U.S. stocks staged a measured rebound on Tuesday, with the major averages dusting themselves off after Monday’s wobble and heading modestly higher while small caps sat out the party. The S&P 500 edged up about 0.25% to 6,829.37, the Dow added roughly 0.39% to finish near 47,474.46, and the tech‑heavy Nasdaq climbed 0.59%, helped by renewed risk appetite as Bitcoin (BTC) stabilized over $91k, while the Russell 2000 slipped 0.17% to 2,464.98, reminding investors that not every corner of the market is invited to the large cap‑tech afterparty.
Macro Data Thin, Shutdown Delays Persist
Macroeconomic data remained thin thanks to the lingering effects of the record U.S. government shutdown, which has delayed several “official” reports and forced traders to lean more on private and survey‑based gauges. Recent commentary has underscored that key labor metrics like JOLTS are being pushed back or skipped, keeping the Fed and markets partially in the dark even as earlier business surveys had already been tilting the debate toward eventual rate cuts. On trade policy, tariff headlines were relatively quiet today, with prior reports still framing an environment of targeted, “strategic” tariffs that continue to loom over manufacturing and consumer‑sensitive regions rather than driving a fresh global shock.
Yields Steady, FOMC Looms Next Week
In fixed income, the yield curve stayed upward‑sloping on the long end, a notable break from the deeply inverted configuration of the last cycle: the 10‑year Treasury yield hovered just above 4.09%, with the 2-yr moving lower to 3.52%, suggesting the market still buys into a soft‑landing or at least a “not‑crashing” narrative. With the next Federal Open Market Committee gathering set for December 10 on the official calendar, traders continue to price in a high probability of a quarter‑point cut, turning each incremental data release—when it finally arrives—into a referendum on how quickly Chair Powell & Co. can move without re‑inflating the very bubbles they spent two years deflating. The long government shutdown, now in the rear‑view mirror but still leaving statistical potholes, remains a talking point in Washington and on Wall Street as analysts tally up lost output and the reputational cost of repeatedly weaponized funding deadlines.
Commodities Dip, Bitcoin Bounces Back
In commodities and crypto, gold futures opened around $4,241.60 an ounce, off roughly .78% from Monday’s close and a few percent below October’s highs, as the metal digested its spectacular run in an environment where real yields no longer look quite as menacing. Silver traded .08% higher to $59.175 per ounce and was modestly softer intraday, still within a broader bullish channel, while WTI crude moved 1.18% lower to $58.62 a barrel after OPEC+ stuck with its plan to pause production increases in the first quarter of next year, a stance that has capped downside but not yet restored the market’s swagger. Bitcoin, meanwhile, recovered from Monday’s cryptocurrency swoon, with recent prints showing it oscillating in the high‑80,000s to low‑90,000s range, enough of a rebound to keep digital‑asset enthusiasts optimistic and macro strategists mildly concerned about what it says regarding residual risk appetite.
Lilly Shines on Analyst Upgrades
On the corporate front, Eli Lilly (LLY) remained a market darling as analysts continued to race each other to higher price targets bur still fell 1.11% to $1046.12: Bank of America reiterated its buy rating and lifted its target to $1,286, touting the company’s dominance in obesity and diabetes with its GLP‑1 franchise, while BMO stuck with an Outperform and a $1,100 target as the stock trades near record highs. The story in Lilly’s pipeline and guidance—robust revenue growth expectations into 2025 and the prospect of an oral obesity therapy in 2026—has effectively turned every minor pullback into a scramble for entry, giving LLY an air of blue‑chip growth royalty rather than old‑line pharma plodder.
AI Chips and Large caps Lead the Charge
Chip and AI bellwethers continued to dominate conversations even on a relatively calm tape. Nvidia (NVDA, $181.46, +.86%) and Broadcom (AVGO, $381.57, -1.17%) remain at the center of the AI trade, with Morgan Stanley recently lifting price targets on both while highlighting broad‑based AI strength, even as some rivals warn that Nvidia’s competitive moat will be tested by new data‑center offerings from challengers like Qualcomm (QCOM, $170.70, +1.58%). Taiwan Semiconductor Manufacturing (TSM, $292.09, +1.53%) likewise stays cast as the essential arms dealer in the AI and advanced‑node saga, with recent analysis grouping it alongside Nvidia as one of the biggest long‑term beneficiaries of the compute boom, leaving its share price trading as much on multi‑year capex plans as on next quarter’s earnings line. Among the large cap tech plays, Apple’s (AAPL, $286.19, +1.09%) persistent strength has been underpinned by checks showing firm iPhone demand and lengthening lead times into the holiday season, reinforcing a string of analyst calls that keep the stock firmly in the market’s “security blanket” bucket. Tesla (TSLA, $429.24, -.21%) , by contrast, continues to trade more like a macro‑linked momentum barometer than a car company, with recent sessions swinging on shifting expectations around EV demand, margin resilience, and the broader risk‑asset mood rather than any single headline. Meta Platforms (META, $647.10, +.97%) remains tightly bound to the AI‑in‑advertising narrative, where the key question is not whether the company can monetize AI, but how much of that windfall shareholders can capture after spending and regulation take their cut.
Infrastructure AI Plays Draw Capital
The broader “AI‑plus‑infrastructure” cohort kept drawing in capital, with Oracle (ORCL, $201.10, +.08%), Broadcom, and Palantir (PLTR, $170.69, +1.91%) increasingly discussed as a kind of next‑generation “Magnificent” subset for investors who feel late to the original party but still want exposure to data‑center spending, custom silicon, and high‑end analytics. Oracle’s high‑profile cloud partnership in AI, Broadcom’s custom chip work for hyperscalers, and Palantir’s dual franchise in defense and enterprise AI have all been held up as reasons these names could outgrow the traditional large cap pack over the next cycle, even if their day‑to‑day moves remain hostage to the same factor flows driving the Nasdaq.
Traditional Names Hold Steady
In the more traditional consumer and industrial realm, McDonald’s (MCD, $300.72, -.94%) continues to benefit from its role as a quasi‑staple for value‑conscious consumers, a positioning that has historically served it well in late‑cycle environments when diners trade down but still want a reliable french fry. Rio Tinto’s (RIO, $72.34, +.51%) narrative stays tied to the global growth and China‑sensitive commodity complex, where metals have rallied on hopes of better 2025 demand but remain vulnerable to any renewed tariff cross‑fire or slowdown in construction and green‑energy spending. Nokia (NOK, $619, +1.14%) for its part, remains a more tactical play on 5G and telecom capex cycles than a broad tech bellwether, leaving the stock sensitive to periodic shifts in carriers’ spending plans rather than the glamorous AI buzz lifting its larger peers. Back in Silicon Valley‑adjacent territory, Intel’s (INTC, $43.47, +8.65%) attempts to reinvent itself as both a foundry contender and an AI player continue to be judged against the blistering pace set by Nvidia and TSM, leaving the stock in a perpetual “show me” phase where execution on process nodes and external customer wins matter more than the marketing deck. However, today stories flew about a possible win may be surfacing related to Apple and that Intel may begin building Apple’s M series chips for its MacBook Aire and iPad Pro as soon as early 2027.
Emerging Plays in Nuclear and Housing
Oklo (OKLO, $91.84, +5.13%) sitting at the intersection of advanced nuclear and the energy demands of the AI age, remains a speculative but thematically fashionable ticker; its story is increasingly framed around whether micro‑reactors can become a meaningful contributor to the massive power needs of data centers before the current AI cycle matures. Opendoor (OPEN, $6.99, -2.22%) continues to be treated as a leveraged bet on the housing market and mortgage‑rate path, its business model inherently tied to liquidity and volatility in residential real estate rather than to the gentler curves enjoyed by traditional brokers.
IPOs and Deals Stay Selective
Deal‑makers remained selectively active. On the IPO front, calendar data show a steady stream of new listings, including special‑purpose and niche offerings, with New America Acquisition I Corp. among those recently priced and additional names like Cardinal Infrastructure Group and Lumexa Imaging in the pipeline, reflecting a market that is open for business but still discerning about what it will pay up for. Fresh filings at the NYSE include amended documents for issuers such as Lumexa Imaging Holdings and Wealthfront, while Wealthfront separately disclosed plans for a U.S. IPO targeting a valuation north of $2 billion, underscoring how fintech is re‑testing the public markets after an extended lull. Traditional M&A and buyout headlines were relatively subdued today, with investors still digesting earlier deals rather than being handed a new, market‑moving blockbuster.
VP Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.394), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion. On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.
Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $5.83), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated, “These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”
GeoVax Labs, Inc. (Nasdaq: GOVX, $.3718), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”
Volato Group, Inc. (NYSE American: SOAR, $1.25, +2.46%) and M2i Global, Inc. (MTWO, $.0982, +3.48%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.
Serina Therapeutics (NYSE American: SER, $3.81) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have e96xhausted standard oral therapies.
The InterGroup Corporation (NASDAQ: INTG, $32.55,+3.98%) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”
Nokia (NOK, $6.19, +1.14%) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone. Amprius Technologies, Inc. (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, today announced (Dec. 2) that Nokia has selected Amprius’ SiCore® cells to power its next-generation drone systems. Following extensive qualification and testing, Amprius’ batteries demonstrated the endurance, power delivery, and safety performance needed to position this drone-in-a-box solution among the most capable UAV platforms on the market.
Opendoor Technologies Inc. (OPEN, $6.99) a digital red estate disruptor, jumped higher as the belief that interest rates would be cut in December rose significantly.
DoubleVerify Holdings Inc. (DV) closed at $10.75, +.84%. DoubleVerify Holdings is a software company that helps advertisers verify and improve the quality and performance of their digital ads across the web, apps, social platforms, and connected TV. DoubleVerify provides a digital media measurement and analytics platform that checks whether ads are viewable, shown to real people (not bots), served in brand‑safe environments, and delivered in the right geography. Its tools give advertisers independent, third‑party data so they can reduce ad fraud, avoid unsafe content, and get better return on their digital ad spend. DoubleVerify primarily earns revenue by charging advertisers, agencies, and platforms based on the volume of media it measures (such as impressions or transactions). Its technology is integrated with major ad platforms and programmatic exchanges, and is used globally by brands, marketplaces, and publishers to monitor and optimize campaigns.
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