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Market Snapshot
River1 Asset Management
November 11, 2025
Morning Note
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Trading Observations
Gov’t shutdown the other big story as Senate advanced bill to reopen the government, sending it to the House (approval expected on Wed).
Trump’s Powell replacement selection could arrive before the end of the month), ahead of 12/10 rate decision
Remember gov’t shutdown was one of three issues weighing on markets, and the least important (the other two, a hawkish pivot in Fed rhetoric and AI doubts, are still outstanding)
AI data centers are drawing political scrutiny as some accuse the infrastructure building boom of driving up electricity prices - WSJ
Banks closed today for honoring our brave Veterans
Consumer may be stretched but they expect to spend at Christmas https://tinyurl.com/37hde9zy [tinyurl.com]
SPX performance after re-open https://tinyurl.com/yvtxd8d7 [tinyurl.com]
Futures
DOW +24
S&P -16
Nasdaq -121
Financials / Consumer / Healthcare
SOFI – Out saying it has launched crypto trading for its consumers including Bitcoin, Ethereum, and Solana. Look for this industry to become very competitive, which HOOD and COIN have the most to lose.
CLSK fall 5.2% in premarket trading after the Bitcoin miner and data center operator priced its upsized offering of $1.15 billion 0% convertible senior notes due 2032.
REAL – The Real, Real jumps 17% on solid FY revenue. Huge short interest against an ok quarter for the win.
PZZA – Papa John’s higher, then lower this morning on a takeover report with TriArtisan that turned out to be fake.
SLNO – Up 8% on an announced accelerated share repurchase plan.
PARA – Upped its cost savings plan to $3B and 1,600 in workforce reduction.
CEOs not worried about a recession to the same degree they weren’t worried in 2007.
Technology
Apple will delay rollout of next iPhone Air beyond fall 2026 amid weak sales – Reuters
AMD may use Tuesday investor day to boost its $500B AI data center chip forecast for 2028
CART are up 0.5% in premarket trading, after BMO Capital Markets upgraded the online grocery company to outperform from market perform.
CRWV (-10%) cut on data center delay - highlights execution risk operating in this market; supply chain pressures; Increasing doubts about the ability of capacity/power to be brought online in time to meet backlog ... CRWV has $11B in debt fyi
DKNG - shares are down 1.2% in premarket trading after CBRE Research cut the recommendation on the sports betting company to hold from buy.
MNDY (OP, $210) Q3'25 Results; Noise on Outlook, Shares Appear Overdone. Lower PT to $210 from $240.
META chief AI scientist leaving to start his OWN startup. https://tinyurl.com/33vybp97 [tinyurl.com]
NBIS - shares jump 5.2% in premarket trading after announcing an agreement to deliver AI infrastructure to Meta for about $3 billion of capacity over five years.
NVDA -1.6% as Softbank exiting stake to fund AI projects/robotics, etc ….
Data centers -> NVDA Silicon Valley data centers could sit empty for YEARS awaiting power https://financialpost.com/technology/data-centres-stand-empty-awaiting-power [financialpost.com]
Industrials
POWER UP: OKLO / Nuclear play #s tonight
OXY - Q3 beat on the back of better production and lower opex.
Tesla sales in China fell to 26,006 vehicles in October marking lowest figures in three years – Reuters