After Hours Report
The stock market moved lower in the first session of a week that is likely to be defined by Wednesday's FOMC decision.
Stocks have seen some muted back-and-forth action leading up to this week's FOMC meeting, with the S&P 500 (-0.4%), Nasdaq Composite (-0.1%), and DJIA (-0.5%) all moving lower today as gains in the information technology sector (+1.0%) could not outweigh broader-market weakness.
The other ten S&P 500 sectors finished with losses, the widest being that of the communication services sector (-1.8%). While the sector's underperformance is more easily attributed to weakness in its mega-cap components, Alphabet (GOOG 314.45, -7.64, -2.37%) and Meta Platforms (META 667.07, -6.35, -0.94%), new headlines around the takeover of Warner Bros. Discovery (WBD 27.23, +1.15, +4.41%) garnered the lion's share of media coverage today.
Paramount Skydance's (PSKY 14.57, +1.20, +9.02%) unsolicited $30-per-share all-cash offer for Warner Bros. Discovery marks a new escalation in the takeover fight, directly challenging WBD's earlier cash-and-stock agreement with Netflix (NFLX 96.82, -3.42, -3.41%). According to The New York Post, WBD CEO David Zaslav has told associates he believes the Ellison family could raise its bid high enough to cover Netflix's breakup fee.
Netflix faced additional pressure after being downgraded to Neutral from Buy at Rosenblatt.
Tesla (TSLA 439.58, -15.42, -3.39%) also moved lower following a downgrade today, with Morgan Stanley downgrading the stock to Equal Weight from Overweight, citing valuation concerns.
The consumer discretionary sector (-1.5%) finished near the bottom of today's leaderboard as a result. Weakness in homebuilder names sent the iShares U.S. Home Construction ETF 2.1% lower.
Mega-cap weakness saw the Vanguard Mega Cap Growth ETF finish 0.2% lower, though soft participation across the broader market still saw the market-weighted S&P 500 (-0.4%) slightly outperform the S&P 500 Equal Weighted Index (-0.6%).
Decliners outpaced advancers by a nearly 2-to-1 ratio on the NYSE and a roughly 5-to-4 clip on the Nasdaq, putting pressure on high-beta-heavy and defensive sectors alike. Six S&P 500 sectors faced a retreat of 1.0% or wider.
The information technology sector (+1.0%) was the lone bright spot, with some particularly strong performances across the sector's largest names.
NVIDIA (NVDA 185.57, +3.16, +1.73%) and Broadcom (AVGO 401.10, +10.86, +2.78%) contributed to a 1.1% gain in the PHLX Semiconductor Index, with Broadcom trading higher after reports that Microsoft (MSFT 491.02, +7.86, +1.63%) is interested in shifting its custom chips business to the company.
Meanwhile, Oracle (ORCL 220.56, +2.98, +1.37%) traded higher ahead of its earnings release Wednesday after the close.
While the major averages did not successfully push toward record highs today, the technology sector's leadership kept the major averages at or above their unchanged levels for the month of December. The sector holds a 2.3% month-to-date gain for December, while the S&P 500 is flat over the same time period.
Looking ahead, market participants continue to lean on expectations that the Fed will deliver a 25-basis-point rate cut on Wednesday, though sentiment has increasingly shifted toward the idea of a "hawkish" cut—one in which the Fed eases policy this week but signals that additional reductions may be slow to follow.
U.S. Treasuries saw some modest selling interest in the overnight trade, tried to recover early in the cash session, but then came under renewed selling pressure that pushed yields higher across the curve despite some otherwise decent results for the $58 billion 3-year note auction. The 2-year note yield settled up two basis points to 3.58%, and the 10-year note yield settled up three basis points to 4.17%.
There were no economic data releases of note today.
- Nasdaq Composite: +21.9% YTD
- S&P 500: +16.4% YTD
- Russell 2000: +13.0% YTD
- DJIA: +12.2% YTD
- S&P MidCap 400: +5.8% YTD
Overseas:
- Europe: DAX +0.1%, FTSE -0.2%, CAC -0.1%
- Asia: Nikkei +0.2%, Hang Seng -1.2%, Shanghai +0.5%
Commodities:
- Crude Oil -1.23 @ 58.84
- Nat Gas -0.39 @ 4.91
- Gold -26.80 @ 4216.70
- Silver -0.68 @ 58.37
- Copper -0.02 @ 5.44
After-Hours Spotlight:
- AT&T (T) reaffirms FY25 guidance ahead of tomorrow's UBS Global Media & Communications Conference... T +0.1%
- Compass Minerals (CMP) misses by $0.42 (single analyst estimate), misses on revs; Provides FY26 outlook... CMP -0.6%
- NVIDIA (NVDA) moving higher on report that Trump greenlights Nvidia H200 AI chip sales to China, according to CNBC... NVDA +2.2%
- PepsiCo (PEP) announces priorities to enhance shareholder value; reaffirms FY25 guidance and provides FY26 guidance... PEP +0.3%
- Phreesia (PHR) beats by $0.07, reports revs in-line; guides FY26 revs above consensus; guides FY27 revs above consensus... PHR -1.6%
- Toll Brothers (TOL) misses by $0.30, beats on revs; Sees Q1 Deliveries of 1,800-1,900 units, FY26 Deliveries of 10,300-10,700 units... TOL -4.1%
Fair Value for Tuesday, December 9:
- S&P 500: 6,854
- Nasdaq 100: 25,660
- DJIA: 47,789
For a full rundown of today's market and after hours developments, see Live In Play
- Earnings/Guidance (Full Earnings Calendar):
- Compass Diversified (CODI) completes restatement of previously issued financial statements; adjusting full year 2025 guidance
- eToro Group Ltd (ETOR) reports selected November business metrics
- Healthpeak Properties (DOC) provides various business metrics in slide presentation
- Invitation Homes (INVH) provides investor updates in presentation
- Pinnacle Finl (PNFP) and Synovus (SNV) provide investor updates in presentation
- Smith & Nephew (SNN) unveils RISE strategy and sets 2028 financial targets
- WEC Energy Group (WEC) publishes presentation slides in SEC filing; Projects 7-8% long-term CAGR for EPS growth
- General News
- The Fed is expected to lower rates by 25 basis points despite some dissenters, according to Bloomberg
- Elon Musk, and officials from the Trump administration criticized EU over a social media fine. Senator Ted Cruz called on President Trump to impose sanctions on EU and Mr. Musk says EU should be abolished, according to Fox Business
- The Supreme Court could rule as soon as this month on President Trump's tariff authority as companies file lawsuits to get refunds, according to Washington Post
- President Trump signed a Presidential memorandum to begin the process to align U.S. core childhood vaccine recommendations with best practices from peer, developed countries
- Canada, Mexico, and the U.S. agreed to work toward renewing the existing USMCA, according to WSJ
- House Speaker Mike Johnson expected to unveil Republican healthcare plan next week, while Senate will vote on a Democratic bill. Neither healthcare bill is expected to pass, according to Axios
- China November trade surplus was $111.7 billion versus $90.07 billion
- China car sales fall in November, according to Reuters
- The $901 billion defense bill will target Chinese biotech companies, according to Bloomberg
- The Supreme Court will hear the a case on President Trump's authority to fire FTC Commissioner Rebecca Slaughter, according to CBS News
- Advertising spending to grow more than expected, according to WSJ
- Elon Musk says reports that SpaceX is raising money at $800 bln valuation are "not accurate"
- President Trump will soon announce $12 billion in farming aid, according to Bloomberg
- President Trump is considering ways to lower beef prices, according to WSJ
- Adaptive Biotechnologies (ADPT) Showcases Leadership in Hematology-Oncology MRD with New clonoSEQ® Data Driving Treatment Interventions at 2025 ASH Annual Meeting
- Agios Pharma (AGIO) provides update on U.S. sNDA for mitapivat in thalassemia
- Allegiant Travel (ALGT): The union blocks Allegiant Travel's efforts to get U.S. residency for international workers, according to Reuters
- Amazon (AMZN) leading funding round for startup Blue Current, according to WSJ
- American Airlines (AAL) requested notices in Spirit (FLYYQ) bankruptcy proceedings, according to Reuters
- Apple (AAPL): Johny Srouji is considering leaving Apple, according to Bloomberg
- Arcellx (ACLX) Announces New Positive Data for Its iMMagine-1 Study in Patients with Relapsed and/or Refractory Multiple Myeloma
- Baidu (BIDU) confirms it is in the process of assessing proposed spin-off and listing
- Beam Therapeutics (BEAM) reports updated data from BEACON Phase 1/2 Trial of ristoglogene autogetemcel (risto-cel) highlighting durable, differentiated profile in Sickle Cell Disease (SCD) at American Society of Hematology (ASH) Annual Meeting
- BeOne Medicines (ONC) reports Sonrotoclax Data at ASH 2025 confirming foundational potential across B-cell Malignancies
- Berkshire Hathaway (BRK.B) CFO to retire June 1, 2027
- BioNTech (BNTX) and OncoC4 Announce Clinically Meaningful Overall Survival Benefit for Selective Treg Modulator Gotistobart in Patients with Previously Treated Squamous Non-Small Cell Lung Cancer
- China Online Education (COE) announces new share repurchase program
- Coeur Mining (CDE) provides Palmarejo exploration update
- Cogent Biosciences (COGT) Presents Full SUMMIT Results of Bezuclastinib in Patients with NonAdvanced Systemic Mastocytosis (NonAdvSM) at the 67th Annual Meeting of the American Society of Hematology
- Disc Medicine (IRON) Presents Positive Initial Data from RALLY-MF Phase 2 Trial in Patients with Myelofibrosis (MF) and Anemia at the 67th American Society of Hematology (ASH) Annual Meeting
- Dyne Therapeutics (DYN) announces 'positive' topline results from Phase 1/2 DELIVER trial of z-rostudirsen in Duchenne Muscular Dystrophy
- Eli Lilly's (LLY) Jaypirca (pirtobrutinib) met its primary endpoint in first-of-its-kind, head-to-head Phase 3 study versus Imbruvica (ibrutinib)
- Eli Lilly (LLY), Pfizer (PFE) and Johnson & Johnson (JNJ) will be on China's drug catalog, according to Bloomberg
- Fulcrum Therapeutics (FULC) Announces Positive Initial Results from the 20 mg Dose Cohort of the Phase 1b PIONEER Trial of Pociredir in Sickle Cell Disease at the 67th American Society of Hematology Annual Meeting
- Genmab (GMAB) Presents Pivotal Phase 3 Data from EPCORE FL-1 Trial Demonstrating Clinical Benefit of EPKINL (epcoritamab-bysp) in Combination with Rituximab and Lenalidomide (R2) in Patients with Relapsed or Refractory Follicular Lymphoma
- Gilead Sciences (GILD) reports Yescarta Delivers Consistent Safety, Efficacy, and Quality of Life Benefits Across Broad Range of Relapsed/Refractory Large B-cell Lymphoma Patients in New Analysis at ASH 2025
- Gilead Sciences (GILD): Kite’s Next-Generation Bicistronic CAR T-Cell Therapies Show Encouraging Phase 1 Results in Relapsed/Refractory B-Cell Lymphoma in New Data at ASH 2025
- Greenwich LifeSciences (GLSI) announces completion of enrollment in the open label arm of FLAMINGO-01
- HUTCHMED (HCM) expands reimbursement coverage in China
- Immix Biopharma (IMMX) reports Phase 2 NXC-201 Results, Advancing Toward BLA Submission as a Potentially First- and Best-in-Class Therapy for relapsed/refractory AL Amyloidosis
- Incyte (INCY) announces new positive data for INCA033989, its First-In-Class mutCALR-Targeted Monoclonal Antibody, in Patients with Myelofibrosis Presented at ASH 2025
- Ingevity (NGVT) announces results of portfolio review, including plans to explore strategic alternatives for Advanced Polymer Technologies segment and Road Markings business
- Ingevity (NGVT) names Mary Dean Hall as CFO
- IonQ (IONQ) announced the deployment of Slovakia’s first national quantum communication network
- Johnson & Johnson (JNJ): Earlier use of CARVYKTI demonstrated lasting treatment-free remissions at 2.5 years in patients with relapsed or refractory multiple myeloma
- JP Morgan (JPM) CEO Jamie Dimon says Europe's slow bureaucracy poses an economic risk to U.S, according to Bloomberg
- JPMorgan Chase (JPM) names Todd Combs to Head Strategic Investment Group of Security and Resiliency Initiative; company also announces external advisory council to inform SRI’s strategy and investment priorities
- Kymera Therapeutics (KYMR) announces positive results from BroADen phase 1b clinical trial of KT-621, a first-in-class, oral STAT6 degrader, in patients with moderate to severe atopic dermatitis
- Lyell Immunopharma (LYEL) Presents New Clinical Data from Ongoing Trial of Ronde-Cel Showing High Rates of Durable Complete Responses in Patients with Large B-cell Lymphoma at the 67th ASH Annual Meeting and Exposition
- Marqeta (MQ) Board approved an additional share repurchase program authorizing the Company to purchase up to an aggregate of $100 million of the Company’s Class A common stock
- Matthews (MATW) outlines shareholder value actions, addresses director nominations
- McEwen Mining (MUX) reports that successful exploration transforming McEwen’s gold bar mine complex sets the stage for meaningful mine life extension
- Meta (META) aims to delay new mixed reality glasses, according to Business Insider
- Microsoft (MSFT) talking about custom chips with Broadcom (AVGO), according to The Information
- NextEra Energy (NEE) and Google Cloud (GOOG, GOOGL) announce landmark strategic energy and technology partnership to accelerate ai growth and transform the energy industry
- Perion Network (PERI) announces the integration of its Perion One Platform with Amazon DSP
- Pfizer (PFE) reports HYMPAVZI (marstacimab) Reduced Bleeds by 93% Compared to On-Demand Treatment in Adults and Adolescents with Hemophilia A or B with Inhibitors
- Ocular Therapeutix (OCUL) plans accelerated NDA for AXPAXLI in wet AMD
- OR Royalties (OR) announces renewal of normal course issuer bid
- Owens & Minor (OMI) appointed Perry A. Bernocchi Executive Vice President, Chief Operating Officer of the Company, effective December 5, 2025
- Protagonist (PTGX) and Takeda (TAK) Present Longer-Term Data at ASH 2025 Showing Rusfertide Delivers Durable Response and Hematocrit Control in Polycythemia Vera
- Regeneron Pharma (REGN) reports Lynozyfic (linvoseltamab) Monotherapy in Newly Diagnosed Multiple Myeloma (NDMM) Shows Impressive Responses, Supporting Rationale as a Potential Foundation in Frontline Treatment
- Rigel (RIGL) presents updated data from the ongoing Phase 1b Study Evaluating R289 in Patients with Lower-Risk MDS at the 67th ASH Annual Meeting and Exposition
- SELLAS Life Sciences (SLS) Presents Positive Phase 2 Data of SLS009 in Combination with AZA/VEN in Relapsed/Refractory AML-MR at ASH 2025
- Southwest Air (LUV): Department of Transportation says "In lieu of a payment of an $11 million civil penalty to the government, this order provides Southwest with an $11 million credit for significantly improving its on-time performance"
- Tesla (TSLA) plans to introduce a lower-cost Model 3 in Europe, according to Reuters
- Tesla (TSLA): A leaked video shows Optimus robot falling, according to Giz Mo China
- Tucows (TCX) provides Ting Fiber capital structure updates
- UBS (UBS) could eliminate 10000 jobs by 2027, according to Blick
- Vertex (VRTX) presents new data on CASGEVY, including first-ever data in children ages 5-11 years, at the American Society of Hematology Annual Meeting and Announces Plan for Global Regulatory Submissions
- Volkswagen (VWAGY) planning on investing EUR 160 billion through 2030, according to Reuters
- Wave Life Sciences (WVE) announces positive interim data from Phase 1 INLIGHT Trial of WVE-007 (INHBE) for Obesity; single dose resulted in improvement in body composition with fat loss similar to GLP-1 at three months without muscle loss
- Zai Lab (ZLAB) updates China drug reimbursement coverage
- Upgrades:
- Allison Transmission (ALSN) upgraded to Strong Buy from Outperform at Raymond James, tgt $110
- Bayer (BAYRY) upgraded to Overweight from Neutral at JPMorgan
- Cemex (CX) upgraded to Sector Perform from Underperform at RBC Capital, tgt $11.25
- Canadian Pacific (CP) upgraded to Overweight from Equal Weight at Morgan Stanley
- CNX Resources (CNX) upgraded to Neutral from Underweight at JPMorgan, tgt $38
- Compass (COMP) upgraded to Overweight from Equal Weight at Barclays, tgt $13
- Devon Energy (DVN) upgraded to Overweight from Neutral at JPMorgan, tgt $44
- Equity Lifestyle (ELS) upgraded to Outperform from Sector Perform at RBC Capital, tgt $70
- Exxon Mobil (XOM) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $114
- Five Below (FIVE) upgraded to Buy from Hold at Truist, tgt $216
- Generac (GNRC) upgraded to Overweight from Neutral at JPMorgan, tgt $200
- General Motors (GM) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $90
- Incyte (INCY) upgraded to Outperform from Neutral at Mizuho, tgt $121
- Inspire Medical (INSP) upgraded to Outperform from Perform at Oppenheimer, tgt $175
- Jack Henry (JKHY) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $215
- Jefferies Financial (JEF) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $78
- KB Home (KBH) upgraded to Overweight from Equal Weight at Barclays, tgt $71
- MasterCard (MA) upgraded to Buy from Hold at HSBC, tgt $633
- Novartis (NVS) upgraded to Overweight from Neutral at JPMorgan
- Old Dominion (ODFL) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $190
- Oklo (OKLO) upgraded to Buy from Neutral at Seaport Research, tgt $150
- Quanta Services (PWR) upgraded to Overweight from Neutral at JPMorgan, tgt $515
- Ralliant (RAL) upgraded to Buy from Neutral at Citigroup, tgt $61
- Roche (RHHBY) upgraded to Neutral from Underweight at JPMorgan
- SiteOne Landscape (SITE) upgraded to Equal Weight from Underweight at Barclays, tgt $134
- Synopsys (SNPS) upgraded to Neutral from Underperform at BofA Securities, tgt $500
- Champion Homes (SKY) upgraded to Overweight from Equal Weight at Barclays, tgt $100
- Thermo Fisher (TMO) upgraded to Overweight from Sector Weight at KeyBanc, tgt $750
- Ulta Beauty (ULTA) upgraded to Buy from Hold at TD Cowen, tgt $725
- Visa (V) upgraded to Buy from Hold at HSBC, tgt $389
- Vodafone (VOD) upgraded to Overweight from Equal Weight at Barclays
- Allison Transmission (ALSN) upgraded to Strong Buy from Outperform at Raymond James, tgt $110
- Downgrades:
- 3M (MMM) downgraded to Hold from Buy at Deutsche Bank, tgt $178
- Amrize (AMRZ) downgraded to Sector Perform from Outperform at RBC Capital, tgt $60
- Antero Resources (AR) downgraded to Neutral from Overweight at JPMorgan, tgt $39
- Enlight Renewable (ENLT) downgraded to Underweight from Neutral at JPMorgan, tgt $35
- Ero Copper (ERO) downgraded to Hold from Buy at Jefferies
- Evercore (EVR) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $373
- Ferrari (RACE) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $425
- Fluence Energy (FLNC) downgraded to Underperform from Neutral at Mizuho, tgt $15
- Knot Offshore Partners (KNOP) downgraded to Neutral from Buy at Alliance Global
- Lennar (LEN) downgraded to Underweight from Equal Weight at Barclays, tgt $98
- Lucid Group (LCID) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $10
- Marvell (MRVL) downgraded to Hold from Buy at Benchmark
- Masco (MAS) downgraded to Equal Weight from Overweight at Barclays, tgt $71
- Netflix (NFLX) downgraded to Hold from Buy at Pivotal Research, tgt $105
- Novo Nordisk (NVO) downgraded to Hold from Buy at Argus
- Occidental (OXY) downgraded to Underweight from Neutral at JPMorgan, tgt $44
- PBF Energy (PBF) downgraded to Underperform from Peer Perform at Wolfe Research, tgt $23
- Peoples Financial (PFIS) downgraded to Equal Weight from Overweight at Stephens, tgt $50
- Primoris (PRIM) downgraded to Neutral from Overweight at JPMorgan, tgt $143
- Procept BioRobotics (PRCT) downgraded to Neutral from Buy at BofA Securities, tgt $38
- Range Resources (RRC) downgraded to Underweight from Neutral at JPMorgan, tgt $39
- Rivian (RIVN) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $12
- Sanofi (SNY) downgraded to Neutral from Overweight at JPMorgan
- Tesla (TSLA) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $425
- W.P. Carey (WPC) downgraded to Sector Perform from Outperform at RBC Capital, tgt $69
- Others:
- Aveanna Healthcare (AVAH) initiated with an Outperform at William Blair
- Blue Owl Technology Finance (OTF) initiated with an Outperform at Citizens JMP, tgt $17
- BrightSpring Health (BTSG) initiated with an Outperform at William Blair
- Canaan (CAN) initiated with a Buy at BTIG Research, tgt $3
- Carlyle Secured Lending (CGBD) initiated with a Market Perform at Citizens JMP
- Capital One (COF) assumed with an Outperform at Wolfe Research, tgt $270
- Commvault (CVLT) initiated with an Outperform at Mizuho, tgt $190
- Customers Bancorp (CUBI) initiated with an Equal Weight at Morgan Stanley, tgt $90
- HeartBeam (BEAT) initiated with a Buy at H.C. Wainwright, tgt $2.50
- Integra Resources (ITRG) initiated with a Buy at Roth Capital, tgt $5.75
- Main Street Capital (MAIN) initiated with an Outperform at Citizens JMP, tgt $70
- Matador Resources (MTDR) initiated with a Buy at Citigroup, tgt $53
- LP Building Solutions (LPX) initiated with an Overweight at Barclays, tgt $100
- Pasithea Therapeutics (KTTA) initiated with a Buy at H.C. Wainwright, tgt $3
- Okyo Pharma (OKYO) initiated with a Buy at B. Riley, tgt $5
- OneMain (OMF) initiated with a Buy at Truist, tgt $75
- Pennant Group (PNTG) initiated with an Outperform at William Blair
- Pinnacle Financial (PNFP) initiated with a Buy at BofA Securities, tgt $113
- SanDisk (SNDK) initiated with a Neutral at JPMorgan, tgt $235
- South Bow (SOBO) initiated with an Equal Weight at Barclays, tgt $27
- Trinity Capital (TRIN) initiated with an Outperform at Citizens JMP, tgt $17.50
- Aveanna Healthcare (AVAH) initiated with an Outperform at William Blair
- Econ Data (Tuesday):
- 06:00 ET: November NFIB Small Business Optimism (prior 98.2)
- 08:30 ET: Preliminary Q3 Productivity (Briefing.com consensus: 3.5%; prior 3.3%) and Unit Labor Costs (Briefing.com consensus: 0.9%; prior 1.0%)
- 10:00 ET: September JOLTS - Job Openings (prior 7.227M)
- 13:00 ET $39 bln 10-yr Treasury note reopening
- Earnings:
- Monday (Dec 8)
- Pre-Market: None
- After-Hours: CMP PHR TOL
- Pre-Market: ASO AZO CAL CPB CNM FERG GIII KFY OLLI SAIL
- After-Hours: AVAV BRZE CASY CBRL PLAY GME
- Wednesday (Dec 10)
- Pre-Market: CHWY MOMO PLAB REVG UEC
- After-Hours: ADBE NDSN ORCL OXM PL SNPS MTN
- Pre-Market: CHWY MOMO PLAB REVG UEC
- Thursday (Dec 11)
- Pre-Market: CIEN LOVE
- After-Hours: AVGO COST LULU NTSK RH
- Friday (Dec 12)
- Pre-Market: None
- After-Hours: None
- Monday (Dec 8)