Market Snapshot
| Dow | 47927.75 | +559.33 | (1.18%) | | Nasdaq | 23468.32 | -58.87 | (-0.25%) | | SP 500 | 6846.60 | +14.18 | (0.21%) | | 10-yr Note |
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| | NYSE | Adv 1772 | Dec 961 | Vol 1.12 bln | | Nasdaq | Adv 2549 | Dec 2055 | Vol 7.82 bln |
Industry Watch
| Strong: Energy, Real Estate, Health Care, Materials, Consumer Staples, Financials, Communication Services |
| | Weak: Information Technology |
Moving the Market
Profit-taking across semiconductor names after yesterday's rally, NVIDIA (NVDA) lower after Softbank (SFTBY) sells its entire stake in the company
Broader market moving higher, continuing yesterday's trend of solid participation
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Mixed finish as early mega-cap weakness weighs against broader-market strength
11-Nov-25 16:30 ET
Dow +559.33 at 47927.75, Nasdaq -58.87 at 23468.32, S&P +14.18 at 6846.60
[BRIEFING.COM] The stock market showed resilience today as strength in the broader market propelled the major averages to a mixed finish despite weakness across tech names.
The DJIA (+1.2%) outperformed from the open, while the S&P 500 (+0.2%) managed a modest gain, and pressure in the information technology sector (-0.7%) kept the Nasdaq Composite (-0.3%) pinned beneath its baseline.
Some profit-taking across the mega-caps was not unlikely considering yesterday's rally, though headlines of Softbank (SFTBY 75.00, +2.60, +3.59%) selling its entire stake in NVIDIA (NVDA 193.16, -5.89, -2.96%) for $5.8 billion added fuel to the sell-off. Even though Softbank is set to put the proceeds towards a $22.5 billion investment in OpenAI, chipmakers were unable to shake their early sluggishness.
Advanced Micro Devices (AMD 237.52, -6.46, -2.65%) moved lower despite making some impressive claims at its financial analyst day event. The company projects $100 billion in data center revenue over the next three to five years, with the total addressable data center market increasing to $1 trillion by 2030. The PHLX Semiconductor Index closed with a 2.5% loss.
While pressure across chipmakers kept NVIDIA lower for the day, several of the technology sector's other mega-cap names posted solid performances.
Apple (AAPL 275.25, +5.82, +2.16%) was a standout among the group, trading higher as President Trump said the U.S. is nearing a trade deal with India, one of the largest manufacturers of iPhones.
Meanwhile, Microsoft (MSFT 508.68, +2.68, +0.53%) shook off its early sluggishness, rising above its flatline with the S&P 500 shortly after midday.
The consumer discretionary (+0.2%) and communication services (+0.5%) sectors also reversed earlier losses as mega-cap performance improved. The Vanguard Mega Cap Growth ETF finished just 0.1% lower.
With the AI trade taking a backseat in today's action, the market relied on broad participation to facilitate gains at the index level, with nine S&P 500 sectors finishing higher. The S&P 500 Equal Weighted Index (+0.6%) finished with a solid gain as a result.
Investors continued this month's trend of bargain hunting within the health care sector (+2.3%), which now holds a 4.5% gain for the month, the best among S&P 500 sectors.
The sector also benefitted from the FDA's move to lift "black box" warnings from hormone replacement therapy products while also approving two new drugs to treat menopausal symptoms.
Viatris (VTRS 11.20, +1.03, +10.13%) captured the widest gain in the S&P 500 today, while Moderna (MRNA 26.41, +1.65, +6.66%), Merck (MRK 90.95, +4.20, +4.84%), and Amgen (AMGN 338.45, +14.79, +4.57%) also posted solid performances.
Elsewhere, the energy sector (+1.3%) moved higher as crude oil futures settled today's session $0.88 higher (+1.5%) at $61.02 per barrel, and the consumer staples (+1.2%), materials (+1.1%), and real estate (+1.1%) sectors captured gains wider than 1.0%.
Macro developments were relatively slim today.
The Senate passed a bill to fund the government through January 30, with a House vote expected on Wednesday. While an end to the government shutdown will likely be viewed as a tailwind for the markets, airlines warn that it will take time for flight schedules to return to normal when the government reopens later this week, potentially impacting Thanksgiving travel, according to The Washington Post. United Airlines (UAL 94.95, -1.19, -1.24%), Delta Air Lines (DAL 57.73, -0.83, -1.42%), and Southwest Air (LUV 31.98, -0.68, -2.08%) all traded lower today, keeping the industrials sector (flat) from closing with a gain.
Q3 earnings are also winding down, though Paramount Skydance (PSKY 16.74, +1.49, +9.77%) moved sharply higher despite missing earnings estimates. The company's core DTC business is scaling profitably, and substantial cost reductions, plus boosted synergy forecasts, are improving margin outlook and investor confidence.
Outside of the S&P 500, the Russell 2000 (+0.1%) and S&P Mid Cap 400 (flat) reversed earlier losses.
Although weakness in tech and mixed performances across mega-cap names kept the major averages from closing higher across the board, the market benefited from its second consecutive day of broad-based participation this week, helping to limit downside pressure even as leadership rotated away from tech. While high beta names underperformed today, the retreat is modest in comparison to yesterday's advance, leaving the major averages heading into the midweek session with solid week-to-date gains.
The U.S. Treasury market was closed today in observance of Veteran's Day.
- Nasdaq Composite: +21.5% YTD
- S&P 500: +16.4% YTD
- DJIA: +12.7% YTD
- Russell 2000: +10.2% YTD
- S&P Mid Cap 400: + 4.6% YTD
Reviewing today's data:
- October NFIB Small Business Optimism 98.2 (Briefing.com consensus 98.3); Prior 98.8
Major averages on the cusp of higher finish
11-Nov-25 15:25 ET
Dow +577.73 at 47946.15, Nasdaq -42.63 at 23484.56, S&P +18.49 at 6850.91
[BRIEFING.COM] The Nasdaq Composite (-0.2%) remains just below its baseline with half an hour left in today's action, while the S&P 500 (+0.3%) and DJIA (+1.3%) set their sights on a higher finish.
With the AI trade experiencing some sluggishness after yesterday's rally, the major averages have relied on the broader market to facilitate gains today.
Paramount Skydance (PSKY 16.69, +1.44, +9.46%) is the top mover in the S&P 500 today, with shares rallying despite a mixed Q3 performance. Adjusted EPS of $0.12 appears to be below the $0.40 FactSet consensus, and revenue was essentially flat year-over-year at $6.7 billion, also missing expectations. However, management's strong forward guidance and strategic cost actions are driving positive investor sentiment.
The stock's rally reflects optimism around management's credible transformation plan and robust forward guidance, but organic earnings growth must accelerate as legacy TV declines persist.
Chipmakers remain lower despite AMD financial analyst day event
11-Nov-25 15:05 ET
Dow +579.12 at 47947.54, Nasdaq -37.61 at 23489.58, S&P +19.76 at 6852.18
[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (-0.2%), and DJIA (+1.1%) trade near session highs as the market has largely shaken off its early mega-cap weakness.
The information technology sector (-0.5%) is the only S&P 500 sector that remains in negative territory, which keeps the Nasdaq Composite pinned below its baseline.
Advanced Micro Devices (AMD 240.22, -3.76, -1.54%) is in the midst of its financial analyst event, and while the company has made some impressive projections about future growth for both the company and the AI business as a whole.
CEO Lisa Su said the company expects the data center total addressable market to increase to $1 trillion by 2030, with AMD set to take a "double-digit" market share in the next three to five years. Shares of the stock spiked in response, but have since leveled off below today's flatline, as a full-blown buy-the-dip bid acrss chipmakers has yet to unfold today. The PHLX Semiconductor Index holds a 2.2% loss.
S&P 500 rises as FedEx, Viatris, and Dexcom lead gains; AppLovin slides on Citi target cut
11-Nov-25 14:30 ET
Dow +519.19 at 47887.61, Nasdaq -39.98 at 23487.21, S&P +17.12 at 6849.54
[BRIEFING.COM] The S&P 500 (+0.25%) is in second place on Tuesday afternoon, up more than 17 points.
Briefly, S&P 500 constituents Viatris (VTRS 10.88, +0.71, +6.98%), FedEx (FDX 269.33, +15.44, +6.08%), and Dexcom (DXCM 57.59, +2.75, +5.01%) pepper the top of the standings. FDX shines today after earlier comments from mgmt about Q2 EPS coming in ahead of last year's $4.05 mark, while DXCM rises after COO S. Leach disclosed the purchase of 18,200 shares worth approx. $1.0 mln.
Meanwhile, AppLovin (APP 600.74, -50.58, -7.77%) falls to the bottom of the average, due in part to this morning's target cut to $820 at Citigroup.
Gold eases from three-week highs as traders take profits following rate-cut fueled rally
11-Nov-25 14:00 ET
Dow +512.36 at 47880.78, Nasdaq -21.20 at 23505.99, S&P +19.50 at 6851.92
[BRIEFING.COM] With about two hours left on Tuesday the tech-heavy Nasdaq Composite (-0.09%) is narrowing the gap to flat lines, down now about 21 points.
Gold futures settled $5.70 lower (-0.1%) at $4,116.30/oz, as traders took profits following a strong rally fueled by U.S. rate-cut expectations and easing shutdown concerns. The slight pullback came after prices touched near three-week highs amid optimism over a soft-landing outlook and looser monetary policy.
Meanwhile, the U.S. Dollar Index is down about -0.2% to $99.39.
Life360 Slumps Despite Record Quarter; Slower MAU Growth and Nativo Deal Stir Caution (LIF)
Life360 (LIF) is under pressure today after reporting its Q3 results last night, despite reporting a record quarter. EPS improved 22% yr/yr to $0.11, revenue increased a healthy 34.1% yr/yr to $124.5 mln, above expectations, while it also raised its FY25 revenue guidance to $474-485 mln from $462-482 mln. The mid point of this range sits above analyst estimates.
- Growth was driven by the core subscription engine, with MAUs reaching a record 91.6 mln (+19% yr/yr) and Paying Circles up 23% yr/yr to 2.7 mln, a record 170,000 net additions. Total subscription revenue rose 34% yr/yr to $96.3 mln, also a record.
- International momentum remained solid, with Paying Circles outside the U.S. up 29% yr/yr and ARPPC up 8%, reflecting strong traction in key markets like the UK, Canada, and Australia.
- An emerging bright spot was Pet GPS, which sold out across key markets shortly after launch and is designed to drive higher subscription conversion over time.
- Beyond subscriptions and hardware, Q3 other revenue jumped 82% yr/yr to $16.9 mln, fueled by advertising growth, which management sees as a durable, high-margin opportunity.
- Building on that momentum, Life360 announced plans to acquire Nativo for $120 mln, adding a full-stack ad-tech platform to accelerate its advertising roadmap and broaden reach.
- Management also raised guidance across all major segments, subscription, hardware, and "other" revenue, along with adjusted EBITDA, reflecting solid core momentum, strong early Pet GPS demand, and growing confidence in its ad business.
Briefing.com Analyst Insight
Despite delivering another record quarter, the sharp pullback suggests expectations may have simply been too high. MAU growth slowed from tough comps (19% this quarter vs. 25% in Q2), and the Nativo acquisition adds uncertainty around integration and a pivot toward advertising, a business that's growing but still in the early stages for Life360. The stock had surged more than 200% from April lows, setting a high bar, and even after today's drop, valuation near 52x forward earnings leaves little room for error. Overall, the results highlight solid execution and platform strength, but they weren't quite enough to satiate high growth expectations.
Nebius Ramps AI Cloud Growth on $3B Meta Deal, Though Constraints and Sentiment Weigh (NBIS)
Nebius Group (NBIS) is trading lower today after reporting its Q3 results this morning. The company narrowed its adjusted EBITDA loss to $5.2 mln from $45.9 mln, while adjusted net loss widened to $100.4 mln from $39.7 mln. Revenue was robust, soaring 355% yr/yr and 39% sequentially to $146.1 mln, though that fell short of estimates and likely reflects ongoing capacity constraints. Its FY25 revenue guidance of $500-550 mln also came in below expectations.
- The core infrastructure business (about 90% of revenue) grew 400% yr/yr and 40% sequentially, with core ARR reaching $551 mln.
- Results were fueled by strong demand, as management again noted it sold out of all available capacity, consistent with its track record of filling new deployments immediately.
- The highlight was a new $3 bln, five-year deal with Meta (META), limited only by available capacity. This follows the $17-19 bln Microsoft (MSFT) contract signed in September, with more large-scale agreements expected.
- In terms of these megadeals, the company will begin serving Microsoft mid-to-late in the quarter, with revenue from them ramping throughout 2026.
- Capacity remains the main bottleneck to growth; Nebius plans to expand contracted power to 2.5 GW (from 1 GW in Q2) and connect 800 MW-1 GW of data center power by end-2026.
- The company remains on track to reach $900 mln-$1.1 bln ARR by the end of FY25, and targets $7-9 bln ARR by end of 2026, supported by accelerated capacity expansion and new AI software offerings. Formal FY26 guidance will follow next quarter.
Briefing.com Analyst Insight
The $3 bln META deal was the clear headline, reaffirming Nebius's growing relevance among hyperscalers. However, the revenue miss and softer FY25 outlook tempered enthusiasm, as capacity constraints remain a critical near-term headwind. While growth momentum is undeniable, investors appear cautious following the stock's strong run and a broader stabilization in AI sentiment. Peer CoreWeave (CRWV) also issued softer guidance, though that appears tied to one customer rather than broader demand. Overall, Nebius is positioned well for 2026, and its capacity plan and ARR targets underscore that, but for now, the combination of limited capacity, a strong recent run, and more balanced AI sentiment are weighing on the stock today.
Paramount Skydance rallies on strong DTC revenue growth, cost savings boost, and outlook (PSKY)
Paramount Skydance (PSKY) reported its first earnings since the $8.4 bln Skydance merger (closed August 7, 2025), with shares rallying despite a mixed Q3 performance. Adjusted EPS of $0.12 appears to be below the $0.40 FactSet consensus, and revenue was essentially flat yr/yr at $6.7 bln, also missing expectations. However, management's strong forward guidance and strategic cost actions are driving positive investor sentiment.
- DTC revenue rose 17% yr/yr, powered by a 24% increase from Paramount+, which now makes up over 80% of the segment. Paramount+ subscribers and ARPU were up 10% and 11%, respectively.
- The DTC business delivered $235 mln in OIBDA at an 18% margin in the post-merger period.
- TV Media revenue fell 12% yr/yr due to declines in advertising, weaker political spending, and a 7% drop in affiliate revenue from lower pay TV subscribers.
- The company cut its workforce by 1,600 as it divested non-core assets Telefe and Chilevision, streamlining operations and accelerating transformation.
- PSKY raised run-rate efficiency targets to at least $3 bln, $1 bln above the prior goal, a key factor behind today's strength in the stock.
- The company will spend more than $1.5 bln incrementally on content in 2026, focusing on DTC brands like UFC, Originals, expanded licensing, and theatrical releases.
- Q4 guidance calls for revenue of $8.10–$8.30 bln and adjusted OIBDA of $500–$600 mln, with Paramount+ ARPU growth continuing and positive net adds below Q3 levels.
- FY26 guidance is for $30 bln in revenue and $3.5 bln in adjusted OIBDA, driven by DTC growth and partially offset by declines in TV Media affiliate and advertising.
Briefing.com Analyst Insight:
PSKY is navigating post-merger integration with a clear strategic pivot toward streaming (DTC) and efficiency gains. While Q3 headline EPS and revenue missed Street targets, the core DTC business is scaling profitably, and substantial cost reductions, plus boosted synergy forecasts, are improving margin outlook and investor confidence. Execution on content investments (especially UFC and Originals for Paramount+) and technology upgrades will determine if the company can deliver sustainable topline growth and close its margin/free cash flow gap versus larger peers. PSKY’s stock rally reflects optimism around management’s credible transformation plan and robust forward guidance, but organic earnings growth must accelerate as legacy TV declines persist.
CoreWeave tumbles as FY25 guidance cut overshadows blockbuster Q3 growth (CRWV)
CoreWeave (CRWV) delivered an impressive Q3 beat, with revenue surging yr/yr as bookings and backlog accelerated, but the company trimmed FY25 revenue and pushed a meaningful portion of planned CapEx into future quarters after temporary delivery delays at a third-party data-center developer.
- Q3 revenue came in at $1.4 bln, up 134% yr/yr. Adjusted operating income was $217 mln, up 74% yr/yr, and adjusted EBITDA reached $838 mln (adjusted EBITDA margin 61%).
- Revenue backlog nearly doubled sequentially to $55.6 bln after adding over $25 bln of backlog in the quarter. The company said it reached $50 bln RPO faster than any cloud in history.
- CRWV reduced single-customer concentration versus earlier in the year (MSFT accounted for approximately 62% of FY24 revenue) with no single customer representing 35% of backlog. The company also disclosed large deals/expansions with OpenAI and Meta Platforms (META), and a new enterprise addition CrowdStrike (CRWD) among other wins.
- CRWV lowered FY25 revenue guidance to $5.05–$5.15 bln (from prior $5.15-$5.35 bln) and now expects 2025 CapEx of $12–$14 bln, down 40% at the midpoint. Management said most of the pushed CapEx will reside in construction-in-progress and be recognized when powered shell deliveries complete, with much of the volume expected to fall into 1Q26.
- The downgrade to guidance and the CapEx pushout are driven primarily by temporary delivery/timing delays at a single third-party data-center developer. CRWV says the affected customer agreed to extend delivery/expiration dates, so the total contract value is preserved. Management characterizes the change as a timing shift, not a loss of contracted demand.
- Active power grew by approximately 120 MW sequentially to 590 MW, while contracted power capacity rose to approximately 2.9 GW.
Briefing.com Analyst Insight:
CRWV’s Q3 results highlight exceptional AI infrastructure demand, with explosive revenue and backlog growth reinforcing its strategic position and vertical integration advantages. Still, the sharp pullback in shares underscores the market’s sensitivity to execution timing: the powered-shell delivery delay at one partner is temporarily shifting revenue and CapEx into early 2026, creating near-term volatility despite preserved contract value. Management emphasized improved customer diversification, strong multi-year commitments from marquee AI players, and expanding product breadth -- all supporting durable long-term growth. While the secular trajectory remains compelling, uneven quarterly cadence is expected as CRWV scales infrastructure and works through third-party build dependencies. The long-term story looks intact, but timing risk is earning a valuation reset in the near term.
Rumble Roars into AI Infrastructure with Northern Data Deal, Shares Jump Despite Softer Q3 (RUM)
Rumble (RUM) is moving nicely higher today after reporting its Q3 results this morning. The results themselves were not anything to get overly excited about, EPS of $(0.06) was in line with expectations, while revenue missed, declining 1.2% yr/yr to $24.8 mln.
The excitement instead stems from news that the company will acquire Northern Data, a leading AI infrastructure firm, while expanding its partnership with Tether, which committed up to $150 mln of GPU services and $100 mln in advertising over two years. The acquisition adds 22,000+ GPUs (NVIDIA's H100s and H200s), nine data centers, and significant land and power capacity, giving Rumble scale and global reach in enterprise AI hosting.
- Q3 results showed MAUs of 47 mln, down 4 mln sequentially as election-related news flow eased, while ARPU rose 7% to $0.45. Net loss narrowed to $16.3 mln from $31.5 mln last year, and adjusted EBITDA improved by $8.4 mln to a loss of $15.1 mln.
- Now, the deal with Northern Data effectively transforms Rumble into an AI infrastructure company, expanding beyond its video platform roots into data centers, GPU hosting, and enterprise cloud services.
- CEO Chris Pavlovski said the move positions Rumble to "fiercely challenge" Microsoft (MSFT), Google (GOOG), and Amazon (AMZN).
- Tether's $150 mln GPU commitment provides contracted demand for Rumble's new infrastructure business, offering immediate utilization and an anchor customer once the deal closes in 1H26.
- The additional $100 mln in advertising tied to the Rumble Wallet gives Rumble a path to drive creator growth and engagement while improving monetization across its platform.
- Management expects these agreements to meaningfully accelerate revenue scale in 2026, building new growth pillars across AI infrastructure, advertising, and payments under what it calls a Freedom-First technology ecosystem.
Briefing.com Analyst Insight
This deal marks a clear inflection point for Rumble, shifting it from a video platform to an emerging player in AI infrastructure and digital payments. It follows Tether's launch of its U.S.-regulated stablecoin and Rumble's partnership with Perplexity AI, signaling a faster pivot toward fintech and cloud services. While these moves open new growth opportunities, they also raise execution risks. Rumble now needs to prove it can make this shift work, putting its new assets to use, generating revenue from AI and cloud, and expanding beyond content and ads. The Tether commitments add credibility, but investors will be watching closely as the company begins integrating and scaling its new infrastructure.
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