports November deliveries increased 19% yr/yr
  • ZEEKR Intelligent Technology (ZK) reports November deliveries increased 7% yr/yr
• General News
  • President Trump says he knows who he will select for Fed Chair. White House National Economic Council Director Kevin Hassett says the market is prepared for the Fed chair selection, according to Bloomberg
  • The Trump administration will pause all asylum decisions following the National Guard shooting, according to CBS News
  • President Trump told Venezuelan leader Nicolas Maduro that the U.S. would consider force if he didn't leave power voluntarily. President Trump says airlines should consider Venezuelan airspace completely closed, according to WSJ
  • President Trump will hold an Oval Office meeting tonight with advisors on Monday night to discuss next steps for Venezuela, according to CNN
  • Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories
  • TSA screened 3,133,924 passengers on Sunday versus 3,088,836 passengers on the Sunday after Thanksgiving last year
  • The U.S. and Ukraine made additional progress on the peace plan. Steve Witkoff plans to present the plan to Russia on Tuesday, according to Axios
  • U.S. Government confirms agreement in principle with the United Kingdom on pharmaceutical pricing
  • Congressional committees will investigate the Pentagon over the killing of Caribbean boat strike survivors, according to Washington Post
  • Cryptocurrency prices fall to begin December, according to Bloomberg
  • UK and U.S. will soon agree on pharmaceuticals deal with zero tariffs, according to Sunday Times UK, according to Sunday Times UK
  • China's central bank has stablecoin concerns, according to Reuters
  • EU planning EV mandate on corporate fleets in 2030, according to FT
  • Connecticut leads multistate probe into buy now, pay later lenders over consumer protections
  • Queens Borough President Donovan Richards confident in NYC casino licenses, according to NY Post
  • FDA planning on imposing stricter standards for vaccine approvals due to alleged coronavirus vaccine deaths, according to Washington Post
  • Macau Gaming Inspection and Coordination Bureau reported November gross revs 14.4% yr/yr
  • Adobe (ADBE) says U.S. Black Friday online sales +9% yr/yr to $11.8 bln
  • Airbus (EADSY) provides update on deployment of A320 Family precautionary fleet measures; Out of a total number of around 6,000 aircraft potentially impacted, the vast majority have now received the necessary modifications
  • Airbus (EADSY) facing another fuselage panel issue with A320 jets, according to Reuters
  • Akamai Tech (AKAM) announces acquisition of function-as-a-service company Fermyon
  • Akebia Therapeutics (AKBA) announces establishment of rare kidney disease pipeline
  • Altimmune (ALT) announces CEO succession plan under which Vipin Garg, Ph.D. will step down as President and Chief Executive Officer effective January 1, 2026
  • AMC Entertainment (AMC) welcomed its highest-attended week of 2025, Monday through Sunday, both in the U.S. and globally
  • ANI Pharma (ANIP) announces board leadership transition
  • Belite Bio (BLTE) announces positive topline results from the Pivotal Global, Phase 3 dragon trial of Tinlarebant in adolescents with stargardt disease
  • Bicara Therapeutics (BCAX) announces publication of an abstract with preliminary Phase 1b Expansion Cohort Data Evaluating 750mg of Ficerafusp Alfa Weekly Plus Pembrolizumab in 1L HPV-negative R/M HNSCC at ESMO Asia 2025
  • Bitmine Immersion Technologies (BMNR) announces ETH Holdings reach 3.73 million tokens, and total crypto and cash holdings of $12.1 billion; now owns more than 3.0% of the ETH token supply co
  • Canadian Solar (CSIQ) aiming to transfer assets to avoid Chinese scrutiny, according to Bloomberg
  • Canadian Solar (CSIQ) to resume direct oversight of U.S. manufacturing and operations
  • CME (CME) data center added more cooling following outage, according to Bloomberg
  • Cognition Therapeutics (CGTX) Presents Phase 3 Plan for Zervimesine (CT1812) in Alzheimer’s Disease at Clinical Trials on Alzheimer’s Disease (CTAD) Conference
  • Coupang (CPNG): South Korea investigating Coupang for data leak, according to Bloomberg
  • Cullinan Therapeutics (CGEM) announces that the FDA granted Fast Track designation to CLN-049 for the treatment of relapsed/refractory acute myeloid leukemia
  • Denison Mines (DNN) and Ya’thi Néné sign regional benefit agreement supporting uranium project development
  • Fermi America (FRMI) and MVM EGI sign hybrid cooling MOU to reduce water use at West Texas energy campus
  • Fresenius (FMS) launches denosumab biosimilars in Europe
  • GE HealthCare (GEHC) submits next-generation SIGNA MRI systems for FDA review
  • GeoPark (GPRK) announces 2026 work program and medium-term guidelines
  • HSBC Holdings (HSBC) and Mistral AI join forces to accelerate AI adoption across global bank
  • IDEAYA Biosciences (IDYA) receives FDA clearance to advance IDE034 into Phase 1 clinical testing
  • Ionis Pharma (IONS) announces that the FDA has granted Breakthrough Therapy designation to olezarsen as an adjunct to diet to reduce triglyceride levels in adults with severe hypertriglyceridemia
  • Mastercard (MA) says US Black Friday retail sales up +4.1% yr/yr as holiday momentum builds
  • Merck (MRK) showcases data for Alzheimer's Disease candidates MK-2214 and MK-1167 at CTAD 2025
  • Micron (MU) will invest $9.6 bln to make artificial intelligence memory chips in western Japan, according to Nikkei
  • Microsoft (MSFT): Norway wealth fund wants human rights report at Microsoft annual meeting, according to Reuters
  • New Fortress Energy (NFE) receives approval for Puerto Rico liquefied natural gas deal, according to Bloomberg
  • NovoCure (NVCR) announces the appointment of Frank Leonard as Chief Executive Officer, effective immediately
  • NVIDIA (NVDA): A U.S. firm wants a loan to purchase $300 million of Nvidia chips, according to Bloomberg
  • Omnicom (OMC) announces strategy and executive leadership following acquisition of Interpublic (IPG)
  • Philips (PHG) introduces next-generation MRI and CT platforms emphasizing AI, efficiency and sustainability
  • Planet Fitness (PLNT) announces planned securitized debt refinancing
  • Regeneron Pharma (REGN) and Tessera form joint development partnership for gene editing therapy in AATD
  • Sandoz (SDZNY) launches denosumab biosimilars in Europe to expand access to bone disease treatments
  • Seer, Inc. (SEER): Nature Genetics Study Validates Seer’s Proteograph Platform as Essential for Turning Genetic Signals Into Reliable Drug Targets and Biomarkers
  • Shopify (SHOP) merchants set new Black Friday record with $6.2 bln in sales, up 25% YoY
  • Stellantis (STLA) France car production will decline by 11% by 2028, according to FT
  • Synopsys (SNPS) and NVIDIA (NVDA) announce strategic partnership to revolutionize engineering and design
  • Tesla (TSLA) sales fall in key European markets, according to Reuters
  • Tesla (TSLA) had record sales in Norway in 2025, according to Reuters
  • Titan Mining (TII) announces strong kilbourne graphite project economics and expanded U.S EXIM support to accelerate U.S. graphite independence
  • TotalEnergies (TTE) expands offshore exploration partnership with Chevron (CVX)
  • Total (TTE): The UK will withdraw a $1.5 billion loan for Total liquefied natural gas project in Mozambique, according to FT
  • UBS AG (UBS): Swiss authorities file charges against UBS over alleged organizational deficiencies, according to FT
  • UniFirst Corporation (UNF): Engine Capital Issues Open Letter to the Independent Directors of UniFirst Corporation 
  • Vertical Aerospace Group (EVTL) announces that 16 members of its Board of Directors and leadership team completed open market purchase of company's common stock in November
  • Walt Disney (DIS) "Zootopia 2" earned $156 million from the domestic box office, according to Variety
  • Warner Bros. Discovery (WBD): Fox Business reporter Charlie Gasparino says "Bidders on WBD say the board has really warmed to a Netflix (NFLX) offer"

• Upgrades:
  • Air France-KLM (AFLYY) upgraded to Overweight from Neutral at JPMorgan
    
  • BankUnited (BKU) upgraded to Buy from Hold at Jefferies, tgt $55
    
  • Chime (CHYM) upgraded to Buy from Neutral at Goldman, tgt $27
    
  • Compass Group (CMPGY) upgraded to Outperform from Sector Perform at RBC Capital
    
  • Chevron (CVX) upgraded to Buy from Hold at HSBC, tgt $169
    
  • Kratos Defense (KTOS) upgraded to Buy from Neutral at B. Riley, tgt $105
    
  • Lufthansa (DLAKY) upgraded to Neutral from Underweight at JPMorgan
    
  • Neumora Therapeutics (NMRA) upgraded to Outperform from Sector Perform at RBC Capital, tgt $7
    
  • Old Dominion (ODFL) upgraded to Outperform from Market Perform at BMO Capital, tgt $170
    
  • Shattuck Labs (STTK) upgraded to Buy from Neutral at H.C. Wainwright, tgt $6
    
  • Spyre Therapeutics (SYRE) upgraded to Buy from Hold at JonesResearch, tgt $64
    
  • Take-Two Interactive (TTWO) upgraded to Buy from Neutral at Arete, tgt $284
    
  • Thermo Fisher Scientific (TMO) upgraded to Buy from Hold at HSBC, tgt $670
    
  • Toast (TOST) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $40
    
  • Unity Software (U) upgraded to Buy from Neutral at Arete, tgt $48
• Downgrades:
  • American Tower (AMT) downgraded to Equal Weight from Overweight at Barclays, tgt $200
    
  • Crown Castle (CCI) downgraded to Equal Weight from Overweight at Barclays, tgt $101
    
  • easyJet (ESYJY) downgraded to Underweight from Neutral at JPMorgan
    
  • Enterprise Products Partners (EPD) downgraded to Neutral from Overweight at JPMorgan, tgt $35
    
  • Li Auto (LI) downgraded to Hold from Buy at China Renaissance, tgt $18.50
    
  • MPLX (MPLX) downgraded to Neutral from Overweight at JPMorgan, tgt $57
    
  • PTC Therapeutics (PTCT) downgraded to Sector Perform from Outperform at RBC Capital, tgt $91
    
  • REV Group (REVG) downgraded to Neutral from Outperform at Robert W. Baird, tgt $55
    
  • Sionna Therapeutics (SION) downgraded to Underperform from Sector Perform at RBC Capital, tgt $24
    
  • Titan Machinery (TITN) downgraded to Neutral from Outperform at Robert W. Baird, tgt $21
    
  • TotalEnergies (TTE) downgraded to Hold from Buy at HSBC
    
  • Trinseo (TSE) downgraded to Neutral from Overweight at Alembic Global, tgt $1
    
  • VICI Properties (VICI) downgraded to In Line from Outperform at Evercore ISI, tgt $32
    
  • Vivendi (VIVHY) downgraded to Hold from Buy at Kepler Cheuvreux
• Others:
  • Adecoagro (AGRO) resumed Underweight from Neutral at JPMorgan, tgt $7
    
  • Archer Aviation (ACHR) initiated Neutral at Goldman, tgt $11
    
  • AxoGen (AXGN) initiated Outperform at Mizuho, tgt $40
    
  • Beta Technologies (BETA) initiated Buy at BofA Securities, tgt $35
    
  • Beta Technologies (BETA) initiated Overweight at Cantor Fitzgerald, tgt $42
    
  • Beta Technologies (BETA) initiated Buy at BTIG Research, tgt $40
    
  • Beta Technologies (BETA) initiated Buy at Needham, tgt $34
    
  • Beta Technologies (BETA) initiated Buy at Citigroup, tgt $41
    
  • Beta Technologies (BETA) initiated Buy at Goldman, tgt $47
    
  • Beta Technologies (BETA) initiated Hold at Jefferies, tgt $30
  • BillionToOne (BLLN) initiated Buy at BTIG Research, tgt $160
    
  • BillionToOne (BLLN) initiated Equal Weight at Wells Fargo, tgt $110
    
  • BillionToOne (BLLN) initiated Buy at Stifel, tgt $145
    
  • BillionToOne (BLLN) initiated Overweight at Piper Sandler, tgt $150
    
  • BillionToOne (BLLN) initiated Overweight at JPMorgan, tgt $150
    
  • BillionToOne (BLLN) initiated Hold at Jefferies, tgt $117
    
  • Cal-Maine Foods (CALM) initiated Buy at Benchmark, tgt $100
    
  • Carvana (CVNA) initiated Buy at UBS, tgt $450
    
  • Ceva (CEVA) initiated Buy at Loop Capital, tgt $28
    
  • Eve Holding (EVEX) initiated Neutral at Goldman, tgt $4.84
    
  • Evommune (EVMN) initiated Overweight at Cantor Fitzgerald
    
  • Evommune (EVMN) initiated Outperform at Evercore ISI, tgt $40
    
  • Evommune (EVMN) initiated Outperform at William Blair
    
  • Evommune (EVMN) initiated Overweight at Morgan Stanley, tgt $36
    
  • Exzeo (XZO) initiated Buy at Truist, tgt $25
    
  • Exzeo (XZO) initiated Outperform at William Blair
    
  • Galecto (GLTO) initiated Buy at Guggenheim, tgt $32
    
  • Goosehead Insurance (GSHD) initiated Buy at Jefferies, tgt $93
    
  • Immunome (IMNM) initiated Buy at Truist, tgt $36
    
  • Joby Aviation (JOBY) initiated Sell at Goldman, tgt $10
    
  • Power Solutions (PSIX) initiated Buy at Jefferies, tgt $101.51
    
  • Ryan Specialty (RYAN) initiated Hold at Jefferies, tgt $64
    
  • Telefonica (TEF) resumed Neutral at Citigroup
    
  • TSS (TSSI) initiated Buy at Lucid Capital, tgt $15
    
  • WeRide (WRD) initiated Buy at BofA Securities, tgt $12

• Econ Data (Tuesday):
  • No U.S. economic data of note

• Earnings:
  • Monday (Dec 1)
    • Pre-Market: None
    • After-Hours: CRDO MDB VSTS
      
    Tuesday (Dec 2)
    • Pre-Market: BNG SIG
    • After-Hours: AEO ASAN BOX CRWD GTLB MRVL OKTA PSTG
  • Wednesday (Dec 3)
    • Pre-Market: DLTR M RY CXM
      
    • After-Hours: AI DSGX FIVE GWRE HQY NCNO PVH CRM SNOW PATH
  • Thursday (Dec 4)
    • Pre-Market: BMO BF.B DOOO CM DG DCI HRL HOV KR SAIC TD WLY
    • After-Hours: AGX COO DOCU DOMO HPE RBRK IOT S TTAN SWBI SFIX ULTA ZUMZ
  • Friday (Dec 5)
    • Pre-Market: VSCO
    • After-Hours: None