Early Look

Wednesday, December 3, 2025

U.S. futures are looking at a modestly higher open after closing higher Tuesday for their sixth gain in seven sessions in muted trading on Tuesday (volumes have been light this week), buoyed by gains in technology shares as expectations the Federal Reserve will cut interest rates next week remain elevated. Equities declined Monday amid soft manufacturing data and a jump in U.S. Treasury yields as Japanese bond yields surged, and a drop in bitcoin and crypto-related stocks. Gold prices are looking higher after slipping yesterday while copper futures hit record highs overnight. Several stocks moving on earnings last night in the tech sector with BOX, CRWD, GTLB, OKTA, PSTG slipping on results while MRVL, MCHP rise on results. Bitcoin, which has crashed by almost a third since early October, reclaimed the $92,000 level to hit a two-week high in crypto markets. In Asian markets, The Nikkei Index jumped 561 points to 49,864, the Shanghai Index fell -19 points to 3,878, and the Hang Seng Index declined -334 points to 25,760. In Europe, the German DAX is up 54 points to 23,764, while the FTSE 100 is down -12 points to 9,689. The US Dollar Index (DXY) falls to 1-month low of 98.977. A busy morning of economic data including November ADP private payrolls, along with import prices and ISM Services data. The data may add some support for the December rate-cut case, although markets are already pricing in a cut for next week of 25-bps.

• The Dow Jones Industrial Average rose 185.13 points, or 0.39%, to 47,474.46
• The Nasdaq Composite gained 137.75 points, or 0.59%, to 23,413.67
• The Russell 2000 Index slipped -4.13 points, or 0.15% to 2,465.00

• 8:15 AM ET ADP Private Payrolls for November…est. +10K (prior +42K)
• 8:30 AM ET                  Import/Export Prices M/M for September…est. +0.1% for both
• 9:15 AM ET                  Industrial Production M/M for September…est. 0.0%
• 9:15 AM ET                  Capacity Utilization for September…est. 77.3%
• 9:45 AM ET S&P Global Composite PMI, Nov-Final…prior 54.8
• 9:45 AM ET S&P Global Services PMI, Nov-Final…prior 55.0
• 10:00 AM ET ISM Non-Manufacturing PMI for November…est. 52.1
• 10:30 AM ET                Weekly DOE Inventory Data

• Earnings After the Close: AI CRM CURV DSGX FIVE GWRE HQY MEI NCNO NOTV PATH PVH SNOW TLYS

• DA Davidson 7th Annual Financial Institutions Bison Select Conference, 12/3 (virtual)
• Goldman Sachs 17th Annual Industrials & Autos Week, 12/1-12/4, in London
• Goldman Sachs Industrials & Materials Conference 2025, 12/3-12/4, in New York
• Goldman Sachs Japan Conference 2025, 12/1-12/5, in Tokyo

• Business activity in the euro zone expanded at its fastest pace in two-and-a-half years in November as the HCOB’s Eurozone Composite Purchasing Managers’ Index (PMI), compiled by S&P Global rose to 52.8 in November from 52.5 in October, marking its sixth consecutive monthly increase.
• China is likely to stick to its current annual economic growth target of around 5% next year, gov’t advisers and analysts said, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell. The target would be part of Beijing’s efforts to start a new five-year plan on a strong footing – Reuters.

• Dollar Tree (DLTR) Q3 adj EPS $1.21 tops consensus $1.08 on revs $4.7B vs. est. $4.69B and Q3 same-store net sales were up 4.2%; FY25 Adj EPS raised to $5.60–$5.80from $5.32-$5.72 and vs $5.51 est. while Fy25 sales narrowed to $19.35B–$19.45B from $19.3B-$19.5B (vs $19.433B est).
• Rivian Automotive (RIVN) plans to recall 34,824 U.S. vehicles due to a damaged seat belt pretension cable that may fail to properly restrain the driver’s seat belt, increasing crash injury risk, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Tuesday.
• Thor Industries (THO) Q1 EPS $0.41 vs. est. $0.18 and sales $2.38B vs. est. $2.13B; Q1 gross margin 13.4%; Q1 net income $21.6M vs. est. $8.8M; guides FY EPS $3.75-$4.25 vs. est. $4.07 and outlook 2026 consolidated net sales in the range of $9.0B-$9.5B vs. est. $9.47B; guidance assumes low- to mid-single digit retail decline in North America.

• Benchmark copper on the London Metal Exchange hits record high of $11,338 a metric ton, boosted by supply concerns as shares of Rio Tinto (RIO), Southern Copper (SCCO), and Freeport-McMoRan (FCX) rise.
• Old Dominion Freight Line (ODFL) reported certain less-than-truckload (“LTL”) operating metrics for November 2025. Revenue per day decreased by 4.4% as compared to November 2024 due to a 10.0% decrease in LTL tons per day that was partially offset by an increase in LTL revenue per hundredweight. The decrease in LTL tons per day was attributable to a 9.4% decrease in LTL shipments per day and a 0.6% decrease in LTL weight per shipment.

• Cassava Sciences (SAVA) received FDA request for more data on IND for Simufilam in TSC-Related epilepsy proof-of-concept trial.

• Asana Inc. (ASAN) Q3 adj EPS $0.07 vs. est. $0.06; Q3 revs rose 9% y/y to $201M vs. est. $198.78M; sees Q4 adj EPS $0.07 vs. est. $0.06 and revs $204M-$206M vs. est. $203.2M; raises FY26 EPS view to $0.25-$0.26 from $023-$0.25 and boosts FY26 revenue view to $789M-$791M from $780M prior; number of Core customers, or customers spending $5,000 or more on an annualized basis, grew to 25,413 in Q3, an increase of 8% y/y.
• Box Inc. (BOX) Q3 EPS $0.31, in-line with consensus on revs $301M vs. est. $299.1M; Q3 Remaining performance obligations (RPO) of $1.5B, up 18%, or 19% on a constant currency basis; Q3 short-term RPO of $837M, up 14%, and long-term RPO of $680M, up 25%; Q3 billings $296.0M, up 12% as reported and on a constant currency basis; guides Q4 EPS $0.44 on revs $304M vs. est. $0.35/$306.7M; new $150M expansion of stock repurchase program.
• GitLab Inc. (GTLB) Q3 adj EPS $0.26 vs est $0.20 on revs $244.4Mm vs est $238.09Mm, adj gr mgn 89%; guides Q4 revs $251-252Mm vs est $252.3Mm, adj EPS $0.22-0.23 vs est $0.22; appoints Jessica Ross as CFO.
• Marvell Technologies (MRVL) Q3 adj EPS $0.76 vs est $0.73 on revs $2.075B vs est $2.068B, gr mgn 51.6%; guides Q4 revs $2.2B vs est $2.178B, adj EPS $0.79 vs est $0.78 and gr mgn 51.1-52.1%; says to acquire Celestial Ai for $3.25B; expects meaningful revenue contributions from Celestial Ai to begin in second half of fiscal 2028.
• Microchip Technology (MCHP) raises financial guidance for sales and EPS to high end for Q3; narrows Q3 adjusted EPS view to $0.40 from prior $0.34-$0.40 (est. $0.37) and sees Q3 rev view to up 12% from $1.11B-$1.15B vs. est. $1.13B; said bookings activity remained strong through November with backlog filling in better than expected in current quarter
• Okta Inc. (OKTA) Q3 adj EPS $0.82 vs est $0.76 on revs $742Mm vs est $730.36Mm; guides Q4 revs $748-750Mm vs est $737.92Mm and adj EPS $0.84-0.85 vs est $0.84; now expects annual revenue of $2.906 billion to $2.908 billion, up from its prior expectations of $2.88 billion to $2.89 billion.
• Pure Storage (PSTG) shares tumble; Q3 adj operating income $196.2M vs. est. $189.8M; Q3 revs rose 16% y/y to $964.5M vs. est. $955.3M; Q3 adj gross margins 74.1%; Q3 Subscription services revenue $429.7M, up 14% y/y; Remaining performance obligations (RPO) $2.9B, up 24% y/y; guides year revs $3.63B-$3.64B from $3.6B-$3.63B.