Early Look

Monday, November 17, 2025

U.S. futures are looking high to start the week, as the S&P just finished higher last week by ending with a weekly gain of 0.08%, but the Nasdaq fell for a second straight week, slipping -0.45%, and the Dow ended up 0.34%. A big week is coming up for Wall Street with the release of prior monthly economic data that was delayed due to the government shutdown (see below for upcoming releases), earnings releases from several major retailers including WNT, TGT, HD, and LOW and for tech, earnings results from NVidia mid-week to help boost the AI trade that has slumped over the last few weeks. In stock news overnight, shares of GOOGL rise after Berkshire Hathaway revealed a new $4.3 billion stake in the company and further reduced its stake in Apple; several drug companies are higher following positive data including NUVL, JAZZ, and ZYME. In Asian markets, The Nikkei Index slipped -52 points to 50,332, the Shanghai Index dropped -18 points to 3,972, and the Hang Seng Index declined -188 points to 26,384. In Europe, the German DAX is down -100 points to 23,775, while the FTSE 100 is little changed at 9,695. On Monday, at least four Fed speakers including Governor Christopher Waller and New York Fed President John Williams are slated to speak throughout the day. Minutes from the Fed’s October meeting – where it cut rates by an expected 25 basis points – are due on Wednesday.

The US Commerce Department, BBLS and Census Bureau announced some key economic reports for next week:

–U.S. Labor Department notes it will release employment report for September on November 20 at 8:30 A.M ET

—US Q3 GDP second reading to be released November 26 at 8:30 A.M. ET.

— US Commerce Department says Q3 GDP third estimate will be released on December 19 at 8:30 A.M. ET.

–The October Personal Income, Spending, and PCE Inflation Index is to be released on November 26th at 10 AM.

–The International Trade report for October will be released on December 4th at 8:30 AM ET.

— U.S. Census Bureau said to release August international trade reports on Nov. 19, Construction spending reports to be released Nov. 17 and August manufacturers’ orders to be released Nov. 18.

• The Dow Jones Industrial Average fell -309.74 points, or 0.65%, to 47,147.48
• The Nasdaq Composite gained 30.23 points, or 0.13%, to 22,900.59
• The Russell 2000 Index advanced 5.24 points, or 0.22% to 2,388.23

• Earnings After the Close: GLAD IIIV LFMD PRPO TCOM

• David Einhorn – Greenlight Capital Q3 2025 13F: New Buys: PCG (6.38Mm shares), PRKS (471.05K), NXST (73.94K), KWEB (86.37K). Exits: TECK (2.Mm), Added to shares of VSCO, ACHC, CNC, FLR, PTON, KD, SNX, GLD and BHF. Top Reductions: HPQ (90.06%, 2.72Mm shares), ROIV, GPRO, CNH, CPRI, SHC, OIH and PENN
• Bill Ackman – Pershing Square Capital Management Q3 2025 13F: New Buys: none, Exits: none, Top Adds: none. Top Reductions: GOOGL (9.68%, 519.01K shares), QSR, BN and UBER.
• Carl Icahn – Icahn Capital Management Q3 2025 13F: New Buys: SATS (4.35Mm shares), MNRO (1.47Mm shares). Exits: BHC. Top Adds: CTRI, IFF, IEP and SD and top reductions: SWX (19.91%, 1.5Mm shares).

• Yum! Brands (YUM) was upgraded to Buy from Hold at TD Cowen and raised tgt to $173 from $162 saying they like the likely sale of Pizza Hut amplifying Yum’s growth profile and says the sale should drive best in-class development growth profile within the quick service sector and a clearer focus on Taco Bell comps.
• The Federal Aviation Administration said Sunday it is lifting all restrictions on commercial flights that were imposed at 40 major airports during the country’s longest government shutdown. Airlines can resume their regular flight schedules beginning Monday at 6 a.m. Eastern, the agency said.

• Expeditor (EXPD) was upgraded to Buy from Neutral at UBS and raise tgt to $166 from $138 saying they believe in the company’s Customs and other segment to offset pressure from lower ocean rates in 2026.
• Dubai-based airline Emirates said it was ordering another 65 Boeing (BA) 777-9 jets; Emirates valued the deal for Boeing’s largest in-production jet at $38B; announcement comes at the opening of the Dubai Airshow.
• Oil prices fell as loadings resumed at Russia’s Novorossiysk export hub after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.
• Landbridge (LB) announces offering of 2.5M Class A shares for holders.

• Surmodics Inc. (SRDX) announced the Federal Trade Commission will not appeal a court ruling that denied an injunction preventing the company’s acquisition by GTCR LLC.
• Zymeworks (ZYME) announces positive herizon-gea-01 phase 3 results supporting Ziihera® as Her2-targeted agent-of-choice and new standard of Care in first-line her2-positive locally advanced or metastatic gastroesophageal adenocarcinoma; says partner Jazz Pharma (JAZZ) intends to submit a supplemental Biologics license application in 1h-2026.

• Google’s (GOOGL) YouTube TV said in an email to subscribers that it reached a deal with Disney (DIS) to bring their content back to YouTube TV; now have access to Disney channels, including ABC and ESPN.
• HP Enterprise (HPE) downgraded to Equal Weight from Overweight at Morgan Stanley and the firm also cut both HP Inc. (HPQ) and Dell Technologies (DELL) to Underweight from Overweight at Morgan Stanley saying they believe the memory “supercycle” brings downside risk to hardware manufacturer earnings heading into 2026.
• Quantum Computing (QUBT) shares rise on results; Q3 net income $2.4M, Q3 operating expenses $10.5M vs. $5.4M Y/y, and Q3 Revs $384K vs. $101K Y/y.
• Sinclair Broadcasting (SBGI) said Monday it built a roughly 8% stake in E.W. Scripps (SSP) and is vying to acquire the local TV broadcaster. The WSJ reported both companies held constructive talks about a potential deal in recent months but have yet to strike an agreement. Sinclair’s stake was revealed in a regulatory filing. Scripps, with a market value of around $270M, has over 60 local TV stations spanning more than 40 markets.