Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States, Europe, and internationally. The company offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic, migraine, and women's health under the Eliquis, Nurtec ODT/Vydura, Zavzpret, and the Premarin family brands; infectious diseases with unmet medical needs under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and COVID-19 prevention and treatment, and potential future mRNA and antiviral products under the Comirnaty and Paxlovid brands. It also provides medicines and vaccines in various therapeutic areas, such as biosimilars for chronic immune and inflammatory diseases under the Xeljanz, Enbrel, Inflectra, Litfulo, Velsipity, and Cibinqo brands; amyloidosis, hemophilia, endocrine diseases, and sickle cell disease under the Vyndaqel family, Oxbryta, BeneFIX, Somavert, Ngenla, and Genotropin brands; sterile injectable and anti-infective medicines under the Sulperazon, Medrol, Zavicefta, Zithromax, and Panzyga brands; and biologics, small molecules, immunotherapies, and biosimilars under the Ibrance, Xtandi, Inlyta, Bosulif, Mektovi, Padcev, Adcetris, Talzenna, Tukysa, Elrexfio, Tivdak, Lorbrena, and Braftovi brands. In addition, the company involved in the contract manufacturing business. It serves wholesalers, retailers, hospitals, clinics, government agencies, pharmacies, individual provider offices, retail pharmacies, and integrated delivery systems. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Merck KGaA; and BioNTech SE. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York.

Pfizer, Inc.

The S&P 500 Index ($SPX) (SPY) on Tuesday closed down by -0.24%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.62%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.26%. December E-mini S&P futures (ESZ25) fell -0.25%, and December E-mini Nasdaq futures (NQZ25) rose +0.25%.
Stock indexes settled mixed on Tuesday, with the S&P 500 falling to a 3-week low. The broader market was under pressure on Tuesday as US financial reports pointed to a sluggish economy. The Nov unemployment rate rose to a 4-year high, Oct retail sales stagnated, and US manufacturing activity slowed to a 5-month low. Also, a slump in energy producers on Tuesday weighed on the broader market after WTI crude oil fell more than -2% to a 4.75-year low. However, strength in the Magnificent Seven technology stocks on Tuesday was positive for the overall market, lifting the Nasdaq 100 from a 3-week low into positive territory.
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Stocks also found some support from Tuesday’s Fed-friendly US economic reports on Nov payrolls and Oct retail sales, which bolster expectations that the Fed will continue to ease monetary policy. Also, wage pressures are easing as Nov hourly earnings posted their smallest year-on-year increase in 4.5 years. The 10-year T-note yield fell -2 bp to 4.15%.
US Nov nonfarm payrolls rose by +64,000, stronger than expectations of +50,000. Oct nonfarm payrolls fell by -105,000, weaker than expectations of -25,000. The Nov unemployment rate rose +0.1 to a 4-year high of 4.6%.
US Nov average hourly earnings rose +0.1% m/m and +3.5% y/y, weaker than expectations of +0.3% m/m and +3.6% y/y, with the +3.5% y/y gain the smallest year-on-year increase in 4.5 years.
US Oct retail sales were unchanged m/m, weaker than expectations of +0.1% m/m. However, Oct retail sales ex-autos rose +0.4% m/m, stronger than expectations of +0.2% m/m.
The US Dec S&P manufacturing PMI fell -0.4 to a 5-month low of 51.8, weaker than expectations of 52.1.
Comments on Tuesday from Atlanta Fed President Raphael Bostic were hawkish and negative for stocks when he said, "After wrestling with all the considerations, today I continue to view price stability as the clearer and more pressing risk despite shifts in the labor market." He added that "he sees little to suggest that price pressures will dissipate before mid to late 2026, at the earliest, and expects inflation to remain above 2.5% even at the end of 2026."
This week's market focus will be on US economic news. On Thursday, weekly initial unemployment claims are expected to fall -11,000 to 225,000. Also, Nov CPI is expected to be +3.1% y/y, and Nov core CPI is expected to be +3.0% y/y. On Friday, Nov existing home sales are expected to be up +1.2% m/m to 4.15 million. Also, the University of Michigan Dec consumer sentiment index is expected to be revised upward by +0.2 to 53.5 from the previously reported 53.3.
The markets are discounting a 24% chance that the FOMC will cut the fed funds target range by 25 bp at the next FOMC meeting on January 27-28.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 closed down -0.60%. China’s Shanghai Composite fell to a 2-month low and closed down -1.11%. Japan’s Nikkei Stock 225 slid to a 2-week low and closed down -1.56%.
Interest Rates
March 10-year T-notes (ZNH6) on Tuesday closed up by +7.5 ticks. The 10-year T-note yield fell -2.7 bp to 4.145%. T-notes moved higher on Tuesday after the US Nov employment rate rose to a 4-year high and Nov average hourly earnings posted their smallest year-on-year increase in 4.5 years. Also, Oct retail sales rose less than expected, and the Dec S&P manufacturing PMI fell to a 5-month low, which are dovish factors for Fed policy. In addition, falling inflation expectations were supportive of T-notes as the 10-year breakeven inflation rate fell to a 2-week low on Tuesday at 2.231%.
Gains in T-notes were limited on Tuesday after a report on US Oct retail sales ex-autos rose more than expected, a hawkish factor for Fed policy. Also, hawkish comments from Atlanta Fed President Raphael Bostic were bearish for T-notes when he said elevated price pressures are expected to persist through most of next year.
The steepening yield curve is bearish for T-note prices. Steepening trades occur when bond investors buy short-term government debt and sell long -term debt. The yield curve has steepened since last Wednesday’s FOMC meeting, when the Fed said it would begin purchasing up to $40 billion of short-term T-bills a month to boost liquidity in the financial system. Longer-term Treasury securities are also under pressure from concerns about inflation and the Fed’s independence.
European government bond yields are mixed today. The 10-year German bund yield fell -0.8 bp to 2.845%. The 10-year UK gilt yield rose to a 3-week high of 4.561% and finished up +2.3 bp to 4.518%.
The Eurozone Dec S&P manufacturing PMI unexpectedly fell -0.4 to 49.2, weaker than expectations of an increase to 49.9 and the steepest pace of contraction in 8 months.
The German Dec ZEW survey expectations of economic growth unexpectedly rose by +7.3 to a 5-month high of 45.8, stronger than expectations of a decline to 38.4.
The UK Dec S&P manufacturing PMI rose +1.0 to 51.2, stronger than expectations of 50.3 and the fastest pace of expansion in 15 months.
Swaps are discounting a 0% chance for a -25 bp rate cut by the ECB at its next policy meeting on Thursday.
US Stock Movers
Energy producers and energy service providers sold off on Tuesday and weighed on the broader market, after WTI crude oil fell more than 3% to a 4.75-year low. Phillips 66 (PSX) closed down more than -6% to lead losers in the S&P 500, and Baker Hughes (BKR) closed down more than -3% to lead losers in the Nasdaq 100. Also, APA Corp (APA) closed down more than -5%, and Marathon Petroleum (MPC) and Halliburton (HAL) closed down more than -4%. In addition, Occidental Petroleum (OXY), ConocoPhillips (COP), Diamondback Energy (FANG), and Valero Energy (VLO) closed down more than -3%. Finally, Devon Energy (DVN), Exxon Mobil (XOM), and Chevron (CVX) closed down more than -2%.
The strength of the Magnificent Seven technology stocks on Tuesday was a supportive factor for the overall market. Tesla (TSLA) closed up more than +3%, and Meta Platforms (META) closed up more than +1%. Also, Nvidia (NVDA) closed up +0.81%, Microsoft (MSFT) closed up +0.33%, Apple (AAPL) closed up +0.18%, and Amazon.com (AMZN) closed up +0.01%. Bucking the trend, Alphabet (GOOGL) closed down -0.54%.
Booz Allen Hamilton Holding Corp (BAH) closed down more than -7% after it announced that CFO Calderone will resign from the company effective February 1.
Humana (HUM) closed down more than -6% after forecasting full-year adjusted EPS of $17.000, below the consensus of $17.06.
Pfizer Inc (PFE) closed down more than -3% after forecasting 2026 revenue of $59.5 billion to $62.5 billion, the midpoint below the consensus of $61.63 billion.
Illinois Tool Works (ITW) closed down more than -3% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $230.
Archer-Daniels-Midland (ADM) closed down more than -3% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $50.
Comcast (CMCSA) closed up more than +5% to lead gainers in the S&P 500 and Nasdaq 100 after CNBC commented about trading activity in the swaps market that may suggest involvement by activist investors.
Cognex (CGNX) closed up more than +5% after Goldman Sachs double-upgraded the stock to buy from sell with a price target of $50.
Estee Lauder (EL) closed up more than +3% after Bank of America named the stock as its top pick for beauty for 2026, with a price target of $130.
Robinhood Markets (HOOD) closed up more than +3% after Trust Securities initiated coverage on the stock with a buy recommendation and a price target of $155.
Okta Inc (OKTA) closed up more than +2% after Jeffries upgraded the stock to buy from hold with a price target of $125.
Southwest Airlines (LUV) closed up more than +1% after Barclays upgraded the stock to overweight from equal weight with a price target of $56.
Earnings Reports(12/17/2025)
General Mills Inc (GIS), Jabil Inc (JBL), Micron Technology Inc (MU), Toro Co/The (TTC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Mixed on Soft US Economic News

Pfizer (NYSE:PFE), which develops and sells biopharmaceutical products worldwide, closed today's session (Dec. 16) at $25.53, down 3.41%. Trading volume reached 108.1 million shares, almost 60% above its three-month average.
How the markets moved today
Tuesday’s move followed Pfizer's announcement trimming 2025–2026 revenue expectations and highlighting faster COVID-19 erosion. Investors will watch to see whether new products and deals can restore earnings growth.
The S&P 500 (SNPINDEX:^GSPC) slipped 0.26% to 6,799, while the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.23% to finish at 23,111. Pfizer’s commentary impacted its industry peers as well. Merck (NYSE:MRK) and Johnson & Johnson (NYSE:JNJ) fell 1.99% and 2.27%, respectively, as investors reassessed large pharma earnings power.
What this means for investors
Pfizer cut its 2025 revenue guidance from to $62 billion, down from between $61 billion and $64 billion. It reaffirmed its 2025 adjusted EPS of $3.00 - $3.15.
It told investors it is expecting flat growth for 2026, with anticipated revenues between $59.5 billion and $62.5 billion. This is down to falling revenue from COVID drugs and expiring patents.
The company said it is cutting costs and investing the proceeds into R&D. For example, it recently acquired a biopharmaceutical company focused on obesity and cardiometabolic diseases. It will push ahead with obesity drug trials in 2026. However, it could take time for newer initiatives to bear fruit.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stock Market Today, Dec. 16: Pfizer Falls After Cutting 2025 Revenue Forecast

In afternoon trading on Tuesday, Energy stocks are the worst performing sector, showing a 0.4% loss. Within the sector, APA Corp (Symbol: APA) and Devon Energy Corp. (Symbol: DVN) are two large stocks that are lagging, showing a loss of 2.0% and 1.8%, respectively. Among energy ETFs, one ETF following the sector is the Energy Select Sector SPDR ETF (Symbol: XLE), which is down 0.7% on the day, and up 16.30% year-to-date. APA Corp, meanwhile, is down 35.86% year-to-date, and Devon Energy Corp., is down 13.21% year-to-date. Combined, APA and DVN make up approximately 2.2% of the underlying holdings of XLE.
The next worst performing sector is the Healthcare sector, showing a 0.3% loss. Among large Healthcare stocks, Incyte Corporation (Symbol: INCY) and Moderna Inc (Symbol: MRNA) are the most notable, showing a loss of 10.0% and 3.6%, respectively. One ETF closely tracking Healthcare stocks is the Health Care Select Sector SPDR ETF (XLV), which is down 0.2% in midday trading, and up 5.05% on a year-to-date basis. Incyte Corporation, meanwhile, is up 10.35% year-to-date, and Moderna Inc, is down 61.72% year-to-date. Combined, INCY and MRNA make up approximately 0.5% of the underlying holdings of XLV.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Tuesday. As you can see, two sectors are up on the day, while six sectors are down.
Technology & Communications
+0.6%
Also see:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tuesday Sector Laggards: Energy, Healthcare

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Pfizer Inc (Symbol: PFE), where a total volume of 285,976 contracts has been traded thus far today, a contract volume which is representative of approximately 28.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 56.3% of PFE's average daily trading volume over the past month, of 50.8 million shares. Particularly high volume was seen for the $24 strike put option expiring February 20, 2026, with 35,590 contracts trading so far today, representing approximately 3.6 million underlying shares of PFE. Below is a chart showing PFE's trailing twelve month trading history, with the $24 strike highlighted in orange:
Delta Air Lines Inc (Symbol: DAL) saw options trading volume of 44,290 contracts, representing approximately 4.4 million underlying shares or approximately 55% of DAL's average daily trading volume over the past month, of 8.1 million shares. Especially high volume was seen for the $75 strike call option expiring December 19, 2025, with 29,646 contracts trading so far today, representing approximately 3.0 million underlying shares of DAL. Below is a chart showing DAL's trailing twelve month trading history, with the $75 strike highlighted in orange:
And Datadog Inc (Symbol: DDOG) saw options trading volume of 20,616 contracts, representing approximately 2.1 million underlying shares or approximately 48.8% of DDOG's average daily trading volume over the past month, of 4.2 million shares. Particularly high volume was seen for the $140 strike put option expiring January 16, 2026, with 5,864 contracts trading so far today, representing approximately 586,400 underlying shares of DDOG. Below is a chart showing DDOG's trailing twelve month trading history, with the $140 strike highlighted in orange:
For the various different available expirations for PFE options, DAL options, or DDOG options, visit StockOptionsChannel.com.
Also see:
Top Stocks Held By Jim Simons
Funds Holding GIFI
Top Ten Hedge Funds Holding DVUT
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Tuesday Option Activity: PFE, DAL, DDOG

The S&P 500 Index ($SPX) (SPY) today is down by -0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.293%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.14%. December E-mini S&P futures (ESZ25) are down -0.30%, and December E-mini Nasdaq futures (NQZ25) are down -0.12%.
Stock indexes are sliding today, with the S&P 500 falling to a 2.5-week low and the Nasdaq 100 dropping to a 3-week low. Stocks are under pressure today as US financial reports point to a sluggish economy. The Nov unemployment rate rose to a 4-year high, Oct retail sales stagnated, and US manufacturing activity slowed to a 5-month low. Also, a slump in energy producers today is weighing on the broader market after WTI crude oil fell more than 3% to a 4.75-year low.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks found some support from today’s Fed-friendly US economic reports on Nov payrolls and Oct retail sales, which bolster expectations that the Fed will continue to ease monetary policy. Also, wage pressures are easing as Nov hourly earnings posted their smallest year-on-year increase in 4.5 years.
US Nov nonfarm payrolls rose by +64,000, stronger than expectations of +50,000. Oct nonfarm payrolls fell by -105,000, weaker than expectations of -25,000. The Nov unemployment rate rose +0.1 to a 4-year high of 4.6%.
US Nov average hourly earnings rose +0.1% m/m and +3.5% y/y, weaker than expectations of +0.3% m/m and +3.6% y/y, with the +3.5% y/y gain the smallest year-on-year increase in 4.5 years.
US Oct retail sales were unchanged m/m, weaker than expectations of +0.1% m/m. However, Oct retail sales ex-autos rose +0.4% m/m, stronger than expectations of +0.2% m/m.
The US Dec S&P manufacturing PMI fell -0.4 to a 5-month low of 51.8, weaker than expectations of 52.1.
This week's market focus will be on US economic news. On Thursday, weekly initial unemployment claims are expected to fall -11,000 to 225,000. Also, Nov CPI is expected to be +3.1% y/y, and Nov core CPI is expected to be +3.0% y/y. On Friday, Nov existing home sales are expected to be up +1.2% m/m to 4.15 million. Also, the University of Michigan Dec consumer sentiment index is expected to be revised upward by +0.2 to 53.5 from the previously reported 53.3.
The markets are discounting a 24% chance that the FOMC will cut the fed funds target range by 25 bp at the next FOMC meeting on January 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.68%. China’s Shanghai Composite fell to a 2-month low and closed down -1.11%. Japan’s Nikkei Stock 225 slid to a 2-week low and closed down -1.56%.
Interest Rates
March 10-year T-notes (ZNH6) today are up by +3 ticks. The 10-year T-note yield is down -0.8 bp to 4.165%. T-notes are moving higher today after the US Nov employment rate rose to a 4-year high and Nov average hourly earnings posted their smallest year-on-year increase in 4.5 years. Also, Oct retail sales rose less than expected, and the Dec S&P manufacturing PMI fell to a 5-month low, dovish factors for Fed policy. In addition, falling inflation expectations are supportive of T-notes as the 10-year breakeven inflation rate fell to a 1.5-week low today at 2.240%.
Gains in T-notes are limited after a report on US Oct retail sales ex-autos rose more than expected, a hawkish factor for Fed policy.
The steepening yield curve is bearish for T-note prices. Steepening trades occur when bond investors buy short-term government debt and sell long -term debt. The yield curve has steepened since last Wednesday’s FOMC meeting, when the Fed said it would begin purchasing up to $40 billion of short-term T-bills a month to boost liquidity in the financial system. Longer-term Treasury securities are also under pressure from concerns about inflation and the Fed’s independence.
European government bond yields are mixed today. The 10-year German bund yield is down -0.2 bp to 2.851%. The 10-year UK gilt yield rose to a 3-week high of 4.561% and is up +2.6 bp to 4.522%.
The Eurozone Dec S&P manufacturing PMI unexpectedly fell -0.4 to 49.2, weaker than expectations of an increase to 49.9 and the steepest pace of contraction in 8 months.
The German Dec ZEW survey expectations of economic growth unexpectedly rose by +7.3 to a 5-month high of 45.8, stronger than expectations of a decline to 38.4.
The UK Dec S&P manufacturing PMI rose +1.0 to 51.2, stronger than expectations of 50.3 and the fastest pace of expansion in 15 months.
Swaps are discounting a 0% chance for a -25 bp rate cut by the ECB at its next policy meeting on Thursday.
US Stock Movers
Energy producers and energy service providers are falling today, weighing on the broader market, as WTI crude oil is down more than 3% at a 4.75-year low. APA Corp (APA) is down more than -5% to lead losers in the S&P 500. Also, Diamondback Energy (FANG) is down more than -4% to lead losers in the Nasdaq 100. In addition, Halliburton (HAL) is down more than -4%, and Occidental Petroleum (OXY), Marathon Petroleum (MPC), ConocoPhillips (COP), Baker Hughes (BKR), Phillips 66 (PSX), and Devon Energy (DVN) are down more than -3%. Finally, Exxon Mobil (XOM) and Valero Energy (VLO) are down more than -2%.
Cryptocurrency-exposed stocks are climbing today as Bitcoin (^BTCUSD) rose more than +1%. Strategy (MSTR) is up more than +4% to lead gainers in the Nasdaq 100. Also, Galaxy Digital Holdings (GLXY), MARA Holdings (MARA), and Coinbase Global (COIN) are up more than +1%.
Booz Allen Hamilton Holding Corp (BAH) is down more than -7% after it announced that CFO Calderone will resign from the company effective February 1.
Pfizer Inc (PFE) is down more than -4% after forecasting 2026 revenue of $59.5 billion to $62.5 billion, the midpoint below the consensus of $61.63 billion.
Humana (HUM) is down more than -2% after forecasting full-year adjusted EPS of $17.000, below the consensus of $17.06.
Illinois Tool Works (ITW) is down more than -2% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $230.
Archer-Daniels-Midland (ADM) is down more than -2% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $50.
Cognex (CGNX) is up more than +5% after Goldman Sachs double-upgraded the stock to buy from sell with a price target of $50.
Comcast (CMCSA) is up more than +3% to lead gainers in the S&P 500 after CNBC commented about trading activity in the swaps market that may suggest involvement by activist investors.
Okta Inc (OKTA) is up more than +2% after Jeffries upgraded the stock to buy from hold with a price target of $125.
Southwest Airlines (LUV) is up more than +2% after Barclays upgraded the stock to overweight from equal weight with a price target of $56.
Estee Lauder (EL) is up more than +2% after Bank of America named the stock as its top pick for beauty for 2026, with a price target of $130.
Ford Motor (F) is up more than +1% after it said it is cancelling a planned electric F-series truck and shifting production toward gas and hybrid vehicles.
Earnings Reports(12/16/2025)
CSP Inc (CSPI), Golden Matrix Group Inc (GMGI), Immersion Corp (IMMR), Lennar Corp (LEN), RCI Hospitality Holdings Inc (RICK), Worthington Enterprises Inc (WOR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slide on Sluggish US Economic News

The S&P 500 Index ($SPX) (SPY) today is down by -0.14%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.03%. December E-mini S&P futures (ESZ25) are down -0.12%, and December E-mini Nasdaq futures (NQZ25) are up +0.04%.
Stock indexes are mixed today, with the S&P 500 falling to a 2.5-week low. The broader market is under pressure on US economic concerns after today’s financial reports showed the Nov unemployment rate rose to a 4-year high and Oct retail sales stagnated. Also, a slump in energy producers today is weighing on the broader market after WTI crude oil fell more than 2% to a 7-month low.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks found some support from today’s Fed-friendly US economic reports on Nov payrolls and Oct retail sales, which bolster expectations that the Fed will continue to ease monetary policy. Also, wage pressures are easing as Nov hourly earnings posted their smallest year-on-year increase in 4.5 years.
US Nov nonfarm payrolls rose by +64,000, stronger than expectations of +50,000. Oct nonfarm payrolls fell by -105,000, weaker than expectations of -25,000. The Nov unemployment rate rose +0.1 to a 4-year high of 4.6%.
US Nov average hourly earnings rose +0.1% m/m and +3.5% y/y, weaker than expectations of +0.3% m/m and +3.6% y/y, with the +3.5% y/y gain the smallest year-on-year increase in 4.5 years.
US Oct retail sales were unchanged m/m, weaker than expectations of +0.1% m/m. However, Oct retail sales ex-autos rose +0.4% m/m, stronger than expectations of +0.2% m/m.
This week's market focus will be on US economic news. On Thursday, weekly initial unemployment claims are expected to fall -11,000 to 225,000. Also, Nov CPI is expected to be +3.1% y/y, and Nov core CPI is expected to be +3.0% y/y. On Friday, Nov existing home sales are expected to be up +1.2% m/m to 4.15 million. Also, the University of Michigan Dec consumer sentiment index is expected to be revised upward by +0.2 to 53.5 from the previously reported 53.3.
The markets are discounting a 24% chance that the FOMC will cut the fed funds target range by 25 bp at the next FOMC meeting on January 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.38%. China’s Shanghai Composite fell to a 2-month low and closed down -1.11%. Japan’s Nikkei Stock 225 slid to a 2-week low and closed down -1.56%.
Interest Rates
March 10-year T-notes (ZNH6) today are down by -3 ticks. The 10-year T-note yield is up +1.6 bp to 4.188%. T-notes gave up an early advance today and turned lower after a report on US Oct retail sales ex-autos rose more than expected, a hawkish factor for Fed policy. T-notes initially moved higher today after the Nov employment rate rose to a 4-year high and Nov average hourly earnings posted their smallest year-on-year increase in 4.5 years. Falling inflation expectations are also supportive of T-notes as the 10-year breakeven inflation rate fell to a 1.5-week low today at 2.240%.
The steepening yield curve is bearish for T-note prices. Steepening trades occur when bond investors buy short-term government debt and sell long -term debt. The yield curve has steepened since last Wednesday’s FOMC meeting, when the Fed said it would begin purchasing up to $40 billion of short-term T-bills a month to boost liquidity in the financial system. Longer-term Treasury securities are also under pressure from concerns about inflation and the Fed’s independence.
European government bond yields are moving higher today. The 10-year German bund yield is up +1.5 bp to 2.868%. The 10-year UK gilt yield rose to a 3-week high of 4.561% and is up +5.9 bp to 4.554%.
The Eurozone Dec S&P manufacturing PMI unexpectedly fell -0.4 to 49.2, weaker than expectations of an increase to 49.9 and the steepest pace of contraction in 8 months.
The German Dec ZEW survey expectations of economic growth unexpectedly rose +7.3 to a 5-month high of 45.8, stronger than expectations of a decline to 38.4.
The UK Dec S&P manufacturing PMI rose +1.0 to 51.2, stronger than expectations of 50.3 and the fastest pace of expansion in 15 months.
Swaps are discounting a 0% chance for a -25 bp rate cut by the ECB at its next policy meeting on Thursday.
US Stock Movers
Energy producers and energy service providers are falling today, weighing on the broader market, as WTI crude oil is down more than 2% at a 7-month low. Diamondback Energy (FANG), APA Corp (APA), and Occidental Petroleum (OXY) are down more than -2%. Also, Devon Energy (DVN), ConocoPhillips (COP), Baker Hughes (BKR), Phillips 66 (PSX), Halliburton (HAL), Exxon Mobil (XOM), and Valero Energy (VLO) are down more than -1%.
Booz Allen Hamilton Holding Corp (BAH) is down more than -6% after it announced that CFO Calderone will resign from the company effective February 1.
Humana (HUM) is down more than -2% after forecasting full-year adjusted EPS of $17.000, below the consensus of $17.06.
Pfizer Inc (PFE) is down more than -2% after forecasting 2026 revenue of $59.5 billion to $62.5 billion, the midpoint below the consensus of $61.63 billion.
Illinois Tool Works (ITW) is down more than -1% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $230.
Gitlab (GTLB) is down more than -1% after KeyBanc Capital Markets downgraded the stock to sector weight from overweight.
Cognex (CGNX) is up more than +4% after Goldman Sachs double-upgraded the stock to buy from sell with a price target of $50.
Okta Inc (OKTA) is up more than +3% after Jeffries upgraded the stock to buy from hold with a price target of $125.
Southwest Airlines (LUV) is up more than +2% to lead gainers in the S&P 500 after Barclays upgraded the stock to overweight from equal weight with a price target of $56.
Estee Lauder (EL) is up more than +1% after Bank of America named the stock as its top pick for beauty for 2026 with a price target of $130.
Ford Motor (F) is up more than +1% after it said it is cancelling a planned electric F-series truck and shifting production toward gas and hybrid vehicles.
Earnings Reports(12/16/2025)
CSP Inc (CSPI), Golden Matrix Group Inc (GMGI), Immersion Corp (IMMR), Lennar Corp (LEN), RCI Hospitality Holdings Inc (RICK), Worthington Enterprises Inc (WOR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slightly Lower on US Economic Concerns

In trading on Tuesday, the ARK Fintech Innovation ETF is outperforming other ETFs, up about 1.2% on the day. Components of that ETF showing particular strength include shares of Circle Internet Group, up about 8.6% and shares of Robinhood Markets, up about 2.5% on the day.
And underperforming other ETFs today is the iShares Future Exponential Technologies ETF, off about 7.9% in Tuesday afternoon trading. Among components of that ETF with the weakest showing on Tuesday were shares of Pfizer, lower by about 4.5%, and shares of Guardant Health, lower by about 3.4% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tuesday's ETF Movers: ARKF, XT

The NASDAQ 100 Pre-Market Indicator is down -16.53 to 25,050.73. The total Pre-Market volume is currently 96,459,226 shares traded.
The following are the most active stocks for the pre-market session:
Autozi Internet Technology (Global) Ltd. (AZI) is +0.49 at $2.03, with 20,609,613 shares traded., following a 52-week high recorded in prior regular session.
Direxion Daily TSLA Bull 2X Shares (TSLL) is -0.22 at $21.49, with 5,519,509 shares traded. This represents a 241.65% increase from its 52 Week Low.
ProShares UltraPro QQQ (TQQQ) is -0.22 at $51.80, with 3,839,295 shares traded. This represents a 196% increase from its 52 Week Low.
Rezolve AI PLC (RZLV) is +0.3903 at $2.71, with 3,312,975 shares traded. As reported by Zacks, the current mean recommendation for RZLV is in the "buy range".
B. Riley Financial, Inc. (RILY) is +1.08 at $4.80, with 3,046,594 shares traded. As reported in the last short interest update the days to cover for RILY is 8.111037; this calculation is based on the average trading volume of the stock.
NVIDIA Corporation (NVDA) is +0.8592 at $177.15, with 2,291,034 shares traded. Over the last four weeks they have had 10 up revisions for the earnings forecast, for the fiscal quarter ending Jan 2026. The consensus EPS forecast is $1.44. As reported by Zacks, the current mean recommendation for NVDA is in the "buy range".
Pfizer, Inc. (PFE) is +0.04 at $26.47, with 1,077,588 shares traded. PFE's current last sale is 94.54% of the target price of $28.
NuScale Power Corporation (SMR) is -0.17 at $17.24, with 676,297 shares traded. SMR's current last sale is 50.71% of the target price of $34.
IonQ, Inc. (IONQ) is +0.7285 at $46.80, with 623,965 shares traded. As reported by Zacks, the current mean recommendation for IONQ is in the "buy range".
Circle Internet Group, Inc. (CRCL) is +2.64 at $78.10, with 533,768 shares traded. CRCL's current last sale is 61.02% of the target price of $128.
Cementos Pacasmayo S.A.A. (CPAC) is +1.7 at $8.69, with 531,118 shares traded. CPAC's current last sale is 125.04% of the target price of $6.95.
BP p.l.c. (BP) is -0.64 at $34.61, with 483,993 shares traded. BP's current last sale is 87.62% of the target price of $39.5.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Most Active for Dec 16, 2025 : AZI, TSLL, TQQQ, RZLV, RILY, NVDA, PFE, SMR, IONQ, CRCL, CPAC, BP

(RTTNews) - Pfizer Inc. (PFE), a pharmaceutical and biotechnology company, on Tuesday revised its annual revenue expectations below Street view. However, the company reaffirmed adjusted earnings outlook. In addition, Pfizer initiated outlook for fiscal 2026.
For fiscal 2025, the drug maker has reaffirmed adjusted earnings outlook of $3 to $3.15 per share. On average, 24 analysts polled forecast the company to earn $3.13 per share for the year. Analysts' estimates typically exclude special items.
Pfizer now projects revenue of around $62 billion, compared with the earlier outlook of $61 billion to $64 billion. Analysts, on average, forecast the company to register revenue of $62.52 billion for the year.
For fiscal 2026, the company anticipates earnings of $2.80 to $3 per share, below Street view of $3.06 per share. Pfizer projects revenue of $59.5 billion to $62.5 billion, in line with analysts' forecast of $61.68 billion.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pfizer Revises Annual Revenue Guidance Below View, Backs Profit Expectations; Initiates 2026 Outlook

Key Points
Eli Lilly is leading the market for GLP-1 medications (for weight loss and diabetes).
The company overtook early GLP-1 leader Novo Nordisk.
Eli Lilly is increasingly reliant on its GLP-1 drugs.
Eli Lilly (NYSE: LLY) is executing very well right now, and Wall Street is aware of that. The stock's price-to-earnings (P/E) ratio of 50 is below its five-year average of 54, but very high on an absolute basis. For reference, the S&P 500 index has a P/E ratio of 28.5. Before you buy shares in Lilly, think about what might happen over the next decade.
Why is Eli Lilly doing so well right now?
The big story around Eli Lilly is the success of its GLP-1 drugs Mounjaro (for diabetes) and Zepbound (for weight loss). They are currently leading the market for this type of medication. The impact on the company's business is significant, with Mounjaro's sales rising 109% year over year in the third quarter of 2025. Zepbound performed even better, with sales increasing by 185%.
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It should be little wonder that investors are excited about Eli Lilly right now. Those huge sales gains pushed the company's overall sales higher by 54%. That's an impressive number that demonstrates the current demand for weight loss and related drugs in the pharmaceutical sector.
That same fact, however, should prompt you to start worrying as an investor.
Eli Lilly wasn't the first to market
While Eli Lilly is performing quite well with its GLP-1 medications, Novo Nordisk beat it to the market. Lilly's drugs have simply been more popular, allowing it to unseat Novo Nordisk as the leader in the weight loss space. If you buy Eli Lilly stock, you need to consider the risk that it, too, may be dethroned.
That's not an idle consideration. Pfizer (NYSE: PFE) is working hard to catch up in the GLP-1 niche after its internal candidate didn't pan out. It has already acquired a company with a strong GLP-1 drug candidate, and inked a distribution deal with a second company in the hope that its GLP-1 candidate works out. If either of these medications is approved and offers better outcomes than Mounjaro and Zepbound, Eli Lilly could find itself in the position of Novo Nordisk. Because it's the industry leader, every company is vying for Lilly's position.
There's a built-in limit to Eli Lilly's success
The 10-year time frame is important because that's roughly how long Eli Lilly's patent protections are expected to last on Mounjaro and Zepbound. Given the cost and effort required to bring each new drug to market, its maker is granted an exclusive right to sell it. However, this patent protection is time-limited; when it expires, generic-drug makers can copy the medication and sell it at a lower cost. This generally leads to a steep decline in the revenue generated by the original product, a phenomenon known as a patent cliff.
This is a very big deal for a drugmaker. Pfizer is currently working hard to develop new medications to replace blockbuster drugs that will lose patent protection in the next few years. Investors have punished Pfizer's shares at least partly because of this fact.
However, Lilly could be in the same position a decade from now. The problem could be huge, considering that Mounjaro and Zepbound currently account for over 50% of its top line income.
Eli Lilly is working on new drugs. It's also working on ways to extend its existing patent protections, including the development of new versions of Mounjaro and Zepbound. At some point, however, these incredibly important medications will no longer be seen as major assets. That's just how the drug industry works.
There's more risk than you might think
Ten years from now is a long time away, and Lilly can make huge profits before then, assuming it doesn't lose its leadership position in the GLP-1 market. However, given its lofty valuation, investors are clearly pricing in a lot of success right now. Notably, Pfizer's P/E is currently a much lower 15.
Essentially, if you buy Eli Lilly shares, the premium price you'll pay is a risk factor. If a competitor unseats it in the GLP-1 space, its valuation is likely to contract. And even if it does continue to lead the GLP-1 market, that dominance has a built-in time limit, given the nature of the patent protections afforded to drugmakers. Most investors should probably tread with caution, as Wall Street has already priced in so much good news here.
Should you buy stock in Eli Lilly right now?
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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Pfizer. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.