First Call - November 9, 2025

Sunday's First Call session highlighted a promising market outlook with S&P 500 futures up 0.6% and NASDAQ rising 0.8%. The recent market reversal suggests potential bullish momentum after Friday's significant equity indices bounce and VIX crush from 22 to below 20. Key factors influencing markets include possible tariff reductions, government shutdown resolution, and natural gas's strong performance (45 IVR). Despite strong Q3 earnings reports (82% beating estimates), companies saw minimal rewards for positive surprises while being punished twice the historical average for misses. Both hosts noted AI's economic impact, with Powell recently commenting on AI's negative effect on jobs growth. This technology shift could paradoxically lead to more accommodative Fed policy despite its boost to corporate productivity. The session concluded with debate on whether shutdown resolution would be bullish short-term, though potential poor economic data could quickly reverse any gains.