Appia has seen a significant jump of +27.4%, reporting its first profit since its 2017 IPO, joining Brighthouse Financial (+26.8%, due to acquisition news) and Haemonetics (+26.4%, profit news) at the forefront of today’s market. However, it’s understandable if these names don’t ring a bell. More recognizable names, like Datadog (+20.6%), Reasonable (+17.9%), and Planet Fitness (+12.3%), are also making gains following strong earnings reports.
Meanwhile, Elf Beauty is down -35%. It was once a standout in the Russell 2000 but has struggled to maintain its gains post-IPO. Tariff impacts are evidently weighing heavily on the company. Duolingo (-26.8%, weak guidance) and Ambio Biotechnology (-26.3%, also down) have similar issues as they navigate a challenging landscape.
By noon, the Nasdaq Composite is down nearly -2% for the day. The heat map reveals considerable losses, especially in technology stocks, indicated by shades of light pink and dark red. Notably, Apple (+0.48%) and Alphabet (-0.33%) seem to be faring better amid the downturn. They just secured a $1 billion deal to collaborate on Siri, and Google’s recent launch of its 7th generation TPU could shake up the competition in computing.
But, of course, there’s more to monitor than just tech developments. Updates will follow on other topics as the afternoon progresses.
On the political front, House Speaker Mike Johnson expressed skepticism about quickly resolving the government shutdown, which has now lasted 36 days, despite moderate Democrats suggesting a potential compromise with Republicans.
In other news, Nvidia, the world’s top company by market cap, dropped -3.4%, losing over $440 billion in market value, marking its worst day since the Deep Seek crash back in January. Only 18 S&P 500 companies have market caps that exceed this sizeable drop, underscoring Nvidia’s immense influence.
Fed Governor Goolsby voiced concerns about the continued interest rate cuts without recent official inflation data, aligning with fears expressed by Fed Chairman Jerome Powell post-October cut. Goolsby noted a tendency for service inflation to rise before shutdowns impact the data—so that’s likely a hot topic as a number of Fed officials are set to speak today. The stock market, however, has shown some resilience following a mixed start, although the Nasdaq, Russell 2000, and S&P 500 are all down about -1%.
As the US market remains open, the Dow is slightly up (+0.05%), while the Russell 2000 and S&P 500 see minimal changes. The Nasdaq has dropped -0.24% right from the start.
This morning brought some interesting headlines. There are rumors about a deal between the Trump administration and weight loss drug makers Novo Nordisk and Eli Lilly, aiming to lower the drug’s price to $149 under certain conditions, with exemptions for Medicare recipients. Expect more details during a press conference where President Trump might announce the price cuts.
Additionally, former House Speaker Nancy Pelosi will not seek re-election in 2026, effectively creating an open seat in California’s 12th District, which predominantly covers San Francisco. After nearly 40 years of service, the 85-year-old plans to retire from Congress in 2027.
In tech updates, Nvidia is still on many minds. This morning, a new 7th generation TPU was announced, which could challenge the dominance of GPUs thanks to its promising specs—claiming a fourfold performance increase and a more competitive pricing structure. Alphabet stock reacted positively to the news.
As stock futures tick upward today, we’re witnessing how stocks fluctuate prior to the opening bell. Brighthouse Financial retains a strong position (+26.6%), announcing its acquisition by Aquarian Capital. Penumbra (+16%), Reasonable (+14.5%), and Datadog (+12.2%) also did well in pre-market trading, buoyed by favorable earnings.
In contrast, several companies faced negative earnings reactions. Dentsply Sirona (-14.6%), Acadia Healthcare (-13%), and DoorDash (-12%) saw significant declines. HubSpot (-11.6%), Celsius (-11.6%), and Fortinet (-10.9%) also took hits. Most notably, CarMax (-11.4%) is in the spotlight after CEO Bill Nash unexpectedly announced his resignation, planning to be replaced by former clothing retail executive David McCreight.
Good morning! US stock futures are slightly up following a solid market rebound yesterday. The Russell 2000 has made notable strides (+1.53%), alongside gains in the Nasdaq Composite (+0.65%), Dow (+0.48%), and S&P 500 (+0.37%).
This uptick coincides with President Trump’s tariffs nearing Supreme Court review, garnering varied reactions, particularly from the Court’s conservative justices. Meanwhile, Treasury Secretary Scott Bessent expressed optimism post-hearing, even as market predictions suggested a potential decline in tariff impacts.
The day ahead looks busy, with over 600 companies set to report financial results. Reports are already in from various major players, including Warner Bros Discovery and Datadog.
This morning also brought layoffs news from the October Challenger report, showing a striking increase of 175% month-over-month, marking the highest layoff numbers for October since 2003.
Expect more updates throughout the day, especially as numerous Fed officials are scheduled to speak, including Michael Barr and John Williams around noon. More economic data will also be announced today, including EIA natural gas updates.
