Government Reopens, with Disney Results Also on Deck/11/2025

HOT stories for today

Market wrap:

• Wednesday’s session again underscored the split between megacap tech and the rest of the equity market, with value-tilted groups such as health care leading gains. The rotation offered some relief to investors hoping for broader participation, even as it hinted at rising caution toward risk-heavy assets. The Dow Jones Industrial Average notched its first record close above 48,000, putting the blue-chip gauge on track for its strongest week since late June. The S&P 500 eked out a move above the flatline to secure a fourth consecutive advance, while the Nasdaq Composite slipped into the red.
• Tech sentiment remained fragile. Nvidia stabilized after pressure from SoftBank’s stake sale, while AMD surged 9% as CEO Lisa Su’s comments a day earlier fueled renewed optimism. Jim Cramer, weighing in on the tech pullback, warned that the “year of magical investing” is fading, saying investors are rotating toward names with less AI froth and stronger cash flow. That didn’t stop Opendoor from jumping another 10%. In Asia, stocks were mostly higher after former President Trump signed a funding bill to end the U.S. government shutdown. Bitcoin extended its rebound.

Government Reopening 

• The U.S. government’s 43-day shutdown,  the longest on record, ended Wednesday after the House approved a funding bill 222–209 and President Donald Trump signed it. The measure restores operations across federal agencies, reverses layoffs, and ensures back pay for workers, with some departments funded through Jan. 30 and others for a full year. Equities largely shrugged off the standoff. The S&P 500 gained 2.4% and hit new highs during the closure, as it has in past shutdowns.
• Economists estimate growth was trimmed by up to 1.5 percentage points this quarter, but expect a swift rebound as spending resumes and delayed economic data is released. The Senate cleared the bill earlier in the week, with eight Democrats joining Republicans after winning a December vote on ACA subsidies — the issue that sparked the impasse. Trump blamed Democrats for the prolonged shutdown, while Democrats pointed to GOP resistance over the Obamacare provision.

Stocks on the move:

• Cisco (CSCO): Shares rose more than 7% in late trading after the company delivered stronger-than-expected fiscal first-quarter results. Cisco posted earnings of $1 a share on $14.88 billion in revenue, beating LSEG estimates of 98 cents and $14.77 billion.
• Firefly Aerospace (FLY): The Texas-based aerospace firm jumped about 18% after reporting a narrower-than-expected adjusted third-quarter loss and topping revenue forecasts, according to LSEG. The company guided 2025 revenue to $150 million–$158 million, above analysts’ $136 million outlook.
• Flutter Entertainment (FLUT): The stock slipped 4% after the gambling group beat earnings expectations but missed on revenue, based on LSEG data. The FanDuel parent also trimmed full-year guidance, citing stronger-than-usual winning streaks by bettors. Flutter separately unveiled FanDuel Predicts, a prediction-markets app slated for a December launch.

Watchlist: CSCO, FLY, FLUT, WBTN, DIS, JD, AMD, NVDA, TSLA

Key Economic Events Today:

EST time

08:00 am: USD FOMC Member Daly Speaks
08:30 am: USD Unemployment Claims, CPI (Affected by reopening)
10:25 am: USD FOMC Member Kashkari Speaks
03:20 pm: USD FOMC Member Bostic Speaks


Earnings

BMO (Before Market Open): Walt Disney Company (DIS), Brookfield Corp. (BN, JD.com (JD)
AMC (After Market Close): Applied Materials (AMAT)



The TEFS Analyst team wishes you a successful day!