After Hours Report

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.

Overseas:

• Europe: DAX +1.0%, FTSE +0.9%, CAC +0.9%
• Asia: Nikkei +1.9%, Hang Seng +0.1%, Shanghai -0.2%

Commodities:

• Crude Oil +0.67 @ 58.67
• Nat Gas +0.08 @ 4.56
• Gold +62.10 @ 4202.40
• Silver +2.61 @ 53.57
• Copper +0.10 @ 5.19

After-Hours Spotlight:

• Boeing (BA) will produce AH-64E Apache attack helicopters for international customers, including 96 for the Polish Armed Forces, under a Foreign Military Sales contract awarded by the U.S. Army valued at nearly $4.7 billion...BA +0.3%
• Exelixis (EXEL): Director bought 27532 shares at $43.12 worth ~$1.19 mln...EXEL +0.9%
• Post (POST) announces new share repurchase authorization of $500 million...POST +0.0%
• Super Group (SGHC) comments on United Kingdom Autumn Statement...SGHC +0.0%
• REGENXBIO (RGNX) files for $300 mln mixed securities shelf offering...RGNX -1.6%
• Southwest Gas (SWX) appoints Justin S. Forsberg to CFO effective effective December 1...SWX -0.4%

Fair Value for Friday, November 28:

• S&P 500: 6,827
• Nasdaq 100: 25,300
• DJIA: 47,483

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Ambarella (AMBA) beats by $0.07, beats on revs; guides Q4 revs above consensus
  • Arrowhead (ARWR) reports Q4 (Sep) results, beats on revs
  • Autodesk (ADSK) beats by $0.17, beats on revs; guides Q4 EPS above consensus, revs above consensus
  • Deere (DE) beats by $0.08, beats on revs
  • Dell (DELL) beats by $0.12, reports revs in-line; guides Q4 EPS and revs above consensus; Guides Q4 EPS above consensus
  • Eldorado Gold (EGO) releases updated mineral reserve and mineral resource statement
  • Guess? (GES) beats by $0.10, beats on revs; On August 20, 2025, company entered into definitive agreement for certain existing company shareholders to enter into a strategic partnership with Authentic Brands Group under which Authentic will acquire 51% and the Rolling Stockholders will acquire 49% of the company’s intellectual property and the Rolling Stockholders will acquire 100% of the company’s operating assets
  • HP Inc. (HPQ) beats by $0.01, reports revs in-line; guides Q1 EPS in-line; guides FY26 EPS below consensus; increases dividend; announces company-wide initiative, includes 4,000-6,000 workforce reduction
  • Li Auto (LI) misses by RMB1.06, beats on revs; guides Q4 revs below consensus
  • NetApp (NTAP) beats by $0.17, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY26 EPS in-line, reaffirms FY26 revs guidance
  • Nutanix (NTNX) reports EPS in-line, revs in-line; guides Q2 revs below consensus; guides FY26 revs below consensus
  • PagerDuty (PD) beats by $0.08, reports revs in-line; guides Q4 EPS in-line, revs below consensus
  • Petco Health and Wellness (WOOF) beats by $0.01, reports revs in-line; comp sales -2.2%; guides FY26 revs below consensus
  • Urban Outfitters (URBN) beats by $0.08, beats on revs
  • Workday (WDAY) beats by $0.15, reports revs in-line; Issues Q4 and FY26 subscription revenue and non-GAAP operating margin guidance
  • Zscaler (ZS) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs above consensus
• General News
  • President Trump says Chinese President Xi "pretty much" agreed to expand purchases of agricultural products, according to Bloomberg
  • President Trump says some type of Affordable Care Act subsidy extention could be required to reach a deal on healthcare, according to The Hill
  • The Thanksgiving travel period will be the busiest in 15 years, according to CNN
  • Brazil requires former President Jair Bolsonaro to serve a 27-year prison sentence, according to Axios
  • Dr. Ralph Abraham will become CDC's Deputy Director. He has called coronavirus vaccines "dangerous", according to NY Times
  • USTR extends 178 China tariff exclusions to Nov. 2026 following U.S./China trade deal
  • CMS proposes new policies to strengthen quality, access and competition in Medicare Advantage and Part D
  • CMS delivers savings for seniors on 15 major drugs for cancer and chronic disease; Novo Nordisk's (NVO) Ozempic prices negotiated at 71% discount
  • EU Parliament says children should be at least 16 to access social media, say MEPs
  • Alibaba (BABA): Pentagon believes that BABA, Baidu (BIDU), and BYD (BYDDY) will be added to list of companies that aid China's military, according to Bloomberg
  • Amazon (AMZN) wants its engineers to use Kiro AI coding tool, according to Reuters
  • Amazon (AMZN): FAA will investigate Amazon after one of its drones snapped a cable, according to Reuters
  • Apple (AAPL) challenges India’s new antitrust penalty law that could trigger $38 bln fine, according to Reuters
  • Ascendis Pharma (ASND) reports FDA extension of review period for TransCon CNP in achondroplasia
  • AstraZeneca (AZN) receives FDA approval for Imfinzi in early gastric and GEJ cancers
  • AstraZeneca's (AZN) IMFINZI, in combination with standard-of-care FLOT chemotherapy, has been approved in the US for the treatment of adult patients with resectable, early-stage and locally advanced gastric and gastroesophageal junction cancers
  • BeOne Medicines (ONC): FDA grants Priority Review to sonrotoclax for relapsed or refractory mantle cell lymphoma
  • BiomX (PHGE) provides update on BX004 Phase 2b Trial in cystic fibrosis
  • BioNTech (BNTX) shares progress on exchange offer for CureVac shares
  • Blackstone (BX) nears $4 bln deal to acquire utility-parts maker MacLean Power Systems, according to Bloomberg
  • Boeing (BA) awarded a $4.6 bln Army contract; also awarded a $2.4 bln modification to Air Force contract
  • Campbell's Soup (CPB) executive placed on leave after discrimination complaint, according to Washington Post
  • Citigroup (C): Saudi Aramco selected Citigroup to help arrange the stake sale, according to Bloomberg
  • Critical Metals Corp. (CRML) provides an update on the Wolfsberg Lithium Project
  • DigitalBridge (DBRG) signs strategic MOU with KT to develop AI data centers in South Korea
  • Fresh Del Monte (FDP) and THACO AGRI sign strategic sourcing partnership for bananas
  • FrontView REIT (FVR) announces successful re-leasing of its former TriColor property in Marietta, Georgia to Avis Budget Group
  • Instacart (CART) appoints Chris Rogers as new Board Chair
  • Meta Platforms (META): Italian Competition Authority has broadened the scope of the investigation proceedings launched into Meta Platforms Inc
  • Meta (META) could diversify from its reliance on Nvidia (NVDA) with Google (GOOG, GOOGL) chips, according to WSJ
  • Myriad Genetics (MYGN), Clarity, and MagView launch integrated AI and genetic risk platform for personalized breast health
  • Northrop Grumman (NOC) awarded a $100 mln Air Force contract
  • NVIDIA (NVDA): China might be moving away from NVDA, according to The Information
  • Papa John's (PZZA) completes strategic refranchising and new restaurant development agreement with franchisee Chris Patel of Pie Investments
  • PDD Holdings (PDD): EU Commission requests Shein to provide information on the sale of illegal products under the Digital Services Act
  • Radian Group (RDN) announces that its wholly owned subsidiary, Radian Guaranty, has agreed to principal terms on an excess of loss reinsurance arrangement with a panel of highly rated third-party reinsurance providers
  • Rio Tinto (RIO) mulling sale of critical mineral assets in U.S., according to Bloomberg
  • Robinhood (HOOD) shifting focus to active and aggressive traders, according to WSJ
  • Teck Resources (TECK) confirms that Independent proxy advisory firms ISS and Glass Lewis recommend teck shareholders Vote “FOR” the merger of equals with Anglo American
  • Tesla (TSLA) CEO Elon Musk says "The Tesla Robotaxi fleet in Austin should roughly double next month"
  • Tesla (TSLA) car sales continue to struggle, according to Reuters
  • Token Cat Limited (TC) announced the appointment of Sav Persico as Chief Operating Officer, effective immediately
  • Venture Global (VG) signs 20-year LNG sales and purchase agreement with Tokyo Gas
  • Walt Disney's (DIS) “Zootopia 2” earned $10.2 mln in preview showings, according to Variety
  • WeRide (WRD) and Uber (UBER) launch fully driverless robotaxi commercial service in Abu Dhabi

• Upgrades:
  • Amentum (AMTM) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $35
  • Autodesk (ADSK) upgraded to Buy from Hold at Deutsche Bank, tgt $375
    
  • Autoliv (ALV) upgraded to Overweight from Neutral at JPMorgan, tgt $140
  • Atmus Filtration (ATMU) upgraded to Overweight from Neutral at JPMorgan, tgt $60
  • Inspire Medical (INSP) upgraded to Buy from Hold at Truist, tgt $165
  • NetApp (NTAP) upgraded to Outperform from Market Perform at Northland, tgt $137
  • Oscar Health (OSCR) upgraded to Overweight from Neutral at Piper Sandler, tgt $25
  • Zscaler (ZS) upgraded to Overweight from Equal Weight at Capital One, tgt $320
• Downgrades:
  • Ambev (ABEV) downgraded to Market Perform from Outperform at Bernstein
    
  • Biohaven (BHVN) downgraded to Neutral from Buy at UBS, tgt $11
    
  • Grupo Supervielle (SUPV) downgraded to Neutral from Buy at BofA Securities
    
  • Morgan Stanley Direct Lending (MSDL) downgraded to Sector Perform from Outperform at RBC Capital, tgt $18
    
  • PagerDuty (PD) downgraded to Hold from Buy at Craig Hallum; tgt $15
  • Palmer Square (PSBD) downgraded to Sector Perform from Outperform at RBC Capital, tgt $13
• Others:
  • APA Corp. (APA) initiated with an Outperform at William Blair
    
  • Array Digital (AD) resumed with a Buy at Citigroup, tgt $37
  • Astronics (ATRO) initiated with a Buy at TD Cowen, tgt $65
    
  • Aura Biosciences (AURA) re-initiated with an Outperform at Evercore ISI, tgt $13
    
  • Coterra Energy (CTRA) initiated with an Outperform at William Blair
    
  • Kyndryl Holdings (KD) initiated with a Buy at Guggenheim, tgt $30
    
  • Nektar Therapeutics (NKTR) initiated with a Buy at Citigroup; tgt $102
  • Old Dominion Freight Line (ODFL) initiated with a Sell at Rothschild & Co Redburn, tgt $114
    
  • Ovintiv (OVV) initiated with an Outperform at William Blair
    
  • reAlpha (AIRE) initiated with a Buy at H.C. Wainwright, tgt $2
    
  • Saia (SAIA) initiated with a Neutral at Rothschild & Co Redburn, tgt $262
    
  • Telephone & Data Systems (TDS) resumed with a Buy at Citigroup, tgt $45
    
  • XPO (XPO) initiated with a Buy at Rothschild & Co Redburn, tgt $156

• Econ Data (Thursday):
  • U.S. markets are closed for Thanksgiving Day

• Earnings:
  • Monday (Nov 24)
    • Pre-Market: None
    • After-Hours: A BLBD CENT FLNC KEYS SMTC SYM WWD ZM
      
    Tuesday (Nov 25)
    • Pre-Market: ANF BABA ADI BBY BURL DKS EMBC SJM KSS NIO
    • After-Hours: AMBA ARWR ADSK CLSK DELL GES HPQ NTAP NTNX PD WOOF URBN WDAY ZS
      
  • Wednesday (Nov 26)
    • Pre-Market: DE LI
      
    • After-Hours: None
  • Thursday (Nov 27)
    • Pre-Market: None
    • After-Hours: None
  • Friday (Nov 28)
    • Pre-Market: None
    • After-Hours: None