November 24, 2025
S&P futures are up 0.2% Monday morning as the market attempts to build on Friday’s rebound despite a broadly negative week. The S&P 500 fell for the second time in three weeks, and the Nasdaq posted a third straight weekly decline, with most of the Mag 7 under pressure. Momentum, growth, retail favorites, most-shorted names, and unprofitable tech lagged, while healthcare remained the key rotational beneficiary. Treasuries were unchanged to firmer at the long end. DXY –0.1%, Gold –0.3%, Bitcoin +1.7%, WTI –0.4%.
Positioning cleanup and favorable seasonality remain bullish talking points, though the narrative remains dominated by AI sentiment—including a “DeepSeek moment” feel around GOOGL’s Gemini 3—and ongoing Fed uncertainty despite NY Fed President Williams’ dovish tone on Friday. The AI skepticism theme (capex sustainability, ROI concerns, circular partnerships, capex > buybacks, widening CDS) still has traction. Fed enters blackout this week, leaving markets focused on incoming data.
- NVO / LLY: Both lower after Novo’s Alzheimer’s GLP-1 trial failed to show significant reduction.
- USFD / PFGC: Terminated information-sharing process; no longer pursuing a merger; USFD authorized $1B buyback.
- PSKY / WBD: NY Post says PSKY now viewed as the frontrunner for WBD, citing Ellison interest in CNN and smoother regulatory path.
- BABA: Higher on strong launch momentum for new Qwen AI app.
- BHP: No longer considering a combination with Anglo American.
- KSS: Reportedly preparing to name interim CEO Michael Bender as permanent CEO.
- AAPL: FT notes weak iPhone Air sales relative to internal expectations.
- META: Court-released internal communications suggest executives were aware of potential social-media risks to minors.
US equities closed broadly higher on Friday, with the Dow +1.08%, S&P 500 +0.98%, Nasdaq +0.88%, and Russell 2000 +2.80%, marking a strong rebound after multiple failed stabilization attempts earlier in the week. The move was driven largely by a sharp dovish shift in Fed expectations: comments from NY Fed President Williams pushed December rate-cut odds above 70%, up from ~20% earlier in the week. Treasuries strengthened with the curve steepening (yields down 1–4 bp). The dollar was little changed, though yen strength remained a key FX theme. Gold +0.5%, Bitcoin –2.3% (–10% WTD), and WTI crude –1.6%, extending a broader eight-week decline amid Russia-Ukraine cease-fire speculation.
On the macro front, flash S&P Global PMIs showed faster business-activity growth, with services beating expectations while manufacturing lagged. Final UMich sentiment printed 51.0—lowest since mid-2022—though both near-term and long-term inflation expectations improved. The BLS formally cancelled the October CPI report, leaving markets reliant on next week’s delayed September retail sales (Tue), durable goods (Wed), and consumer-confidence readings. Fedspeak was active: Williams leaned dovish; Collins and Logan remained cautious; and Paulson highlighted rising labor-market risk but warned that each cut raises the bar for the next.
With markets heading into the Thanksgiving holiday, trading liquidity is expected to thin even as retailers brace for key Black Friday traffic and spending data.
Sector Highlights
Sector leadership rotated toward cyclicals and value. Communication Services (+2.15%), Healthcare (+2.11%), Materials (+2.09%), and Consumer Discretionary (+1.74%) led the market, supported by firmer macro sentiment and a dovish repricing of Fed expectations. Industrials (+1.20%), Financials (+1.09%), and Real Estate (+1.30%) also participated in the rebound. Defensive groups lagged the rally but still posted modest gains, including Utilities (+0.01%), Tech (+0.07%), Energy (+0.52%), and Consumer Staples (+0.77%).
Consumer Discretionary
- ROST – Strong Q3 beat with comps and margins ahead; raised Q4 comp guidance; negligible Q4 tariff impact.
- GPS – Q3 beat across EPS, comps, and margins; raised FY guidance; noted tariff annualization will pressure 2026 margins.
- BJ – Slight beat, though comps light.
- BBWI – Downgraded at Goldman on uncertainty following management’s strategy update.
- JACK – Q4 headline beat; analysts positive on improving traffic despite near-term macro drag.
Information Technology
- INTU – Q1 beat; Q2 EPS guide light but revenue outlook ahead; full-year guidance reiterated; strong Online Services performance.
- VEEV – Beat and raise, but shares fell on commentary that fewer top biopharma clients will adopt Vault CRM.
- ESTC – Beat and raised guidance; analysts flagged sequential cloud deceleration.
- ZETA – Initiated Buy at Citi on strong positioning in marketing-tech spending and margin expansion.
Industrials
- CPRT – Revenue light on softer claims activity offsetting higher total-loss frequency.
- NVRI – Selling Clean Earth to Veolia for $3B; closing expected mid-2026.
- J – Q4 EPS beat; revenue in line; EBITDA light; FY26 EPS midpoint above consensus.
Healthcare
- EXAS – To be acquired by Abbott for $105/share in a $21B deal (19% premium); closing expected in 2026.
- AZTA – FQ4 beat with strong multiomics results; disclosed non-material classification error in prior filings.
Energy & Materials
- AESI – Downgraded at Goldman amid continued 2026 sand-volume headwinds.
- POST – Q4 EPS/EBITDA beat but FY26 EBITDA guide below consensus; mixed segment performance driven by soft consumer categories.
Eco Data Releases | Monday November 24th, 2025
S&P 500 Constituent Earnings Announcements | Monday November 24th, 2025
Data sourced from FactSet Research Systems Inc.
