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by Vista Partners LLC November 6, 2025

S&P 500, Dow, Nasdaq Slide Amid Labor Market Woes and Government Shutdown Fears – Nov. 6, 2025 -( $DDOG $INTG $LLY $MODD $NOK $RIO $VIX Rise!)

Wall Street ended Thursday, November 6, 2025, sharply lower as surging volatility and renewed skepticism over tech valuations sent both large and small caps reeling. The Dow Jones Industrial Average finished down 0.84% at 46,912.30, the S&P 500 lost 1.1% to close at 6,720.32, and the Nasdaq Composite fell 1.9% to finish at 23,053.99. The Russell 2000 slipped to 2,418.82, -1.86% reflecting continued risk aversion among investors.

Macroeconomic Reports, Fed Update, Shutdown & Tariffs

Market sentiment was weighed down by fresh signs of weakness in the labor market and sluggish ISM services data, signaling the economy’s expansion may be faltering. Treasury yields pulled back—10-year notes ending at 4.089%—as investors priced in rising recession risks and a still-inverted yield curve, while the came down to 3.568%. The Federal Reserve made no new rate move today, with observers expecting the next FOMC decision later this month; rate cut hopes remain modest as the government shutdown continues unresolved into a fifth week. The Supreme Court also heard fresh arguments on Trump-era tariffs, hinting at a possible easing, though no final word yet—manufacturers remain on edge. The US government shutdown stretched deeper into the month, choking off full macroeconomic visibility.

Notable Stock Performances for Key Names

Eli Lilly (LLY): Closed at $937.44, +1.26% with shares holding up on GLP-1 optimism after agreeing to lower the their prices with the US Government.
NVIDIA: Down sharply to $188.08, -3.65% as a broad tech rout punished AI leadership stocks.
Nokia: (NOK) Ended at $6.95, +.88% moving somewhat sideways in an otherwise volatile session.
Amazon: Closed at $253.04, -2.86% lower as investors rotated out of growth.
Apple: Fell -.145 to $269.77 amid general tech selling pressure.
Tesla: Down 3.54% to $445.91, tracking broader electric vehicle and growth stock weakness.
Broadcom: Settled at $355.59, -.94% also under pressure as chip names fell with sentiment.
Meta: Dropped to $618.94, -2.67% with large-cap tech unable to escape the day’s downdraft.
McDonald’s: Went on a diet closing at $298.41, -2.38% however strong Q3 international sales supporting the golden arches.
Rio Tinto (RIO): Ended at $69.27, +.30% as global commodity markets remained subdued, however it has jumped 4.04% to $72.07 in the aftermarket
Oracle: Down 2.60% to $243.80.
Intel: Closed at $37.34, -2,97% pressured by cyclical headwinds in hardware.
Opendoor: Ended at $6.56 mirroring broad risk-off. Today, Opendoor Technologies Inc. (Nasdaq: OPEN) announced a special dividend distribution of warrants to holders of the Company’s common stock as of 5:00 p.m. New York City time on November 18, 2025 (the “Record Date”). The goal is simple: if management gets performance-based upside, shareholders should too – these warrants help achieve that. This program is intentionally structured as a new playbook for public-company alignment. Each registered shareholder as of the Record Date will receive three series of warrants – Series K, Series A, and Series Z – one (1) warrant of each series for every thirty (30) shares of the Company’s common stock held, rounded down to the nearest whole number. The details of these warrants are provided at this link and they plan for them to be listed and fully tradable. You can sell them on day one, or hold them and ride with the company as they rebuild the company.
Datadog, Inc. (DDOG, $190.82, +23.13%), the monitoring and security platform for cloud applications, reported that their third quarter revenue grew 28% year-over-year to $886 million, robust growth of larger customers, with about 4,060 $100k+ ARR customers, up from about 3,490 a year ago, & that they reached a milestone of over 1,000 integrations on the Datadog unified platform.

Market Barometers: Volatility, Commodities, and Crypto

VIX (CBOE Volatility Index): Rose 8.27% to 19.50, with anxiety clearly back on center stage.
Gold: Steady near $3,986.40/oz as traders sought a defensive posture.
Silver: Traded around $47.86/oz, fairly flat for the day.
Oil (WTI): Ended at $59.53/bbl, reflecting persistent supply questions.
Bitcoin: Traded near $101,167 with a 2.42% drop on the day, remaining highly volatile.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $5102, +3.40%), a leader in innovative insulin delivery technology, announced (Nov. 3) 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), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 4) its financial results for the third quarter of 2025 and provided a business update. Dr. James Helliwell, Chief Executive Officer of Eupraxia stated, “The compelling 52-week data from our RESOLVE trial reported this quarter further reinforce the potential of EP-104GI as a highly effective and durable treatment for eosinophilic esophagitis (EoE). Our highest-dose cohort delivered the largest improvements in tissue health outcomes and eosinophil reduction observed to date, with no additional safety concerns. Coupled with the successful completion of our $80.5 million financing supported by strong life-science focused investors, we are now well resourced to advance the EP-104GI program, including through topline data from the Phase 2b RESOLVE Trial expected in the third quarter of 2026.”

GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced that it will report its financial results for the quarter ended September 30, 2025, after the close of U.S. markets on Thursday, November 13, 2025. Following the release, management will host a live conference call and audio webcast at 4:30 p.m. ET to review results and provide a business update.

Volato Group, Inc. (NYSE American: SOAR) and M2i Global, Inc. (MTWO, $.1025, +2.50%) 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, $4.33, +.07%) 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 disease. 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 exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $36.29, +2.11%) reported results (Oct. 9) for the fiscal year ended June 30, 2025, including improved segment income in Hotel and Real Estate, increased liquidity, the alleviation of going-concern uncertainty at majority-owned subsidiary Portsmouth Square, Inc., and the Company’s return to compliance with Nasdaq listing requirements.

Sources

by Vista Partners LLC November 6, 2025

The Robot Uprising Will Be Televised: Apple’s Home Bots Vs. Tesla’s Factory Force -( $AAPL $TSLA $DIA $SPY )

Apple (AAPL) is setting the stage for a future that might make even Siri do a double-take: by 2040, analysts at Morgan Stanley (MS) predict Apple could rake in an astonishing $133 billion a year from humanoid robotics, a number robust enough to dethrone Macs and possibly send Tim Cook into spontaneous robot dance mode. If that wasn’t futuristic enough, the race for droid supremacy has Tesla (TSLA) rolling out its own ambitious “Optimus” robots, and CEO Elon Musk—never one to shy away from sci-fi—believes Optimus could compose 80% of Tesla’s value in years ahead, leaving electric cars as a sideshow act at the Musk family robot talent show.

Apple’s Humanoid Aspirations

Apple’s robotics platform is projected to revolutionize how users interact with their homes, offices, and maybe even the family pet. The company’s first product—expected as early as 2027—will be a motorized tabletop hub that glides across surfaces, tracking users and handling daily tasks with the cool efficiency of an over-caffeinated Roomba. With a forecasted 9% slice of the global robotics market, Apple may soon join its iPhone, Mac, and services divisions as a fourth pillar of revenue. Under Morgan Stanley’s optimistic scenario, Apple’s robotics revenue could surge past $300 billion, making the company’s robot division only slightly less lucrative than selling actual iPhones (and much less likely to be dropped in a toilet).

Tesla’s Robot Revolution

Meanwhile, Tesla isn’t just charging up batteries—it’s training robots to moonwalk through factories. Musk has announced plans for thousands of Optimus units in Tesla factories this year, scaling to millions as soon as possible. If Tesla’s vision pans out, robot workers will become as common in manufacturing as memes in Musk’s Twitter feed. However, some skeptics—possibly humans in disguise—note that humanoid shapes aren’t always the most efficient for factory work, though Musk is betting his AI chips on making Optimus the world’s most versatile bipedal intern.

The Great AI Droid-Off

The battle lines are drawn: Apple brings engineering prowess, ecosystem integration, and a flair for waiting until competitors beta-test embarrassment out of their products, while Tesla touts breakneck innovation and a willingness to redefine the rules (and the workplace break room). Both companies seem to agree that “embodied AI”—robots with personalities coded somewhere between Jeeves and Jarvis—will transform labor, leisure, and maybe even rock-paper-scissors tournaments.

The Market Stakes

Morgan Stanley envisions a $5 trillion humanoid robot sector by 2050, with millions of units working alongside humans. As costs decline from $200,000 to as little as $10,000 a year, soon humanoid assistants could be doing everything except explaining why your WiFi is slow. Apple and Tesla are prime candidates to dominate a world where robots fetch coffee, fold laundry, and—if Musk is correct—occasionally perform surgery (pending FDA approval and a good bedside manner).

In Silicon Valley’s newest arms race, one thing is clear: the robots are coming, and they might just have better stock options, snazzier startup routines, and a mysterious preference for wireless charging stations over coffee breaks.

If Morgan Stanley’s predictions hold, soon investors may wonder: Will Siri and Optimus ever collaborate for a “Dancing with the Droids” spin-off? Let’s just hope neither learns how to short stocks.

The Sources

by Vista Partners LLC November 6, 2025

Pharma Disruption: Lilly, Novo Nordisk Price Cuts Reshape Obesity Care & Modular Medical’s Diabetes Tech Milestone -( $LLY $NVO $MODD )

This week, the pharmaceutical world witnessed a seismic shift as Eli Lilly (LLY) and Novo Nordisk (NVO) entered the headlines with deals to make their coveted obesity medications far more affordable for Americans. Responding to the administration’s call to rein in soaring drug costs, both companies agreed to slash prices across Medicare, Medicaid, and direct-to-consumer channels, making blockbuster drugs like Wegovy and Zepbound newly accessible for a broad swath of patients.

Historic Price Cuts and Expanding Coverage

The agreement means GLP-1 drugs—previously out of reach for most patients with monthly price tags from $1,000 to $1,350—will soon be available for as little as $145 per month for Medicare beneficiaries and as low as $149 per month for oral versions at the lowest strengths, pending FDA approvals. Patients paying cash or using the newly introduced TrumpRx.gov platform will also see sharply reduced costs. Medicare and Medicaid programs will cover these treatments for the first time, promising to ease the financial burden and laying the groundwork for increased insurer uptake nationwide.

Impact on American Patients and the Market

These deals are expected to unlock access for millions, especially those struggling with comorbidities tied to obesity. Analysts forecast that the expanded reach could result in significant public health benefits, with one estimate suggesting Americans could collectively lose up to 125 million pounds over the next year if coverage and uptake are robust. While some Medicare recipients will face $50 monthly copays, the net effect is a dramatic increase in affordability and access for seniors and lower-income individuals, with Medicaid programs also invited to participate at discounted rates, subject to state approval.

Strategic Moves and Political Ripples

Politically, these deals represent not just a victory for patients, but also a masterstroke for the White House, which has been vocal about lowering drug prices. Drugmakers will benefit from tariff exemptions and fast-tracked regulatory processes, balancing public relations wins with new regulatory relief. Equity analysts note that shares of both firms rose in response to the news, reflecting investor confidence that increased market penetration will more than offset narrower margins.

Modular Medical Sets the Stage for Q1 2026

Not to be outdone in the innovation department, Modular Medical (MODD) used this week to announce its own milestone: successful validation of the Pivot Controller Line for human-use production. The Pivot—a 3 milliliter, tubeless, removable patch pump—is aimed at adults in the “almost-pumper” crowd who find traditional insulin pumps too complicated or expensive. With FDA clearance still in the wings, CEO Jeb Besser stressed that Modular’s scalable manufacturing capacity now stands ready for a Q1 2026 launch, pending final regulatory approval.

Modular’s Market Ambitions and Risks

With its focus on enhanced simplicity and affordability, the Pivot targets a $3 billion market of adults who have yet to embrace pump therapy. The company’s validation is seen as a critical differentiator in the patch pump space, but industry analysts caution that regulatory and market acceptance remain as tall as ever for any device in this sector.

Key Industry Takeaways

Eli Lilly and Novo Nordisk have cut prices for obesity drugs, dramatically expanding coverage for seniors and low-income patients via Medicare and Medicaid—plus direct-to-consumer options.nbcnews+1
Reduced monthly prices—now as low as $145 and $149—represent a seismic change from previous $1,000+ costs, bringing formerly exclusive treatments within reach for millions.cnbc+2
Modular Medical’s validation of the Pivot Controller Line positions the company for a Q1 2026 launch, targeting “almost-pumpers” and hoping to crack open a $3 billion diabetes care market, provided the FDA gives its blessing.

The Sum

As pharmaceutical giants write new chapters in drug pricing and nimble device makers hustle for regulatory runway, one thing is certain: for patients, accessible healthcare innovation is fast becoming more reality than rhetoric—with investors and competitors paying close attention to every twist in the plot.

The Sources

by Vista Partners LLC November 6, 2025

An Apple & Google Billion-Dollar AI Alliance: How It Could Change Mobile Search Forever -( $AAPL $GOOG $SPY $DIA )

Apple (AAPL) is reportedly nearing a landmark agreement to pay Google roughly $1 billion each year—apparently a bargain for a company whose market cap now eclipses the GDP of Denmark—to power the next generation of Siri using Google’s colossal AI model. This deal, undertaken with a confidentiality reminiscent of a G7 summit, marks a new chapter in Silicon Valley’s favorite corporate frenemy relationship, complete with courtroom drama, regulatory intrigue, and a dash of strategic one-upmanship worthy of any midday boardroom soap opera.

Siri’s Glow-Up: Powered by Google Brain

Apple, long content to let Siri answer questions with all the subtlety of a well-meaning but clueless uncle, has finally acknowledged that perhaps Google’s 1.2 trillion-parameter AI could teach the voice assistant new tricks—or at least, help it avoid confusing “weather in Paris” with “party in Weimar Republic”. For Google, the deal is more than just another cash injection—it’s a crowning endorsement from the very company that built its brand on the premise of “Think Different”. If you can’t beat ‘em, let ‘em run your voice assistant.

Antitrust Tango: When $20 Billion Is Just a Footnote

For years, Google’s payments to Apple (now estimated at $20 billion annually just for search engine default privilege) have been the subject of antitrust scrutiny heavier than a typical Friday in Brussels. Federal courts, after much deliberation, have waved the deal through for now—though only on one-year contracts, giving Apple annual leverage to extract increasingly fanciful terms. The arrangement contributes a handsome chunk to Apple’s Services revenue, a division growing faster than most portfolio managers’ patience at regulatory hearings.

The Implications: Wall Gardens and Competitive Weeding

Apple’s classic “walled garden” ecosystem, where the only way out is through another paid subscription, finds reinforcement in this partnership. Meanwhile, Google gets privileged access to Apple’s global user base, which drives as much as half of its mobile search revenue—proving once again that, in tech, successful co-dependency beats rivalry any day. The upshot: regulators remain perplexed, competitors remain outside looking in, and investors watch Alphabet stock jump at every fresh headline.

The Real AI Upgrade

If Apple’s internal teams are crestfallen over not developing a competitive AI in-house, they can take solace in the fact that at least Siri won’t be recommending “iPhone cleaning fluid” for existential crises anymore. For Google, handing over AI smarts might be the closest thing to buying new friends this side of an elementary school playground. Somewhere, Alexa is quietly wondering if it’s time to start sending résumés.

In sum, the Apple-Google pact is emblematic of modern tech strategy—a marriage of convenience, lavishly funded, and more closely observed by regulators than a Wall Street analyst counting free muffins in an earnings call. Let the search—and the sophisticated AI banter—continue.

Sources

[1] Apple Nears Deal to Pay Google Roughly $1 Billion a Year for Siri AI Model https://finance.yahoo.com/news/apple-nears-deal-pay-google-193449127.html
[2] Apple nears deal to pay Google $1B annually to power new Siri, report says https://finance.yahoo.com/news/apple-nears-deal-pay-google-203747696.html
[3] Apple dodged a $20 billion hit, thanks to Google antitrust ruling https://finance.yahoo.com/news/apple-dodged-a-20-billion-hit-thanks-to-google-antitrust-ruling-163056806.html
[4] Apple, Google Agreed to ‘Defend’ Search Deal From Regulators https://finance.yahoo.com/news/apple-testify-sees-no-deploy-090000841.html
[5] Apple Nears $1 Billion-a Year Deal to Use Google AI for Siri https://www.bloomberg.com/news/articles/2025-11-05/apple-plans-to-use-1-2-trillion-parameter-google-gemini-model-to-power-new-siri
[6] Alphabet stock jumps after report of Apple’s plans to use Google AI … https://uk.finance.yahoo.com/news/alphabet-stock-jumps-report-apple-195008167.html
[7] Apple-Google Search Deal Stability Could Be a Game Changer for … https://finance.yahoo.com/news/apple-google-search-deal-stability-120646516.html
[8] Apple’s $20 Billion Search Payment Survives: Here’s What It Means … https://finance.yahoo.com/news/apples-20-billion-search-payment-072500497.html
[9] Would You Still Use Google if It Didn’t Pay Apple $20 Billion to Get … https://www.wired.com/story/google-pay-apple-20-billion-to-get-on-your-iphone/
[10] Google’s $20 Billion Annual Payment to Apple for Default Search … https://rocketclicks.com/industry-news/google-twenty-billion-dollar-payment-apple-search/
[11] Apple Snoozed, so Now It Might Lose Google as Its Default Search … https://www.reddit.com/r/technology/comments/1jk993u/apple_snoozed_so_now_it_might_lose_google_as_its/
[12] Apple’s $20 Billion Risk: What Happens if Google’s Payments … https://www.cmswire.com/digital-experience/apples-20-billion-risk-what-happens-if-googles-payments-disappear/
[13] Google’s Payments to Apple Reached $20 Billion in 2022, Cue Says https://www.bloomberg.com/news/articles/2024-05-01/google-s-payments-to-apple-reached-20-billion-in-2022-cue-says
[14] Perplexity Finance – Quotes, Forecasts, News, Charts, and More https://www.perplexity.ai/finance/AAPL
[15] Alphabet stock jumps after report of Apple’s plans to use Google AI for Siri https://finance.yahoo.com/news/alphabet-stock-jumps-report-apple-194813463.html
[16] Apple’s reported Google deal, Teva & Axon post-earnings moves https://finance.yahoo.com/video/apples-reported-google-deal-teva-212128073.html
[17] Google paying Apple $3 billion to remain default search – Bernstein https://www.cnbc.com/2017/08/14/google-paying-apple-3-billion-to-remain-default-search–bernstein.html
[18] Google, Epic Games Strike Comprehensive Deal In Long-Running … https://stocktwits.com/news-articles/markets/equity/google-epic-games-strike-comprehensive-deal-in-antitrust-case/cL2qarZREG3
[19] Google Settles Epic Lawsuit, Cuts Android Store Fees to 9-20% https://www.techbuzz.ai/articles/google-settles-epic-lawsuit-cuts-android-store-fees-to-9-20
[20] Epic Games CEO calls Google’s antitrust settlement a win for … https://finance.yahoo.com/news/epic-games-ceo-calls-google-144935317.html
[21] The Legal Analyst In Google’s Corner – AdExchanger https://www.adexchanger.com/adexchanger-talks/the-legal-analyst-in-googles-corner/

by Vista Partners LLC November 6, 2025

Solid Power Plugs in with Samsung and BMW: Solid-State Battery Race Powers Up -( $SLDP $SPY )

Solid Power’s (SLDP, $8.51, Up +350.26% YTD) third-quarter story reads a bit like an Arthur Miller play staged in Silicon Valley: heady ambitions, strategic names stepping onto the set, and the comforting aroma of liquidity—punctuated by the occasional plot twist in quarterly revenue. In its new act, the Colorado-based battery upstart has drawn Samsung SDI and BMW onto center stage, forming a transatlantic trio determined to move solid-state batteries from “almost there” to something you can actually buy in a dealer’s forecourt. The goal? To make electric vehicles both safer and as energized as a triple espresso shot.

“A Little Chemistry—with Samsung and BMW”

The latest Joint Evaluation Agreement hands Samsung SDI Solid Power’s sulfide-based solid electrolyte, which the Korean giant uses to assemble what can only be described as next-gen battery cells. BMW, meanwhile, gets the fun job of wrapping those cells into modules and packs, ready for vigorous German engineering scrutiny. It’s a marriage of convenience and technical savvy: Samsung does scale, Solid Power brings the sizzle (quite literally, since solid-state tech removes the flammable bits), and BMW aims to toss the finished product under the hoods of test vehicles, pushing us all toward the long-promised “electric future” with fewer fire drills.

Let’s not gloss over Samsung and BMW’s long-standing partnership, which has now acquired an American twist. For years, the duo has mixed batteries and Bavarian automotive flair. With Solid Power in the triumvirate, the mission is to beat lithium-ion on safety and energy density, giving future BMW drivers longer ranges and, perhaps, a little less range anxiety at dinner parties.

Financials: The “Solid” in Solid Power

Of course, even the most electrifying narrative needs good bookkeeping. Solid Power’s Q3 revenue slipped to $4.6 million—down from $7.5 million the previous quarter—eliciting a 12% after-hours stock drop. Yet, for those inclined to look at the silver lining (or sulfide, in this case), the company’s year-to-date revenue hit $18.1 million, $2.4 million above the same period last year. Losses remain substantial, but so does the liquidity: $300 million in cash, fortified by recent share sales and grants. In startup land, that’s the financial equivalent of wearing a raincoat in a thunderstorm—hardly a guarantee, but infinitely preferable to the alternative.

The Road Ahead: Solidifying Hype

Solid Power’s batteries, if and when they clear validation, promise 15–35% cost advantages over incumbent lithium-ion cells, along with fewer meltdowns and lower weight—so long as all those layers of chemistry cooperate. Meanwhile, the company’s R&D spend remains brisk, but with partners like Samsung and BMW, they appear to have bought themselves both time and relevance. For now, think of this as Battery Hamlet: lots of drama, big names, and a plot everyone’s hoping won’t end in a fire (literal or financial).

In short: Solid Power may not yet be powering your neighbor’s BMW, but it’s putting on quite the show in the race to electrify the road—in three acts, with occasional comic relief and a solid dash of engineeringneering suspense.

Sources

by Vista Partners LLC November 5, 2025

S&P 500, Dow, Nasdaq & Russell Snap Back —Nov. 5, 2025 -( $AMZN $AVGO $CAT $INTC $LLY $MCD $META $MTWO $NOK $OPEN $SER $SOAR $TSLA Rise!)

Wall Street ushered in Wednesday, November 5, 2025 with a refreshed dose of optimism—and just a dash of sophisticated exasperation—as major indices snapped back from recent turbulence driven by AI sector jitters and global macroeconomic suspense. The S&P 500 closed at 6,796.29, notching a gentle 0.37% gain and demonstrating that, on occasion, even Wall Street’s favorite benchmark appreciates a steady incline over a gymnastic leap. The Dow Jones Industrial Average ascended 225.76 points to finish at 47,311, up 0.48% on the session thanks to pronounced rebounds from industrials and, somewhat poetically, Caterpillar’s surprising 3.94% rally—a move surely envied by market cats still stuck in the bear trap. Nasdaq shrugged off its recent fever, climbing to 23,499.80, up 0.65%, with technology titans supporting the recovery even as valuations remained, as the Supreme Court would say, “under review”. The Russell 2000 Index took the opportunity to outperform, rising to 2,464.78 for a relatively robust 1.54% gain, perhaps emboldened by small-cap contrarians insisting that “size isn’t everything” after all. The VIX index, the market’s fear gauge that shot up recently, retreated to $18.01,-5.21% suggesting a muted appetite for drama (financial kind, not Emmy-winning).

Macroeconomic Reports and Federal Reserve

Wednesday’s ‘shutdown reduced’ parade of macroeconomic reports spotlighted a steady recovery in U.S. services activity, mild job market improvement, and subdued inflation expectations. Treasury yields drifted with the 2-yr ending at 3.638% and the 10-yr ending at 4.16% in anticipation of next week’s FOMC statement—expected November 13—where the market hopes Fed officials will clarify their stance on rate hikes amid “higher for longer” speculation.

Tariffs and Government Shutdown Drama

Global headlines circled around the Supreme Court’s live hearings on Trump-era tariffs, with legal arguments diving into whether the existing tariff regime can withstand judicial scrutiny. Washington’s shutdown saga simmered with bipartisan maneuvering, as November’s payroll data and upcoming CPI report loom. No new shutdown deadlines were breached today, but if Congress was a market sector, it would surely get downgraded on “headline risk” alone.

Noteworthy Company News and Performance

Eli Lilly (LLY): Reached a new 52-week high at $955.41 before settling at $925.81, on continued enthusiasm for its diabetes and obesity drugs, and positive trial data released this week.
NVIDIA: Closed at $195.21, down 1.75% as AI chip stocks took a breather, but long-term investors cited institutional accumulation and ongoing demand for Blackwell GPUs supporting future growth.
Nokia: Shares edged higher to $6..85, +.59%.
Amazon: Finished at $250.20, +.35% recently moving higher as bullish analyst sentiment centered on AWS growth, fueled by Anthropic’s massive cloud compute needs.
Apple: Wrapped up at $270.14, +.04% during a quiet session after last week’s robust Q4 earnings.
Tesla: Ended at $462.07, +4.01% recapturing investor favor after October’s rocky autopilot headlines.
Broadcom: Closed at $358.98, up 2% as expansion in cloud and wireless markets balanced sector volatility.
Meta: Closed at $635.95, +1.38% as surging AI investment continues to bolster long-term expectations despite near-term margin anxiety.
McDonald’s (MCD): Rose to $305.67,+2.16% after reporting resilient performance in international markets.
Rio Tinto Group (RIO): Metals fell back as iron ore prices retreated, with Rio Tintorising to $69.06, +1.72% reaffirming fiscal discipline in Q4 guidance (no new acquisitions announced).
Oracle: Settled at $250.31, +.86% down nearly 12.52% over the last month, mirroring broader sector skepticism about high valuations despite massive new contracts and ambitious AI growth targets.
Intel: Closed at $38.38, jumping 3.65% higher after recent volatility related to server chip deman.
Opendoor (OPEN): Closed at $7.23, +4.48% prior to tomorrow’s earnings call.

Commodities and Crypto

Gold closed near $3,992.40 an ounce, silver at $47.93, and oil fell to $59.63 a barrel—each reflecting a world that finds comfort in tangible things, just as Bitcoin, recovered to $103,623.07, reminded traders that volatility is truly a digital art form.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD), a leader in innovative insulin delivery technology, announced (Nov. 3) 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), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 4) its financial results for the third quarter of 2025 and provided a business update. Dr. James Helliwell, Chief Executive Officer of Eupraxia stated, “The compelling 52-week data from our RESOLVE trial reported this quarter further reinforce the potential of EP-104GI as a highly effective and durable treatment for eosinophilic esophagitis (EoE). Our highest-dose cohort delivered the largest improvements in tissue health outcomes and eosinophil reduction observed to date, with no additional safety concerns. Coupled with the successful completion of our $80.5 million financing supported by strong life-science focused investors, we are now well resourced to advance the EP-104GI program, including through topline data from the Phase 2b RESOLVE Trial expected in the third quarter of 2026.”

GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced that it will report its financial results for the quarter ended September 30, 2025, after the close of U.S. markets on Thursday, November 13, 2025. Following the release, management will host a live conference call and audio webcast at 4:30 p.m. ET to review results and provide a business update.

Volato Group, Inc. (NYSE American: SOAR, $1.70, +6.92%) and M2i Global, Inc. (MTWO, $.1025, +2.50%) 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, $4.33, +.07%) 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 disease. 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 exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG) reported results (Oct. 9) for the fiscal year ended June 30, 2025, including improved segment income in Hotel and Real Estate, increased liquidity, the alleviation of going-concern uncertainty at majority-owned subsidiary Portsmouth Square, Inc., and the Company’s return to compliance with Nasdaq listing requirements.

Sources

by Vista Partners LLC November 5, 2025

Eupraxia Pharmaceuticals Drives Pipeline Expansion with $89 Million in Cash and Positive RESOLVE Trial Results -( $EPRX $IBB $XBI )

Eupraxia Pharmaceuticals (EPRX) delivered an impressive third quarter for 2025, underpinned by breakthrough clinical data, robust financial positioning, and a clearer trajectory toward commercial success. The company’s RESOLVE trial in eosinophilic esophagitis (EoE) demonstrated sustained clinical remission and long-lasting improvements in tissue health after a single treatment—results that highlight the significant potential of Eupraxia’s proprietary EP-104GI therapy.

Strong Clinical Momentum

The RESOLVE trial’s 52-week findings showed that two-thirds of patients in the highest-dose cohort maintained clinical remission, with durable improvements in both symptoms and esophageal tissue health over a full year. These clinical gains, achieved without new safety concerns, position EP-104GI as a major innovation in EoE care with potential advantages over existing therapies’.

Eupraxia continues to enroll patients in the pivotal Phase 2b segment of RESOLVE, with top-line data expected in the third quarter of 2026. The strength of the 1-year clinical outcomes and the scalability of the trial signal exceptional potential for broad adoption.

Solid Financial Performance

Eupraxia secured $80.5 million in funding through a public offering completed in September 2025, resulting in a substantial cash runway projected to fund ongoing development and operations into the first half of 2028. This positions Eupraxia to expand its clinical programs and deliver key milestones without near-term financing concerns. The company’s strong fiscal management and continued support from leading life-sciences investors further reinforce confidence in its future trajectory.

Outlook – The Right Dose, the Right Place, the Right Amount of Time

Buoyed by clinical achievements and a substantial cash position, Eupraxia Pharmaceuticals (EPRX) is on track to deliver further value for patients and shareholders through 2026 and beyond. The latest data showcase the company’s leadership with its DiffusphereTM drug delivery technology for the treatment of eosinophilic esophagitis (EoE), EP-104IAR for knee osteoarthritis (OA), and its increasing relevance in addressing significant unmet needs in other inflammatory diseases, pain conditions and oncology indications..

Sources

by Vista Partners LLC November 5, 2025

Snack Wraps Unwrapped: McDonald’s Nostalgic Menu Move Ignites Sales Surge -( $MCD $DIA $SPY )

McDonald’s has proven that nostalgia can be a lucrative business strategy, as the prodigal Snack Wrap has returned to its American menu after a nine-year hiatus—and promptly delivered a performance worth clucking about. In the fast-paced world of fast food, nothing gets customers flocking quite like the promise of crispy chicken wrapped in the warm embrace of a flour tortilla. The third quarter of 2025 illustrated this perfectly, with McDonald’s reporting a 3.6% rise in same-store sales worldwide and a 2.4% increase stateside, numbers that gently nudged Wall Street’s forecast aside as if it were yesterday’s cold fries.

Nostalgia, Chicken, and Surging Sales

Enthusiasts mourned the loss of the Snack Wrap when it was unceremoniously shelved in 2016, but their devotion never waned. From petitions to homegrown imitations, fans made it clear that a drive-thru without its Snack Wrap was a drive-thru missing its soul. McDonald’s, perhaps with a raised eyebrow at the viral videos of Americans traveling abroad to sample Irish Snack Wraps, finally acquiesced. The July reintroduction was met with a 15% surge in U.S. store traffic on release day, as if millions pivoted in choreographed unison from their summer salads to indulge in chicken-laced nostalgia.

Value Meals and Deal Drama

While the Snack Wrap’s lovestruck fanbase made headlines, McDonald’s also rolled out Extra Value Meals, aiming to seduce back customers repelled by rising fast-food prices. The $8 Big Mac meal generated mild excitement, though data analysts later revealed that nothing quite matched the seductive allure of the 50-cent double cheeseburger special on National Cheeseburger Day—a fleeting flash of indulgence that made wallets sing and cardiologists cringe.

The Market’s Taste for Chicken

Chicken’s popularity continues to soar—not just among birds—prompting CEO Chris Kempczinski to declare investments in expanding the chain’s chicken portfolio. Looking ahead, new chicken-centric menu items are forecasted, with hopes of capturing even more market share in a high-stakes battle featuring the likes of Chick-fil-A and Wendy’s.

Financials, with a Side of Humor

For the quarter, McDonald’s posted $7.08 billion in revenue—a 3% bump—and a net income of $2.3 billion, or $3.18 per share, a sum that missed analyst expectations only slightly, as if distracted by the allure of a side order of fries.

Closing Observations

It seems, in the calculus of modern dining, nothing is as comforting as the familiar. After all, when the world gets complicated, Americans have a simple solution: wrap it up in a tortilla and call it dinner. McDonald’s Snack Wrap’s triumphant return proves that sometimes, you really can go home again—and if you do, make sure to bring a coupon.

Sources

by Vista Partners LLC November 5, 2025

AI Could Outsmart Humanity: Nobel Laureate Hinton Offers Stark Warning—‘Musk Will Get Richer, People Will Get Unemployed’ -( $TSLA $NVDA $GOOG $META )

Geoffrey Hinton, the “Godfather of AI,” is sounding an alarm that could shatter Silicon Valley’s favorite narrative: the notion that artificial intelligence, like a well-trained dog, will sit, stay, and obey. Fresh off his Nobel Prize win for machine learning, Hinton spends less time celebrating breakthroughs and more time warning about existential risk—and, in classic Wall Street fashion, he’s not above sprinkling in a few wry jabs along the way.youtube

AI Risks: Smarter Than Your Average Mogul?

Hinton’s assessment, delivered with the mix of gravitas and dry humor befitting a Nobel laureate, is blunt: humanity is building “aliens” that could outsmart their creators within a decade, and our best chance at coexistence might require channeling the evolutionary model of babies controlling mothers—though, he quips, “hopefully not Jewish mothers” for the sake of sanity. Don’t expect tech CEOs—blessed with outsize confidence—to embrace that unsettling paradigm anytime soon.youtube

Corporate Responsibility: A Mixed Bag

Hinton doesn’t mince words when it comes to corporate stewardship. While Anthropic and Google get a tepid nod for taking AI safety “fairly seriously,” Meta is labeled “particularly irresponsible.” OpenAI, initially founded for responsible innovation, gets dinged for losing its best safety researchers as commercial pressures take precedence. “They’re much more concerned about the race than about whether humanity will survive it,” he warns, dryly noting the irony that survival isn’t the top priority for companies chasing multi-trillion dollar valuations.youtube

Global Collider: U.S., China, and Funding Woes

The race isn’t just corporate; it’s geopolitical. Hinton suggests the U.S., still a hair ahead, risks losing the AI lead as China educates armies of engineers while America “attacks” basic science funding and its own research universities. If that’s a strategy, Hinton suggests, it’s one that seems to benefit Beijing more than Washington—making former presidents look less like defenders of the West and more like unwitting pawns in a global chess match.youtube

Musk Will Get Richer, You Might Get Unemployed

Hinton’s economic forecast lands with the subtlety of a falling safe: waves of AI investment knocking out jobs at an “unprecedented” rate, exemplified by Amazon’s recent 4% workforce cut. The trillion-dollar AI spend won’t just pay off in chatbots; it’s likely to enrich tech plutocrats (yes, Elon Musk gets a namecheck as a “stand-in”) while the layoff tide sweeps through call centers, factories, and offices everywhere. Hinton points out, with a twinkle, that a company’s most obvious path to profits is swapping expensive humans for cheaper algorithms—a strategy that should make labor market watchers reach for their seatbelts.youtube

Is This Time Different? Hold the Optimism

When asked whether this epochal technological leap will follow previous patterns of job creation amidst disruption, Hinton offers skepticism. Unlike steam engines, which were powerful but dumb, today’s AI is “almost as smart as us,” and soon, potentially smarter. Facing permanent unemployment, workers won’t just be swapping shovels for keyboards—they might struggle to find work at all.youtube

Looking for a “Chernobyl Moment”

Ever the realist, Hinton compares the situation to the Cuban missile crisis and, for those craving a jolt of urgency, suggests a failed attempt at AI takeover might be our best wake-up call—a “Chernobyl for AI,” if you will. Until then, don’t expect Big Tech to divert significant resources into safety protocols; for now, profit and ego are running the show.youtube

The Wrap-Up: The Godfather’s Regrets?

In a rare moment of pause, Hinton admits that, unlike nuclear weapons, AI isn’t built solely for destruction. It offers promise in healthcare and education, among other fields. The problem, he quips, is organization—not the tech. “Musk will get richer, a lot of people get unemployed, and Musk won’t care.” The joke, of course, is on all of us—not just on Wall Street.

So if the world needs a “scare” to take AI risks seriously, maybe there’s still hope. Until then, keep calm, carry on, and—if you’re a CEO—start practicing baby talk. The next generation of intelligence might not be so keen on taking orders.

https://www.youtube.com/watch?v=e1Hf-o1SzL4

by Vista Partners LLC November 4, 2025

Nvidia Becomes First Company With $5 Trillion Market Capitalization

Nvidia (NVDA) becomes the first company to ever have a market capitalization of over $5 trillion. Shares rallied Wednesday morning to push Nvidia over the milestone as CEO Jensen Huang seals more deals to supply companies with chips. Bloomberg’s Caroline Hyde reports on “Bloomberg Open Interest.”

Macroeconomic Reports, Fed Update, Shutdown & Tariffs

Notable Stock Performances for Key Names

Market Barometers: Volatility, Commodities, and Crypto

VP Watchlist Updates

Sources

Apple’s Humanoid Aspirations

Tesla’s Robot Revolution

The Great AI Droid-Off

The Market Stakes

The Sources

Historic Price Cuts and Expanding Coverage

Impact on American Patients and the Market

Strategic Moves and Political Ripples

Modular Medical Sets the Stage for Q1 2026

Modular’s Market Ambitions and Risks

Key Industry Takeaways

The Sum

The Sources

Siri’s Glow-Up: Powered by Google Brain

Antitrust Tango: When $20 Billion Is Just a Footnote

The Implications: Wall Gardens and Competitive Weeding

The Real AI Upgrade

Sources

“A Little Chemistry—with Samsung and BMW”

Financials: The “Solid” in Solid Power

The Road Ahead: Solidifying Hype

Sources

Macroeconomic Reports and Federal Reserve

Tariffs and Government Shutdown Drama

Noteworthy Company News and Performance

Commodities and Crypto

VP Watchlist Updates

Sources

Strong Clinical Momentum

Solid Financial Performance

Outlook – The Right Dose, the Right Place, the Right Amount of Time

Sources

Nostalgia, Chicken, and Surging Sales

Value Meals and Deal Drama

The Market’s Taste for Chicken

Financials, with a Side of Humor

Closing Observations

Sources

AI Risks: Smarter Than Your Average Mogul?

Corporate Responsibility: A Mixed Bag

Global Collider: U.S., China, and Funding Woes

Musk Will Get Richer, You Might Get Unemployed

Is This Time Different? Hold the Optimism

Looking for a “Chernobyl Moment”

The Wrap-Up: The Godfather’s Regrets?

Your Guide To Staying Informed In The Markets