Early Look

Monday, November 24, 2025

U.S. stock futures climbed in overnight trading as the market seeks to rebound into the Thanksgiving holiday week after a slide that’s knocked the air out of this year’s Ai bull run. For last week, the S&P 500 fell -1.95%, the Nasdaq declined -2.74%, the Dow fell -1.91% and the Russell 2000 index declines -0.78%. The Russell 2000 index falls for fourth straight week, longest run of weekly declines since March and the Nasdaq falls for third straight week, longest run of weekly losses since March. Reminder, the stock market is closed on Thursday for Thanksgiving Day, and it shuts down early at 1 P.M. ET on Friday. In Asian markets, The Nikkei Index was closed, the Shanghai Index edged higher 1 point to 3,836, and the Hang Seng Index jumped 496 points to 25,716. In Europe, the German DAX is up 76 points to 23,170, while the FTSE 100 is up 6 points to 9,546. Oil and European natural-gas futures inched lower after the White House hailed progress in talks with Ukraine to end the war with Russia. Contracts for Brent crude, the international oil benchmark, have already fallen roughly 4% in the last five days. Bitcoin prices fall -2% to $86,000, starting the week on the wrong foot following a prolonged selloff that has put the token on track for its worst month since 2022. Chip stocks got a boost late Friday after reports US officials are said to be having early discussions on whether to let Nvidia sell its H200 artificial intelligence chips to China. One more busy day tomorrow night for tech earnings before Q4 goes in the books, as out of the 474 S&P 500 companies that have reported so far in the earnings season, 82% have managed to beat analyst forecasts, while 15% have missed. No significant earnings are expected before the market opens. There are no Fed speakers scheduled before the external comms blackout begins at the end of the week.

• The Dow Jones Industrial Average rose 493.15 points, or 1.08%, to 46,245.41
• The Nasdaq Composite gained 195.04 points, or 0.88%, to 22,273.08
• The Russell 2000 Index advanced 64.48 points, or 2.80% to 2,369.59

• 10:30 AM ET                Dallas Fed Manufacturing for November
• 1:00 PM ET US Treasury to sell $69B in 2-year notes

• Earnings After the Close: A ALCO BLBD CENTA FLNC KEYS PFLT PNNT SMTX SNEX SYM TUYA WALD WWD ZM

• Carvana (CVNA) upgraded to Outperform from Neutral at Wedbush with a $400 price target.

• Barrick Mining Corp. (B) is in negotiations with Mali’s government to end a two-year dispute that shuttered the company’s giant Gold mine and landed employees in jail, according to people with knowledge of the matter, Bloomberg reported late Friday.
• Cummins (CMI) was upgraded to Buy from Hold at Truist following meetings with executive mgmt as believes Cummins offers the best of both worlds with a core business in Commercial Vehicles that is at a cyclical bottom, and earnings power further accelerated by secular tailwinds in Power Systems.
• MP Materials (MP) upgraded to Outperform from Market Perform at BMO Capital noting rare earth prices have pulled back as China removed bans on rare earth export restrictions, but the U.S.’s rare earth supply chain vulnerability has become blatantly apparent.
• Shares in European defense companies fell Monday after the White House hailed progress in talks with Ukraine to end the war with Russia. Officials from the U.S., Ukraine and Europe met over the weekend to discuss President Trump’s peace proposal. Trump has given Ukraine a Thursday deadline to respond, although the administration signaled over the weekend that there was room for negotiation.

• Morgan Stanley (MS) was upgraded to Outperform at Wolfe Research saying they believe revenues are poised to accelerate from both continued Ib growth / shares gains, as well as accelerating organic growth in Wm (record recruitment, better corporate stock plan / GFO pipeline conversion).

• C4 Therapeutics (CCCC) files $400M mixed securities shelf.
• Enlivex (ENLV) announces positive 6-mo topline data –demonstrating durable and persistent pain reduction and improved function in primary age-related patients with moderate to severe knee osteoarthritis.
• Merck (MRK) upgraded to Overweight from Equal Weight at Wells Fargo and raise tgt to $125 from $90 saying following recent business development, pipeline progress, and new launches, the firm sees Merck filling the shortfall from Keytruda LOE and growing revenue in the early 2030s.
• Nov Nordisk (NVO) shares fall after saying Evoke Phase 3 trials didn’t show statistically significant reduction in Alzheimer’s disease progression; trials evaluated efficacy, safety of oral semaglutide compared to placebo on top of standard of care
• President Trump is preparing to roll out a new ACA framework, per Politico, including a 2-year extension of Obamacare subsidies that expire next month. The plan would add income caps on eligibility at roughly 700 percent of the federal poverty line and introduce minimum premium payments. It also calls for Congress to fund cost-sharing reductions and offers an option for enrollees to take part of their tax credit into a savings account if they switch to a lower-premium plan.

• Baidu (BIDU) was upgraded to Overweight from Neutral at JPMorgan and raise tgt to $188 from $110 saying the company’s narrative is shifting as cloud and artificial intelligence are now set to become its primary growth engines and value drivers.
• Cipher Mining (CIFR) was upgraded to Overweight on recent selloff at JP Morgan and raise tgt to $18 from $12 noting the stock has declined 45% from recent highs just a few weeks ago, which offers a nice entry point for one of the top operators in bitcoin mining, while thinks Cipher is well positioned to sign additional high performance compute deals at other approved sites, which could drive additional medium-term upside.
• JFrog (FROG) downgraded to Neutral from Buy at UBS while raise tgt to $65 from $48, after resuming coverage of the name saying channel checks indicate broad-based strength with no signs of slowing demand or rising competitive pressure.