November 28, 2025
S&P futures were halted overnight due to technical issues at the CME, interrupting early trading. This follows Wednesday’s fourth consecutive gain for the S&P 500, which remains on pace for a weekly increase of more than 3%. Asian markets were mostly higher—with Japan, South Korea, and Taiwan leading—while Europe traded little changed. Treasuries were slightly weaker with yields up 1–2 bp. The dollar index gained 0.2%, gold rose 0.5%, and WTI crude slipped 0.1%.
The post-Thanksgiving session is very quiet, with the dominant theme remaining the equity rebound powered by elevated expectations for a December Fed rate cut. Cleaner positioning after the recent momentum unwind and ~5% S&P pullback has helped stabilize risk sentiment, and many analysts argue that the fundamental backdrop remains largely intact despite the drawdown.
No U.S. data is scheduled for today. The Fed enters its blackout period this weekend ahead of the 10-Dec FOMC meeting. Key releases in the week ahead include ISM manufacturing (Mon), ISM services and ADP private payrolls (Wed), Challenger job cuts (Thu), and PCE inflation and Michigan sentiment (Fri).
U.S. equities extended their rebound on Wednesday (Dow +0.67%, S&P 500 +0.69%, Nasdaq +0.82%, Russell 2000 +0.82%), with the S&P 500 rising for a fourth straight session and now tracking a >3% weekly gain. Trading was quiet ahead of the Thanksgiving holiday, but risk appetite improved, led by high beta, momentum, retail-favorite, and most-shorted cohorts. Big tech was broadly higher—NVDA recovered part of yesterday’s decline tied to GOOGL competition fears—while Bitcoin rebounded +2.6% and WTI crude rose +1.2%. Treasury trading was mixed with mild curve flattening; the dollar slipped 0.1% and gold gained 0.6%.
Macro attention centered on a series of mixed data releases. Initial claims fell to 216K (better than 230K consensus), while continuing claims rose slightly to 1.96M. Durable goods orders beat on core capital goods (+0.9% m/m vs 0.5% est.), though headline was soft relative to August. Chicago PMI was notably weak at 36.3 (vs 42.5 est.), and the Fed Beige Book characterized activity as “little changed” with moderating labor demand and steady price pressures. The Treasury’s $44B 7-year auction tailed by 0.6 bp, following another tailing auction Tuesday. Markets are closed Thursday, with no data scheduled for Friday. The Fed enters its pre-FOMC blackout this weekend with December cut odds above 80%, sharply higher from sub-30% levels a week ago.
Sector Highlights
Sector moves were broadly positive, reflecting cyclical strength and rate-cut optimism. Utilities (+1.32%), Tech (+1.27%), Materials (+1.21%), Consumer Staples (+0.97%), and Financials (+0.79%) led the S&P 500. Defensive areas were firmer, while more growth-centric segments such as Communication Services (-0.49%) and Healthcare (-0.25%) lagged. Energy (+0.68%) and Industrials (+0.58%) posted modest gains, while Real Estate (+0.50%) and Consumer Discretionary (+0.54%) remained middle-of-the-pack.
Information Technology
- NVDA – Rebounded on analyst defense following Tuesday’s GOOGL-driven competition concerns.
- DELL – Post-earnings gainer; strong AI server momentum, raised guidance, margins better despite mix shift.
- ADSK – Beat with AECO strength; guided above; macro described as broadly stable.
- WDAY – Q3 mostly ahead but FY guide unchanged; cited higher-ed headwinds and limited margin upside.
- ZS – Beat but underwhelmed; concerns around Red Canary contribution and high expectations after 60%+ YTD run.
- HPQ – Q4 ahead but Q1/FY26 guide soft; announced $1B cost-savings plan through FY28.
- NTNX – Down sharply after surprise miss and FY26 revenue guide cut; management blamed timing issues.
- AMBA – Beat with upbeat AI commentary but pressured by softer GM and GM guidance.
- ORCL – Rebounded after analysts argued it is under-credited for OpenAI-related business.
- HOOD – Announced launch of a futures/derivatives exchange in 2026 via majority stake in MIAX Derivatives.
Consumer Discretionary
- URBN – Strong beat; UO comps +12.5% (3× consensus), solid Anthro trends, better GMs.
- WOOF – Comps light, but margins/EBITDA beat; FY EBITDA guide raised for second time this year.
Industrial
- DE – Guidance disappointed; management sees 2026 as bottom of ag cycle; analysts cautious.
Communication Services
- WBD – Reports of bid requests for improved offers; NY Post reports increased lobbying by Netflix CEO.
Health Care
- NVO – Benefited from Medicare’s negotiated 71% discount for Ozempic/Wegovy; pricing aligns with net plan rates.
Eco Data Releases | Friday November 28th, 2025
No releases today
S&P 500 Constituent Earnings Announcements | Friday November 28th, 2025
No constituents report today
Data sourced from FactSet Research Systems Inc.
