After Hours Report

Stocks finished the week solidly higher as the market continues to relish in its reinvigorated odds for a December rate cut. The major averages all reclaimed their 50-day moving averages, with the Nasdaq Composite up 4.9% WTD, the S&P 500 up 3.7% WTD, and the DJIA up 3.0% WTD. Semiconductors surged, with the PHLX Semiconductor Index advancing 9.7% for the week, reflecting strong rebounds across chipmakers.

Mega-cap growth names led the advance, with notable gains in tech and AI-related stocks. The Information Technology (+4.3% WTD), Communication Services (+5.9% WTD), and Consumer Discretionary (+5.3% WTD) sectors were standout performers, while all eleven S&P 500 sectors finished the week in positive territory. Though the health care sector (+1.9% WTD) was not at the top of the weekly standings, it added to its impressive run in November that saw it finish 9.1% higher for the month.

Small- and mid-cap stocks also participated in the rally, with the Russell 2000 up 5.5% WTD and the S&P Mid Cap 400 up 3.9% WTD.

This week saw the major averages reclaim much of the ground that was lost earlier in November, as investors responded to increasing confidence that the Federal Reserve may ease policy in December, driven primarily by remarks from Fed Governors and regional Presidents signaling support for a rate cut.

• Russell 2000: +5.5% WTD
• S&P Mid Cap 400: +3.9% WTD
• Nasdaq Composite: +4.9% WTD
• S&P 500: +3.7% WTD
• DJIA: +3.0% WTD

Monday:

The stock market posted a solid start to the holiday-shortened week as renewed optimism around a December rate cut saw stocks advance in broad-based fashion with exceptional leadership from mega-cap names. Strength in mega-cap and tech stocks saw the Nasdaq Composite (+2.7%) outperform the S&P 500 (+1.6%) and DJIA (+0.4%), while the Russell 2000 (+1.9%) and S&P Mid Cap 400 (+1.0%) also secured solid gains. 

Fed Governor Christopher Waller (FOMC voting member) said he supports a December cut while emphasizing that any further easing should be determined on a meeting-by-meeting basis—a stance that helped lift sentiment today, much like it did on Friday. San Francisco Fed President Mary Daly (nonvoting FOMC member) also signaled support for a December reduction, according to The Wall Street Journal.

The CME FedWatch Tool now assigns an 85.1% probability to a 25-basis-point cut at the December meeting, up from 71.0% on Friday.

Nine S&P 500 sectors close with gains, with mega-cap leadership pushing the communication services (+3.9%), information technology (+2.5%), and DJIA (+1.9%) to the top of today's leaderboard. The Vanguard mega-cap growth ETF finished 2.5% higher today as all of the "magnificent seven" names secured gains.

Tesla (TSLA 417.50, +26.41, +6.75%) was a mega-cap standout, while Alphabet (GOOG 318.47, +18.82, +6.28%) finished with a similar gain amid positive reception to its Gemini 3 AI model. 

NVIDIA (NVDA 182.55, +3.67, +2.05%) captured a much-needed gain after trading lower this morning, though Broadcom (AVGO 377.96, +37.76, +11.10%) and Micron (MU 223.93, +16.56, +7.99%) captured wider gains across the chipmaking cohort that saw some renewed buy-the-dip interest today after recent weakness. The PHLX Semiconductor Index finished with a 4.6% gain, though recent weakness keeps it 7.3% lower for the month of November.

Only the consumer staples (-1.3%) and energy (-0.3%) sectors closed lower. The defensive orientation of the consumer staples sector saw it lag as momentum names garnered more interest, though Tyson Foods (TSN 57.20, +3.53, +6.58%) still managed a nice gain following the company's official confirmation that it will shutter its Lexington, Nebraska, beef facility, a strategic move that validates earlier reporting by The Wall Street Journal.

Today's gains saw the S&P 500 and Nasdaq Composite briefly eclipse their 50-day moving averages, which had been violated on a closing basis last week for the first time since April. The indices would go on to close just beneath the key technical level, reflecting that while the market has certainly seen some confidence restored to mega-cap, AI, and other momentum plays, there is a hesitancy to fully embrace a risk-on posture.

U.S. Treasuries began the week with solid gains in longer tenors while the short end underperformed, ending slightly higher. The 2-year note underperformed, finishing unchanged at 3.51%, but still eked out a slight gain with some assistance from a solid $69 billion 2-year note sale. Meanwhile, the 10-year note yield settled down three basis points to 4.04%. 

There were no economic data releases today. 

Tuesday:

The stock market mounted a broad-based advance for the second consecutive session this week, sending the S&P 500 (+0.9%), Nasdaq Composite (+0.7%), and DJIA (+1.4%) to higher closes back above their 50-day moving averages. 

The major averages wavered this morning amid weakness in the top-weighted information technology sector (flat). In particular, NVIDIA (NVDA 177.82, -4.73, -2.59%) struggled today following a report by The Information that stated Alphabet (GOOG 323.64, +5.17, +1.62%) is increasing efforts to compete with NVIDIA on artificial intelligence chips, and Meta Platforms (META 636.22, +23.17, +3.78%) is interested in using Google's chips.

NVIDIA later posted on X that "NVIDIA is a generation ahead of the industry," though the stock still finished as one of the worst-performing S&P 500 names. 

Advanced Micro Devices (AMD 206.13, -8.92, -4.15%) finished even lower, though it finished substantially improved from early session levels that saw the stock hold a nearly double-digit loss. The PHLX Semiconductor Index (+0.2%) would go on to finish modestly positive, and the information technology sector finished flat after holding a loss wider than 1.0%. 

Meanwhile, the eight other S&P 500 sectors that finished higher all captured gains of 1.0% or wider, reflecting strong buying interest across the broader market. 

The health care sector (+2.2%) topped the leaderboard, as it has in many recent sessions that have featured weakness across tech, mega-cap, and momentum names. While that cohort improved throughout the session, it was not to the detriment of the health care sector, which traded in a steady range near session highs since noon. 

News that President Trump's initial health care plan includes an extension of ACA subsidies helped boost the sector, which saw its month-to-date gain surpass 10.0%. 

The consumer discretionary sector (+1.9%) captured a similar gain as all of its components traded higher, with homebuilder names a standout in today's trade as expectations for a December rate cut remained firm on the heels of notable increases on Friday and yesterday.

Strength in Alphabet and Meta saw the communication services sector (+1.6%) round out the top three movers. Only the energy (-0.7%) and utilities (-0.4%) sectors finished lower. 

Outside of the S&P 500, the smaller-cap Russell 2000 (+2.3%) and S&P Mid Cap 400 (+2.0%) also outperformed amid reinvigorated odds for a December rate cut. 

The CME FedWatch tool shows an 82.7% probability of a 25-basis-point rate reduction at the next FOMC meeting, down slightly from 84.4% yesterday.

Fed Governor Stephen Miran (voting FOMC member) told CNBC that he will not dissent at the next meeting in favor of a larger rate cut because there are other FOMC members who will vote to keep rates unchanged.

In other Fed news, Bloomberg reported that National Economic Council Director Kevin Hassett has emerged as a frontrunner for the next Fed Chair nomination.

This morning's sizable batch of economic data came largely in line with expectations, which helped prevent an outsized move in the market's implied odds of a rate cut in one direction or the other. 

All told, the market solidified its rebound effort, with the major averages moving above a key technical level in their 50-day moving averages. Stellar breadth figures underpinned the advance (advancers outpaced decliners by a roughly 4-to-1 ratio on the NYSE and a roughly 3-to-1 clip on the Nasdaq), while the outperformance of the S&P 500 Equal Weighted Index (+1.4%) over the market-weighted S&P 500 (+0.9%) highlighted a rotation into more value-oriented holdings. 

While the major averages secured a win in reclaiming their 50-day moving averages, some technical resistance remains overhead. Notably, the S&P 500 closed just beneath the 6,770 level, which was the peak level the index hit following NVIDIA's earnings release, before a strong pullback ensued. 

U.S. Treasuries climbed again on Tuesday, making for their fourth consecutive advance that sent yields on 10s and shorter tenors toward their October lows. The 2-year note yield settled down five basis points to 3.46%, and the 10-year note yield settled down four basis points to 4.00%. 

Reviewing today's data:

• Retail sales were up 0.2% month-over-month in September (Briefing.com consensus 0.4%) after increasing 0.6% in August. Excluding autos, retail sales were up 0.3%, as expected, following a downwardly revised 0.6% increase (from 0.7%) in August.
  • The key takeaway is that gasoline station sales were a big driver of the monthly increase. Excluding gasoline station sales, retail sales were flat in September after increasing 0.6% in August, signaling a slowdown in consumer spending on goods. 
• The Producer Price Index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decline in August. That left the year-over-year change at 2.7% versus 2.6% in August. The Producer Price Index for final demand, less foods and energy, increased just 0.1% month-over-month (Briefing.com consensus: 0.2%) following a 0.1% decline in August. That left the year-over-year change at 2.6% versus 2.8% in August.
  • The key takeaway from the report is that inflation at the wholesale level is still sticky, highlighted by a 1.1% month-over-month increase in the final demand foods index, which was up 4.0% year-over-year, shedding light on why many consumers, seeing the pass-through at grocery stores, are not aligned with the thinking that inflation is being brought under control. 
• The Conference Board's Consumer Confidence Index dropped to 88.7 in November (Briefing.com consensus 93.3) from an upwardly revised 95.5 (from 94.6) in October. In the same period a year ago, the index stood at 112.8.
  • The key takeaway from the report is that there was a further deterioration in the expectations index, with sentiment on business conditions, labor market conditions, and household income all trending negatively. That could portend a slowdown in discretionary spending activity. 
• September FHFA Housing Price Index (actual 0.0%; Briefing.com consensus 0.3%; prior 0.4%)
• September S&P Case-Shiller Home Price Index (actual 1.4%; Briefing.com consensus 1.6%; prior 1.6%). 
• October Pending Home Sales (actual 1.9%; Briefing.com consensus 0.0%; prior 0.1%). 
• ADP says "For the four weeks ending November 8, 2025, U.S. private employers shed an average of -13,500 jobs per week, according to the NER Pulse, a weekly update of the monthly ADP National Employment Report"

Wednesday:

The stock market had a largely uneventful session a day before the Thanksgiving holiday, but recently renewed hopes of a December rate cut left stocks with room to run, sending the major averages higher despite a lack of intraday catalysts. The S&P 500 (+0.7%), Nasdaq Composite (+0.8%), and DJIA (+0.7%) finished a touch off of session highs, moving the S&P 500 and DJIA within 0.5% of their unchanged month-to-date levels. 

Stocks advanced in broad fashion, much like recent sessions, but added support came from strong leadership in the top-weighted information technology sector (+1.6%).

The sector's chipmaker components rebounded from some weakness yesterday that followed reports that Alphabet (GOOG 320.28, -3.36, -1.04%) is looking to challenge NVIDIA (NVDA 180.26, +2.44, +1.37%) in the AI chip space. NVDA brushed off the report yesterday, claiming their GPUs remain "a generation ahead" of the competition. 

NVIDIA reclaimed about half of yesterday's retreat, and the PHLX Semiconductor Index posted a solid 2.8% gain. 

Elsewhere in the technology sector, Dell (DELL 133.26, +7.34, +5.83%) was one of the top-performing S&P 500 names after posting its widest earnings beat in three quarters. 

Nine total S&P 500 sectors finished the session with gains amid another day of strong participation, with advancers outpacing decliners by a roughly 5-to-2 ratio on the NYSE and a roughly 5-to-3 clip on the Nasdaq. 

Only the communication services sector (-0.5%), which faced some profit-taking in Alphabet, and the health care sector (-0.3%), which has been on a nearly double-digit run this month, closed lower. 

Outside of the S&P 500, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.7%) captured similar gains to that of their larger counterparts.

Ultimately, today's action furthered the market's rebound efforts from what has up until recently been a lackluster month. Elevated rate cut expectations continue to push stocks forward in broad fashion, while solid performances across tech, and in particular, chipmaker names, give some credence to the notion that the AI trade may be recovering from some recent weakness.

The market will be closed tomorrow in observance of the Thanksgiving holiday, and Friday's session will be abbreviated, with the market closing at 1:00 PM ET.

U.S. Treasuries had a mixed showing ahead of tomorrow's Thanksgiving closure. The 2-year note yield settled up two basis points to 3.48%, and the 10-year note yield finished unchanged at 4.00%. 

Reviewing today's data:

• Initial jobless claims for the week ending November 22 decreased by 6,000 to 216,000 (Briefing.com consensus: 225,000). That is the lowest level of initial claims since April. Continuing jobless claims for the week ending November 15 increased by 7,000 to 1.960 million.
  • The key takeaway from the report is that initial claims filings are nowhere close to a recession-type level and continue to reflect a generally low-firing environment.
• Durable goods orders increased 0.5% month-over-month in September (Briefing.com consensus: 0.3%) following an upwardly revised 3.0% increase (from 2.9%) in August. Excluding transportation, durable goods orders rose 0.6% (Briefing.com consensus: 0.2%) following an upwardly revised 0.5% increase (from 0.4%) in August.
  • The key takeaway from the report is that business spending, viewed through the lens of nondefense capital goods orders excluding aircraft (+0.9%), showed no signs of slowing, keeping pace with the 0.9% increase seen in August and exceeding the 0.7% growth rate in July.
• The November Chicago PMI retracted to 36.3 (Briefing.com consensus 44.5) from a prior reading of 43.8.
• The MBA Mortgage Applications Index for the week ended November 22 increased 0.2%, from a prior decrease of 5.2%.
• The Fed's November Beige Book reported little overall change in activity since October. Two Districts saw modest softness while one saw modest growth. Consumer spending weakened but spending on higher-end items remained strong. There was no significant change in travel trends while Manufacturing increased slightly. There was some pressure on overall employment while prices rose moderately.

Friday:

The stock market moved modestly higher during today's abbreviated session, capping a solid week for equities that saw the major averages capture sizable week-to-date gains. 

Today's action saw the DJIA (+0.6%) move into positive territory for the month in the last session of November, while the S&P 500 (+0.5%) and Nasdaq Composite (+0.7%) captured similar gains. 

Ten S&P 500 sectors captured gains today, and all eleven sectors notched week-to-date gains, underscoring the recent market-wide momentum that has been driven by reinvigorated odds for a December rate cut. 

The energy sector (+1.5%) was today's top mover, supported by a $0.81 (+1.4%) increase in crude oil prices to $59.46 per barrel. 

Amazon (AMZN 233.26, +4.10, +1.79%) and Tesla (TSLA 430.14, +3.56, +0.83%) provided solid mega-cap leadership for the consumer discretionary sector (+0.9%), padding its solid week-to-date gains (+5.3%).

The financials sector (+0.7%) also captured a nice gain as major banking names such as JPMorgan Chase (JPM 313.08, +5.44, +1.77%) traded higher. Coinbase Global (COIN 273.04, +8.07, +3.05%) advanced as Bitcoin began to rebound from recent lows. 

Intel (INTC 40.71, +3.90, +10.59%) was the top-performing S&P 500 name after analyst Ming-Chi Kuo reported on X that Apple (AAPL 278.69, +1.14, +0.41%) may begin sourcing its lowest-end M-series processors from INTC as early as 2027. The potential partnership would initially focus on AAPL's most affordable MacBook and iPad models, where the lower-power M chips currently rely entirely on Taiwan Semiconductor Manufacturing (TSM 291.46, +1.50, +0.52%).

The information technology sector (+0.5%) captured a modest gain, as NVIDIA (NVDA 176.84, -3.42, -1.90%) and Oracle (ORCL 201.80, -3.16, -1.54%) both faced pressure. 

Meanwhile, only the health care sector (-0.5%) traded lower today, facing some profit-taking after a recent run of outperformance that still leaves it up 9.0% for the month. Eli Lilly (LLY 1074.20, -30.14, -2.73%) was the worst-performing S&P 500 name today. 

Despite the holiday-shortened week, the stock market was able to reclaim a considerable amount of ground that was ceded earlier in the month. The major averages are now holding above their 50-day moving averages and enter December buoyed by improving sentiment and supportive rate-cut expectations.

• Nasdaq Composite: +21.0%
• S&P 500: +16.5% YTD
• DJIA: +12.2% YTD
• Russell 2000: +11.9% YTD
• S&P Mid Cap 400: +5.9% YTD