Early Look

Wednesday, November 26, 2025

U.S. futures are looking higher adding to this weeks gains and on track for a 4^th straight day of gains ahead of the thanksgiving Day holiday tomorrow where U.S. markets are closed (and are open only until 1:00 pm et on Friday). Investors continue to watch the Federal Reserve’s next move closely. Markets are pricing in an 85% probability of a December quarter-point rate cut, according to the CME FedWatch tool, helping bolster investor spirits. U.S. stocks surged on Tuesday as all three main Wall Street indexes ended back above their 50-day moving average after a slew of delayed economic releases maintained expectations that the Federal Reserve will cut interest rates next month. However, with 2 days remaining, the S&P 500 and Nasdaq are still on track to snap their 6-month winning streaks despite November historically being the best month of the year for stocks. As stocks surged, the CBOE Volatility index (VIX) pulled back -9.55% to 18.56, down from highs above 28 just last Friday. Nine of eleven S&P sectors closed higher Tuesday with Energy and Utilities lagging and big gains for Healthcare and Consumer Discretionary both up over 2% on the Day. Tech was mixed amid weakness in some AI related names like NVDA, AMD and ORCL while GOOGL rallied on a report that META as in discussions to use Google’s AI chips in its data centers from 2027 and rent chips from Google Cloud by next year (raising concerns about AI spending for other firms). In Asian markets, The Nikkei Index jumped 899 points to 49,559, the Shanghai Index slipped -6 points to 3,864, and the Hang Seng Index edged higher 33 points to 25,928. In Europe, the German DAX is up 67 points to 23,532, while the FTSE 100 is up about 19 points to 9,628. In earnings, Deere (DE) shares slide after reporting solid Q3 results, but guided year net income below consensus while overnight shares of ADSK, DELL, and NTAP rise on earnings in tech while AMBA, HPQ, NTNX, PD, WDAY and ZS fall on results.

• The Dow Jones Industrial Average jumped 664.18 points, or 1.43%, to 47,112.45
• The Nasdaq Composite gained 153.59 points, or 0.67%, to 23,025.59
• The Russell 2000 Index advanced 51.70 points, or 2.14% to 2,465.98

• 8:30 AM ET                  Durable Goods Orders M/M for September…est. +0.3%
• 8:30 AM ET                  Durable Goods Ex: Transports for September…est. +0.2%
• 8:30 AM ET                  Weekly Jobless Claims…est. 225K
• 8:30 AM ET                  Continuing Claims…est. 1.969M
• 10:30 AM ET                Weekly DOE Inventory Data
• 12:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: None

• UK OBR sees 2025 GDP growth at 1.5% vs 1.0% in March, sees 2026 GDP growth at 1.4% vs. 1.9% previously, sees 2027 GDP growth at 1.5% and sees 2025 CPI inflation at 3.5% (vs. 3.3% prior).
• Deutsche Bank raised its 2026 gold forecast, citing steady investment inflows and strong Central bank buying. The bank now expects gold to average $4,450/oz, up from $4,000, with prices likely ranging between $3,950 and $4,950.Analysts say demand from Central banks and ETFs continues to absorb supply that would normally go to more price-sensitive sectors like jewelry.
• Russian Deputy Foreign Minister Sergei Ryabkov said on Wednesday that Moscow was in close contact with China about diplomatic efforts to end the conflict in Ukraine.

• LI Auto (LI) reported Q3 revenue fell 36.2% y/y to RMB27.4B, Q3 net loss of RMB624.4M, compared to net income last year and vehicle deliveries in Q3 decreased 39% y/y to 93,211 units; said expects Q4 vehicle deliveries between 100,000 and 110,000 and revs between RMB26.5B and RMB29.B.
• Urban Outfitters (URBN) shares jump on results; Q3 EPS $1.28 tops consensus $1.18 and revs rose 12.3% y/y to $1.53B above ests $1.49B; Q3 comparable retail segment net sales increased 12.5% at Urban Outfitters, 7.6% at Anthropologie and 4.1% at Free People; Q3 Subscription segment net sales increased by 48.7% primarily driven by a 42.2% increase in average active subscribers.
• Uber Technologies (UBER) rolled out driverless robotaxis in Abu Dhabi in partnership with Chinese autonomous-driving firm WeRide (WRD) on Wednesday, following the tie-up they announced last year. Uber said Abu Dhabi is the first city outside the U.S. to host fully driverless operations on its platform. The companies plan to expand coverage to areas beyond Abu Dhabi city core by the end of this year.

• Safe Bulkers (SB) posted Q3 revs $73.1M vs. est. $75.22M and adj EPS $0.12 vs. est. $0.20

• Robinhood Markets (HOOD) and Susquehanna International Group struck a deal to take over a regulated exchange run by Miami International Holdings (MIAX). The companies are acquiring a 90% stake in LedgerX, which was a part of now-defunct crypto exchange FTX.

• Petco Health (WOOF) Q3 EPS $0.03 vs. est. $0.02 on revs $1.46B vs. est. $1.47B; Q2 comp store sales fell -2.2% y/y vs. est. -1.5%; sees Q4 revenue down low single digits y/y; sees FY25 revenue down 2.5%-2.8% after previously guiding for a dip in the low single digits; narrows FY Ebitda view to $395-$397M from $385M-$395M.

• Autodesk (ADSK) Q3 EPS $2.67 vs. est. $2.50; Q3 revs $1.85B vs. est. $1.81B; Q3 adj operating margin 38%; sees Q4 non-GAAP EPS $2.59-2.67 vs. est. $2.53 and revs $1.901B-$1.91B vs. est .$1.86B; sees FY26 $10.18-$10.25, vs. consensus $9.95 on revs $7.150B-$7.165B vs. est. $7.07B and billings $7.465B-$7.525B.
• Dell Inc. (DELL) Q3 EPS $2.59 tops consensus $2.48; Q3 revs $27.0B vs. est. $27.3B; said FY26 will be another record year, and raising AI shipment guidance to roughly $25B, up over 150% y/y, and revenue guidance to $111.7B, up 17% y/y; sees FY rev. $111.2B-$112.2B above prior forecast $105B-$109B.
• HP Inc. (HPQ) gave a profit outlook for current year that fell short of estimates, and the company said it will cut 4,000-6,000 employees through fiscal 2028 by using more AI tools; Q4 EPS $0.93/$14.64B vs. est. $0.92/$14.49B; guides FY EPS $2.60-$3.20 vs. est. $3.33; announces $1 bln cost-saving initiative.
• NetApp Inc. (NTAP) Q2 adj EPS $2.05 vs. est. $1.89; Q2 revs $1.71B vs. est. $1.69B; Q2 Billings of $1.65B grew 4% y/y; raises FY26 EPS view to $7.75-$8.05 from $7.60-$7.90 (est. $7.75) and affirms FY26 revenue view of $6.625B-$6.875B (est. $6.76B).
• Nutanix (NTNX) Q1 EPS of $0,.41 was in-line with consensus on revs $670.6M missing ests $676.65M; Q1 ARR rose 18% y/y; sees Q2 revenue $705M-$715M, vs. consensus $748.7M; cuts FY26 revenue view to $2.82B-$2.86B from $2.9B-$2.94B (est. $2.93B) and sees FY26 operating margin 21%-22%.
• Pager Duty (PD) Q3 EPS $0.33 vs. est. $0.24; Q3 revs $124.5M vs. est. $124.9M; Q3 annual recurring revenue (ARR) grew 3% y/y to $497M; Q3 Customers with ARR over $100 thousand grew 5% to 867; sees Q4 EPS $0.24-$0.25 and revs $122M-$124M vs. est. $0.24/$126.9M; raises year EPS view, but cuts rev outlook.
• Workday Inc. (WDAY) Q3 adj EPS $2.67 vs. est. $2.18; Q3 revs rose 12.6% y/y to $2.43B vs. est. $2.42B; Q3 adj operating income $692M vs. est. $678.6M; sees FY26 adjusted $10.18 -$10.25 above consensus $8.89 and revs $7.15B-$7.165B, vs. consensus $9.52B; sees SY subscription revs $8.83B.
• Zscaler (ZS) Q1 EPS $0.96 vs. est. $0.86; Q1 revs rose 26% y/y to $788.11M vs. est. $773.86M; Q1 ARR grew 26% y/y to $3.2B and deferred revs grew 32% y/y; guides Q2 revs $797M-$799M vs. est. $796.1M and FY revs raised to 3.7B-$3.71B from $3.27B-$3.28B, vs. consensus $3.28B.
• Taiwan’s Foxconn (2317.TW) said that it had secured regulatory approval to invest an additional $569 million in the U.S. state of Wisconsin to meet rising demand for AI servers.