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Friday, November 7

US equity markets are trading lower amid concerns over rising job cuts and the potential for an economic slowdown, following a significant sell-off in technology stocks. The latest data from Challenger, Gray & Christmas (out yesterday) indicated that U.S.-based employers announced 153,074 layoffs in October—an increase of 183% compared to September—which has raised fears about labor market stability.

In Canada, employment figures released today showed unexpected growth with the addition of 66,600 jobs in October and a drop in the unemployment rate to 6.9%, down from a four-year high of 7.1%. This positive news contrasts sharply with broader trends observed elsewhere regarding job losses and may influence Canadian market sentiment positively despite global pressures.

Additionally, China's trade surplus narrowed significantly as exports unexpectedly fell by 1.1% year-on-year while imports rose only modestly at just one percent; this was below expectations amidst ongoing geopolitical tensions affecting trade dynamics between China and other major economies like the US. These developments contribute further uncertainty around future economic performance globally.

iShares MSCI South Korea ETF (EWY) [-2.4%, -129.4M]
The iShares MSCI South Korea ETF (EWY) has seen a decline of approximately 2.4% in pre-market trading. The broader South Korean stock market, represented by the KOSPI index, has also opened lower, dropping 7 points to 4,019. This downturn coincides with concerns surrounding high tech valuations and a divided Federal Reserve regarding future interest rate decisions, which are affecting global market sentiment. Among the ETF's holdings, LPL has contributed negatively with a return of -4.2%. Additionally, the S&P 500 Index has decreased by 0.69%, reflecting a broader market sentiment that may be influencing EWY's performance.

VanEck Semiconductor ETF (SMH) [-1.2%]
The VanEck Semiconductor ETF (SMH) is currently experiencing a daily return of -1.26%, driven by broader market declines, particularly in technology stocks. Concerns over high valuations and mixed economic data from the U.S., including rising job cuts, have heightened caution among market participants. Additionally, a significant drop in China's exports raises worries about global demand for semiconductor companies within SMH's holdings. The ongoing government shutdown further adds to market uncertainty, negatively affecting tech-related assets. Among the ETF's holdings, notable declines include NVDA, AVGO, AMD, MCHP, and LRCX, with AMD facing substantial pressure due to concerns over data center chip demand. MCHP reported lower net income and sales for Q2, while LRCX announced a quarterly dividend. The Nasdaq 100 Index has also declined, reflecting overall investor sentiment impacting technology and semiconductor stocks.

NVDA | -1.6% | -70.7B
NVIDIA Corp | Semiconductors
NVIDIA Corp's stock has declined by 1% since Thursday, coinciding with reports that U.S. authorities will block the sale of scaled-back AI chips to China. CEO Jensen Huang confirmed there are no active discussions regarding the sale of Blackwell AI chips to China due to ongoing U.S. export restrictions. This news has sparked concern among investors, particularly as Huang is set to visit Taiwan for TSMC Sports Day, where he is expected to speak. Additionally, an Nvidia spokesperson noted that the company does not have market share in China's data center compute sector and does not include it in their guidance. Social media discussions reflect anxiety over NVIDIA's future in China, particularly following a significant sale of NVDA puts before the market close. The Nasdaq 100 Index has also dropped, which may be influencing NVIDIA's recent price movement.

GMED | +30.9% | +3.4B
Globus Medical Inc | Health Care Equipment
Globus Medical Inc reported strong financial results for the quarter ending September 30, 2025. The company achieved adjusted earnings per share of 1.18, exceeding analyst expectations of 0.78. Revenue rose by 22.9% to 769.05 million, surpassing the forecast of 734.35 million. Net income was reported at 118.97 million. In response to these results, analysts from Truist Securities and BOFA Securities upgraded their ratings from Hold to Buy, setting price targets at 93.00 and 91.00, respectively. Additionally, Globus Medical raised its fiscal year 2025 adjusted EPS guidance to a range of 3.75 to 3.85, up from the previous estimate of 3.00 to 3.30, aligning with consensus expectations of 3.21. Following the earnings announcement, the stock moved significantly higher within an hour.

EXPE | +13.3% | +4.4B
Expedia Group Inc | Hotels, Resorts & Cruise Lines
Expedia Group Inc reported robust third-quarter results, with adjusted earnings per share of $7.57, exceeding the consensus estimate of $6.92. Revenue reached $4.41 billion, surpassing expectations of $4.28 billion, marking a 9% year-over-year increase. Gross bookings totaled $30.73 billion, driven by a 26% increase in B2B bookings. The company raised its full-year revenue growth forecast to between 6% and 7%, up from the previous range of 3% to 5%. Net income stood at $959 million, with adjusted net income at $962 million, both exceeding estimates. Adjusted EBITDA was reported at $1.45 billion, above the estimate of $1.35 billion. Following this strong performance, Expedia's stock saw a significant increase in value, reflecting positive market sentiment around its growth and financial health.

XYZ | -15.1% | -5.6B
Block Inc | Transaction & Payment Processing Services
Block Inc reported its Q3 financial results, revealing an adjusted earnings per share of $0.54, below the consensus estimate of $0.68. Revenue for the quarter was $6.11 billion, missing the anticipated $6.31 billion. Despite these misses, the company raised its full-year guidance, projecting $10.24 billion in gross profit for 2025, reflecting over 15% year-over-year growth. The earnings report indicated a net income attributable to common stockholders of $462 million. Additionally, Block's Q3 bitcoin revenue was reported at $1.97 billion. Following the announcement, shares experienced a significant decline in after-hours trading, dropping nearly 12%. Social media discussions highlighted that this marked the fourth consecutive quarter of missing earnings expectations and the sixth straight quarter of missing revenue targets, with sentiment largely negative regarding the performance.

MNST | +5.5% | +4.0B
Monster Beverage Corp | Soft Drinks & Non-alcoholic Beverages
Monster Beverage Corporation reported robust third-quarter results on November 6, 2025, with revenue reaching $2.2 billion, exceeding the analyst consensus of $2.11 billion and marking a year-over-year increase of 16.8%. Net income rose to $524.5 million, reflecting a 41.4% increase from the previous year, while earnings per share (EPS) were reported at $0.53, surpassing estimates by $0.05. The Monster Energy Drinks segment saw net sales grow by 17.7% to $2.03 billion. The results benefited from a favorable foreign currency impact and heightened consumer demand, particularly in international markets, which accounted for approximately 43% of total net sales. Additionally, the company announced plans to launch a new female-focused brand, FLRT, in early 2026.

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