The S&P 500 Index ($SPX) (SPY) today rose +0.10%, the Dow Jones Industrials Index ($DOWI) (DIA) rose +0.85% and the Nasdaq 100 Index ($IUXX) (QQQ) fell -0.31%.
US stock indices are trading mixed, with the Dow Jones Industrials hitting a new all-time high. It is anticipated that the US government shutdown could end as early as today, when the House is expected to vote on the continuing resolution (CR) that the Senate already passed on Monday. If passed, the bill will go to President Trump, who said he will sign it into law.
Strength in semiconductor stocks is also supporting the broader market today, led by a +10% rise in Advanced Micro Devices after it projected accelerated sales growth over the next five years.
US MBA mortgage applications increased +0.6% in the week ending November 7, with the mortgage purchase subindex up +5.8% and the refinance subindex up -3.4%. The average 30-year fixed-rate mortgage increased +3 bps to 6.34% from 6.31% the previous week.
On Sunday, a group of eight Senate Democrats broke with their party to vote with Republicans to advance a bill to reopen the government. The bill would provide full-year funding for some departments, fund other agencies through Jan. 30 and pay furloughed government workers. The bill will also resume withheld federal payments to states and localities and recall agency employees who were laid off during the shutdown.
Markets are pricing in a 65% chance of another -25bp rate cut at the next FOMC meeting on December 9-10.
The third-quarter corporate earnings season is almost over, as 456 of the S&P 500 companies have reported earnings results. According to Bloomberg Intelligence, 82% of reporting S&P 500 companies beat estimates, on track for the best quarter since 2021. Third-quarter earnings rose +14.6%, more than double expectations of +7.2% year-over-year.
Foreign stock markets today are mixed. The Euro Stoxx 50 reached a new all-time high and rose +1.18%. China’s Shanghai Composite closed down -0.07%. Japan’s Nikkei Stock 225 closed up +0.43%.
Interest rates
December 10-year Treasury bonds (ZNZ5) are down -2 ticks today. The 10-year Treasury yield is down -4.9 bps to 4.067% as the cash Treasury market reopens after being closed for the Veterans Day holiday on Tuesday. Treasuries are under pressure today amid strength in stocks, as anticipation that the US government will soon reopen curbs demand for safe-haven government debt securities. Additionally, supply pressures are undermining Treasury bond prices, as the Treasury will auction $42 billion in 10-year Treasuries later today as part of this week’s $125 billion quarterly redemption package of Treasury and bond sales.
European government bond yields are mixed today. The 10-year German bond yield is down -1.3 bp to 2.645%. The 10-year UK bond yield has risen +1.2bp to 4.400%.
ECB Executive Board member Schnabel said interest rates are “absolutely” in a good place as there is positive momentum in the eurozone economy and inflation risks are tilted a bit to the upside.
The swaps price in a 3% chance that the ECB will cut rates by -25 bps at its next policy meeting on December 18.
US Stock Engines
The weakness of the Magnificent Seven tech stocks is a drag on the broader market. Tesla (TSLA) and Meta Platforms (META) are down more than -2%. Additionally, Amazon.com (AMZN) and Alphabet (GOOGL) are down more than -1%. Additionally, Microsoft (MSFT) was down -0.79%, Apple (AAPL) was down -0.45%, and Nvidia (NVDA) was down -0.29%.
Chip stocks are rising today, boosting the broader market, led by a +9% rise in Advanced Micro Devices (AMD) after it projected accelerated sales growth over the next five years. Additionally, Analog Devices (ADI) and Texas Instruments (TXN) rose more than +2%. Additionally, Microchip Technology (MCHP), Qualcomm (QCOM), Micron Technology (MU), Marvell Technology (MRVL), and ON Semiconductor Corp (ON) rose more than 1%.
On Holding (ONON) is up over +19% after raising its full-year adjusted Ebitda margin above 18% from a previous forecast of 17% to 17.5%, stronger than the consensus of 17.5%.
Bill Holdings Inc. (BILL) is up more than 14% as the company is under pressure from activist investor Starboard Value LP to explore options to boost the stock’s value, including a possible sale.
Clearwater Analytics Holdings (CWAN) is up more than 8% after saying it was considering a possible sale after receiving acquisition interest.
Oklo Inc (OKLO) is up more than 4% after analysts said they see approval of the U.S. Department of Energy’s Nuclear Safety Design Agreement speeding up the licensing process.
United Airlines Holdings (UAL) is up more than +3% after Moody’s Ratings upgraded the company’s long-term corporate family rating to Ba1 from Ba2.
Floor & Decor Holdings (FND) is up more than 3% after Piper Sandler upgraded the stock to overweight from neutral with an $80 price target.
Carvana (CVNA) is up over +2% after Barclays initiated coverage on the stock with an Overweight rating and a $390 price target.
AutoNation (AN) is up over +1% after Barclays initiated coverage on the stock with an Overweight rating and a $250 price target.
SM Energy (SM) is down more than -2% after Siebert Williams Shank downgraded the stock to hold from buy.
Fortinet (FTNT) is down more than -1% after Daiwa Securities downgraded the stock to Neutral from Outperform.
Fastenal (FAST) is down more than -1% after Bernstein initiated coverage on the stock with an underperform rating and a $38 price target.
Earnings Reports (11/12/2025)
Circle Internet Group Inc (CRCL), Cisco Systems Inc (CSCO), Flutter Entertainment PLC (FLUT), GLOBALFOUNDRIES Inc (GFS), Loar Holdings Inc (LOAR), On Holding AG (ONON), Tetra Tech Inc (TTEK), TransDigm Group Inc (TDG).
On the date of publication, Rich Asplund had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com
