Pre-Market Brief - November 19, 2025

2025-11-19 08:30:00 (EST)

US equity futures are slightly higher in pre-market trading after four consecutive down days driven by AI bubble fears. The key focus today is Nvidia’s post-close earnings report, seen as a litmus test for the AI-driven rally. Pre-market movers include Workhorse (WKHS) surging ~37.6% on a shareholder vote for its Motiv deal, TARA Biosystems (TARA) up ~21.2% on 100% clinical trial success, and TruGolf plummeting ~32.6% due to Q3 accounting irregularities [1][3][6].

• Futures Movements:
  Dow Jones mini (+0.11% to 47,240), S&P500 mini (+0.26% to 6,777.25), Nasdaq100 mini (+0.3% to25,237.75) [6][8].
• Yesterday’s Close:
  Dow (-498 points,1%), S&P500 (-0.8%), Nasdaq (-1.2%) amid AI bubble concerns [1].
• Sector Trends:
  Retail (TJX, Lowe’s) outperformed yesterday, tech sectors underperformed [2].

1. Nvidia Earnings:
   Post-close report critical for AI trade [5][10].
2. Fed Policy:
   Officials hinted at early2026 balance-sheet expansion [5].
3. Geopolitics:
   US-Brazil rare-earth cooperation, Gaza ceasefire monitoring [4][5].
4. Earnings Today:
   Lowe’s Q3 EPS $2.88; Target/TJX results expected [9][10].
5. Pre-Market Catalysts:
   Workhorse’s Motiv vote, TARA’s trial success, Lobo’s shift [3].

• Gainers:
  WKHS (+37.6% [3]), TARA (+21.2% [3]), LOBO (+27.8% [3]).
• Losers:
  TruGolf (-32.6% [3]).
• Unusual Activity:
  ONDS (+25.34% [11]); high volume (PLTR, MSTR, SOFI, ORCL, BABA [11]); options (CDTX/ARR/PSX calls up, LRN/FIVN puts up [12]).

• Today:
  Nvidia earnings (post-close), Lowe’s call (9AM ET), Target/TJX results [9][10].
• Risks:
  AI bubble fears if Nvidia misses, Fed liquidity concerns, geopolitical tensions [1][4][5].
• Tomorrow:
  Walmart earnings, delayed economic data [10].