Early Look

Tuesday, November 18, 2025

U.S. futures are lower with Nasdaq futures underperforming behind another early pullback in technology stocks ahead of Nvidia earnings tomorrow night. This morning, Dow component and home improvement retailing giant Home Depot (HD) shares fell after Q3 earnings missed estimates and lowered its outlook for the year. Economic data also starts to trickle out with Durable Goods and Factory Orders later this morning before the jobs report later this week. In Asian markets, The Nikkei Index tumbled -1,620 points or 3.2% to close at 48,702.98, posting its sharpest daily decline since April 9^th the Shanghai Index dropped -32 points to 3,939, and the Hang Seng Index dropped -454 points to 25,930. In Europe, the German DAX is down -288 points to 23,303, while the FTSE 100 falls -116 points to 9,559. Bitcoin prices are down -0.6% to $91,250 after falling below $90,000 for the first time in 7 months (low $89,286). Concerns of high valuations and growing skepticism over an interest rate cut by the Federal Reserve in December have led to a halt in U.S. stocks, with the S&P 500 down more than 3% from its October peak.

As for yesterday’s trading, it was “just another Manic Monday” as S&P 500 was down for third consecutive trading day and closed below its 50d moving average for first time in 6-months as investors braced for earnings from AI heavyweight Nvidia midweek (11/19) and the resumption of economic data releases from the government, including a delayed payrolls report on Thursday (11/20). Both the S&P 500 (SPX) and Nasdaq 100 (QQQ) closed below their 50-day moving average (DMA), for the first time since April 30, while the Dow Industrials marked the first close below its 50-DMA since October 10. With yesterday’s losses, the Nasdaq 100 QQQ’s snapped its streak of 10 consecutive positive Monday’s.

• The Dow Jones Industrial Average fell -557.24 points, or 1.18%, to 46,590.24
• The Nasdaq Composite dropped -192.51 points, or 0.84%, to 22,708.08
• The Russell 2000 Index tumbled -46.85 points, or 1.96% to 2,341.38

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                Durable Goods Orders M/M for August
• 10:00 AM ET                Durable Goods Orders ex: Defense M/M for August
• 10:00 AM ET                 Factory Orders M/M for August…est. +1.4%
• 10:00 AM ET NAHB Housing Market Index for November…est. 37
• 4:00 PM ET                   Net Long-term TIC Flows for September
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: DLB GBDC KULR LZB POWL QFIN SBLK SQM VREX

• Citizens Financial Services Conference, 11/18 in New York
• Craig Hallum 16^th Annual Alpha Select Conference, 11/18 in New York
• Goldman Sachs 17th Annual CEEMEA One-on-One Conference, 11/17-11/18, in London
• 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)
• Wells Fargo TMT Summit, 11/18-11/19

• OPEC sees solid oil demand in 2026, contrasting with the IEA and the EIA who see supply growth running well ahead of consumption next year.
• RBA November minutes signal cautious optimism but highlight mounting policy challenges amid conflicting data and revived inflation pressures.
• South Korea said on Tuesday it has agreed to work with the United Arab Emirates on the latter’s Stargate project to build a massive new artificial intelligence data centre.
• Paschal Donohoe will resign as Irish finance minister and president of the Eurogroup to take up a senior role at the World Bank, his spokesperson said on Tuesday.

• Panera Bread is readying a multimillion-dollar turnaround strategy, the WSJ reported, and the chain known for its sandwiches and salads is overhauling its menu, operations and decor as part of an effort to reverse years of stagnant sales growth. Among the changes: Many salads will again feature romaine lettuce, after Panera last year swapped in lower-cost iceberg greens in some of its mixes.
• Topgolf Callaway Brands Corp. (MODG) signed a definitive agreement to sell a 60% stake in its Topgolf and Toptracer business to private equity funds managed by Leonard Green & Partners, L.P. The transaction values Topgolf at approximately $1.1 billion. In connection with this sale and its related financing transactions, Topgolf Callaway Brands expects to receive approximately $770M in net proceeds.
• Trip.com (TCOM) said its Q3 net revenue up 16% y/y, net income attributable to shareholders nearly triples and non-GAAP net income attributable to shareholders more than triples.

• Helmerich & Payne (HP) announces reactivation of seven rigs in Saudi Arabia; Q4 adj EPS ($0.01) vs est $0.25 on revs $1.01B vs est $973.68Mm, adj EBITDA $225Mm vs est $926.99Mm; sees FY CAPEX $280-320Mm.
• TechnipFMC (FTI) has been awarded a substantial integrated Engineering, Procurement, Construction, and Installation contract by Eni SpA (E) for the deepwater Maha project offshore Indonesia.
• Rare earth stocks (MP, METC, UAMY, CRML) shares fell Monday, seeing a pullback after a massive run in October after investors got excited by what threatened export restrictions by China meant for the stocks.

• XP Inc. (XP) Q3 revs 4.9B Reais; Q3 Client Assets totaled R$1.4 trillion in 3Q25, up 12% y/y and 4% q/q; Q3 Net Inflow was R$29B, and Retail Net Inflow was R$20B, 30% higher q/q and -18% lower y/y; Q3 Active clients grew 2% y/y and 1% q/q, totaling 4.8Mmn in Q3; retail DATs totaled 2.1M in 3Q, down -6% y/y and -8% q/q; announces new share buyback program of R$1B and announces new dividends.

• Enanta Pharmaceuticals (ENTA) Q4 EPS ($0.87) vs est ($1.02) on revs $15.125Mm vs est $15.96Mm, sues Pfizer in EU over Paxlovid patent infringement.
• GoHealth Inc (GOCO) files for offer and sale of up to 4.8M shares of Class A common stock
• LifeMD (LFMD) shares fall; Q3 EPS ($0.10) vs est ($0.05), adj EBITDA $5.1Mm vs est $6.06Mm on revs $60.2Mm vs est $62.06Mm, gr mgn 88%; shares -28.5%; guides Q4 as stand-alone Telehealth company; sees revs $45-46Mm and adj EBITDA $3-4Mm; cuts FY25 revenue view to $192M-$193M from $250M-$255M

• Meta (META) and Google (GOOGL) both have plans to create subsea internet cables running through the Red Sea, but they are not yet completed as planned due to political tensions and heightened security risks, Bloomberg reported
• PDD Holdings (PDD) Q3 revs rose 9% y/y to 108.28B yuan ($15.23B) vs avg analysts’ estimate of 108.41B yuan; Q3 adj net income 31.38B yuan, vs 27.46B yuan in the same quarter last year; notes revenue growth moderation due to competitive pressures; expect results to fluctuate due to ecosystem investments.
• Hyperscale Data Inc (GOUS) to offer securities up to $1B.
• Navitas Semiconductor (NVTS) offers up to 14.8M shares of Class A common stock offered by selling stockholders.