Stock Market Live November 7: S&P 500 (SPY) Heading for a Losing Week
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- Nvidia (NVDA) earnings are days away and could move markets.
- Tesla shareholders approved Musk’s pay package with 75% support and the first tranche pays out at $2T market cap.
- Planet Fitness (PLNT) beat revenue at $330.3M and raised 2025 guidance to 11% revenue growth from 10%.
- It sounds nuts, but SoFi is giving new active invest users up to $1k in stock, see for yourself (Sponsor)
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Live Updates
Updates will appear here as they are published.
At the moment, S&P 500 futures are down about 21 points.
The SPDR S&P 500 ETF (SPY) is down about a point. Dow futures are down about 126, as the Nasdaq slips about 112 points. While the day doesn’t look bright, keep your eye on the 50-day moving average on the major indices. That moving average has now served as strong support a few times. And if it happens again, the major indices could bounce.
There’s also hope for a year-end rally when and if the government shutdown ends, and the tariff situation is resolved with the U.S. Supreme Court. We’re also days away from market-moving earnings from Nvidia (NASDAQ: NVDA). And we may see another interest rate cut in December.
While we were supposed to get non-farm payroll numbers, that’s not happening with the shutdown going on for two months now.
Tesla Shareholders Approved Elon Musk’s $1 Trillion Pay Plan
Tesla (NASDAQ: TSLA) says shareholders just approved CEO Elon Musk’s $1 trillion pay plan, with 75% support.
The pay package, which many of us wish we could get, consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next 10 years. The package also increases Musk’s voting power to 25% from 13%.
The first tranche of the package gets paid out if Tesla’s market cap hits $2 trillion. Its current market cap is $1.4 trillion.
This New Year’s Resolution Trade Rallies Every Year
Around this time of year, about 90% of us, according to Johns Hopkins Medicine, make a resolution to lose weight, diet, and exercise more. All as millions of us begin to worry about our expanding waistlines, and promise ourselves that next year will be different. Many of us will join Weight Watchers, or even Medifast. Or even join a gym.
Look at Planet Fitness (NYSE: PLNT) for example. For the last several years, the stock tends to take off around the holidays. We saw it take off in late 2020, in late 2021, in late 2022, and again in 2023 and 2024. We’re seeing it happen again now because of a revenue beat.
In fact, revenue of $330.3 million, up 13% year over year, beat by $6.87 million. For 2025, PLNT also expects revenue to grow 11% from prior estimates of 10%. It expects adjusted EBITDA to increase 12% from prior estimates of 10%. And it expects adjusted net income to jump 13% to 14% from a prior range of 8% to 9%.