After Hours Report

The stock market had a tumultuous day as equities faced a sharp intraday reversal, which wiped out the early gains that followed NVIDIA's (NVDA 180.64, -5.88, -3.15%) stellar earnings report. 

Investors eagerly anticipated results from the world's largest company as the AI trade's momentum has stalled as of late. NVIDIA delivered on the hype, cruising past earnings expectations and delivering robust Q4 guidance. 

The S&P 500 (-1.6%), Nasdaq Composite (-2.2%), and DJIA (-0.8%) held gains wider than 1.0%, pushing them back above their 50-day moving averages, which had been violated earlier in the week. 

The PHLX Semiconductor Index (-4.8%) and Vanguard Mega Cap Growth ETF (-2.0%) were both up around 3.0% as NVIDIA's gain widened to nearly 5.0%. All eleven S&P 500 sectors traded higher as the broader market rallied with strong leadership from the market's largest names. 

Stocks hit a peak just before 11:00 ET, before a relatively sharp sell-off ensued. Some profit-taking was to be expected with such a large swing across the mega-caps, but the retreat broadened to nearly every corner of the market. 

The information technology sector (-2.7%) was hit the hardest, charting session lows through the close as the sector nearly inversed its early gain. Micron (MU 201.37, -24.55, -10.87%) and Advanced Micro Devices (AMD 206.02, -17.53, -7.84%) were among the names (along with NVIDIA) to push the PHLX Semiconductor Index 4.8% lower, while Oracle (ORCL 210.69, -14.84, -6.58%) and Palantir Technologies (PLTR 155.74, -9.68, -5.85%) also faced outsized losses. 

The industrials (-1.7%), consumer discretionary (-1.7%), materials (-1.6%), and communication services (-1.1%) sectors also faced considerable losses. 

Only the consumer staples sector (+1.1%) closed with a gain today. The sector was boosted from the open by Walmart (WMT 107.11, +6.50, +6.46%) after a solid beat-and-raise earnings report, while the defensive nature of the sector kept it largely resilient to the broader market pullback. 

Outside of the S&P 500, the Russell 2000 (-1.9%) and S&P Mid Cap 400 (-1.6%) faced losses similar to that of their larger-cap counterparts. 

Today's batch of economic data painted a mixed picture of the labor market. The September Employment Report saw a 119,000 increase in payrolls, but also included a downward revision to -4,000 for August. There was also an uptick in the unemployment rate to 4.4% from 4.3%, so the overall report was not as strong as the headline reading suggested. This will be the final jobs report ahead of the December FOMC meeting since the Bureau of Labor Statistics will not release the November report until December 16.

All told, today's data facilitated a modest increase in expectations for a December rate cut, though it still remains an unlikely occurrence. The CME FedWatch tool now assigns a 39.6% probability to a 25-basis point rate cut at the December FOMC meeting, up from 30.1% yesterday. 

Today's trade ultimately gives credence to concerns that the most recent run to record highs was too reliant on mega-cap leadership and the promise of an additional easing from the Fed. NVIDIA's inability to sustain gains after a blowout earnings report shows that the market's sentiment around the AI trade is still skewed to the downside, keeping the major averages from holding above the critical 50-day moving average level. 

U.S. Treasuries climbed on Thursday, recovering their slim midweek losses. The 2-year note yield settled down four basis points to 3.56%, and the 10-year note yield settled down three basis points to 4.11%. 

• Nasdaq Composite: +14.3% YTD
• S&P 500: +11.2% YTD
• DJIA: +7.5% YTD
• Russell 2000: +3.4% YTD
• S&P Mid Cap 400: -0.4% YTD

Reviewing today's data:

• The September employment report, which is certainly a lagging indicator this time, suggested the labor market was not falling apart in September. In fact, nonfarm payroll gains accelerated to 119,000 after declining by 4,000 in August.
  • This wasn't an abjectly strong report, nor was it an abjectly weak report. We wouldn't call it "just right" either, not with the uptick in the unemployment rate and the stalling out of average weekly hours worked, but the key takeaway is that this report wouldn't be enough to convince the more hawkish-minded Fed officials to cut rates in December.
• Initial jobless claims for the week ending November 15 decreased by 8,000 to a lowly 220,000. Continuing jobless claims for the week ending November 8 increased by 28,000 to a not-so-lowly 1.974 million, which is the highest since November 6, 2021.
  • The key takeaway from the report is that it corroborates the low firing, low hiring narrative hanging over the labor market.
• Existing home sales increased 1.2% month-over-month in October to a seasonally adjusted annual rate of 4.10 million (Briefing.com consensus 4.08 million) from a downwardly revised 4.05 million (from 4.06 million) in September. Sales were up 1.7% on a year-over-year basis.
  • The key takeaway from the report is that home sales in October were aided by lower mortgage rates, yet limited inventory in some regions, combined with high prices in others, got in the way of stronger selling activity.
• November Philadelphia Fed Index -1.7 vs. 2.0 Briefing.com consensus; prior -12.8

Overseas:

• Europe: DAX +0.6%, FTSE +0.2%, CAC +0.3%
• Asia: Nikkei +2.7%, Hang Seng flat, Shanghai -0.4%

Commodities:

• Crude Oil -0.26 @ 59.03
• Nat Gas -0.09 @ 4.67
• Gold -23.00 @ 4059.70
• Silver -0.59 @ 50.28
• Copper -0.05 @ 4.97

After-Hours Spotlight:

• Copart (CPRT) beats by $0.02, reports revs in-line...CPRT -2.0%
• Elastic (ESTC)beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus...ESTC -11.7%
• Gap (GAP) beats by $0.03, reports revs in-line, comparable sales of +5%; raises FY26 revs above consensus, raises operating margin guidance...GAP +5.9%
• Intuit (INTU) beats by $0.25, beats on revs; guides JanQ EPS below consensus, revs above consensus; reaffirms FY26 EPS guidance, revs guidance...INTU +3.3%
• Post (POST) beats by $0.21, reports revs in-line; also announces the retirement of Chairman William P. Stiritz...POST -2.1%
• Ross Stores (ROST) beats by $0.16, beats on revs; guides Q4 EPS in-line; guides FY26 EPS above consensus...ROST +2.8%
• Veeva Systems (VEEV) beats by $0.09, beats on revs; raises FY26 EPS and revenue guidance above consensus...VEEV -4.8%

Fair Value for Friday, November 21:

• S&P 500: 6,557
• Nasdaq 100: 24,133
• DJIA: 45,820

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

• Earnings/Guidance (Full Earnings Calendar):
  • Allot Comms (ALLT) reports Q3 Non-GAAP EPS of $0.10 vs. $0.04 FactSet consensus; revs $26.4 mln vs. $25.7 mln FactSEt consensus; raises FY25 guidacne
  • Atkore International (ATKR) misses by $0.57, beats on revs; guides Q1 EPS below consensus; guides FY26 EPS in-line, revs in-line
  • Bath & Body Works (BBWI) misses by $0.02, misses on revs; lowers revs guidance; guides FY26 EPS below consensus; initiates Strategic Transformation Plan
  • BNP Paribas (BNPQY) raises CET1 target to 13% by 2027; ECB authorizes €1.15 bln buyback
  • BrightView (BV) misses by $0.05, misses on revs; guides FY26 revs below consensus; increases existing share repurchase authorization to $150 mln
  • Construction Partners (ROAD) misses by $0.07, reports revs in-line; reaffirms FY26 revs guidance
  • Copa Holdings (CPA) beats by $0.17, reports revs in-line
  • Hillenbrand (HI) beats by $0.22, beats on revs; On October15, company entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds
  • Jack In The Box (JACK) misses by $0.15, beats on revs, same store sales decreased 7.4%; Provides FY26 guidance, including same store sales of -1% to +1%
  • Jacobs Solutions (J) beats by $0.07, reports revs in-line; guides FY26 EPS in-line
  • Kulicke & Soffa (KLIC) beats by $0.06, beats on revs; guides DecQ EPS above consensus, revs above consensus
  • MAXIMUS (MMS) misses by $0.05, misses on revs; guides FY26 EPS above two analyst estimate, revs below two analyst estimate
  • Moderna (MRNA) analyst day highlights pipeline progress and business strategy updates; expects 10% revenue growth in FY26
  • NetEase (NTES) beats by RMB0.09, misses on revs
  • NJ Resources (NJR) beats by $0.01, beats on revs; guides FY26 EPS in-line
  • Novartis (NVS) projects 5–6% sales CAGR through 2030, backed by expanding multi-billion-dollar pipeline
  • 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
  • ODDITY Tech Ltd. (ODD) beats by $0.04, beats on revs; raises FY25 EPS and revenue guidance above consensus
  • 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
  • Shoe Carnival (SCVL) beats by $0.01, reports revs in-line; reaffirms FY26 EPS guidance
  • Vipshop (VIPS) beats by RMB0.07, beats on revs; guides Q4 revs in-line
  • Walmart (WMT) beats by $0.02, beats on revs, Comp sales +4.5%; raises FY26 EPS and net sales growth guidance
  • Warner Music Group (WMG) reports Q4 (Sep) results, beats on revs
  • ZTO Express (ZTO) beats by $0.61, reports revs in-line; increases share buyback authorization to $2 bln
• General News
  • White House drafting executive order aimed at undercutting state-level AI rules, according to The Information
  • Commerce Dept approves sale of up to 70,000 advanced AI chips to two companies based in the UAE and Saudi Arabia, according to WSJ
  • China considers a new property stimulus package, according to Bloomberg
  • President Trump says he will meet with NYC Mayor-elect Zohran Mamdani on Friday
  • Cleveland Fed President Beth Hammack (2026 voter) says she still believes policy needs to be "somewhat restrictive."
  • Fed Governor Lisa Cook (voting FOMC member) flags elevated asset valuations, private credit growth, and hedge fund treasury risks but says overall system remains resilient
  • The Kyiv Independent says Ukraine President Zelensky receives US draft plan to restart peace talks
  • Bitcoin drops more than 30% from all-time highs set in early October
  • Alamos (AGI) declares quarterly dividend and announces share repurchases under normal course issuer bid
  • Alphabet's (GOOG/GOOGL) Google unveils "Nano Banana Pro," a next-gen Gemini 3 Image model with major upgrades in visual reasoning, text rendering, and creative controls
  • Alvotech (ALVO) and Advanz Pharma receive EC approval for Gobivaz
  • Amgen (AMGN) announces that the FDA has granted full approval to IMDELLTRA (tarlatamab-dlle) for the treatment of adult patients with extensive stage small cell lung cancer
  • Aris Mining (ARMN) and the Government of Colombia reach long-term agreement focused on security and sustainability to end ICSID arbitration
  • AstraZeneca (AZN): FDA approves Koselugo for adults with neurofibromatosis type 1
  • Babcock & Wilcox Enterprises (BW) subsidiary was awarded a contract for more than $17 million for service work at a U.S. coal-fired power plan
  • Bank of Marin (BMRC) Completes Balance Sheet Repositioning Supported by $45 Million Subordinated Debt Offering
  • Bayer (BAYRY) receives FDA accelerated approval for Hyrnuo in previously treated HER2-mutant NSCLC
  • BHP (BHP): The China standoff is impacting supplies of BHP iron ore, according to Reuters
  • Bilibili (BILI) entered into the Comprehensive Cooperation Framework Agreement with Jinjiang Original
  • Braskem SA (BAK) announced the non-payment of the scheduled interest payment due on November 18th regarding its Senior Secured Notes due 2029, with a total outstanding principal of U.S.$900,000,000
  • Cadre Holdings (CDRE) subsidiary is awarded $50 million contract with the Department of War
  • Cipher Mining (CIFR) announces a 10-year high-performance computing colocation agreement with Fluidstack; Google (GOOG / GOOGL) expands backstop
  • Contango ORE (CTGO) announces the start of the Lucky Shot drill program to support completion of a Feasibility Study
  • Cullinan Therapeutics (CGEM) Taiho Oncology, Inc., and Taiho Pharmaceutical Co., Ltd, announce that they have initiated the rolling submission of a New Drug Application seeking accelerated approval of zipalertinib
  • Duos Technologies Group (DUOT) announced the retirement of Adrian Goldfarb as Chief Financial Officer effective November 15, 2025
  • Eaton (ETN) announces planned CFO transition effective April 1, 2026; reaffirms FY25 guidance
  • EDAP TMS SA (EDAP) announces that the FDA has granted 510(k) clearance for new ultrasound imaging and workflow enhancements to the Focal One High Intensity Focused Ultrasound system
  • Emerson (EMR) announced that with the completion of the Company's transformation, it has revised its management organization and updated its reportable segments
  • First US Bancshares (FUSB) announces expansion of share repurchase program
  • Gilat Satellite's (GILT) Commercial Division received orders exceeding $6 million for Gilat Wavestream’s Gateway Solid State Power Amplifiers to support Low Earth Orbit constellations
  • GlaxoSmithKline (GSK): Flagship Pioneering announces new agreements with ProFound Therapeutics and Quotient Therapeutics under its collaboration with GSK
  • GlobalFoundries (GFS) and Navitas Semi (NVTS) announce partnership to accelerate US-based GaN technology
  • HF Sinclair (DINO) entered into a Stock Purchase Agreement
  • HSBC (HSBC) will select Steve Hughes for CEO and head of Australia and New Zealand banking units, according to Reuters
  • Hyster-Yale (HY) announces cost reduction actions
  • Intuit (INTU) names CEO Sasan Goodarzi as Board Chair and Vasant Prabhu as Lead Independent Director
  • Joby Aviation (JOBY) sues Archer (ACHR) for alleged corporate espionage, claiming former employee stole confidential files to secure rival deal, according to CNBC
  • KKR (KKR) aiming to raise $15 bln for an Asia private equity fund, according to Reuters
  • Merck Canada (MRK) and the pan-Canadian Pharmaceutical Alliance (pCPA) successfully complete negotiations for WINREVAIR
  • Nexxen International (NEXN) seeks authorization for new $40 mln ordinary share repurchase program
  • Nokia (NOK) & and NestAI announce strategic partnership and NestAI raises EUR 100 mln to accelerate physical AI innovation
  • NOV Inc. (NOV) announces retirement of CEO Clay Williams; appoints Jose Bayardo as CEO, effective January 1
  • Nuvalent (NUVL) announces that the FDA has accepted for filing its New Drug Application for zidesamtinib for the treatment of adult patients with locally advanced or metastatic ROS1-positive non-small cell lung cancer
  • Picard Medical's (PMI) SynCardia completes first in vivo implantations of next-generation Emperor Total Artificial Heart
  • Primerica (PRI) authorizes $475 mln share repurchase program
  • PulteGroup (PHM) increases quarterly dividend by 18% to $0.26 per share
  • Raymond James (RJF) reports October operating data
  • Regeneron Pharma (REGN) announces that the FDA has approved EYLEA HD (aflibercept) Injection 8 mg
  • Salesforce (CRM): Slack to stop direct service to China, according to The Information
  • SkyWater Technology (SKYT) and Silicon Quantum Computing announce a joint program to accelerate the commercialization of hybrid quantum-classical computing
  • Softbank (SFTBY) to invest $3 bln in OpenAI data center factory, according to The Information
  • Supermicro (SMCI) expands its portfolio of performance and efficiency driven air-cooled ai solutions featuring AMD Instinct MI355X GPUs
  • UL Solutions Inc. (ULS) announces that it is expanding its global electromagnetic and wireless testing footprint with the development of a new laboratory in Germany that will test and certify large, high-power industrial equipment and appliances, and medical, consumer and automotive products
  • Verizon (VZ) has begun to eliminate 13,000 jobs, according to WSJ
  • Warner Bros. Discovery (WBD): Comcast (CMCSA) expected to make a "complex" bid for WBD; Paramount (PSKY) will bid again for the fourth time, but nothing will be decided in the next week or two; Netflix (NFLX) also taking process seriously - CNBC's David Faber
  • WeRide (WRD) secures Switzerland’s first driverless robotaxi permit, expanding AV licensing to eight countries
  • WeShop (WSHP) launches in the U.S. after strong Nasdaq debut, allowing users to earn ownership through their shopping
  • Xerox (XRX) appoints Chuck Butler as CFO

• Upgrades:
  • Agios Pharmaceuticals (AGIO) upgraded to Outperform from Market Perform at Leerink, tgt $34
    
  • Apollo Global (APO) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $180
    
  • Avita Medical (RCEL) upgraded to Neutral from Sell at BTIG Research
    
  • Design Therapeutics (DSGN) upgraded to Outperform from Sector Perform at RBC Capital, tgt $13
    
  • Jack Henry (JKHY) upgraded to Strong Buy from Market Perform at Raymond James, tgt $198
    
  • Marsh & McLennan (MMC) upgraded to Overweight from Equal Weight at Barclays, tgt $206
    
  • Nasdaq (NDAQ) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $110
    
  • Parsons (PSN) upgraded to Outperform from Market Perform at William Blair
• Downgrades:
  • Arthur J. Gallagher (AJG) downgraded to Underweight from Equal Weight at Barclays, tgt $250
    
  • BellRing Brands (BRBR) downgraded to Hold from Buy at TD Cowen, tgt $31
    
  • Eversource Energy (ES) downgraded to Neutral from Outperform at Mizuho, tgt $68
    
  • Globant (GLOB) downgraded to Hold from Buy at Jefferies, tgt $61
  • MarketAxess (MKTX) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $209
• Others:
  • AeroVironment (AVAV) initiated with an Overweight at Piper Sandler, tgt $391
    
  • Astera Labs (ALAB) initiated with an Outperform at BNP Paribas Exane, tgt $225
    
  • Belite Bio (BLTE) initiated with a Neutral at Mizuho, tgt $105
  • Bruker (BRKR) initiated with a Buy at Rothschild & Co Redburn, tgt $60
    
  • Femasys (FEMY) initiated with a Buy at Laidlaw, tgt $6.50
    
  • FireFly Aerospace (FLY) reinstated with a Neutral at Goldman, tgt $29
    
  • Hubbell (HUBB) initiated with a Neutral at UBS, tgt $450
    
  • IonQ (IONQ) initiated with a Neutral at JPMorgan, tgt $47
    
  • Lexeo Therapeutics (LXEO) initiated with an Overweight at Cantor Fitzgerald, tgt $19
    
  • Modine (MOD) initiated with a Buy at UBS, tgt $173
    
  • nVent Electric (NVT) initiated with a Buy at UBS, tgt $128
    
  • Opko Health (OPK) initiated with a Neutral at JPMorgan
    
  • Oric Pharmaceuticals (ORIC) initiated with an Outperform at Evercore ISI, tgt $25
    
  • Roper Technologies (ROP) initiated with an Overweight at Piper Sandler, tgt $600
    
  • Ryan Specialty (RYAN) initiated with a Neutral at Piper Sandler, tgt $60
    
  • Tarsus Pharmaceuticals (TARS) initiated with an Outperform at Mizuho, tgt $100
    
  • TopBuild (BLD) initiated with a Sector Perform at RBC Capital, tgt $410

• Econ Data (Friday):
  • 9:45 ET: Flash November S&P Global U.S. Manufacturing PMI (prior 52.5) and flash November S&P Global U.S. Services PMI (prior 54.8)
  • 10:00 ET: Final November University of Michigan Consumer Sentiment (Briefing.com consensus 50.3; prior 50.3)

• 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