Early Look

Wednesday, November 19, 2025

After closing Tuesday lower in a broad pullback, U.S. futures are looking higher as major averages look to snap their 4-day losing streaks, the longest since August for the S&P 500. The S&P, Nasdaq, and Dow are all still below their 50-day moving average support levels after breaching it 2 days ago for first close below since April. Stocks fell again on Tuesday as technology shares continued to retreat on concerns about valuations of artificial intelligence-related stocks and as bitcoin. Things could improve or worsen after today when chip leader Nvidia (NVDA) is expected to report after the close. After rebounding off 7-month lows on Tuesday above $93K, Bitcoin prices are down this morning as $91,500, while gold rises and oil slips. Oil prices fell on Wednesday due to higher crude inventories in the U.S., reinforcing oversupply concerns, but falls were limited by a tighter fuel market as a result of attacks against Russia’s oil infrastructure. Both WTI crude and Brent prices fell after rising over 1% the prior session. U.S. crude stocks rose by 4.45 million barrels in the week ended November 14, while gasoline inventories climbed by 1.55 million barrels and distillate inventories increased by 577,000 barrels, market sources said late on Tuesday, citing American Petroleum Institute figures. In Asian markets, The Nikkei Index fell -165 points to 48,537, the Shanghai Index rose 6 points to 3,946, and the Hang Seng Index declined -99 points to 25,830. In Europe, the German DAX is up 55 points to 23,236, while the FTSE 100 is up about 5 points to 9,557. Mixed earnings/guidance reports in retailers Target (TGT) and Lowe’s (LOW).

• The Dow Jones Industrial Average fell -498.50 points, or 1.07%, to 46,091.74
• The Nasdaq Composite dropped -275.23 points, or 1.21%, to 22,432.85
• The Russell 2000 Index advanced 7.36 points, or 0.31% to 2,348.74

• 8:30 AM ET                  International Trade for August
• 8:30 AM Et                   Goods Trade Balance for August
• 10:30 AM ET                Weekly DOE Inventory Data
• 1:00 PM ET U.S. Treasury to sell $13B in 20-year notes

• Earnings After the Close: BLSH BV CPA CRNC HI JACK KLIC NJR NNDM NVDA ODD PANW UTI ZTO

• Jefferies Annual Miami Consumer Conference, 11/18-11/19, in Miami, FL
• RBC Capital Global TIMT Conference, 11/18-/11/19, in New York
• Rosenblatt 17th Annual FinTech Summit, 11/18-11/19 (virtual)
• Roth 14th Annual Technology Conference, 11/19, in New York
• Wells Fargo TMT Summit, 11/18-11/19

• Inflation in the U.K. fell to a four-month low in October, as the Office for National Statistics said the annual rate of inflation, as measured by the consumer prices index, fell to 3.6% in October from 3.8% the previous month.

• Interparfums, Inc. (IPAR) announces initial 2026 guidance as sees net sales expected to be $1.48B in 2026 and diluted EPS expected to be $4.85 in 2026.
• La-Z-Boy (LZB) Q2 adj EPS $0.71 vs. est. $0.54; Q2 sales $522.4M vs. est. $517.6M; Q2 adj op margins 7.1%; Q2 written same store sales were down (-2%); guides Q3 revs in range $525M-$545M vs. est. $534M; sees Q3 adj operating margin to be in 5%-6.5% range; raises quarterly dividend to $0.24.2 from $0.22.
• Lowe’s (LOW) Q3 adj EPS $3.06 vs. est. $2.95 and revs $20.81B vs. est. $20.84B; Q3 comp sales for the quarter increased 0.4% vs. est. +0.1%; trimmed its annual adjusted EPS forecast to about $12.25, compared with its prior target of $12.20 to $12.45; Raises FY25 revenue view to $86B from $84.5B-$85.5B.
• O’Reilly Automotive (ORLY) increases share repurchase program by $2.0B.
• Target Corp. (TGT) Q3 adj EPS $1.78 vs. est. $1.72; Q3 revs $25.27B vs. est. $25.29B; Q3 comp sales decreased -2.7% in Q3 (vs. est. -2%), Digital comparable sales grew 2.4%, led by more than 35% growth in same-day delivery powered by Target Circle 360; narrows FY25 adjusted EPS view to $7.00-$8.00 from $7.00-$9.00; sees Q4 revenue decline in low-single digits.

• The Trump Administration will give Constellation Energy (CEG) a $1 billion federal loan to restart the Three Mile Island nuclear power plant in Pennsylvania that suffered a partial core meltdown in 1979. Energy Secretary Chris Wright said that restarting the plant will help bring down electricity prices – WSJ.
• Eos Energy Enterprises Inc (EOSE) announces $500M convertible Senior notes due 2031
• Plug Power (PLUG) announces private offering of $375 mln convertible bonds (CBs) due 2033 saying they plan to use $243M of net proceeds to fully repay outstanding principal amount of its 15% secured debentures, and the related termination fee.
• Powell Industries (POWL) Q4 EPS $4.22 vs est $3.78 on revs $298Mm vs est $291.5Mm; backlog $1.4B; says despite Q1 typical seasonal softness, sees FY margin profile recognized in 2025 as sustainable, pricing environment remains stable and continue to efficiently execute and close out projects in backlog.
• Smart Sand (SND) announces special cash dividend of $0.05 per share.
• SQM (SQM) Q3 adj Ebitda $404.1M vs. est. $402.3M; said Q3 Revenue rose 8.9% to $1.17B, from $1.08B y/y; Q3 net income was $178.4M, helped by an improved pricing environment that lifted average lithium prices for the first time in two years vs. $131.4M y/y; said revenues for lithium and derivatives increased 21.4% to $603.7M in the quarter, driven by stronger-than-expected demand.
• Star Bulk Carriers (SBLK) Q3 adj EPS $0.29 vs est $0.45, adj EBITDA $86.818Mm vs est $117.43Mm on revs $263.855Mm vs est $231.97Mm.
• Wesco (WCC) was u[graded from Sector Perform to Outperform at RBC Capital following its Q325 beat-and-raise, marking what should be a more predictable earnings Cadence. Outgrowth in datacenter and the inflection in power utility should ease concerns about WESCO’s inherent short-cycle earnings volatility.

• Bullish (BLSH) Q3 EPS $0.10, in line with consensus on revs $76.5M vs. est. $71.14M; said Q4 subscription, services & other revs seen at $47.0M-$53.0M.
• Golub Capital (GBDC) Q4 adj EPS $0.36 vs est $0.39, NAV/SHR $14.97.
• Zions Bancorp (ZION) was upgraded to buy from hold at Jefferies saying the pullback caused by an alleged fraud and credit scare is overdone and the outlook for key drivers is improving.

• 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 (DOR/ISL) in treatment-naïve adults with hiv-1 infection.
• Varex Imaging (VREX) Q4 adj EPS $0.37 vs est $0.18 on revs $228.9Mm vs est $219.3Mm, adj Op mgn 10%; guides Q1 revs $200-215Mm vs est $205.48Mm and adj EPS $0.05-0.25 vs est $0.14.

• Dolby Labs (DLB) Q4 adj EPS $0.61 vs est $0.70 on revs $307Mm vs est $304.7Mm; guides Q1 revs $315-345Mm vs est $366.96Mm, adj gr mgn approx 90% and EPS $0.79-0.94 vs est $1.14; sees FY revs $1.39-1.44B vs est $1.405B, adj gr mgn approx 90%, adj Op mgn approx 34% and adj EPS $4.19-4.34 vs est $4.23.
• Nokia (NOK) announces new strategy, evolution of its operating model, new long-term financial target, strategic KPIs and changes to its group leadership team; targets operating profit of EUR 2.7-3.2B by 2028.
• onsemi (ON) announces $6B share repurchase authorization.