After Hours Report

Stocks advanced to start the week as renewed buying interest in mega-cap names lifted the major averages, while solid breadth reinforced broader market participation.

The S&P 500 (+1.5%), Nasdaq Composite (+2.3%), and DJIA (+0.8%) all captured gains that put the major averages within striking distance of their unchanged month-to-date levels. 

Equity futures pointed to a higher open this morning after the Senate passed a procedural vote on Sunday to end the government shutdown. CBS News reported this afternoon that Senate Majority Leader John Thune hopes for a final Senate vote on the government funding deal "in the very near future" but noted the Senate still has procedural hurdles to overcome. 

The extent to which optimism for a funding deal contributed to today's advance can be debated, but what is certain is that there was strong buying interest across the market's largest names. 

The Vanguard Mega-Cap Growth ETF climbed 2.5% as gains swelled throughout the session, which kept the information technology (+2.7%) and communication services (+2.5%) sectors jockeying for position atop today's leaderboard. 

Renewed confidence in the AI trade saw the PHLX Semiconductor Index (+3.0%) capture a solid gain, supported by strong efforts from Micron (MU 253.20, +15.28, +6.42%), NVIDIA (NVDA 199.00, +10.85, +5.77%), and others. Advanced Micro Devices (AMD 244.18, +10.64, +4.56%) traded higher ahead of its financial analyst event tomorrow. 

Though not a member of the SOX Index, Palantir Technologies (PLTR 193.63, +15.70, +8.82%) is synonymous with the broader AI trade and captured the widest gain among S&P 500 names today, which saw the stock rally back above its 50-day moving average (178.45). 

Alphabet (GOOG 290.57, +10.87, +3.89%) also continued its recent trend of outperformance since announcing it will make its powerful Ironwood AI chip widely available in the coming weeks.  

The consumer discretionary sector did not capture quite as high of a gain as other mega-cap heavy sectors, though Tesla (TSLA 445.26, +15.74, +3.66%) was still a standout. 

In total, eight S&P 500 sectors finished higher. Several sectors moved lower in the late morning, which briefly sent the DJIA (+0.8%) beneath its flatline, though the major averages quickly rebounded from session lows.

Only the defensive consumer staples (-0.3%) and utilities (-0.1%) sectors, along with the real estate sector (-0.1%), finished lower as investors rotated back into more growth-oriented pockets of the market. 

Today's trend of a higher risk appetite was evidenced by a 1.6% gain in the Invesco S&P 500 High Beta ETF. 

However, the market's advance was not solely driven by its titans today. Advancers outpaced decliners by a roughly 2-to-1 ratio on both the NYSE and Nasdaq nearly the entire session, and of the eight S&P 500 sectors that finished higher, seven closed with gains wider than 0.5%. 

Outside of the S&P 500, the Russell 2000 (+1.1%) and S&P Mid Cap 400 (+0.8%) also posted solid performances. 

While the market will likely see any further developments to end the government shutdown as another tailwind heading into the end of the year, today's action came on relatively little news flow, reflecting confidence in the broader market and a willingness to still buy dips in mega-cap names. 

U.S. Treasuries started the week on a lower note, pressured by signs that the government shutdown will come to an end soon, though an intraday resilient showing helped the complex recover some of its starting losses. The 2-year note yield settled up three basis points to 3.59% and the 10-year note yield settled up two basis points to 4.11%. 

• Nasdaq Composite: +21.8% YTD
• S&P 500: +16.2% YTD
• DJIA: +11.3% YTD
• Russell 2000: +10.1% YTD

Overseas:

• Europe: DAX +1.7%, FTSE +1.1%, CAC +1.3%
• Asia: Nikkei +1.3%, Hang Seng +1.6%, Shanghai +0.5%

Commodities:

• Crude Oil +0.41 @ 60.14
• Nat Gas +0.02 @ 4.56
• Gold +112.30 @ 4122.30
• Silver +2.15 @ 50.29
• Copper +0.14 @ 5.10

After-Hours Spotlight:

• BigBear.ai (BBAI) beats by $0.04, beats on revs; reaffirms FY25 revs guidance; also announces definitive agreement to acquire Ask Sage...BBAI +12.5%
• CoreWeave (CRWV) reports Q3 (Sep) results, beats on revs...CRWV -2.5%
• Green Dot (GDOT) beats by $0.15, beats on revs; guides FY25 EPS in-line, reaffirms FY25 revs guidance...GDOT +6.3%
• Life360 (LIF) reports Q3 (Sep) results, beats on revs; raises FY25 revenue outlook...LIF -3.5%
• Paramount Skydance (PSKY) reports Q3 (Sep) results, misses on revs; guides Q4 revs above consensus; guides FY26 revs above consensus...PSKY +5.4%
• Rigetti Computing (RGTI) beats by $0.02, misses on revs...RGTI -2.1%
• Rocket Lab USA (RKLB) beats by $0.07, beats on revs; guides Q4 revs in-line...RKLB +8.3%
• TeraWulf (WULF) reports Q3 (Sep) results, misses on revs...WULF +0.1%
• Tidewater (TDW) reports Q3 (Sep) results, beats on revs; guides FY25 revs in-line; guides FY26 revs below consensus...TDW -6.3%

Fair Value for Tuesday, November 11:

• S&P 500: 6,856
• Nasdaq 100: 25,714
• DJIA: 47,464

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

• Earnings/Guidance (Full Earnings Calendar):
  • Barrick Mining (B) misses by $0.02, misses on revs; reaffirms outlook
  • Beyond Meat (BYND) to delay 10-Q filing; expects to report a material weakness
  • Camtek (CAMT) beats by $0.02, reports revs in-line; guides Q4 revs in-line
  • Dole plc (DOLE) misses by $0.01, beats on revs
  • Enviri Corporation (NVRI) misses by $0.05, reports revs in-line; lowers FY25 EPS guidance
  • eToro Group Ltd (ETOR) beats by $0.05; also announces a $150 mln share repurchase program
  • Exact Sciences (EXAS) reaffirms FY25 EPS gudiance
  • Howard Hughes Holdings (HHH) beats by $0.45, beats on revs; provides guidance
  • Immunovant Sciences (IMVT) misses by $0.02; provides clinical update
  • Instacart (CART) beats by $0.02, reports revs in-line, orders up 14% yr/yr; Issues Q4 outlook
  • KE Holdings (BEKE) beats by RMB0.04, reports revs in-line
  • Monday.com (MNDY) beats by $0.28, beats on revs; guides Q4 revs below consensus; guides FY25 revs in-line
  • RadNet (RDNT) misses by $0.02, beats on revs
  • Rumble (RUM) reports EPS in-line, misses on revs
  • Pagaya (PGY) beats by $0.81, reports revs in-line; guides Q4 revs in-line
  • Starwood Property Trust (STWD) misses by $0.03, beats on revs
  • Surgery Partners (SGRY) misses by $0.07, reports revs in-line; guides FY25 revs below consensus
  • Taiwan Semiconductor Manufacturing (TSM) reports October revs increased 16.9% yr/yr
  • TEGNA (TGNA) beats by $0.01, misses on revs; On August 19, 2025, company and Nexstar Media Group (NXST) announced a definitive agreement under which Nexstar will acquire the company for $22/share
  • Tower Semi (TSEM) beats by $0.01, reports revs in-line; guides Q4 revs above consensus
  • TreeHouse Foods (THS) reports Q3 (Sep) results, misses on revs; TreeHouse Foods to Be Acquired by Investindustrial for $2.9 Billion
  • Tyson Foods (TSN) beats by $0.31, misses on revs; guides FY26 revs in-line
  • VEON (VEON) reports Q3 results; beats on revs; raises outlook
  • Viasat (VSAT) beats by $0.59, misses on revs; Continues to expect low-single-digit yr/yr revenue growth, which is roughly in-line with consensus expectation
• General News
  • The Senate advances a procedural measure by a vote of 60-40 to reopen and fund the government through January 30th. The deal will not include extension of Obamacare subsidies, but Democrats were promised a future vote in December on that issue. Washington Post
  • Progressive Democrats are against the government funding deal and will not yield all the time required to pass the bill, which could delay final passage of the bill for several days (once it passes the Senate, it will need to pass the House). Politico
  • Treasury Secretary Scott Bessent in an interview says President Trump's plan to give $2000 dividend to Americans from tariff revenue could come in the form of a tax cut. ABC News
  • Senate Republicans and President Trump make healthcare counteroffer which redirects Obamacare subsidies from health insurance companies to individuals. WSJ
  • Government funding deal includes full year funding for the agriculture department, which handles food benefits for the poor. Federal workers who lost jobs during the shutdown will be rehired. Politico
  • Transportation Secretary Sean Duffy in an interview says air travel "could slow to a trickle" ahead of the Thanksgiving holiday if the government shutdown continues. He said a "substantial" amount of Americans will not be able to fly home for the holiday if the shutdown continues. CNN
  • US military will shake up the way it buys weaponry, according to WSJ
  • MLB players were charged in a gambling investigation. WSJ
  • China resumes exports of Nexperia chips. Bloomberg
  • China ends ban of gallium, germanium & antimony exports to U.S. Reuters
  • FHFA Director Bill Pulte says agency is working on a 50 year mortgage
  • Alphabet's (GOOG/GOOGL): YouTube TV says "We've been working to negotiate a deal with Disney that pays them fairly for their content and returns their programming to YouTube TV. We know it’s been disappointing to lose Disney channels, and in light of the disruption, we’re offering our subscribers a $20 credit"
  • Apogee Therapeutics (APGE) announces "positive" interim Phase 1 results from its first-in-human study of APG333, which demonstrated data supporting potential 3- and 6-month dosing based on a half-life of approximately 55 days across doses tested
  • Apple (AAPL) planning upgrades to satellite features on iPhone, according to Bloomberg
  • Barrick Mining (B) increases share buyback program in the amount of $500 million;  raises base dividend 25% and declares enhanced Q3 dividend
  • Celsius (CELH) has authorized a new share repurchase program under which the company may repurchase up to $300 mln of its outstanding common stock
  • CoreCivic (CXW) authorized an increase to its existing share repurchase program for up to an additional $200.0 mln in shares of outstanding common stoc
  • Innate Pharma (IPHA) receives FDA Clearance to proceed with TELLOMAK 3
  • Marriott (MAR) terminates licensing agreement with Sonder (SOND) following default
  • Nvidia (NVDA) CEO Jensen Huang expects strong demand for Blackwell chips. Reuters
  • Plug Power (PLUG) expects to generate more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses
  • Restaurant Brands Int'l (QSR) secures JV deal with Chinese private-equity firm CPE, according to WSJ
  • Robinhood (HOOD) aiming to allow amateur traders to make investments into private artificial intelligence companies. FT
  • Sleep Number (SNBR) secured an amendment and extension of its credit agreement through 2027
  • UPS (UPS): Out of an abundance of caution and in the interest of safety, we have made the decision to temporarily ground our MD-11 fleet
  • Visa (V) and Mastercard (MA) near an agreement that would lower interchange fees for merchants. WSJ

• Upgrades:
  • AMC Networks (AMCX) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $8
  • Array Technologies (ARRY) upgraded to Buy from Neutral at Seaport Research, tgt $12
  • Canopy Growth (CGC) upgraded to Hold from Sell at Benchmark
  • Celestica (CLS) upgraded to Buy from Neutral at Citigroup, tgt $375
  • Commerzbank (CRZBY) upgraded to Buy from Hold at Deutsche Bank
  • Eli Lilly (LLY) upgraded to Outperform from Market Perform at Leerink, tgt $1,104
  • LendingClub (LC) upgraded to Outperform from Market Perform at Citizens JMP, tgt $23
  • MAA (MAA) upgraded to Neutral from Sell at UBS, tgt $132
  • MP Materials (MP) upgraded to Buy from Hold at Deutsche Bank, tgt $71
  • Paylocity (PCTY) upgraded to Buy from Neutral at Guggenheim, tgt $180
  • Piper Sandler (PIPR) upgraded to Buy from Neutral at Goldman, tgt $386
  • Sunrun (RUN) upgraded to Buy from Neutral at Guggenheim, tgt $27
  • Teradata (TDC) upgraded to Outperform from Market Perform at Citizens JMP, tgt $42
  • Terreno Realty (TRNO) upgraded to Outperform from Sector Perform at Scotiabank, tgt $67
  • Terreno Realty (TRNO) upgraded to Overweight from Neutral at Piper Sandler, tgt $75
• Downgrades:
  • Applied Optoelectronics (AAOI) downgraded to Sell from Neutral at B. Riley, tgt $15
  • Asur (ASR) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $300
  • CarMax (KMX) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $35
  • CGI (GIB) downgraded to Hold from Buy at Jefferies, tgt $81
  • CubeSmart (CUBE) downgraded to Sector Weight from Overweight at KeyBanc
  • HubSpot (HUBS) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $450
  • JD.com (JD) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $28
  • MidCap Financial (MFIC) downgraded to Neutral from Buy at Compass Point, tgt $12.25
  • Pebblebrook Hotel (PEB) downgraded to Sell from Neutral at Compass Point, tgt $11.50
  • PotlatchDeltic (PCH) downgraded to Sector Perform from Outperform at RBC Capital, tgt $48
  • Six Flags (FUN) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $20
  • Trex Company (TREX) downgraded to Hold from Buy at Stifel, tgt $35
  • TTEC Holdings (TTEC) downgraded to Market Perform from Outperform at William Blair
• Others:
  • Ascentage Pharma (AAPG) initiated with a Buy at BTIG Research, tgt $50
  • Cameco (CCJ) initiated with a Neutral at UBS
  • DigitalOcean (DOCN) initiated with an Outperform at Oppenheimer, tgt $60
  • Kodiak AI (KDK) initiated with a Buy at TD Cowen, tgt $14
  • Mattel (MAT) initiated with a Neutral at Seaport Research
  • Monopar Therapeutics (MNPR) initiated with an Outperform at Leerink, tgt $115
  • Solstice Advanced Materials (SOLS) initiated with a Sector Perform at RBC Capital, tgt $50
  • SPX Technologies (SPXC) initiated with a Hold at TD Cowen, tgt $225
  • Super League Enterprise (SLE) initiated with a Buy at Aegis, tgt $5

• Econ Data (Tuesday):
  • *Bond market closed for Veterans Day*
  • 6:00 ET: October NFIB Small Business Optimism (Briefing.com consensus 98.3; prior 98.8)

• Earnings:
  • Monday (Nov 10)
    • Pre-Market: B BTDR CAMT CEVA DOLE NVRI ETOR EVGO GBTG GSL HHH CART BEKE MNDY PGY RDNT ROIV STWD SGRY TSEM THS TSN VG
    • After-Hours: ASTS BBAI CNNE CRWV GETY GDOT JAMF OXY PSKY RPAY RGTI SARO TTGT WULF TDW
      
    Tuesday (Nov 11)
    • Pre-Market: SE SFL SONY
    • After-Hours: DOX CAE IMOS OKLO LIF
      
  • Wednesday (Nov 12)
    • Pre-Market: ARCO CRCL CRMD GFS HBM HUYA LEGN LOAR MFC MH ONON RSKD TME TDG
      
    • After-Hours: CLBT CSCO DGII DLO FLY FLUT HTFL IBTA KLC PAAS RUM TTEK WBTN
  • Thursday (Nov 13)
    • Pre-Market: ARX BILI CSIQ EPC GAMB JD HZO NIQ PSFE SBH SPB SSYS DIS
    • After-Hours: AMAT BZH FIGR GLOB JBS NMAX SOBO STRZ
  • Friday (Nov 14)
    • Pre-Market: SRRK RR
    • After-Hours: None