Early Look

Monday, November 10, 2025

U.S. futures surge overnight as the U.S. Senate late Sunday moved forward on a measure aimed at reopening the federal government and ending a now 40-day shutdown that has sidelined federal workers, delayed food aid and impacted air travel. In a procedural vote, senators advanced a House-passed bill that will be amended to fund the government until January 30 and include a package of three full-year appropriations bills. If the Senate passes the amended measure, it still must be approved by the House of Representatives and sent to President Donald Trump for his signature, a process that could take several days. The vote to advance the bill passed by a 60-40 margin, the minimum needed to overcome a Senate filibuster. Technology stocks lead gains in Europe, as they did in Asia after Nvidia CEO Huang said he had asked TSMC for more chip supplies as AI demand remained strong. In trade news, the US and China suspended port fees on each other’s ships for one year and paused probes into maritime practices, in another sign of easing tensions between the world’s two largest economies. In Asian markets, The Nikkei Index jumped 635 points to 50,911, the Shanghai Index gained 21 points to 4,018, and the Hang Seng Index surged 407 points to 26,649. In Europe, the German DAX is up 390 points or 1.69% to 23,959, while the FTSE 100 is up 92 points to 9,774.

US stocks snapped their 3-week winning streak on Friday, markets turned in a very impressive performance as the S&P 500 and Nasdaq 100 both dropped below their respective 50-dma supports early Friday, before surging the remainder of the day, pushing the S&P positive in final minutes in a 100-point bounce off lows on hopes for a government shutdown bill being achieved this weekend. Still, stocks dropped on the week as the S&P 500 fell -1.63%, the Nasdaq declined -3.04% (biggest 1-week drop since early April), and the Dow fell -1.21% as investor angst over stock valuations and AI hype suddenly rose. Gold and silver were roughly flat on the week, while Bitcoin fell materially, twice dipping below 100K on the week before topping $104K late Friday.

• The Dow Jones Industrial Average rose 74.80 points, or 0.16%, to 46,987.10
• The Nasdaq Composite slipped -49.46 points, or 0.22%, to 23,004.54
• The Russell 2000 Index advanced 14.00 points, or 0.58% to 2,432.82

• Earnings After the Close: AMBCAPEI ARCT ASTS BALY BBAI CAPR CHGG CNNE CRWV DCGO DDI DHX DSP EGY GDOT GEMI GETY GEVO HCAT HNRG HROW IHRT JAMF KLTR LPSN NGS OM OXY PLUG PSKY PUBM QRHC REAL RGTI RKLB RLGT RPAY RRGB SARO SIBN TBPH TDW TTGT XAIR YALA

• China Oct CPI showed data rose +0.2% m/m vs flat consensus, +0.2% y/y vs flat consensus and China Oct PPI declined -2.1% y/y vs -2.2% consensus.
• China’s Ministry of Commerce said Sunday it will lift export restrictions for a year on five key minerals used in semiconductors, ammunition, batteries and nuclear reactors, a move tied to last month’s Trump–Xi trade summit in South Korea. The decision affects materials including gallium, germanium, tungsten, antimony and graphite, all of which are vital for defense and energy production.
• President Donald Trump on Sunday renewed his call to use tariff revenues to fund direct payments to U.S. households, proposing a $2,000 “dividend” for most Americans. “A dividend of at $2000 a person (not including high income people!) will be paid to everyone,” Trump wrote on Truth Social, adding that critics of his trade policies are “FOOLS!”

• Constellation Brands (STZ) files for offer & sale of up to 21.3M Class A shares by selling stockholders.
• Marriott International (MAR) said its licensing agreement with lodging rentals company Sonder (SOND) has been terminated due to a default from Sonder. As a result of the termination, Marriott said Sonder is no longer affiliated with Marriott Bonvoy, adding that Sonder properties are not available for new bookings on Marriott’s channels.
• Restaurant Brands International (QSR) struck a joint-venture deal with Chinese private-equity firm CPE to inject capital into its Burger King China business and help fuel growth overseas – WSJ reports.
• Six Flags (FUN) was downgraded to Equal Weight from Overweight at Morgan Stanley and lower tgt to $20 from $30 saying they have concerns about the company’s EBITDA recovering off the 2025 lows in 2026 due to cyclical and secular factors.

• Venture Global (VG) Q3 EPS $0.16 vs. est. $0.23; Q3 revs $3.33B vs. est. $3.26B; results were helped on a y/y basis by increased output from its Plaquemines liquefied natural gas plant in Louisiana and strong LNG demand; said they exported 100 cargos in Q3; cuts FY25 adj EBITDA to $6.35B-$6.5B from $6.4B-$6.8B.

• Visa (V) and Mastercard (MA) are near a settlement with merchants that would end a longstanding legal dispute by lowering fees stores pay and giving them more power to reject certain credit cards, WSJ reported. The agreement under discussion would trim interchange fees, between 2% and 2.5%, by about 0.1% point over several years.

• Germany will spend almost 1 billion euros ($1.2 billion) on a further 20 military helicopters from Airbus (EADSY), due to be delivered over two years from 2027, a government document showed. The funding commitment, first reported by Bloomberg, is contained in a finance ministry paper to be presented to parliament, seen by Reuters.

• Rumble Inc. (RUM) signed a business combination agreement to acquire Northern Data Ag through a voluntary public exchange offer, the companies announced. The transaction would give Rumble access to approximately 22,000 Nvidia GPUs and a globally distributed Network of data center locations.
• Citigroup upgraded Celestica (CLS) to Buy from Neutral on Citi’s updated Big Five hyperscale CAPEX outlook and are buyers of pullback in its #1 buy-rated pick Arista Networks (ANET) and raise TP on #2 buy-rated pick Ciena (CIEN).