| | | Market Snapshot
| Dow | 47373.85 | -342.36 | (-0.72%) | | Nasdaq | 23281.61 | -84.11 | (-0.36%) | | SP 500 | 6819.41 | -29.67 | (-0.43%) | | 10-yr Note |
|
|
|
| | NYSE | Adv 1029 | Dec 1684 | Vol 432.81 mln | | Nasdaq | Adv 1395 | Dec 3017 | Vol 6.29 bln |
Industry Watch
| Strong: Energy, Consumer Discretionary |
| | Weak: Utilities, Communication Services, Industrials, Real Estate, Health Care |
Moving the Market
--Risk-off disposition amid Bitcoin sell-off
--Broad-based losses send the major averages lower
|
Small batch of earnings reports after the close
01-Dec-25 15:25 ET
Dow -342.36 at 47373.85, Nasdaq -84.11 at 23281.61, S&P -29.67 at 6819.41
[BRIEFING.COM] The major averages remain pinned below their baselines as the market enters the final half hour of today's session.
Investors will receive a slim batch of earnings reports after the close today, including those of MongoDB (MDB 329.90, -2.47, -0.74%) and Credo Technology Group (CRDO 176.10, -1.50, -0.85%).
While both stocks are down today, CRDO is up an impressive 28.9% over the past week ahead of its earnings report. MDB is up just 1.6% over the same time period, but the stock surged over 48% in the two sessions that followed its last earnings report on August 26 after the close.
Major averages moving back towards earlier lows
01-Dec-25 15:00 ET
Dow -357.54 at 47358.67, Nasdaq -98.69 at 23267.03, S&P -31.45 at 6817.63
[BRIEFING.COM] The S&P 500 (-0.4%) and DJIA (-0.7%) are back near session lows, and while the Nasdaq Composite (-0.4%) is on a similar path, the information technology sector's (-0.2%) sizable intraday improvement keeps the tech-heavy index well above its worst levels of the session.
The technology sector has, however, reentered negative territory, which weighs on the major averages.
The consumer discretionary sector (-0.1%) gave up an even wider gain that reached 0.5%, leaving just the energy sector (+1.1%) firmly above its flatline. Energy stocks were boosted by a higher price of oil today, with crude oil futures settling today's session $0.83 higher (+1.5%) at $59.38 per barrel.
S&P 500 Slips, but Deckers, Old Dominion, and DoorDash Lead Gainers on Upgrade and Insider Buy
01-Dec-25 14:25 ET
Dow -277.19 at 47439.02, Nasdaq -64.05 at 23301.67, S&P -21.05 at 6828.03
[BRIEFING.COM] The S&P 500 (-0.31%) is in second place on Monday afternoon, down 21 points.
Briefly, S&P 500 constituents Deckers Outdoor (DECK 92.44, +4.41, +5.01%), Old Dominion (ODFL 141.37, +6.08, +4.49%), and DoorDash (DASH 206.72, +8.35, +4.21%) pepper the top of the standings. ODFL is higher after BMO Capital upgraded the stock to Outperform this morning, while DASH rises on a $100 mln insider purchase from partner at Sequoia Capital, Director Alfred Lin.
Meanwhile, Insulet (PODD 315.01, -12.18, -3.72%) is one of today's worst laggards despite a dearth of corporate news.
Gold Rises on Fed Cut Bets and Softer Dollar as Risk-Off Mood Lifts Safe-Haven Demand
01-Dec-25 14:00 ET
Dow -167.71 at 47548.50, Nasdaq -13.57 at 23352.15, S&P -6.40 at 6842.68
[BRIEFING.COM] The Nasdaq Composite (-0.06%) is in "first" place on Monday afternoon, down only 14 points.
Gold futures settled $19.90 higher (+0.5%) at $4,274.80/oz, as traders leaned into expectations of a near-term Fed rate cut and a weaker dollar boosted demand for bullion. Safe-haven buying also picked up amid softer U.S. data and a broader risk-off tone in markets.
Meanwhile, the U.S. Dollar Index is down less than -0.1% to $99.38.
Dow Slips 181 Points as Merck, Amgen Drag; Nike Leads Gainers
01-Dec-25 13:30 ET
Dow -181.14 at 47535.07, Nasdaq -29.15 at 23336.57, S&P -10.85 at 6838.23
[BRIEFING.COM] The Dow Jones Industrial Average (-0.38%) is down more than 181 points and today's worst-performing major average.
A look inside the DJIA shows that Merck (MRK 102.58, -2.25 -2.15%), Amgen (AMGN 338.61, -6.85, -1.98%), and Goldman Sachs (GS 812.94, -13.10, -1.59%) are underperforming.
Meanwhile, Nike (NKE 65.90, +1.68, +2.62%) is today's top gain getter.
The DJIA is now +3.95% higher off last month's lows.
Synopsys Strengthens Shift to AI-Centric Growth with Expanded NVIDIA Engineering Partnership (SNPS)
Synopsys (SNPS) is trading sharply higher after announcing a strategic partnership with NVIDIA (NVDA) in which the companies will advance agentic AI engineering using GPUs, accelerated computing, and digital-twin technologies. The deal embeds NVIDIA deeper into next-gen semiconductor and system-level design flows, while a separate $2 bln NVDA investment in SNPS stock underscores confidence in Synopsys' AI-enabled EDA roadmap and provides a meaningful commercial and go-to-market tailwind.
- The companies will shift many of SNPS's traditionally CPU-bound engineering workloads onto NVIDIA GPUs using CUDA-X and AI-Physics technologies, accelerating tools across chip design, physical verification, multi-die analysis, and advanced optical/electromagnetic simulation.
- SNPS's AgentEngineer will be paired with NVDA's NeMo and NIM tech to automate more of the design process, moving engineering tasks from AI "assist" toward more autonomous, end-to-end workflows.
- NVDA's Omniverse and AI-physics tools will play a larger role in building higher-fidelity digital twins, improving virtual testing and system-level modeling across industries such as semis, autos, aerospace, and industrial.
- Additionally, a coordinated go-to-market push and the non-exclusive nature of the partnership should help broaden adoption across a wider range of engineering and industrial customers.
- The partnership also strengthens SNPS's combined platform with Ansys by bringing together its timing/power tools with more advanced thermal, physics, and simulation capabilities.
Briefing.com Analyst Insight
This announcement lands at an important moment for SNPS. Shares sold off sharply in September followings its Q3 (Jul) results, which were weighed down by IP-segment weakness, delayed China deals, and foundry softness from complications with a major customer. This NVDA partnership reinforces the growth vectors SNPS highlighted recently, including reallocating resources toward higher-value AI-driven IP, moving more engineering workloads onto GPUs, and leaning further into system-level simulation and the Ansys platform as key drivers of long-term growth. While near-term headwinds remain, as management cautioned that FY25 will be a "transitional and muted" year for IP with ongoing China uncertainty and slower recovery at key customers, this collaboration strengthens the long-term investment case by validating SNPS's pivot toward higher-value, AI-centric engineering workflows and providing meaningful commercial leverage through NVDA's ecosystem.
IMAX Breaks the Frame: Family Films Deliver a Picture-Perfect $40.8 mln Weekend (IMAX)
IMAX delivered a record-shattering Thanksgiving performance, generating $40.8 mln in worldwide box office receipts during the holiday period. This marks a 70% jump yr/yr from the prior record of $24 mln, fueled by the powerhouse combo of Disney's Zootopia 2 and Universal's Wicked: For Good.
- Thanksgiving worldwide box office: $40.8 mln, a new IMAX record (+70% yr/yr). Zootopia 2 IMAX debut: $32.1 mln worldwide, including an impressive $20.5 mln from China.
- The strong performance highlights resilience in consumer demand, even amid waning consumer confidence and inflationary pressures.
- Family-oriented films are emerging as a major growth vector for IMAX, supplementing its traditional strength in superhero, sci-fi, and fantasy content.
- Results set a constructive tone heading into the December 18 global release of Avatar: Fire and Ash, the first new Avatar film since 2022's The Way of Water.
Despite the record numbers, shares of IMAX are trading slightly lower, likely because the market had already priced in strong holiday results. The stock had been climbing since early November as enthusiasm built around the Thanksgiving slate and the upcoming Avatar release.
Briefing.com Analyst Insight
IMAX's record Thanksgiving weekend is a meaningful signal that premium theatrical experiences remain in demand—even in a shaky macro environment. The ability to drive higher-priced ticket sales during a period of constrained consumer budgets underscores the strength and differentiation of the IMAX brand.
We also view the company's increased focus on family-friendly content as strategically important. This category historically provides broader audience reach and less volatility than blockbuster-driven slates. The success of Zootopia 2 in IMAX formats supports management's view that family titles represent a high-growth adjacency to the company's core genres.
While the stock's muted reaction may disappoint some investors, we see it as a reflection of already-elevated expectations rather than a negative shift in fundamentals. With the highly anticipated Avatar: Fire and Ash release approaching, these Thanksgiving results should help ease concerns about the holiday period and keep momentum intact heading into year-end.
Tesla's registrations plunge across Europe as EV maker remains stuck in between growth cycles (TSLA)
Tesla’s (TSLA) latest registration data from Europe underscored another tough month, as sales continued to slump across most major markets. According to Reuters, registrations fell sharply in France (-58% to 1,593), Sweden (-59% to 1,466), and Denmark (-49%), reflecting intensifying competition from local EV makers, fewer pricing actions from TSLA this year, and a cooling broader EV demand environment across the continent.
- In stark contrast, Norway was once again a bright spot, with registrations nearly tripling to 6,215 vehicles - already surpassing the country’s full-year record - helped by Norway’s generous EV incentives, extremely high EV adoption rates, and TSLA’s strong brand position in a market that prioritizes charging infrastructure and total cost of ownership.
- TSLA’s struggles in Europe add to an already challenging backdrop in China, where October sales tumbled nearly 36% to just over 26,000 units, marking the company’s weakest monthly tally in three years.
- TSLA’s fundamentals have been pressured by slumping ASPs driven by price cuts, margin compression tied to those lower prices and elevated manufacturing costs, and rising investments in AI, autonomy, new vehicle platforms, and factory retooling.
- The company remains in between growth cycles, with its next major inflection tied not to traditional vehicle launches but to the long-term rollout of autonomous driving/Robotaxi services and humanoid robotics - initiatives that require heavy upfront spending and offer little near-term revenue visibility.
Briefing.com Analyst Insight:
TSLA’s latest European and China figures reinforce the reality that its core EV business has entered a slower growth phase, weighed down by intensifying global competition and a more value-oriented consumer. While Norway shows that TSLA can still thrive in highly EV-mature markets, the broader demand softness highlights how reliant the company has become on promotions, pricing adjustments, and geographic pockets of strength. TSLA’s long-term narrative increasingly hinges on autonomy and robots, but those remain multi-year bets with uncertain regulatory and commercial timelines. Until clearer evidence emerges that these initiatives can scale, the stock’s premium valuation may be hard to defend given tightening margins, rising costs, and inconsistent regional demand.
Intel soars as Apple tests 18A node for M-series chips, signaling major Foundry breakthrough (INTC)
Intel (INTC) is jumping sharply higher after analyst Ming-Chi Kuo reported on X that Apple (AAPL) may begin sourcing its lowest-end M-series processors from INTC as early as 2027. The potential partnership would initially focus on AAPL’s most affordable MacBook and iPad models, where the lower-power M chips currently rely entirely on Taiwan Semi Manufacturing (TSM).
- Kuo notes that AAPL has already obtained INTC’s 18A-P process design kit and is in the simulation and research phase - an early but meaningful signal that AAPL is seriously evaluating INTC’s next-gen node.
- Beyond the commercial upside, such a partnership would align closely with President Trump’s “Made in the USA” agenda, potentially giving AAPL political cover to diversify chip production toward domestic manufacturing.
- AAPL’s engagement with the 18A-P design kit suggests traction for INTC’s advanced node roadmap, while eventual moves to the 14Z node could expand orders from AAPL and other large customers.
- INTC’s Foundry business badly needs momentum - 3Q25 revenue fell 2% yr/yr to $4.2 bln and the unit posted a $(2.3) bln operating loss - making AAPL’s interest a major validation of its turnaround efforts.
- INTC’s new strategic partnership with NVIDIA (NVDA) further strengthens its credibility, giving the company access to high-volume leading-edge production and positioning it to close some of the technology and capacity gap with TSM.
- Winning any portion of AAPL Silicon would meaningfully boost utilization, fixed-cost absorption, and long-term profitability for INTC’s Foundry unit, while posing a competitive threat to TSM’s dominance.
Briefing.com Analyst Insight:
INTC’s pursuit of foundry relevance has been an uphill battle, but AAPL’s early testing of the 18A-P node marks its most important milestone yet. AAPL is notoriously selective with manufacturing partners, especially for cutting-edge silicon, so even the possibility of partial M-series outsourcing provides a strong signal that INTC’s process roadmap is stabilizing. Combined with INTC’s deepening ties to NVDA, the company is starting to look like a more viable second source for advanced chips - something the industry has wanted for years to reduce reliance on TSM. The financial implications could be significant: AAPL is one of the world’s largest chip customers, and even low-end M-series volumes would lift INTL’s Foundry utilization while giving it a foothold to chase higher-margin nodes later this decade. For TSM, AAPL's exploration introduces a long-term competitive risk, though any meaningful production shift remains several years away.
Flutter Entertainment and Online Operators Assess UK Gambling Tax Hike as Mitigation Ramps (FLUT)
Flutter Entertainment (FLUT), along with online operators such as Super Group (SGHC) and Entain Plc (GMVHY), is digesting new UK gambling duty proposals. The UK government announced that duties on iGaming will rise to 40% from 21% effective April 2026, while online sports betting duties will increase to 25% from 15% starting April 2027.
While the hikes are substantial, they remove a key overhang by clarifying the future tax framework. Operators have already begun outlining mitigation plans and cost measures to offset the impact once the new rates take effect.
- FLUT warned that, prior to mitigation, the duty increases are expected to reduce adjusted EBITDA by $320 mln in FY26 and $540 mln in 2027. Mitigation actions will include reductions in operational, promotional, and marketing spend, which may weigh on player engagement and shift some activity toward lower-cost or offshore alternatives.
- SGHC said the changes are expected to impact about 6% of its 2026 group adjusted EBITDA, noting it already has several mitigation levers in motion and does not expect the increases to affect its long-term strategy.
- Entain projected an EBITDA impact of about $100 mln in 2026 and roughly $150 mln in 2027, and believes it may gain market share over time as smaller operators struggle under the heavier duty structure.
Briefing.com Analyst Insight
The UK's move to sharply increase remote gambling duties introduces a new structural headwind for operators with meaningful online exposure. All three, Flutter, Entain, and Super Group, have outlined mitigation plans that will soften the EBITDA impact, but these measures largely rely on reduced promotional, marketing, and operational spend, which could affect player engagement and competitive dynamics over time. At the same time, the broader competitive landscape continues to evolve. Prediction-style markets are gaining traction globally, and Flutter's upcoming FanDuel Predict launch highlights how major operators are beginning to lean into newer engagement formats. While not tied directly to the UK tax changes, the timing underscores how rising regulatory and cost pressures may push operators to diversify beyond traditional wagering models.
|
|
