After Hours Report
The S&P 500 (+0.1%), Nasdaq Composite (+0.2%), and DJIA (-0.1%) spent the session in a tight range near their unchanged levels amid a lack of notable developments today.
Tight breadth figures (decliners outpaced advancers by a roughly 7-to-6 margin on the NYSE while advancers held a roughly 3-to-2 advantage on the Nasdaq) and nearly even sector strength culminated in a sideways drift for the major averages today.
The health care sector (-0.7%) finished tied for the widest loss today, highlighting the modesty of today's moves at both the sector and the index level.
The consumer staples sector (-0.7%) also lagged despite Dollar General (DG 125.21, +15.32, +13.94%) finishing as the best-performing S&P 500 name after a strong beat-and-raise Q3 earnings report, while a 0.2% loss in the utilities sector rounds out a weak day for defensive sectors.
Meanwhile, the consumer discretionary sector (-0.5%) faced pressure in its homebuilder names, which saw the iShares U.S. Home Construction ETF (-2.1%) give back yesterday's gain, while Amazon (AMZN 229.11, -3.27, -1.41%) was a laggard across mega-cap stocks.
The mega-cap cohort saw some notable stock-specific moves, both higher and lower, which ultimately canceled each other out to a flattish finish for the Vanguard Mega Cap Growth ETF (+0.1%).
Meta Platforms (META 661.53, +21.93, +3.43%) was a standout, trading higher after Bloomberg reported that the company is considering slashing its budget for its metaverse group by up to 30% next year. The potential budget cuts signal a strategic pivot, freeing up billions to reinvest in higher-ROI AI projects that are proving more effective at driving revenue and profits.
Despite Meta's advance, a loss in Alphabet (GOOG 318.39, -2.23, -0.70%) kept gains modest in the communication services sector (+0.4%), though it still finished near the top of today's underwhelming leaderboard.
The information technology sector (+0.4%) also managed a modest gain despite mixed performances across its mega-cap components. Apple (AAPL 280.70, -3.45, -1.21%) finished lower, while NVIDIA (NVDA 183.46, +3.87, +2.15%) notched a solid gain despite relative weakness across chipmakers.
The PHLX Semiconductor Index (-0.9%) hit session lows late in the afternoon after Reuters reported that bipartisan senators have introduced a bill that will block the Trump administration from removing chip export restrictions to China. Intel (INTC 40.50, -3.26, -7.45%) was the worst-performing S&P 500 name today.
Elsewhere in the sector, Salesforce (CRM 247.65, +8.93, +3.74%) traded higher after topping earnings expectations and issuing upbeat guidance, while Sandisk (SNDK 213.31, +18.93, +9.74%) recaptured some of its losses from recent sessions.
Outside of the S&P 500, the Russell 2000 (+0.7%) continued its run of outperformance this week as the market remains expectant that the Fed will deliver a rate cut at next week's FOMC meeting.
With that backdrop, the major averages are maintaining their modest week-to-date gains heading into Friday's session. Attention now turns to tomorrow's release of the September PCE Price Index (Briefing.com consensus 0.3%), though it's unlikely to sway sentiment in a meaningful way given that expectations for a rate cut at next week's FOMC meeting are already almost fully priced in. However, the data could influence the expected policy path for early 2026, as the market largely anticipates a "hawkish cut" next week that would dampen expectations for an additional move in January.
U.S. Treasuries retreated on Thursday, lifting yields back to their highest levels of the week. The 2-year note yield settled up four basis points to 3.53%, and the 10-year note yield settled up five basis points to 4.11%.
- Nasdaq Composite: +21.7% YTD
- S&P 500: +16.6% YTD
- Russell 2000: +13.5% YTD
- DJIA: +12.5% YTD
- S&P Mid Cap 400: +6.3% YTD
Reviewing today's data:
- Weekly Continuing Claims 1.939 mln; Prior was revised to 1.943 mln from 1.960 mln, Weekly Initial Claims 191K (Briefing.com consensus 220K); Prior was revised to 218K from 216K
- The key takeaway from the report is initial claims dropped to their lowest level in nearly two years, which is an encouraging sign about the health of a labor market at a time when visibility remains reduced due to some missing Employment Situation reports from the BLS.
- October Trade Balance DELAYED (Briefing.com consensus -$61.3 bln); Prior -$59.6 bln
- September Factory Orders 0.2%; Prior was revised to 1.3% from 1.4%
- The key takeaway from the report is that orders increased again in September despite a big jump in August with new orders for nondefense capital goods excluding aircraft, which is a proxy for business spending, jumping 0.9% for the second month in a row.
Overseas:
- Europe: DAX +0.9%, FTSE +0.2%, CAC +0.4%
- Asia: Nikkei +2.3%, Hang Seng +0.7%, Shanghai -0.1%
Commodities:
- Crude Oil +0.73 @ 59.68
- Nat Gas +0.06 @ 5.06
- Gold +11.30 @ 4243.60
- Silver -1.14 @ 57.48
- Copper -0.01 @ 5.38
After-Hours Spotlight:
- Cooper (COO) beats by $0.04, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY26 EPS above consensus, revs in-line; Appoints Colleen Jay to succeed current Chair Robert Weiss and announces strategic review...COO +11.3%
- DocuSign (DOCU) beats by $0.09, beats on revs; raises FY26 revs above consensus...DOCU -6.1%
- Hewlett Packard Enterprise (HPE) beats by $0.04, misses on revs; guides Q1 EPS above consensus, revs below consensus; raises FY26 EPS guidance, reaffirms FY26 revs guidance...HPE -8.0%
- Rubrik (RBRK) beats by $0.27, beats on revs, Subscription ARR grew 34%; guides Q4 EPS above consensus, revs above consensus...RBRK +16.1%
- Samsara (IOT) beats by $0.03, beats on revs; guides Q4 EPS in-line, revs above consensus...IOT +4.8%
- SentinelOne (S) beats by $0.02, beats on revs; guides Q4 revs below consensus; also CFO transition...S -7.8%
- ServiceTitan (TTAN) beats by $0.09, beats on revs; guides FY26 revs above consensus...TTAN +5.6%
- Ulta Beauty (ULTA) beats by $0.53, beats on revs; comp sales +6.3%; raises FY26 EPS and revenue guidance above consensus; raises FY26 comp sales guidance...ULTA +6.5%
- Zumiez (ZUMZ) beats by $0.28, beats on revs; comp sales +7.6%; guides Q4 EPS above consensus, revs above consensus...ZUMZ +9.3%
Fair Value for Friday, December 5:
- S&P 500: 6,876
- Nasdaq 100: 25,624
- DJIA: 47,914
For a full rundown of today's market and after hours developments, see Live In Play
- Earnings/Guidance (Full Earnings Calendar):
- Alaska Air (ALK) lowers Q4 EPS guidance below consensus estimate, lowers RASM guidance
- Bank of Montreal (BMO) beats by CAD 0.24, beats on revs
- BETA Technologies (BETA) reports Q3 (Sep) results, beats on revs; guides FY25 revs in-line
- BRP Inc. (DOOO) beats by CAD0.34, beats on revs; guides FY26 EPS above consensus, revs above consensus
- C3.ai (AI) beats by $0.08, reports revs in-line; guides Q3 revs in-line; guides FY26 revs in-line
- Chevron (CVX) outlines 2026 capital spending framework
- CIBC (CM) beats by CAD 0.13, beats on revs
- Costco (COST) reports November adjusted comparable sales of +6.4%; Digitally-enabled comps of +16.3%
- Descartes (DSGX) beats by $0.04, beats on revs; names new CFO, effective March 2026; has filed with TSX a notice of intention to commence an NCIB
- Dollar General (DG) beats by $0.33, reports revs in-line; guides FY26 EPS above consensus; raises net sales and comp guidance
- Donaldson (DCI) beats by $0.02, beats on revs; raises FY26 EPS in-line, revs in-line
- Five Below (FIVE) beats by $0.43, beats on revs; comp sales +14.3%; raises FY26 EPS and revenue guidance above consensus; raises FY26 comp sales guidance
- Guidewire Software (GWRE) beats by $0.05, beats on revs; raises FY26 revs above consensus
- HealthEquity (HQY) beats by $0.10, reports revs in-line; guides FY26 EPS in-line, revs in-line
- Hormel Foods (HRL) beats by $0.02, misses on revs; guides FY26 EPS in-line, revs in-line
- Masimo (MASI) provides updated guidance from 2025 Investor Day
- nCino (NCNO) beats by $0.10, beats on revs; guides Q4 EPS above consensus, revs in-line
- Philips (PHG) reaffirmed that its 2026 outlook will be issued as planned on February 10, in line with the company’s previously communicated schedule
- PVH (PVH) beats by $0.29, reports revs in-line; narrows FY25 EPS and revenue growth guidance
- Rio Tinto (RIO) outlines strategy to deliver industry-leading returns at 2025 capital markets day
- Salesforce (CRM) beats by $0.39, reports revs in-line, cRPO up 11% yr/yr; guides Q4 EPS in-line, revs above consensus
- Science Applications (SAIC) beats by $0.50, reports revs in-line; raises FY26 EPS guidance, and low end of revenue guidance range
- Snowflake (SNOW) beats by $0.04, beats on revs, product revenue up 29%; Guides for Q4 product revenue growth of 27%
- Toronto-Dominion Bank (TD) beats by CAD0.17, beats on revs
- UiPath (PATH) beats by $0.01, beats on revs; guides Q4 revs in-line
- United Micro (UMC) reports November sales increased 5.9% yr/yr to ~NT$21.23 bln
- Wiley (WLY) beats by $0.32 (single estimate), beats on revs; guides FY26 EPS above estimate, sees low-single digit revenue growth
- General News
- Republican House Representatives Elise Stefanik, Nancy Mace, and Anna Paulina Luna are upset at House Speaker Mike Johnson's leadership with Nancy Mace considering resigning early, according to NY Times
- Bond investors told Treasury they are concerned about the potential appointment of Kevin Hassett for Fed Chairman, according to FT
- Japanese government bonds had a strong auction, according to Reuters
- Treasury Secretary Scott Bessent is being considered for a second job as head of the National Economic Council, according to Bloomberg
- Joesley Batista flew to Venezuela to convince Maduro to step down, according to Bloomberg
- USTR Jamieson Greer in an interview says President Trump could decide next year to withdraw from the USMCA, according to Politico
- White House wants bipartisan legislation to increase housing supply attached to National Defense Authorization Act, according to Politico
- Bipartisan healthcare legislation is unlikely as both sides have competing ideas. Democrats want vote on three year extension of Affordable Care Act subsidies, but there is not enough Republican support for that, according to Washington Post
- China is issuing general licenses for rare earth exports to ease tensions with U.S., according to FT
- EU to review Chinese EV tariffs, according to SCMP
- Amazon (AMZN) considering ending relationship with USPS and building its own delivery network, according to Washington Post
- AMC Entertainment (AMC) issues statement about the health of Chairman and CEO Adam Aron
- Apellis Pharmaceuticals (APLS): The New England Journal of Medicine publishes positive Phase 3 VALIANT results of EMPAVELI (pegcetacoplan) for C3G and primary IC-MPGN
- AstraZeneca (AZN) showcases expanded haematology and cell therapy pipeline at ASH 2025
- AstraZeneca (AZN): Neurimmune has expanded on its transthyretin amyloid cardiomyopathy collaboration with Alexion, AstraZeneca Rare Disease by entering into an exclusive global collaboration and license agreement to develop NI009
- AxoGen (AXGN) secures FDA approval for AVANCE biologics license
- Bayer (BAYRY) initiates Phase IIa study in Alport Syndrome
- Becton Dickinson (BDX) announced a strategic collaboration to advance hazardous drug contamination testing in health care settings to improve the safety of health care workers
- Biogen (BIIB) and Eisai present new data on the continued and expanding benefit of LEQEMBI at the Clinical Trials on Alzheimer's Disease (CTAD) Conference 2025
- Blue Owl Capital (OWL) discloses several insider purchases
- Blue Owl Capital (OWL) discloses that aggregate capital closed across evergreen non-traded products for the period from October 1, 2025 through December 1, 2025 is estimated to be $4.3 billion
- British American Tobacco (BTI) proposed block trade of ITC Hotels shares
- BRP Inc. (DOOO) renews normal course issuer bid for subordinate voting shares
- Bullish (BLSH) releases November 2025 monthly metrics
- Cal-Maine Foods (CALM) launches $15 mln network optimization and capacity-expansion project at Echo Lake Foods
- Cboe Global Markets (CBOE) Reports Trading Volume for November 2025
- CIBC (CM) announces Senior Executive leadership changes
- Ciena (CIEN) provides control severance agreement updates
- Constellation Energy (CEG) ticking higher on report co in settlement talks with DOJ about Calpine deal, according to Bloomberg
- Crescent Biopharma (CBIO) & Kelun-Biotech announce strategic partnership to develop and commercialize novel oncology therapeutics
- Delcath Systems (DCTH) Announces Publication of 10-Year Single-Center Experience with Percutaneous Hepatic Perfusion in Liver-Dominant Metastatic Uveal Melanoma
- Dover (DOV): SWEP introduces two new products to meet growing market demand in data center cooling and district energy applications
- Eni S.p.A. (E) signs a long-term LNG sale agreement with Thai Gulf Development Company, further enhancing its global marketing footprint
- Equinix (EQIX) announces CFO Keith Taylor's intention to retire in 2026
- Faraday Future Intelligent Electric (FFAI) advances FX Super One production with first full parts delivery to Hanford
- Foghorn Therapeutics (FHTX) appointed Jeff Sacher as Treasurer and interim CFO, effective immediately; Company is continuing its search for a permanent CFO
- Franklin Resources (BEN) announces preliminary November assets under management
- Gulfport Energy (GPOR) confirms Silver Point purchase agreement
- Halliburton (HAL) announces that Shannon Slocum has been promoted to executive vice president and COO and appointed to the board of directors, effective Jan. 1, 2026
- Hims & Hers Health (HIMS) is now serving customers in Canada
- ITT (ITT) appoints Nazzic S. Keene to succeed current Board Chair, Timothy H. Powers
- KBR (KBR) as been awarded an estimated $117 mln cost-plus-fixed-fee follow-on contract to provide Foreign Military Sales support for Naval Air System Command’s (NAVAIR) F/A-18 and EA-18G Program Office
- Kimberly-Clark (KMB) details International Family Care and Professiona transaction; determined the IFP Transaction represents a strategic shift
- McEwen Mining (MUX) reports recent discovery at Froome Mine expands along strike and down-dip; drilling at depth shows potential to extend mine life: 7.7 gpt gold over 20.4 m & 23.5 gpt gold over 3.7 m
- Medtronic (MDT) announces that the FDA has cleared the Hugo robotic-assisted surgery system for use in urologic surgical procedures
- Meta Platforms (META): EU Commission opens antitrust investigation into Meta's new policy regarding AI providers' access to WhatsApp
- Middleby (MIDD) & 26North agree to form $885 mln partnership for residential kitchen
- Nutex Health (NUTX) extends share repurchase program through March 2026
- Nvidia (NVDA) CEO Jensen Huang is not sure China would accept H200 artificial intelligence chips, according to Bloomberg
- Nvidia (NVDA): Cambricon Technologies plans to triple production and replace Nvidia in China, according to Bloomberg
- OpenAI Chief Executive Sam Altman wants to either acquire or partner with a rocket company to compete with SpaceX, according to WSJ
- Orla Mining (ORLA) introduces inaugural dividend and establishes quarterly payout policy
- Packaging Corp (PKG) announces reconfiguration of Wallula, WA Containerboard Mill
- Palantir Technologies (PLTR) unveils Chain Reaction to accelerate U.S. AI infrastructure buildout
- Palantir's (PLTR) software is helping Immigration and Customs Enforcement track undocumented immigrants, according to Washington Post
- Raymond James (RJF) raises quarterly dividends on common stock by 8% to $0.54/share from $0.50/share and authorizes repurchase of the company’s shares of common stock in an aggregate amount of up to $2 billion
- Rio Tinto’s (RIO) Nuton technology produces first copper at Johnson Camp
- Royalty Pharma (RPRX) and Denali Therapeutics (DNLI) announce a $275 million synthetic royalty funding agreement based on future net sales of tividenofusp alfa
- Snowflake (SNOW) and Accenture announce that they are expanding their collaboration to scale generative AI innovation; Also announces that it has doubled transaction growth in AWS marketplace yr/yr
- Stantec (STN) awarded second phase of European Commission’s Global Technical Assistance Facility for Sustainable Energy
- Tesla (TSLA) UK registrations fall in November, according to Reuters
- Trustmark (TRMK) authorized a new stock repurchase program under which up to $100.0 million of its outstanding common shares may be acquired through December 31, 2026
- uniQure (QURE) provides regulatory update for AMT-130, an investigational gene therapy for Huntington’s disease
- USA Rare Earth (USAR) announces that its subsidiary, Less Common Metals, signed a supply agreement with Solvay and Arnold Magnetic Technologies Corporation, a subsidiary of Compass Diversified (CODI)
- Vale S.A. (VALE) responds to reported AGU decision on CFEM and transfer pricing
- Viavi (VIAV) and QNu Labs announced a strategic partnership to develop cutting-edge quantum security and advanced network intelligence technologies
- Upgrades:
- Accelerant Holdings (ARX) upgraded to Outperform from Market Perform at Citizens JMP, tgt $20
- Boston Properties (BXP) upgraded to Overweight from Sector Weight at KeyBanc, tgt $80
- Commerzbank (CRZBY) upgraded to Neutral from Sell at Goldman
- Curbline Properties (CURB) upgraded to Overweight from Sector Weight at KeyBanc, tgt $27
- Descartes Systems (DSGX) upgraded to Outperform from Market Perform at Raymond James, tgt $118
- EastGroup Properties (EGP) upgraded to Overweight from Sector Weight at KeyBanc, tgt $200
- Grupo Aeroportuario Del Sureste (ASR) upgraded to Outperform from Sector Perform at Scotiabank
- Meta Platforms (META) upgraded to Buy from Neutral at Arete, tgt $718
- Royal Bank of Canada (RY) upgraded to Buy from Hold at TD Cowen
- Schneider Electric (SBGSY) upgraded to Overweight from Neutral at JPMorgan
- Societe Generale (SCGLY) upgraded to Buy from Neutral at Goldman
- Toll Brothers (TOL) upgraded to Overweight from Neutral at JPMorgan, tgt $161
- Toast (TOST) upgraded to Overweight from Neutral at JPMorgan, tgt $43
- Taysha Gene Therapies (TSHA) upgraded to Buy from Early-Stage at Goldman, tgt $11
- UMH Properties (UMH) upgraded to Buy from Neutral at Colliers, tgt $17
- Accelerant Holdings (ARX) upgraded to Outperform from Market Perform at Citizens JMP, tgt $20
- Downgrades:
- AvalonBay Communities (AVB) downgraded to Neutral from Buy at Colliers, tgt $195
- Brandywine Realty (BDN) downgraded to Sector Weight from Overweight at KeyBanc
- Bread Financial (BFH) downgraded to Underweight from Neutral at JPMorgan, tgt $72
- Century Communities (CCS) downgraded to Underweight from Neutral at JPMorgan, tgt $56
- EastGroup Properties (EGP) downgraded to Neutral from Outperform at Mizuho, tgt $172
- Fiserv (FISV) downgraded to Neutral from Overweight at JPMorgan, tgt $85
- Halozyme Therapeutics (HALO) downgraded to Sell from Neutral at Goldman, tgt $56
- Independence Realty Trust (IRT) downgraded to Neutral from Buy at Colliers, tgt $18.50
- Kilroy Realty (KRC) downgraded to Sector Weight from Overweight at KeyBanc
- Lennar (LEN) downgraded to Underweight from Neutral at JPMorgan, tgt $115
- LexinFintech (LX) downgraded to Neutral from Buy at UBS, tgt $3.50
- Li Auto (LI) downgraded to Hold from Buy at HSBC, tgt $18.60
- LXP Industrial Trust (LXP) downgraded to Sector Weight from Overweight at KeyBanc
- NatWest Group (NWG) downgraded to Neutral from Buy at Goldman
- GAP Airports (PAC) downgraded to Sector Perform from Outperform at Scotiabank
- Pentair (PNR) downgraded to Equal Weight from Overweight at Barclays, tgt $115
- Portland General Electric (POR) downgraded to Sell from Neutral at Ladenburg, tgt $43
- PayPal (PYPL) downgraded to Neutral from Overweight at JPMorgan, tgt $70
- Regency Centers (REG) downgraded to Sector Weight from Overweight at KeyBanc
- Telefonica (TEF) downgraded to Underperform from Neutral at BofA Securities, tgt $3.83
- AvalonBay Communities (AVB) downgraded to Neutral from Buy at Colliers, tgt $195
- Others:
- Alaska Air (ALK) initiated with a Buy at Citigroup, tgt $61
- Allegiant Travel (ALGT) initiated with a Neutral at Citigroup, tgt $88
- American Airlines (AAL) initiated with a Buy at Citigroup, tgt $19
- ASP Isotopes (ASPI) initiated with an Overweight at Cantor Fitzgerald, tgt $13
- Ascentage Pharma (AAPG) initiated with an Outperform at Oppenheimer, tgt $45
- AutoZone (AZO) initiated with an Outperform at Robert W. Baird, tgt $4,500
- Crane (CR) initiated with an Outperform at Wolfe Research, tgt $215
- Evolution Petroleum (EPM) reinstated with a Buy at Roth Capital, tgt $5
- Frontier Group (ULCC) initiated with a Neutral at Citigroup, tgt $5
- GE Aerospace (GE) initiated with a Positive at Susquehanna, tgt $350
- Hershey (HSY) resumed with a Hold at Jefferies, tgt $181
- Insmed (INSM) initiated with a Buy at Rothschild & Co Redburn, tgt $263
- JetBlue Airways (JBLU) initiated with a Sell at Citigroup, tgt $4.10
- Knife River (KNF) initiated with a Neutral at JPMorgan, tgt $83
- Maze Therapeutics (MAZE) initiated with an Overweight at Wells Fargo, tgt $55
- MBX Biosciences (MBX) initiated with a Sell at Goldman, tgt $18
- MNTN (MNTN) initiated with a Buy at Canaccord, tgt $20
- Monday.com (MNDY) initiated with a Buy at Guggenheim, tgt $250
- O'Reilly Automotive (ORLY) initiated with an Outperform at Robert W. Baird, tgt $115
- Oric Pharmaceuticals (ORIC) initiated as Early-Stage Biotech at Goldman
- SkyWest (SKYW) initiated with a Neutral at Citigroup, tgt $112
- Solid Biosciences (SLDB) initiated with a Buy at Needham, tgt $16
- Southwest (LUV) initiated with a Neutral at Citigroup, tgt $38
- Sun Country Airlines (SNCY) initiated with a Neutral at Citigroup, tgt $15
- Tyra Biosciences (TYRA) initiated as Early-Stage Biotech at Goldman
- United Airlines (UAL) initiated with a Buy at Citigroup, tgt $132
- Alaska Air (ALK) initiated with a Buy at Citigroup, tgt $61
- Econ Data (Friday):
- 10:00 ET: September Personal Income (Briefing.com consensus 0.4%; prior 0.4%), Personal Spending (Briefing.com consensus 0.4%; prior 0.6%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), Core PCE Prices (Briefing.com consensus 0.3%; prior 0.2%), October Factory Orders (Briefing.com consensus -0.3%), and preliminary December University of Michigan Consumer Sentiment (Briefing.com consensus 52.0; prior 51.0)
- 15:00 ET: October Consumer Credit (Briefing.com consensus $9.8 bln; prior $13.1 bln)
- Earnings:
- Monday (Dec 1)
- Pre-Market: None
- After-Hours: CRDO MDB VSTS
- 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
- Pre-Market: DLTR M RY CXM
- 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
- Monday (Dec 1)