Pre-Market Analysis: Modest Weakness as Disney Earnings and Burry Fund Closure Dominate Headlines

This analysis is based on the pre-market briefing for November 13, 2025, which captures market conditions as investors digest the end of the government shutdown and react to key corporate developments [1]. US equity futures are showing modest weakness with all major indices down 0.1% in pre-market trading, following a mixed session yesterday where the Dow reached a record high while technology stocks lagged [0][1].

The market is operating in an environment of significant uncertainty due to delayed economic data releases. The US government shutdown has officially ended after President Trump signed funding legislation [1], but key economic indicators including October jobs and CPI reports remain delayed [2]. Goldman Sachs expects the Bureau of Labor Statistics to publish a new data release schedule between November 13-17 [3], creating a data vacuum that could increase market volatility.

Corporate earnings are driving significant pre-market activity, particularly Disney’s fiscal Q4 results which showed mixed performance - adjusted EPS of $1.11 beat estimates of $1.04, but revenue of $22.46 billion missed expectations of $22.75 billion [5]. Despite announcing a $7 billion share buyback program, Disney stock is down 5.53% in pre-market trading [4].

The pre-market weakness suggests investors are taking a cautious approach despite the government shutdown resolution. The Dow’s record high yesterday [0] appears to be giving way to profit-taking, particularly in technology sectors which are underperforming in pre-market trading [0].

Michael Burry’s decision to deregister Scion Asset Management and his warnings about the AI bubble [6] could create headwinds for AI-related stocks. Burry, famous for predicting the 2008 housing crisis, has been betting against AI stocks like Nvidia and Palantir [6], and his exit from external money management may influence market sentiment toward high-flying AI names.

The delay in crucial economic data releases creates a challenging environment for market participants. Without October jobs and CPI reports [2], investors lack key inflation and labor market indicators that typically guide Federal Reserve policy expectations and market positioning.

• Data Uncertainty:
  Continued delays in economic data releases could lead to increased market volatility and reduced trading liquidity as investors operate with incomplete information [2][3].
• AI Sector Volatility:
  Michael Burry’s bubble warnings and fund closure may trigger increased scrutiny and potential pullback in overvalued AI stocks [6].
• Earnings Disappointment:
  Disney’s revenue miss despite EPS beat [5] suggests companies may struggle with top-line growth, potentially signaling broader economic headwinds.

• Selective Stock Picking:
  The pre-market movers show significant dispersion, with ONDS (+18.51%) and CSIQ (+12.05%) leading gainers [4], suggesting opportunities in specific sectors.
• Post-Shutdown Recovery:
  As government operations normalize, delayed data releases could create catalyst events when finally published [3].
• Technical Breakouts:
  High volume activity in stocks like CHR (+102.06% with 118.22M shares) and NVVE (+48.62% with 191.87M shares) [7] may indicate emerging momentum opportunities.

US futures indicate a cautious open with Dow futures down 37 points (-0.1%), S&P 500 futures down 0.1%, and Nasdaq 100 futures down 0.1% [1]. Yesterday’s session closed with the S&P 500 at 6,850.92 (-0.25%), Nasdaq at 23,406.46 (-0.67%), and Dow Jones at 48,254.82 (+0.50%) [0].

Key support and resistance levels to watch include S&P 500 support at 6,829 and resistance at 6,870, Nasdaq support at 23,278 and resistance at 23,564, and Dow Jones facing psychological resistance at its record high of 48,431 [0].

Communication Services is leading pre-market (+1.38%), while Technology (-0.81%) and Energy (-1.21%) are lagging [0], indicating a rotation away from growth sectors.

Beyond Disney, key companies reporting today include JD.com (expected EPS $0.34), Bilibili (expected EPS $0.12), and Canadian Solar (expected loss per share of $1.08) [4], with afternoon reports expected from LAZR, AMAT, SPCE, and NU.

Originally scheduled CPI data for today remains delayed [3], though weekly jobless claims and advance retail sales are still expected to provide market-moving insights during regular trading hours.