After Shutdown and Tech Sell-Off, All Eyes Turn to Retail Earnings

by Christine Short of Wall Street Horizon, 11/19/25

Takeaways

  • Q3 Earnings growth currently stands at 13.1% with 92% of S&P 500® constituents reporting thus far1

  • Our proprietary LERI metric indicates that US corporations are feeling quite confident in their position as we head into the New Year

  • This week we get results from retailers: WMT, TGT, TJX, ROST, HD, LOW, as well as results from AI darling Nvidia

  • Earnings season winds down from here, with only 847 global companies expected to report this week

Mixed Fortunes for Recent IPOs Amid Broader Tech Market Sell-Off

Tech stocks moved sharply to the downside the second half of last week as the AI names seemingly got repriced. Concerns about a bubble were reignited in the wake of tech earnings and large increases in spending to support AI expansion.

First time quarterly earnings from companies that have recently IPO’d were also in focus last week, and the results were mixed. Disappointing results for Gemini Space Station, StubHub and Via Transportation, causing those stocks to tumble after their earnings reports. GEMI fell to its lowest level since debuting in September due to mounting expenses.2 StubHub’s stock cratered 24% on Friday after the company declined to provide guidance for the fourth quarter.3 VIA beat analyst expectations on the top and bottom-line, but still seemed to get swept up in the broader tech sell-off when they reported on Thursday, with the stock falling over 20% in the trading session following the report.4

On the bright side, Figure Technology and Legence Corp posted better-than-expected results that resonated with investors. Blockchain-based lender, FIGR, was able to surpass revenue expectations which showed YoY growth of 42%, and net income grew 227% from the year ago period.5 As a result the stock climbed 10% in after-hours trading on Thursday. HVAC company, LGN, actually missed on the bottom-line, but delivered on revenue and announced a deal to acquire The Bowers Group to fuel future growth.6 That stock was up over 10% following the report.

After the Shutdown: Tracking the Delayed Economic Data

Now that the longest government shutdown in history is over, many investors are left wondering when we will get those weeks of missed economic data. Agencies under the departments of Labor and Commerce had not posted revised schedules as of early afternoon on Friday, but updates are expected soon. We turned to our partners at Econoday for more clarity.

Theresa Sheehan, US Economist at Econoday, said in a report published Thursday (November 13), “The statistical agencies will need a few days to get back to work, determine the best course of action, and make their announcements. Some reports will appear more quickly. The September monthly employment report was largely complete at the start of the shutdown and could be released in short order. State data on weekly jobless claims has been accumulating and could be compiled and released with little further delay. Most of the rest of the reports will require longer efforts to get back on track.”7

Sheehan also warned that “A few of the monthly reports may end up being skipped as preferable to an accelerated release schedule. However, the data that would have been included in those reports will be compiled and added to government databases.”8

Read more from Ms. Sheehan here, on when we can expect to get these new economic release dates.