Stock Market Today: S&P 500, Nasdaq Futures Drop Despite Senate Passing Resolution To Reopen Government—Nvidia, Paramount Skydance In Focus

Benzinga

The U.S. Senate passed a 60-40 vote with the support of nearly all of the chamber’s Republicans and eight Democrats. The bill will now proceed to the House of Representatives, and has to be later signed by President Donald Trump to be signed into law.  The bond market will remain closed for Veterans’ Day, according to the Securities Industry and Financial Markets Association (SIFMA).  The CME Group's FedWatch tool‘s projections show markets pricing a 63.7% likelihood of the Federal Reserve cutting the current interest rates during its December meeting.

Transcript

00:00futures mixed here this morning s&p futures turn negative they're actually down from their

00:10pre-market highs s&p futures down 0.24 percent as we speak dow futures barely holding on to green

00:17up 0.03 percent and the nasdaq futures down 0.44 percent it is worth noting that all of these

00:24future charts are lower from the pre-market high that they put in during the overnight session

00:29so mixed across the board we'll see how we open up here let's take a look at some cues from last

00:36session sectors gaining on monday included consumer discretionary communication services

00:42and information technology which posted the biggest increases while consumer staples and

00:47real estate bucked the positive market trend closing lower the u.s senate passed a 60 40 vote

00:55with support of nearly all of the chambers republicans thanks rand paul and eight common

01:00sense democrats the bill will now proceed to the house of representatives and has to later be signed

01:06by president trump and signed into law the bond market will remain closed for veterans day according

01:12to the securities industry in the financial markets the cme group's fed watch tool projections show

01:17markets are pricing in 63.7 percent likelihood of the federal reserve cutting the current interest

01:24rates in the december meeting i believe after the last meeting we saw the cme fed watch tool immediately

01:31say 68 percent it's jostled between now and then but now we find ourselves at just about 64 percent so

01:38pretty much in line with where we were right after we got the cut i know there was a lot of hoopla back

01:44and forth about oh my gosh are we not going to get a cut in december when does the next cut happen

01:48the whole nine yards but the percentage here from the cme watch tool very very close to what it was

01:55the day that we heard from powell we do have some more stocks in focus here the first one's going to be

02:02nvidia nvidia slipped 1.31 percent in pre-market on tuesday after softbank revealed that it sold its

02:09entire stake in the u.s chip maker for 5.83 billion now first things first this is a tremendous gain

02:16here for softbank so congratulations uh on the successful humongous trade the bigger note here is

02:24is this the start of rotation some of the things that we have been discussing as a group have been

02:29eventually there are going to be investors that rotate out of some of these high flyer names like

02:35nvidia also think palantir while you're on that uh while you're on that route and now we're seeing

02:40softbank liquidate its entire stake and that money is likely to rotate elsewhere so it's not necessarily

02:46something to be afraid of but if this happens more and more what does that mean overall for tech

02:51and perhaps more specifically the ai trade be interesting to watch this and i'm curious to get your

02:56focuses of feelings on what the softbank liquidation means if anything next stock on our list here is

03:03going to be big bear ai that's ticker bba i that surged 20.32 percent as it reported revenue of 33.14

03:12million which beat the estimate of 31.82 million and a third quarter loss of three cents per share which

03:18beat the expectations of seven cents loss per share so bba i having a nice morning here today

03:25rocket lab is the third stock on our list here that's ticker rklb that soared 9.5 percent after

03:32it posted revenue of 155.05 million beating the consensus of 151.75 million and a third quarter loss

03:41of three cents per share which beat the analyst estimate loss of 11 cents per share so rocket lab

03:46also trading up here today we'll see if that has any impact on any of the other space stocks that we've

03:51trading quite often around here the next stock on our list here is going to be paramount skydance

03:56this is ticker p s k y that gained 4.92 percent despite missing its third quarter earnings but it

04:03said it expects an additional 1 billion in merger savings also it announced a new round of layoffs that

04:09will affect around 1600 employees and said it plans to raise the price of its paramount plus streaming

04:15service in the first quarter of next year how many of you have paramount plus um and what's the big

04:22draw to paramount plus what's the content on there that you're after curious about that one live person

04:29is the next stock on our list here that's ticker lpsn that jumped 12.79 percent after reporting better

04:36than expected results and raising its full year 25 sales guidance the company said it now sees fiscal year

04:422025 sales of 235 235 million excuse me to 240 million that's up from the previous outlook of 230

04:50to 240 million lpsn uh uh maintains a weak price trend over the short medium and long term with a poor

04:59growth score part of me wonders when and if this stock is going to turn around last stock here on our list

05:06is going to be outset medical this is ticker om that tumbled 25.68 percent after reporting worse than

05:14expected third quarter financial results and cutting its full year 25 sales guidance below estimates so om

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