S&P500 and Nasdaq 100: Alphabet Strength and Dell Guidance Boost US Stocks in Premarket

Futures Edge Higher as Traders Lean Into the Bounce

Stock futures are ticking up again this morning, and the tone feels a bit more constructive as the market tries to build on a three-day rebound. Dow futures are up a touch, S&P 500 and Nasdaq futures are firmer, and the bid under big tech — especially Alphabet — is still doing some heavy lifting.

After yesterday’s 660-point surge in the Dow, traders are leaning back into the idea that last week’s pullback may have been more of a shakeout than a trend change. Dip buyers are still showing up. Just not chasing.

Are Traders Starting to Rebuild Confidence?

Yesterday’s session was messy, but buyers won the battle into the close.

The Dow notched its third straight gain, the S&P 500 and Nasdaq followed through, and Alphabet’s momentum didn’t hurt — the stock is up roughly 8% this week as hype builds around potential adoption of its TPU chips by Meta.

Nvidia was the outlier, giving back more than 2.5%, but the broader takeaway is simple: the market still wants exposure to AI, even if leadership rotates day to day.

Sentiment is improving, though still fragile. Some of the bid is simply traders stepping in after November’s pullback stalled out near 4% — shallow by historical standards. But even the optimists admit the market doesn’t have a clear upside catalyst into year-end.

What’s Driving the Macro Conversation This Morning?

Fed expectations are back in focus. Traders are pricing in roughly an 85% chance of a quarter-point cut in December, which is keeping buyers comfortable for now. The added wrinkle: Treasury Secretary Scott Bessent floated the idea that Trump could announce the next Fed chair before Christmas, and speculation is already circling around Kevin Hassett. He’s perceived as more rate-friendly, and the market tends to like that kind of profile.

That said, November is still shaping up to be a losing month across the majors. The Nasdaq is down about 3%, the S&P 500 roughly 1%, and the Dow about the same. Valuation concerns haven’t gone away — they’ve just quieted for a moment.

Which Stocks Are Moving Before the Bell?

A handful of earnings-driven movers are setting the tone. Urban Outfitters is popping more than 15% after blowing past estimates and posting record revenue and EPS. Autodesk is up around 8% on strong earnings. Dell is catching a nearly 3% bid after upbeat AI-related guidance.

On the flip side, Deere is down more than 4% even after beating expectations, and Nutanix is getting hit hard after cutting its full-year outlook.

There’s plenty of two-way action: HP is sliding on layoffs and soft guidance, Zscaler and Ambarella are under pressure, while NetApp and Petco are catching solid upside.

Bottom Line: What Should Traders Watch Next?

The market wants to keep this rebound alive, but it still needs a catalyst — either cleaner data or something supportive from the Fed. For now, traders will stay glued to rate expectations, headlines around the Fed chair decision, and whether tech leadership can keep stabilizing. Early bid is constructive. Follow-through is what matters.

More Information in our Economic Calendar.