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US stocks moved higher on Wednesday, notching their best four-day streak since May heading into the Thanksgiving holiday as Wall Street optimism grew over the odds of an interest-rate cut next month.
The Dow Jones Industrial Average (^DJI) rose 0.7%, over 300 points, while the S&P 500 (^GSPC) also moved up 0.7%. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.8%, following Tuesday's sharp gains.
DJI - Delayed Quote • USD (^DJI) Follow View Quote Details 47,427.12 +314.67 +(0.67%) At close: November 26 at 5:00:21 PM EST ^DJI ^IXIC ^GSPC Advanced ChartTech names have again helped to buoy the market. Alphabet (GOOG) shares slipped from record highs while Nvidia (NVDA) popped more than 1%, with both tech names reversing course from the previous session as competition within the AI chip space grew. Microsoft (MSFT), Tesla (TSLA), and Apple (AAPL) also rose.
At the same time, investors continue to closely watch for influences on the Federal Reserve’s next policy move, given the US shutdown-driven data drought. The central bank's Beige Book out Wednesday will shed light on how the US economy is performing region-by-region. It will be scoured for clues to consumer spending and the labor market as the Fed gets ready for its meeting in two weeks.
Markets are pricing in an over 80% probability of a December quarter-point rate cut after delayed September readings on retail sales and wholesale inflation fell short. Initial jobless claims unexpectedly fell last week to their lowest since April, Department of Labor data out Wednesday showed.
Meanwhile, palace intrigue at the central bank continues to pick up steam, with five finalists on President Trump's shortlist to take Chair Jerome Powell's place next year. Kevin Hassett, the White House's top economic adviser, has emerged as the frontrunner as the search enters its final weeks.
Markets are closed Thursday in observance of Thanksgiving, and open until 1 p.m. on Friday.
LIVE COVERAGE IS OVER 21 updatesWed, November 26, 2025 at 9:04 PM UTC Ines Ferré
Stocks rise for 4 straight days ahead of Thanksgiving
Stocks notched their fourth straight day of gains on Wednesday as rate cut hopes fueled risk-on sentiment.
The Dow Jones Industrial Average (^DJI) rose 0.7%, while the S&P 500 (^GSPC) also climbed 0.7%. The tech-heavy Nasdaq Composite (^IXIC) added around 0.8%.
Tech stocks led the gains as investors went risk-on this week. Meanwhile, bitcoin (BTC-USD) rose as high as $90,000.
Markets now assign more than an 80% chance of a quarter-point rate cut in December after delayed September retail sales and wholesale inflation came in softer than expected.
Labor market data also shows softness, which could sway policymakers toward a cut.
The markets will be closed on Thanksgiving, but will reopen until 1 p.m. on Friday.
Nasdaq GIDS - Delayed Quote • USD (^IXIC) Follow View Quote Details 23,214.69 +189.10 +(0.82%) At close: November 26 at 5:15:59 PM EST ^IXIC ^DJI ^GSPC Advanced ChartBitcoin rises above $90,000 as cryptocurrency attempts recovery amid stock market gains
Bitcoin (BTC-USD) rose as high as $90,000 on Wednesday, but some strategists warned the price action isn't necessarily a sign of a meaningful V-shaped recovery despite a risk-on mood in the stock market.
While the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) aimed at a fourth straight day of gains amid increasing investor bets on a Federal Reserve rate cut in December, the world’s largest cryptocurrency appeared to be steadily increasing after hitting an $81,000 last Friday, its lowest level since April.
Despite the recent bounce, bitcoin is down roughly 28% from its all-time high north of $126,000 in October,
While the fourth quarter is often the strongest for bitcoin, "history shows those gains rarely come without a catalyst," strategists at Singapore-based 10X Research said in a note.
Read more here.
Tech analyst Dan Ives flags 10 stocks to own, insists there's no AI bubble
Francisco Velasquez report:
Read more here.
- Wed, November 26, 2025 at 7:20 PM UTC Grace O'Donnell
Is the stock market open on Thanksgiving and Black Friday?
The New York Stock Exchange, Nasdaq, and bond markets will be closed on Thursday for the Thanksgiving holiday.
The stock market will reopen on Friday for a shortened trading day, ending at 1 p.m. ET. The bond market will close early at 2 p.m. ET on Friday.
After this week, Christmas is the remaining holiday this year that the market observes. Markets will close early (at 1 p.m.) on Dec. 24 and remain closed the following day.
Read more about the stock market holidays in 2025 and 2026s.
Wed, November 26, 2025 at 6:15 PM UTC Brett LoGiurato
Mortgage rates dip amid fresh signs of labor market weakness
Yahoo Finance's Claire Boston reports:
Read more here.
Wed, November 26, 2025 at 5:28 PM UTC Jake Conley
JPMorgan, Goldman Sachs see bearish oil price action on wide oversupply
Commodities strategists at JPMorgan and Goldman Sachs believe 2026 and 2027 are going to be tough years for the oil industry.
The banks' commodities desks have both set base case calls for the price of Brent crude oil, the international benchmark, to drop into the $50s per barrel, with potential bearish situations pushing prices into the $40s, or even $30s, per barrel.
Futures contracts on Brent (BZ=F) started the year trading hands in the high $70s per barrel, but prices have steadily fallen to trade around $61.75 on Wednesday. Prices on West Texas Intermediate crude (CL=F), the US benchmark currently trading at around $58, have moved in tandem.
Under the base case set by JPMorgan's commodities desk, led by Natasha Kaneva, Brent crude will fall to $58 per barrel in 2026, with WTI to trade $4 lower at each target. Under Goldman Sachs' base case, the bank's commodities desk, led by Daan Struyven, sees Brent and WTI trading hands next year at $56 and $52, respectively.
"At the risk of flogging a very dead horse, our message to the market has remained consistent since June 2023," JPMorgan strategists wrote. "While demand is robust, supply is simply too abundant."
Analysts at Macquarie have made a similar prediction,
"As a base expectation, [current market conditions] sets up for punishing oversupply in Q4 '25/Q1 '26, which we believe may necessitate a pronounced step lower in oil prices and OPEC policy pivot," Macquarie analysts wrote in a note to clients.
The base cases from both banks assume that the market will be forced to react and cut back on production.
If market adjustments aren't made, however, JPMorgan and Goldman Sachs see oil potentially trading hands in the $40s and low $50s, respectively — prices far below the breakeven point of around $60 per barrel for oil and gas operators.
Though JPMorgan noted that the situation looks unlikely.
"The magnitude suggested by market imbalances is unlikely to fully materialize in practice. Adjustments are expected on both the supply and demand sides," a JPMorgan strategist wrote.
- Wed, November 26, 2025 at 3:57 PM UTC Grace O'Donnell
Jobless claims unexpectedly decline to 7-month low
Weekly claims for unemployment benefits dropped to their lowest level since April, the US Labor Department reported Wednesday. The data marks the latest sign that while employers aren't laying off workers, they're also hiring less.
During the week ending Nov. 22, initial jobless claims fell to 216,000, a decrease of 6,000 from the previous week's revised number of 222,000. The four-week average for initial jobless claims decreased slightly to 223,750 claims.
Meanwhile, continuing claims for the week ending Nov. 15 reached 1.96 million, an increase from the previous week's level of 1.95 million, indicating that those out of work are taking longer to find new jobs.
Wednesday's jobless data comes as several prominent companies have announced layoffs in recent weeks, which are likely to take time to appear in official data. One of the most recent examples came on Tuesday, when HP Inc. (HPQ) announced plans to cut 6,000 jobs.
Yet, official data so far hasn't shown a dramatic deterioration in the US labor market, complicating the Federal Reserve's next policy decision.
Wed, November 26, 2025 at 2:58 PM UTC Laura Bratton
Robinhood soars following deal with Susquehanna
Robinhood (HOOD) shares jumped 8.5% Wednesday morning following the news that the investing platform is launching a futures and derivatives exchange in partnership with Susquehanna International Group through the acquisition of LedgerX.
The move is seen as a boon to the company as it looks to strengthen its foothold in the increasingly popular prediction markets.
The jump puts HOOD shares up more than 230% for the year.
- Wed, November 26, 2025 at 2:49 PM UTC
Nvidia partly recovers from Tuesday's loss, Alphabet falls short of $4 trillion
Nvidia (NVDA) stock added 2% Wednesday morning, mostly recovering its 2.6% drop during the prior trading session as a potential AI chip deal between Google (GOOG) and Meta (META) pressured shares.
NasdaqGS - Delayed Quote • USD (NVDA) Follow View Quote Details 180.26 +2.44 +(1.37%) At close: November 26 at 4:00:01 PM EST NVDA GOOGL Advanced ChartIn response to the news and concerns of rising competition from its own customer (Google), Nvidia said Tuesday that it's "a generation ahead" of rivals.
Bernstein analyst Stacy Rasgon also responded to the news in a note to clients Tuesday saying that Nvidia's "GPUs are clearly not going anywhere" and that the potential Google-Meta deal (reported by The Information) was a sign of sky-high demand for AI computing power but not necessarily a big competitive threat for Nvidia.
Alphabet fell fractionally Wednesday after adding 1.6% Tuesday, which had put the Google parent company closer to achieving a $4 trillion market cap.
Stocks jump at the open
Tech led US stocks higher at the open on Wednesday, with the Nasdaq Composite (^IXIC) climbing more than 0.6%.
The S&P 500 (^GSPC) added nearly 0.5%, while the Dow Jones Industrial Average (^DJI) moved up 0.3%.
DJI - Delayed Quote • USD (^DJI) Follow View Quote Details 47,427.12 +314.67 +(0.67%) At close: November 26 at 5:00:21 PM EST ^DJI ^IXIC ^GSPC Advanced ChartThe moves built on gains in stocks on Friday, Monday and Tuesday as the market rebounded from sharp losses notched last week.
Wed, November 26, 2025 at 2:04 PM UTC Brooke DiPalma
JPMorgan sees the S&P 500 reaching 7,500 in 2026, but it could surge past 8,000 if the Fed keeps cutting rates
JPMorgan's stock market strategists think 2026 will be another good year for US investors.
The firm's equity strategy team, led by Dubravko Lakos-Bujas, set a year-end price target of 7,500 for the S&P 500 in 2026.
Should the Federal Reserve continue cutting interest rates, however, the bank thinks the S&P 500 could surpass 8,000 in the year ahead.
"Despite AI bubble and valuation concerns, we see current elevated multiples correctly anticipating above-trend earnings growth, an AI capex boom, rising shareholder payouts, and easier fiscal policy (i.e. OBBBA)," the firm wrote in a note to clients published Tuesday.
"More so, the earnings benefit tied to deregulationand broadening AI-related productivity gains remain underappreciated."
JPMorgan's 7,500 call for next year is primarily supported by expected earnings growth of between 13%-15% over the next two years. In the third quarter, S&P 500 companies grew earnings by 13.4% from the prior year, according to FactSet data.
The firm's baseline outlook also sees the Fed cutting rates two more times — markets were pricing in an 85% chance the Fed cuts rates next month as of Wednesday morning — before an extended pause. An improving inflation outlook that prompts more rate cuts is what JPMorgan sees catalyzing a rise toward, and above, 8,000 for the benchmark index.
SNP - Delayed Quote • USD (^GSPC) Follow View Quote Details 6,812.61 +46.73 +(0.69%) At close: November 26 at 5:00:21 PM EST ^GSPC ^IXIC DOW Advanced ChartThe firm's call that the S&P 500 will reach 7,500 next year also makes it the second Wall Street bank this week to put that target on the index for 2026, with strategists at HSBC making the same forecast in a note published Monday.
The S&P 500 closed Tuesday's trading session at 6,765.
Both firms also note that the US economy is becoming increasingly K-shaped, with wider extremes between the haves and have nots reshaping spending habits and consumer confidence.
This most recent earnings season showed that consumers on the lower-end of the income scale continue to struggle — or in retailer lingo, remain "choiceful" — while those with greater means (and often more exposure to the stock market), are spending freely.
For stock investors, this dynamic is also likely to keep sentiment "prone to sharp swings," in JPMorgan's view, as this unhealthy economic backdrop is contrasted with an improving outlook for large firms set to benefit from a broadening out of AI trends across industries.
"Both corporates and governments across the world are racing to invest in AI in search of productivity gains and out of fear of becoming obsolete," JPMorgan's team writes.
"The AI sector's momentum is spreading geographically and across a diverse list of industries, from Technology and Utilities to Banks, Health Care and Logistics, and in the process creating winners and losers.
"The challenge — this disruption is unfolding within an already unhealthy K-shaped economy, with AI expected to amplify this polarization even further. The AI 'Wall of Worry' is likely to persist for years to come."
- Wed, November 26, 2025 at 1:35 PM UTC Grace O'Donnell
Robinhood, Susquehanna push further into prediction markets with LedgerX acquisition
Robinhood (HOOD) announced a new joint venture with Susquehanna late on Tuesday that will see the two partners take over a futures and derivatives exchange from Miami International Holdings, clearing the way for Robinhood to launch its own prediction market.
Robinhood and Susquehanna will take a 90% stake in LedgerX, which Miami International Holdings acquired from FTX in 2023 for $50 million as part of the crypto exchange's bankruptcy proceedings, according to Reuters. The exchange is already regulated by the Commodity Futures Trading Commission (CFTC).
The move is aimed at expanding Robinhood's push into prediction markets and event contracts trading. The platform already offers prediction market contracts through Kalshi.
It comes after a court ruling in September of last year removed a ban on election betting, which has led to the swelling of prediction markets and activity in the industry.
“Robinhood is seeing strong customer demand for prediction markets, and we’re excited to build on that momentum,” said Robinhood's general manager of futures, JB Mackenzie. “Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers.”
Robinhood stock jumped over 4% ahead of the opening bell on Wednesday.
Read more here.
Wed, November 26, 2025 at 1:01 PM UTC Jenny McCall
Good morning. Here's what's happening today.
Economic data: MBA Mortgage Applications, week ended Nov. 21; Initial jobless claims (week ended Nov. 22); Durable goods orders (September); MNI Chicago PMI (November); Federal Reserve's Beige Book
Earnings: Deere & Company (DE), Li Auto (LI), Diginex Limited (DGNX), New Fortress Energy (NFE)
Here are some of the biggest stories you may have missed overnight and early this morning:
HSBC's big S&P call reflects Wall Street faith in AI trade
Toyota has figured out what makes Trump happy. Here's its endgame.
Nvidia denies it's 'circular financing'. 2 big short sellers disagree.
Who'll replace Fed Chair Powell? A closer look at Trump's finalists.
Nvidia is still sinking as doubts about its AI dominance grow
Trump team negotiates Taiwan chip-worker training deal
Tesla struggles to course correct from sales skid
- Wed, November 26, 2025 at 12:56 PM UTC Grace O'Donnell
HSBC sees S&P 500 hitting 7,500 by end of 2026 with 'more to come' in the AI trade
Yahoo Finance's Hamza Shaban writes in today's Morning Brief newsletter:
Read more here.
Deere outlook falls short as farm rebound remains elusive
Deere and Co.'s (DE) stock fell 5% before the bell on Wednesday after its outlook fell short of analysts' expectations. Uncertainty persists regarding the timing of a recovery in the US farm economy.
Bloomberg News reports:
Read more here.
- Wed, November 26, 2025 at 10:43 AM UTC Karen Friar
Nvidia says it isn't using 'circular financing' schemes. 2 famous short sellers disagree.
Yahoo Finance's Laura Bratton reports:
Nvidia (NVDA) sent a memo to Wall Street analysts over the weekend arguing that it is not engaged in vendor financing, a controversial practice in which suppliers invest in or extend loans to their own customers.
Famed short sellers Jim Chanos and Michael Burry aren't so sure.
Nvidia wrote a seven-page document — first reported by Barron's on Tuesday morning — rebuffing claims that it invests in its own customers to inflate its revenue. The memo was written in response to a newsletter from a little-known Substack author last week claiming that the $5 trillion AI chipmaker is engaged in a "circular financing scheme" — using vendor financing to boost sales — drawing parallels between Nvidia and famous dot-com era accounting frauds committed by Enron and Lucent.
... Chanos, who is famous for predicting the fall of Enron, thinks the comparison between Nvidia and Lucent bears weight.
"They're [Nvidia is] putting money into money-losing companies in order for those companies to order their chips," Chanos told Yahoo Finance in an interview.
Read more here.
Premarket trenders: Alphabet, Workday, and HP
Alphabet (GOOG, GOOGL) stock continued to rise in premarket trading on Wednesday and was up more than 1% following the report that Google is in talks to supply chips to Meta (META).
NasdaqGS - Delayed Quote • USD (GOOG) Follow View Quote Details 320.28 -3.36 (-1.04%) At close: November 26 at 4:00:02 PM EST Advanced ChartWorkday (WDAY) stock fell more than 5% before the bell on Wednesday after the company reported lukewarm third quarter subscription revenue, a sign of softer demand.
HP (HP) stock fell 5% during premarket trading on Wednesday following the tech company's news that it will reduce its headcount by 4,000 to 6,000 people. HP also issued a lower-than-expected earnings projection for the new fiscal year.
- Wed, November 26, 2025 at 10:37 AM UTC Grace O'Donnell
HP stock sinks after CEO says it's cutting thousands of jobs amid AI push
Shares of HP Inc. (HPQ) slid over 5% in premarket trading as Wall Street assessed its quarterly earnings released late Tuesday.
The tech company plans a sweeping AI initiative tied to new restructuring efforts that are expected to eliminate up to 6,000 jobs worldwide and to generate $1 billion in cost savings in coming years.
Yahoo Finance's Francisco Velasquez reports:
Read more here and watch the full interview with Lores and Yahoo Finance executive editor Brian Sozzi below.
- Wed, November 26, 2025 at 8:58 AM UTC Grace O'Donnell
Dell stock pops as strong AI demand lifts FY profit guidance
Dell (DELL) shares rose nearly 6% in premarket trading after the company slightly missed Wall Street's revenue estimates but issued fourth quarter financial guidance above expectations.
The tech hardware giant pointed to surging demand for its AI servers and stronger performance in its infrastructure business.
From Reuters:
Read more here.
- Wed, November 26, 2025 at 4:52 AM UTC Rian Howlett
Gold rises on Fed rate-cut and dollar weakness
Bloomberg reports:
Read more here.
