After Hours Report

The stock market saw some choppy action today in response to an abundance of catalysts, though a rebound in sentiment across tech names ahead of NVIDIA's (NVDA 186.52, +5.16, +2.85%) earnings ultimately saw the S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.1%) close higher. 

Mega-cap and tech names got off to a solid start as Alphabet (GOOG 292.99, +8.03, +2.82%) traded to a new record high, pushing the communication services sector (+0.7%) to an early gain that exceeded 3.0%. 

Concurrently, the information technology sector (+0.9%) held a gain just past 2.0% that was supported by a nearly 3.0% surge in the PHLX Semiconductor Index (+1.8%) ahead of NVIDIA's earnings. Broadcom (AVGO 354.42, +13.92, +4.09%) was a standout throughout the session. 

While there were some early pockets of weakness in the broader market that kept the DJIA near its baseline, the market took a clear downward turn just after midday as the BLS announced it will not release the October Employment Situation Report. The BLS also confirmed that the September JOLTS report will not be published, and the October JOLTS report will be released Tuesday, December 9. Meanwhile, the November Employment Situation Report will be published Tuesday, December 16.

Expectations for a December rate cut fell sharply as labor-market concerns have been the main catalyst behind the Fed's recent easing. The decision to withhold or delay key data releases is seen as further clouding the already murky labor market picture.

Following the announcement, the CME FedWatch tool lowered its odds for a 25-basis point rate cut to around 38%, down from 50.1% yesterday. 

Stocks slipped in response, with the major averages collectively moving into negative territory for the day. At one point, the communication services sector was the only S&P 500 sector to hold a gain, as even the information technology sector ceded the entirety of its 2.0% advance. 

The market hit session lows around 12:45 PM ET before rebounding. Stocks traded in a choppy fashion before hitting another roadblock at 2:00 PM ET, this time in the form of the October FOMC meeting minutes. The minutes did not reveal any particularly new opinions from Fed officials regarding a December cut. Some participants see that a December rate cut could be the appropriate course of action, some participants believe keeping the target rate unchanged for the rest of the year is likely most appropriate, and nearly all expressed a need to proceed with caution as both sides of the Fed's dual mandate come under pressure. 

Nonetheless, the CME FedWatch Tool indicated another decline in the likelihood of a December rate cut, which fell to 31.6% this afternoon. At the moment, a 33.5% probability is attached to the Fed cutting again in December. 

Stocks hit another trough before mounting a turnaround effort at 3:00 PM ET. This would prove to be the last large swing of the day and helped the S&P 500 snap a four-day losing streak. 

NVIDIA helped pace the gains, trading toward session highs late in the afternoon as sentiment improved ahead of its earnings release. The information technology (+0.9%) and communication services (+0.7%) sectors finished at the top of a leaderboard that ultimately saw six sectors close higher. 

The consumer discretionary sector (+0.1%) eked out a gain as Amazon (AMZN 222.69, +0.14, +0.06%) closed slightly higher, while Lowe's (LOW 228.40, +8.83, +4.02%) added support following an upbeat earnings report. 

The Vanguard Mega Cap Growth ETF closed with a 0.8% gain, its best finish since last Monday. Today's session was the first in which the major averages closed higher across the board since last Monday as well, with a rebound in confidence across semiconductor and mega-cap names playing a pivotal role in restoring momentum. 

All eyes now turn to NVIDIA's earnings release. If the world's largest company delivers a strong report and, more importantly, issues strong guidance, the market could be poised for a stronger rebound from its recent slide. 

U.S. Treasuries had a quiet showing on Wednesday, resulting in slim losses across the curve. The 2-year note yield settled up two basis points to 3.60%, and the 10-year note yield settled up one basis point to 4.13%. 

• Nasdaq Composite: +16.9% YTD
• S&P 500: +12.9% YTD
• DJIA: +8.5% YTD
• Russell 2000: +5.3% YTD
• S&P Mid Cap 400: +1.2% YTD

Reviewing today's data:

• MBA Mortgage Applications Index -5.2% wk/wk, with refinance applications down 7% and purchase applications down 2%
• The trade deficit was $59.6 billion in August (Briefing.com consensus: -$61.0 billion) versus an upwardly revised $78.2 billion (from $78.3 billion) in July. That was the result of exports being $0.2 billion more than July exports and imports being $18.4 billion less than July imports.
  • The key takeaway from the report is that it will factor favorably into the Q3 GDP report, given the positive contribution from the net export component.

Overseas:

• Europe: DAX +0.1%, FTSE -0.5%, CAC -0.2%
• Asia: Nikkei -0.3%, Hang Seng -0.4%, Shanghai +0.2%

Commodities:

• Crude Oil -1.39 @ 59.29
• Nat Gas +0.16 @ 4.76
• Gold +18.20 @ 4082.70
• Silver +0.36 @ 50.87
• Copper +0.04 @ 5.02

After-Hours Spotlight:

• BrightView (BV) misses by $0.05, misses on revs; guides FY26 revs below consensus; increases existing share repurchase authorization to $150 mln...BV -7.1%
• Kulicke & Soffa (KLIC) beats by $0.06, beats on revs; guides DecQ EPS above consensus, revs above consensus...KLIC +14.5%
• NVIDIA (NVDA) beats by $0.04, beats on revs; guides Q4 revs above consensus; Blackwell sales are off the charts, and cloud GPUs are sold out...NVDA +4.3%
• ODDITY Tech Ltd. (ODD) beats by $0.04, beats on revs; raises FY25 EPS and revenue guidance above consensus...ODD +23.7%
• PACS Group, Inc. (PACS) reports third quarter 2025 results...PACS +43.6%
• Palo Alto Networks (PANW) beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line...PANW -3.5%
• Regeneron Pharma (REGN) announces that the FDA has approved EYLEA HD (aflibercept) Injection 8 mg...REGN +4.5%

Fair Value for Thursday, November 20:

• S&P 500: 6,661
• Nasdaq 100: 24,719
• DJIA: 46,210

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

• Earnings/Guidance (Full Earnings Calendar):
  • Cambium Networks (CMBM) provides financial update; Company billed approximately $43 mln of shipments to customers during 3Q25
  • Dolby Labs (DLB) beats by $0.29, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY26 EPS in-line, revs in-line
  • Dycom (DY) beats by $0.42, beats on revs; guides Q4 EPS above consensus, revs in-line
  • GDS Holdings (GDS) beats by RMB0.77, reports revs in-line; reaffirms FY25 revs guidance
  • Global-E Online (GLBE) reports EPS in-line, beats on revs; guides Q4 revs in-line
  • Golub Capital (GBDC) misses by $0.03, misses on revs
  • Griffon (GFF) beats by $0.03, beats on revs; guides FY26 revs in-line
  • Interparfums (IPAR) issues downside FY26 EPS and revenue guidance as broader economic challenges and inventory destocking expected to persist into 2026
  • Kingsoft Cloud (KC) beats by RMB0.85, beats on revs
  • La-Z-Boy (LZB) beats by $0.17, reports revs in-line; guides Q3 revs in-line; increases dividend
  • Lowe's (LOW) beats by $0.09, reports revs in-line; updates FY outlook
  • Nutex Healthposts (NUTX) restated 2024 results showing sharp revenue and profitability gains despite non-cash balance sheet corrections
  • Powell Inds (POWL) beats by $0.44, beats on revs
  • Sociedad Quimica y Minera (SQM) misses by $0.03, reports revs in-line
  • Target (TGT) beats by $0.07, reports revs in-line; reaffirms sales guidance; guides FY26 EPS in-line
  • TJX (TJX) beats by $0.05, beats on revs, reports +5% comps, above prior guidance; guides Q4 EPS below consensus
  • Wix.com (WIX) beats by $0.26, reports revs in-line; guides Q4 revs in-line
• General News
  • BLS confirms it will not publish the October Employment Situation Report; November Employment Situation Report to be published Tuesday, December 16
  • The Trump administration is drafting a new plan to end the Ukraine war, according to Axios
  • President Trump asking Ukraine to give up additional territory in exchange for security guarantee, according to Axios
  • President Trump authorized covert CIA action in Venezuela, according to NY Times
  • President Trump repeats that he will love to fire Fed Chairman Jerome Powell; says the one thing Treasury Secretary Scott Bessent "blowing it on" is the Fed
  • FOMC Minutes for Oct. 28-29 meeting: Several participants assessed that a further lowering of the target range for the federal funds rate could well be appropriate in December if the economy evolved about as they expected over the coming intermeeting period. Many participants suggested that, under their economic outlooks, it would likely be appropriate to keep the target range unchanged for the rest of the year.
  • U.S. plans to purchase 10 large nuclear reactors, which could be paid for by Japan's investment pledge, according to Bloomberg
  • Treasury Secretary Scott Bessent repeats that he will not seek job as Fed Chair, according to Fox News interview
  • President Trump solidifies economic and defense partnership with the Kingdom of Saudi Arabia
  • President Trump calls for a federal standard for AI regulation; wants it included in the national defense bill
  • Polymarket CEO Shayne Coplan expects the Supreme Court will decide whether prediction markets can offer sports betting, according to Axios
  • EU Commission says simpler EU digital rules and new digital wallets to save billions for businesses and boost innovation
  • Netherlands Government releases update on invoking Goods Availability Act; says "suspending my order under the Goods Availability Act regarding Nexperia"
  • Japan considering JPY 20 trillion stimulus package, according to Kyodo
  • Adobe (ADBE) and Semrush Holdings (SEMR) enter into a definitive agreement under which Adobe will acquire Semrush, a leading brand visibility platform, in an all-cash transaction for $12.00 per share, representing a total equity value of approximately $1.9 billion
  • Agios Pharma (AGIO) announces topline results from RISE UP Phase 3 Trial of mitapivat in sickle cell disease; Trial showed trend favoring mitapivat but did not meet statistical significance in primary endpoint
  • Airbus (EADSY) H125 continues to meet growing Nordic demand with 10-unit order from Østnes Helicopters
  • Amazon (AMZN): Founder/Exec Chair Jeff Bezos gifted another 42,610 shares to non-profit organization
  • Astera Labs' (ALAB) Leo CXL Smart Memory Controllers on Microsoft (MSFT) Azure M-series Virtual Machines overcome the memory wall
  • Bayer (BAYRY) receives EU approval for Lynkuet as first dual NK therapy for menopausal and treatment-related hot flashes
  • Block (XYZ) announces a $5 billion increase to its stock repurchase program
  • Blue Owl Capital (OWL) & and Blue Owl Capital Corporation II (OBDC) confirm termination of merger
  • Boeing (BA): flydubai signs MoU for 75 Boeing 737 MAX jets, with options for 75 more
  • Brookfield Asset Mgmt (BAM) confirms $100 billion AI infrastructure program
  • Brookdale Senior Living (BKD) announces that current interim EVP, Mary Sue Patchet, has been named COO; effective December 1st
  • Cellectis (CLLS) publishes Nature Communications Article on a non-viral gene editing process enabling efficient gene insertion in hematopoietic stem cells
  • ChargePoint (CHPT) strengthens balance sheet and enhances shareholder value through material debt reduction
  • Constellation Energy (CEG) confirms that its Crane Clean Energy Center is now backed by a $1 bln U.S. Department of Energy loan
  • Dakota Gold Corp. (DC) intersects high-grade gold mineralization in expansion drilling at Richmond Hill
  • DigitalBridge (DBRG) raises $11.7 bln for DBP III with strong LP re-ups and co-investments
  • Elbit Systems (ESLT) wins $210 mln in contracts from Israel’s Ministry of Defense for Merkava tank upgrades
  • Eledon (ELDN) Reports Preliminary Data from First Six Patients with Type 1 Diabetes Treated with Tegoprubart as the Core Immunosuppressant Following Islet Transplantation in Investigator-Initiated Trial at UChicago Medicine
  • Eli Lilly (LLY) plans to open a new Lilly Gateway Labs site in Philadelphia
  • EyePoint Pharmaceuticals (EYPT) announces positive recommendation from independent data safety monitoring committee for pivotal phase 3 trials for DURAVYU in wet age-related macular degeneration
  • Fennec Pharmaceuticals (FENC) announces completion of full debt redemption
  • Fortuna Silver Mines (FSM) expands Mineral Reserves and Mineral Resources at the Séguéla Mine, supporting longer mine life and potential plant expansion
  • GE Vernova (GEV) announces first onshore wind repower upgrade agreement outside the U.S., signing with Taiwan Power Company to supply 25 repower upgrade kits in Taiwan
  • GlaxoSmithKline (GSK) and Fleming initiative launches six AI-powered “Grand Challenges” to combat antimicrobial resistance
  • Grindr (GRND): The Information says "The special committee weighing the $18-a-share bid to take Grindr private has not yet received evidence that the bidders, James Lu and Raymond Zage, have secured committed financing for the deal"
  • Home Depot (HD) launches AI-powered blueprint takeoffs tool to help pros stay on time and on budget
  • Kazia Therapeutics (KZIA) achieves initial iCR (Immune-Complete Response) in Metastatic TNBC and delivers Q4 business update with breakthroughs across breast cancer, immuno-oncology, and GBM regulatory strategy
  • KKR (KKR) aiming to open an office in Abu Dhabi, according to Bloomberg
  • Merck (MRK) confirms EC approval of subcutaneous administration of KEYTRUDA (pembrolizumab) for all adult indications approved in the European Union
  • Merck (MRK) announces positive topline results from the pivotal phase 3 trial evaluating investigational, once-daily, oral, two-drug, single-tablet regimen of doravirine/islatravir in treatment-naïve adults with HIV-1 infection
  • Moderna (MRNA) expands U.S. manufacturing with onshoring of drug product capabilities
  • MP Materials (MP) in the lead for U.S. alternatives to rare earths, according to Reuters
  • MP Materials (MP) partnering with U.S. Department of War to establish a strategic joint venture with the Saudi Arabian Mining Company to develop a rare earth refinery in the Kingdom
  • NACCO Industries, Inc. (NC) approves a stock repurchase program under which NACCO may repurchase up to $20 million
  • Nio (NIO) supplying chip technology externally, according to Weixin
  • Nokia (NOK) announces new strategy, evolution of its operating model, new long-term financial target, strategic KPIs and changes to its group leadership team
  • ONE Gas (OGS) announces retirement of board Chair John Gibson and election of Deborah Hersman as new Chair, effective May 21, 2026
  • Onity Group's (ONIT) subsidiary, PHH Mortgage Corporation, entered into relationship with Finance of America Reverse to reposition its participation in the reverse mortgage market as a subservicer, asset manager, and reseller
  • onsemi (ON) announces $6 billion share repurchase authorization
  • O'Reilly Auto (ORLY) Board approved a resolution to increase the authorization amount under its share repurchase program by an additional $2.0 billion, raising the aggregate authorization under the program to $29.75 billion
  • Orion Office REIT (ONL): Orion Properties acknowledges receipt of Kawa’s director nominees
  • Pan Am Silver (PAAS): Xali Gold completes due diligence visit, confirms data integrity and exploration upside at Pico Machay Gold Project in Peru
  • Pfizer (PFE) and Nona Biosciences announce strategic research collaboration to accelerate antibody discovery
  • Power Integrations (POWI) names Nancy Erba as CFO, effective January 5, 2026
  • Redwire (RDW) awarded a $44 mln contract to advance the DARPA's Otter Very Low Earth Orbit mission
  • Regeneron Pharma (REGN) announces that the European Commission approved the PD-1 inhibitor Libtayo (cemiplimab) as an adjuvant treatment for adult patients with cutaneous squamous cell carcinoma at high risk of recurrence after surgery and radiation
  • Rexford Industrial Realty (REXR) implements CEO succession plan; COO Laura Clark to succeed Howard Schwimmer and Michael Frankel as CEO, effective April 1, 2026
  • Royal Gold (RGLD) increases quarterly cash dividend 6% $1.80/share to $1.90/share
  • Spire Global (SPIR) announces that nine satellites designed and built by Spire's in-house manufacturing teams have shipped to Vandenberg Space Force Base in California ahead of their launch aboard SpaceX’s upcoming Falcon 9 Twilight mission
  • Stellantis (STLA) introduces the all-new, all-electric 2026 Jeep Recon
  • SunCoke Energy (SXC) and Cleveland-Cliffs Inc. agree to 3-year extension of their cokemaking agreement, under which SunCoke will provide 500 thousand tons of metallurgical coke annually to Cleveland-Cliffs
  • Target (TGT) & OpenAI partner to bring new AI-powered experiences across retail
  • Tesla (TSLA): Arizona grants Tesla approval to run as a transportation network company, according to Reuters
  • Tesla (TSLA) Elon Musk & Nvidia (NVDA) CEO Jensen Huang will speak at Saudi investment forum today, according to Reuters
  • Tesla (TSLA) CEO Elon Musk attended dinner last night with President Trump and Mohammed bin Salman, according to FT
  • Viasat (VSAT) signed a strategic agreement at the Dubai Airshow 2025 to introduce high-speed, streaming-capable in-flight Wi-Fi across the airline’s new fleet
  • Viavi (VIAV) received an award from the U.S. Department of Transportation through its Complementary Positioning, Navigation, and Timing Action Plan Rapid Phase II
  • Viking Therapeutics (VIK) completes enrollment in Phase 3 VANQUISH-1 Trial of VK2735
  • Walt Disney (DIS) at conference says it is investing in creating dynamic pricing, but it wants to make sure it is optimized before bringing it into the domestic parks; says could see dynamic pricing in the future but not this year
  • Warner Bros. Discovery (WBD): Netflix (NFLX) is taking bid process for WBD "very seriously"; says such a merger could have antitrust issues; says NFLX multiple could be hurt if they merge with WBD; says Comcast (CMCSA) might not be able to compete with others -- CNBC's David Faber
  • Workday (WDAY) unveils major AI and platform expansions, acquires Pipedream, and launches EU Sovereign Cloud

• Upgrades:
  • Amalgamated Financial (AMAL) upgraded to Neutral from Underweight at Piper Sandler, tgt $28
    
  • American Superconductor (AMSC) upgraded to Buy from Hold at Clear Street, tgt $50
    
  • Amer Sports (AS) upgraded to Buy from Neutral at Nomura, tgt $39.80
  • Curbline Properties (CURB) upgraded to Buy from Neutral at Citigroup, tgt $27
    
  • DoorDash (DASH) upgraded to Buy from Hold at Jefferies, tgt $260
    
  • Freeport-McMoRan (FCX) upgraded to Outperform from Sector Perform at Scotiabank, tgt $47
    
  • Gladstone Capital (GLAD) upgraded to Buy from Hold at Clear Street, tgt $23
    
  • Gladstone Capital (GLAD) upgraded to Outperform from Perform at Oppenheimer, tgt $22
    
  • Gladstone Capital (GLAD) upgraded to Buy on valuation at B. Riley, tgt $22
    
  • Insulet (PODD) upgraded to Buy from Neutral at UBS, tgt $400
  • James Hardie (JHX) upgraded to Buy from Hold at Vertical Research, tgt $21
    
  • La-Z-Boy (LZB) upgraded to Buy from Neutral at Sidoti, tgt $39
    
  • Lithium Americas (LAC) upgraded to Hold from Sell at Canaccord
    
  • Medtronic (MDT) upgraded to Neutral from Sell at Goldman, tgt $111
  • Palvella Therapeutics (PVLA) upgraded to Strong Buy from Outperform at Raymond James, tgt $143
    
  • Simmons First National (SFNC) upgraded to Outperform from Neutral at Robert W. Baird, tgt $22
    
  • TELUS (TU) upgraded to Outperform from Sector Perform at National Bank
    
  • Wesco (WCC) upgraded to Outperform from Sector Perform at RBC Capital, tgt $302
    
  • Zions Bancorp (ZION) upgraded to Buy from Hold at Jefferies, tgt $60
• Downgrades:
  • Axalta Coating (AXTA) downgraded to Sector Perform from Outperform at RBC Capital, tgt $30
    
  • BellRing Brands (BRBR) downgraded to Neutral from Buy at BofA Securities, tgt $28
    
  • Canadian Solar (CSIQ) downgraded to Underperform from Outperform at Mizuho, tgt $21
    
  • GoHealth (GOCO) downgraded to Market Perform from Outperform at William Blair
    
  • GitLab (GTLB) downgraded to Hold from Buy at Truist, tgt $44
    
  • Home Depot (HD) downgraded to Neutral from Outperform at KGI Securities, tgt $320
    
  • Inter&Co (INTR) downgraded to Market Perform from Outperform at Itau BBA, tgt $10
    
  • Molson Coors (TAP) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $50
  • Portland General Electric (POR) downgraded to Neutral from Buy at UBS, tgt $51
    
  • QuantumScape (QS) downgraded to Reduce from Hold at HSBC, tgt $10.50
    
  • Tanger (SKT) downgraded to Neutral from Buy at Citigroup, tgt $35
• Others:
  • Amentum (AMTM) initiated at Neutral at UBS, tgt $25
    
  • AB InBev (BUD) initiated at Overweight at Wells Fargo, tgt $75
    
  • Cipher Mining (CIFR) initiated at Outperform at Citizens JMP, tgt $30
    
  • Extreme Networks (EXTR) initiated at Buy at BofA Securities, tgt $24
    
  • Grupo Supervielle (SUPV) initiated at Neutral at UBS, tgt $13
  • Insight Enterprises (NSIT) initiated at Hold at Canaccord, tgt $100
  • Iren (IREN) initiated at Outperform at Citizens JMP, tgt $80
    
  • MP Materials (MP) initiated at Buy at Goldman, tgt $77
    
  • Nebius (NBIS) initiated at Outperform at Citizens JMP, tgt $175
  • Nuvation Bio (NUVB) initiated at Buy at B. Riley, tgt $12
    
  • Parsons (PSN) initiated at Buy at UBS, tgt $107
  • Praxis Precision (PRAX) initiated at Buy at BTIG Research, tgt $424
  • Ramaco Resources (METC) initiated at Sell at Goldman, tgt $16
    
  • Rapport Therapeutics (RAPP) initiated at Buy at BTIG Research, tgt $47
    
  • Riot Platforms (RIOT) initiated at Outperform at Citizens JMP,. tgt $25
    
  • Shore Bancshares (SHBI) initiated at Outperform at Hovde Group, tgt $19
    
  • Sionna Therapeutics (SION) initiated at Buy at BTIG Research, tgt $50
  • vTv Therapeutics (VTVT) initiated at Buy at BTIG Research, tgt $40
    
  • WhiteFiber (WYFI) initiated at Outperform at Citizens JMP, tgt $37

• Econ Data (Thursday):
  • 8:30 ET: September Nonfarm Payrolls (Briefing.com consensus 50,000; prior 22,000), Nonfarm Private Payrolls (Briefing.com consensus 58,000; prior 38,000), Unemployment Rate (Briefing.com consensus 4.3%; prior 4.3%), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.3%), Average Workweek (Briefing.com consensus 34.3; prior 34.2), November Philadelphia Fed survey (Briefing.com consensus 2.0; prior -12.8), and weekly Initial Claims (Briefing.com consensus NA; prior NA) and Continuing Claims (prior NA)
  • 10:00 ET: October Existing Home Sales (Briefing.com consensus 4.08 mln; prior 4.06 mln) and October Leading Indicators (prior NA)
  • 10:30 ET: Weekly natural gas inventories (prior +45 bcf)

• Earnings:
  • Monday (Nov 17)
    • Pre-Market: AMRK BRC JJSF JKS
    • After-Hours: LFMD TCOM
      
    Tuesday (Nov 18)
    • Pre-Market: ACM AS BIDU BRBR ENR HD JHX KLAR MDT OCSL PDD WB
    • After-Hours: DLB GBDC HP LZB POWL SQM
      
  • Wednesday (Nov 19)
    • Pre-Market: BLSH DY GDS GLBE KC LOW NTES TGT TJX VIK WIX
      
    • After-Hours: BV CPA JACK KLIC NJR NVDA ODD PANW ZTO
  • Thursday (Nov 20)
    • Pre-Market: ATKR BBWI ROAD J MAGN MMS SCVL VIPS WMT WMG
    • After-Hours: CPRT ESTC ESE GAP INTU POST ROST UGI VEEV BULL
  • Friday (Nov 21)
    • Pre-Market: BJ BKE MOG.A
    • After-Hours: None