Early Look

Tuesday, December 2, 2025

S&P futures edge higher after sliding on Monday on light volumes, with few major catalysts on deck today, awaiting key economic data later this week and the FOMC policy meeting next week. Recent data has pointed to a gradual cooling of the economy and has also boosted expectations that the Fed will likely lower interest rates 25-bps when it meets next week. Not a lot of earnings overnight but shares of MDB and CRDO soar after reporting better results and guidance. Stocks sunk on Monday in a lackluster trading session, as NYSE breadth was weak, led by S&P 500 Utilities (XLU) which posted their worst one-day return since April 2025 (fell -2.34%). Stock prices were pressured by a tick-up in Treasury yields (10-yr to 4.09%) and a selloff in crypto stocks. In Asian markets, The Nikkei Index was little changed at 49,303, the Shanghai Index fell -16 points to 3,897, and the Hang Seng Index rose 61 points to 26,095. In Europe, the German DAX is up 192 points to 23,781, while the FTSE 100 rises 36 points to 9,739. Investor attention is now focused on Friday’s release of the Personal Consumption Expenditures (PCE) Index data from the U.S. Bureau of Economic Analysis, the Fed’s preferred gauge of inflation. The Organization for Economic Cooperation and Development (OECD) raised its 2025 and 2026 growth forecasts for the U.S. economy, pointing to AI investment, fiscal support and potential Fed cuts.

• The Dow Jones Industrial Average fell -427.09 points, or 0.90%, to 47,289.33
• The Nasdaq Composite dropped -89.76 points, or 0.38%, to 23,275.92
• The Russell 2000 Index declined -31.30 points, or 1.25%, to 2,469.13

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                JOLTs Job Openings for October
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEO ASAN BOX CRWD GTLB LESL MRVL OKTA PSTG

• Goldman Sachs 16th Annual Aircraft Leasing Conference, 12/2 in New York
• Goldman Sachs Japan Conference 2025, 12/1-12/5, in Tokyo

• President Trump appears to Favor Kevin Hassett for Federal Reserve chair, prioritizing loyalty and market credibility; Hassett’s candidacy is supported by his loyalty to Trump and recent market reaction to his potential nomination – WSJ
• Euro zone inflation unexpectedly ticked up last month, accelerating to 2.2% from 2.1% a month earlier, hovering near the ECB’s 2% goal for most of this year. Underlying figures, which exclude volatile food and fuel prices, held steady at 2.4% on continued quick price growth in services but muted figures for durable goods.

• Driven Brands Holdings Inc. (DRVN) announced that it has entered into a definitive agreement to sell IMO, its international car wash business, to Franchise Equity Partners. Under the terms of the agreement, Franchise Equity Partners will acquire IMO for EUR 406 million.
• iRobot (IRBT) said in an SEC 8-K filing that it “is unlikely that ongoing review of strategic alternatives will result in any transaction being consummated outside of a bankruptcy process.”
• Salesforce (CRM) notes global online sales hit $17.3B by noon est up 5.3% YoY with flat order volumes and reports Cyber Monday U.S. sales at $3.4B up 2.6% YoY with orders down 1% while forecasting full-day global sales of $52.7B and U.S. sales of $13.3B.

• Exxon Mobil (XOM) has approached the Iraqi oil ministry with interest in buying Lukoil’s majority stake in the West Qurna 2 oilfield – Reuters.
• Huntsman Corporation (HUN) said it is currently experiencing an unplanned outage at its Polyurethanes facility located in Rotterdam, Netherlands which will likely have a negative impact on fourth quarter 2025 adjusted EBITDA of approximately $10M.
• Safe Bulkers, Inc. (SB) announces a 10M share common stock repurchase program.

• Fairstone Bank of Canada will buy peer Laurentian Bank in an all-cash deal valued at $1.9 billion, the Canadian lender said on Tuesday; the deal is at a premium of 20% over the price of Laurentian Bank shares’ close as of December 1.
• Iren Limited (IREN) announced its intention to offer, subject to market and other conditions, $1B aggregate Principal amount of convertible Senior notes due 2032 and $1B aggregate Principal amount of convertible Senior notes due 2033 in a private offering.
• Automated digital wealth management firm Wealthfront (ticker will be WLTH) said on Tuesday it was aiming to raise as much as $485 million in its initial public offering in the United States.

• Belite Bio (BLTE) announces proposed underwritten public offering of American Depositary shares.
• DexCom (DXCM) upgraded to Overweight from Equal Weight at Morgan Stanley.
• Inspire Medical (INSP) downgraded to Equal Weight from Overweight at Morgan Stanley.

• Amtech Systems (ASYS) reports preliminary Q4 revenue $19.8M, vs. estimates $17.75M and reports preliminary Q4 adjusted EBITDA $2.6M.
• Credo Technology (CRDO) Q2 EPS $0.67 vs. est. $0.48; Q2 revs rose 20% q/q and 272% y/y to $268.0M vs. est. $235.0M; guides Q3 revs $335M-$345M; expects strong revenue growth, profitability through FY26 and beyond.
• MongoDB (MDB) shares surge; Q3 adj net income $114.5M vs. est. $72M; Q3 adj EPS $1.32 vs. est. $0.79 on better revs rising 19% y/y to $628.3M vs. above est. $595.6M; Q3 Atlas Revenue up 30% y/y and was 75% of total Q3 revenue; says added 2,600 customers, with over 62,500 total customers as of October 31, 2025; guides Q4 adj EPS $1.44-$1.48 above consensus $0.93 and revs $665M-$670M vs. est. $624.78M; raises year EPS/rev outlook.