Pre-Market Brief Analysis: US Equities (November 17, 2025)

US equity futures are mixed pre-market on November 17, with slight declines in major indices offset by selective gains in tech (Nvidia) and biotech stocks. Yesterday’s after-hours session was led by biotech M&A and pipeline news, while today’s focus centers on upcoming Nvidia earnings (this week) and the first post-government shutdown economic data releases. Key narrative: Investors balance AI sector optimism (Nvidia) against concerns from high-profile stake sales (Thiel Macro’s Nvidia exit) [1,3].

• Futures
  : S&P 500 futures (-0.06% to 6,657.03), Dow Jones futures (-0.08% to 46,281.14), Nasdaq futures (-0.13% to 22,561.40) [7]. Contrasting reports note slight early gains in S&P/Nasdaq futures [8].
• Pre-Market Movers
  : Top gainers include IMOS (+10.9%) and BAIG (+10.8%) [4]; Nvidia (NVDA) rises pre-market ahead of Q3 earnings [3,1].
• After-Hours (Nov 16)
  : Biotechs led gains—Repare Therapeutics (RPTX +30.32%) via acquisition news, Nuvalent (NUVL +9.33%) ahead of today’s pipeline webcast [2].

1. Thiel Macro Exits Nvidia
   : Peter Thiel’s hedge fund sold all 537,742 Nvidia shares (≈$100M) amid AI bubble concerns [1].
2. Nvidia Earnings Watch
   : NVDA’s Q3 results (Wednesday) are the week’s top event; analysts expect $54.9B revenue (+56.4% YoY) [3].
3. Post-Shutdown Data
   : First official economic releases this week include Empire State Manufacturing Index (today), industrial production, and housing starts [6].
4. Biotech News
   : Repare Therapeutics to be acquired by XenoTherapeutics for $1.82/share plus CVRs [2]; Nuvalent hosts webcast on neladalkib (ALK inhibitor) data today [2].
5. Global Markets
   : Asian indices up slightly—Nikkei (+0.43%), Hang Seng (+0.18%) [5].

• Gainers
  : IMOS (+10.9% pre-market), BAIG (+10.8% pre-market), NVDA (+1.77% pre-market) [4,3].
• After-Hours (Nov16)
  : RPTX (+30.32%), NUVL (+9.33%) [2].

• Today
  : JJSF earnings (before market open); Empire State Manufacturing Index (10:00 AM ET) [3,6].
• Week
  : Nvidia Q3 earnings (Wednesday); retail earnings (Home Depot, Walmart); industrial production, housing starts [5,6].
• Risks
  : AI sector volatility post-Nvidia earnings; impact of post-shutdown data on Fed policy [3,6].