Market Overview - US stocks experienced a sharp decline, primarily driven by a drop in tech stocks, following the end of the longest US government shutdown [1][2] - The Nasdaq Composite fell 2.3%, the S&P 500 decreased by 1.6%, and the Dow Jones Industrial Average dropped 1.6%, equivalent to 797 points [2] Economic Impact - President Trump signed a bill to end the 43-day federal shutdown, but officials indicated that economic reports delayed by the shutdown "will be permanently impaired" and may never be released [3] - The uncertainty surrounding economic data, particularly regarding inflation and the jobs market, complicates predictions for interest rate cuts by the Federal Reserve [4] Interest Rate Outlook - Market expectations for a December interest rate cut have shifted significantly, with a 50-50 chance now compared to approximately 95% a month ago, influenced by recent hawkish comments from Federal Reserve officials [4] Company Performance - Major tech stocks faced significant losses, with Nvidia falling over 3.5% and Tesla declining more than 6%, marking the steepest losses among the "Magnificent Seven" tech stocks [5] - Disney's stock dropped over 7.5% following the release of disappointing earnings [5]

Financial Performance - Jeffersonville Bancorp, Inc. reported a third quarter net income of $3,293,000 or $0.78 per share, an increase from $3,092,000 or $0.73 per share in the same quarter of 2024, primarily due to a reduction in interest expense of $554,000 and an increase in loan interest and fees of $500,000 [1] - Year-to-date net income as of September 30, 2025, was $9,301,000 or $2.20 per share, compared to $8,676,000 or $2.05 per share for the same period in 2024, with a $625,000 increase attributed to a decrease in interest expense of $1,764,000 and an increase in loan interest and fees of $1,361,000 [2] Operational Insights - The company has maintained a liquid balance sheet and is well positioned to outperform peers, despite uncertainties regarding future rate cuts by the Federal Reserve Board [3] - A cash dividend of $0.15 per share was declared, payable on December 5, 2025, to stockholders of record as of November 25, 2025 [3] Company Overview - Jeffersonville Bancorp is a one-bank holding company that owns all the capital stock of Jeff Bank, which operates ten full-service branches in Sullivan and Orange County, New York [4]

Boston Fed President Collins speaking yesterday at a community banking conference, taking a cautious tone around the path forward for rate cuts. A view that is echoed by our next guest. Joining us here at Post 9 this morning is former Minneapolis Fed President Gary Stern.Gary, it's great to have you back. Good morning. >> So Collins, Daly, Bostic, sort of this school that maybe it's good to slow down.>> Uh yes, and I would agree with that. I don't think first of all I don't think there's a compelling ration ...

Market Overview - Pre-market indexes are down across the board, with the Dow down 118 points (-0.24%), S&P 500 down 20 points (-0.30%), Nasdaq down 94 points (-0.37%), and Russell 2000 down 15 points (-0.62%) [1] - The market sentiment is influenced by high AI spending concerns [1] Economic Data Expectations - Anticipation for new inflation data from the Consumer Price Index (CPI) and jobs data from Weekly Jobless Claims was unmet, with expectations for inflation to rise to +3.1% and for 225K new jobless claims [2] Company Earnings Reports - **Walt Disney Co. (DIS)** reported fiscal Q4 earnings of $1.11 per share, beating estimates of $1.03, but lower than $1.14 from the previous year, resulting in a +7.77% positive earnings surprise. Revenues were $22.46 billion, exceeding expectations by +1.72% but down from $22.57 billion year-over-year [3][4] - Despite the earnings beat, Disney shares fell -5.8% in pre-market trading, erasing +4.8% year-to-date gains, primarily due to a -6% decline in its Entertainment division and a -16% drop in network revenue [4] - **Sally Beauty (SBH)** reported earnings of 55 cents per share, surpassing the consensus of 49 cents by +12.24%, with revenues of $947.1 million exceeding expectations of $933 million, marking the third consecutive earnings outperformance [5] Upcoming Earnings and Market Sentiment - **Applied Materials (AMAT)** is expected to report fiscal Q4 results, with anticipated negative earnings growth of -9.05% and negative revenue growth of -4.93% [6] - The market is also awaiting comments from several Federal Reserve members, which may influence investor sentiment regarding future interest rate cuts [7] Federal Reserve Actions - The Federal Reserve has reduced the Fed funds rate by 50 basis points since mid-September, bringing the median rate below 4% for the first time since December 2022. There are expectations for another 25 basis points cut at the mid-December meeting, but the lack of new economic data may complicate this [8]

Financial Data and Key Metrics Changes - Fiscal fourth quarter 2025 revenue increased 22% to $460 million compared to $378 million in the prior year period [10] - Full-year 2025 total revenue increased 6% to $1.9 billion, driven by a slight increase in units and higher average selling prices [12] - Net loss for fiscal year 2025 was $116 million, or $7.22 per diluted share, compared to a net loss of $6.39 per diluted share in the prior year [15] - Adjusted EBITDA for fiscal year 2025 was $70 million, with adjusted diluted earnings per share of $0.44 [15] Business Line Data and Key Metrics Changes - New boat sales in Q4 increased 27% to $275 million, while pre-owned sales increased 25% to $91 million [10] - Same-store sales for the year grew by 6%, outperforming the industry which saw a decline of over 13% [12] - Revenue from service parts and other sales for the quarter increased 7% to $81 million [10] Market Data and Key Metrics Changes - The company experienced a 6% same-store sales growth for the year, outperforming broader industry trends [4] - Inventory levels decreased to $540 million from $591 million in the prior year, reflecting strategic inventory positioning [15] Company Strategy and Development Direction - The company completed a strategic exit from discontinued brands to focus on high-performing brands, which is expected to improve margins in the long term [5] - The company aims to maintain a disciplined approach to inventory and cost management to adapt to market conditions [17] - The outlook for 2026 anticipates flat same-store sales, with total sales expected to range from $1.83 billion to $1.93 billion [16] Management's Comments on Operating Environment and Future Outlook - Management noted that industry conditions remain challenging, with retail demand normalizing from pandemic highs and increased promotional activity [4] - There are positive signs of improved channel inventories and normalizing OEM production, which could support demand and growth [6] - Management expressed cautious optimism for 2026, expecting demand to fluctuate with traditional seasonal cycles [16] Other Important Information - The company exited the year with the cleanest inventory levels seen in years, providing a competitive advantage [5] - The company has a total liquidity of over $67 million, including cash and credit facilities [15] Q&A Session Summary Question: Can you quantify the change in inventory year over year? - The company reported a decrease of approximately 8.5%, or $50 million, year over year [19] Question: What is the right assumption for inventory for fiscal 2026? - Inventory is expected to increase modestly due to price increases, with a headwind of around 5% from exiting brands [20] Question: What is the outlook for interest rate expenses in 2026? - Interest rate expenses are expected to be flattish to slightly up for floor plan interest, while term interest should decrease [22] Question: Have consumer rates started to come down in a meaningful way? - Consumer rates have started to decrease, contributing to positive sales momentum [26] Question: How much were sales up at the Fort Lauderdale boat show? - Sales were nearly up 20% compared to last year at the Fort Lauderdale boat show [29] Question: How do you see the promotional environment playing out in fiscal 2026? - The promotional environment is expected to remain stable until manufacturers increase production [35] Question: What is the current dynamic regarding trade-ins for pre-owned boats? - There has been an increase in trade-ins as consumers are opting to sell through dealerships rather than independently [40] Question: What is the company's approach to M&A in the current environment? - The company is focused on being disciplined regarding debt and is taking a methodical approach to potential M&A opportunities [42]

Corporate Performance - Cisco (CSCO) stock increased over 5% following its earnings report, which indicated progress in capturing AI spending from hyperscalers. The company raised its full-year forecasts for profit and sales, surpassing analysts' expectations [5] - Disney's (DIS) fourth quarter revenue fell short of estimates, resulting in an 8% decline in its shares, despite the company increasing its dividend. The market is now focused on the upcoming results from Applied Materials (AMAT) as the earnings season comes to a close [5] Economic Impact - The end of the 43-day US federal shutdown, signed into law by President Trump, is expected to have significant long-term effects, with the Congressional Budget Office estimating that US GDP could be approximately $11 billion lower by the end of 2026 than previously anticipated [2] - The uncertainty surrounding the economic outlook is complicating market expectations regarding interest rate cuts, with current pricing reflecting a roughly 50-50 chance of a reduction at the Federal Reserve's meeting next month, a significant shift from around 95% odds a month ago [4] Market Reactions - US stocks experienced declines, with the tech-heavy Nasdaq Composite leading losses with a nearly 0.8% drop, while the S&P 500 and Dow Jones Industrial Average fell by 0.5% and 0.2% respectively [1] - Wall Street remains concerned about the economic outlook, particularly after the White House indicated that reports delayed by the shutdown "will be permanently impaired" and likely never released, including key data on inflation and the jobs market [3]

Market Performance Recap - The Dow Jones Industrial Average (DJI) surged 0.7%, or approximately 327 points, closing at a record 48,254.82 points, marking its second consecutive record close [2] - The S&P 500 (SPX) gained 0.1%, remaining close to its all-time high [2] - The Nasdaq Composite (IXIC) slipped 0.3%, or 58.87 points, primarily due to weakness in major technology stocks [3] Driving Factors: Shutdown Relief and Economic Signals - Anticipation of a resolution to the 43-day U.S. government shutdown was the primary catalyst for market movements, with the House expected to vote on a spending bill [4] - The ADP employment report indicated an average of 11,250 jobs cut per week through late October, suggesting a cooling job market and increasing expectations for Federal Reserve interest rate cuts [5] Major Stock News and Movements - Advanced Micro Devices (AMD) surged 9% after projecting robust revenue growth of 35% over the next three to five years [6] - International Business Machines (IBM) rose 0.5%, reaching an all-time high of $324.90, following announcements of breakthroughs in quantum computing [6] - Palantir Technologies (PLTR) fell approximately 5%, impacting the Nasdaq's performance [6] - Major airlines saw gains of 4% to 5% due to hopes of government shutdown resolution, with smaller regional airlines also posting increases [6] - Paramount Skydance (PSKY) was among the biggest decliners, dropping 7% [6] Upcoming Market Events and Earnings - Investors are focused on the final resolution of the government shutdown and the release of U.S. inflation data on November 13, which will influence Federal Reserve policy [7] - Nvidia (NVDA) is set to report earnings on November 19, with retail company performances expected to provide insights into consumer spending [8] Additional Stock Movements - Financial stocks showed strength, with Goldman Sachs Group (GS) up 3.5%, JPMorgan Chase & Co. (JPM) gaining 1.4%, and Morgan Stanley (MS) increasing 2% [11] - On Holdings (ONON) shares surged 24% after reporting strong quarterly results, while Perion Network (PERI) jumped 14% after beating Q3 earnings estimates [11] - Stereotaxis (STXS) tumbled 15% after missing Q3 expectations, and Circle Internet Group, Inc. (CRCL) fell 7% despite better-than-expected Q3 results [11]

The S&P 500 Index ($SPX) (SPY) today is up +0.10%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.85%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.31%. US stock indexes are trading mixed, with the Dow Jones Industrials posting a new all-time high. There is anticipation that the US government shutdown could end as soon as today, when the House is expected to vote on the continuing resolution (CR) that the Senate already passed on Monday.  If approved, the bill goes to President Trump, who sai ...

Core Points - Atlanta Federal Reserve President Raphael Bostic will leave his position when his term expires on February 28, 2024, after serving since June 2017 [1][2] - Bostic is recognized as the first Black and openly gay regional president of the Federal Reserve [1] - His departure comes at a critical time for the Federal Reserve, as it prepares for a pivotal year regarding interest rate decisions [2] Group 1 - Bostic expressed pride in his accomplishments during his tenure, emphasizing the goal of creating an economy that works for everyone [2] - Regional presidents serve five-year terms, typically expiring in years ending in 1 or 6, which aligns with Bostic's upcoming departure [3] - The process of appointing new regional presidents may be complicated by unusual political dynamics on the Fed Board of Governors [3] Group 2 - Jerome Powell's term as Fed chair will expire in May 2024, while his governorship continues until 2028 [4] - Bostic has been characterized as a centrist and has shown caution regarding interest rate cuts amid high inflation and a softening labor market [4] - Until a successor is appointed, Cheryl Venable will assume the role of president at the Atlanta Fed [5]

Here’s a look at how today’s high-yield savings account rates stack up. The Federal Reserve cut the federal funds rate three times in late 2024, and it recently announced its second rate cut of 2025 which means deposit rates are on the decline. It's more important than ever to ensure you're earning the highest rate possible on your savings, and a high-yield savings account could be the solution. These accounts pay more interest than the typical savings account — as much as 4% APY and higher. Not sure wher ...