Early Look

Friday, November 28, 2025

*** Note futures currently halted – levels above were as of last trade at 9:44 am ET on 11/27.

S&P futures were higher but have been halted for trade following an outage on the CME. CME Group has halted trade on its currency platform and in futures spanning foreign exchange, commodities, Treasuries and stocks, freezing a handful of benchmarks as brokers pulled products. The problem was a cooling issue at CyrusOne data centers, said CME in a statement, adding it was working to resolve it in the “near term” but offering no further details. A few European brokerages said they were unable to offer trading in some products on certain futures contracts. CME‘s products include S&P 500 futures EScv1, Nasdaq 100 futures NQcv1 and Dow futures YMcv1, all of which showed their last trade at 09:44 p.m. ET on Nov 27. Note US stocks posted their fourth consecutive green day on Wednesday, looking to end the Thanksgiving Day holiday shortened week with a sweep of positive days. Stock markets remained buoyant on Wednesday and Wall Street’s three main indexes all registered their fourth consecutive up day as optimism over an impending Federal Reserve interest rate cut maintained demand for the assets. Data on Wednesday showed that the number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, pointing to still-low layoffs. Traders are pricing in 85% odds the Fed will cut rates next month as the labor market weakens, according to data from the CME Group’s FedWatch Tool. @SubuTrade nots, “If $SPX closes Up today, it would have rallied every single day during Thanksgiving week. Each of the past 8 cases saw $SPX fall next Monday.” In Asian markets, The Nikkei Index rose 86 points to 50,253, the Shanghai Index rose 13 points to 3,888, and the Hang Seng Index fell -87 points to 25,858. In Europe, the German DAX is down -8 points to 23,759, while the FTSE 100 is up 7 points to 9,701. News flow, as expected, is very light this morning following Thanksgiving with focus this weekend on holiday sales for major retailers.

• The Dow Jones Industrial Average rose 314.67 points, or 0.67%, to 47,427.12
• The Nasdaq Composite gained 189.10 points, or 0.82%, to 23,214.69
• The Russell 2000 Index advanced 20.14 points, or 0.82% to 2,486.12

• ***Note figures below for oil and gold futures were last trades prior to being halted on CME trading issues.

• This week’s NAAIM Exposure Index rose slightly to 89.92 from last week’s 86.56 – recent 2025 hi of 100.83 was the highest since 7-3-24 – 2025 trough from 4-16 of 35.16 – Last Quarter Average (Q3) of 86.63.
• India’s economy grew 8.2% year-on-year in July-September, accelerating from the 7.8% growth reported in the previous quarter, as strong consumer spending and manufacturing remained key drivers amid global trade uncertainties. Economists polled by Reuters had forecast a 7.3% expansion for the quarter ended September.

• Flutter (FLUT) said adj EBITDA impact of tax changes for Co, before mitigation, expected to be about $320M in FY26 and adj EBITDA impact of tax changes for Co, before mitigation, expected to be about $540M in FY27.
• Post Holdings (POST) announces new share repurchase authorization of $500M.
• Puma (PUMSY) shares pop overnight after report China’s Anta Sports is looking to buy the sportswear giant. Shares have more than halved year to date amid an increasingly competitive sportswear market and tariffs hitting customer sentiment. Puma’s biggest shareholder is currently Artemis which holds a 29% stake in the company – CNBC https://tinyurl.com/34hejumx

• Montage Gold has struck a $170 million deal to acquire Australian explorer African Gold, purchasing all remaining shares it does not already own. The Canadian gold exploration and development company currently owns a 17.3% share of African Gold and is also the operator of African Gold’s Didievi project in the Ivory Coast.

• The U.S. Securities and Exchange Commission is probing Jefferies (JEF) relationship with bankrupt auto parts maker First Brands Group, The Financial Times reported, citing people with knowledge of the matter. The agency is investigating whether the bank gave shareholders enough information about Point Bonita fund’s exposure to the failed auto business. https://tinyurl.com/bd2n8shk
• Klarna (KLAR) announces a new multi-market partnership with Lufthansa Group, Europe’s leading airline group. The new agreement is facilitated by Klarna’s integration with Adyen, the financial technology platform of Choice for leading businesses.

• Getty Images (GETY) CEO Craig Peters said the company may reconsider the extent of its business in the UK if the Competition and Markets Authority block its potential takeover of Shutterstock (SSTK), the Financial Times reported.