S&P500 and Nasdaq 100: Stock Market Analysis Today—AI Names Power Holiday Week Gains

Stocks Climb Ahead of Thanksgiving as Dip Buyers Fuel Four-Day Rally

U.S. equities extended their winning streak on Wednesday, with all three major indexes posting gains as traders positioned ahead of the Thanksgiving holiday. The rally marks the fourth consecutive session of advances, signaling renewed appetite for risk after a turbulent November.

The Dow Jones Industrial Average added 216 points, or 0.5%, while the S&P 500 climbed 0.5% and the Nasdaq Composite rose 0.4%. The gains follow Tuesday’s strong session, when the Dow surged more than 660 points. E-mini Nasdaq-100 Index futures crossed to the strong side of the 50-day moving average.

AI and Big Tech Names Power the Advance

Artificial intelligence enthusiasm continued to drive sentiment, with Oracle jumping 4% to lead the S&P 500 gainers. Nvidia recovered from recent weakness, rising 1%, while Microsoft also gained 1%.

Earlier this week, Alphabet hit fresh record highs following reports that Meta Platforms is evaluating the use of Google’s TPU chips in 2027.

Robinhood Markets topped the broader market movers, surging 7.5%, while AppLovin rallied 6% and Dell Technologies climbed nearly 4%.

On the downside, Workday plunged more than 10%, and Deere & Co declined 5.2%.

November Proving Difficult Despite Late-Month Recovery

The recent bounce comes after a challenging month for equities. The S&P 500 remains down roughly 1% for November, the Nasdaq Composite has shed approximately 3%, and the Dow has declined about 1% month to date. Concerns over elevated valuations have weighed particularly on high-flying technology names.

Clark Bellin, president and chief investment officer at Bellwether Wealth, noted that November’s pullback reached only 4% from late October highs—well below the typical 10% correction threshold. However, he cautioned that no obvious catalyst exists to propel markets higher through year-end.

Fed Rate Bets and Chair Speculation in Focus

Traders are pricing in more than an 80% probability of a quarter-point rate cut from the Federal Reserve in December, according to the CME FedWatch tool. Adding intrigue, Treasury Secretary Scott Bessent indicated President Trump may announce his Fed chair nominee before Christmas. White House National Economic Council Director Kevin Hassett has emerged as a frontrunner, per Bloomberg, and is viewed as favoring lower rates.

Short-Term Outlook: Cautiously Bullish

Sector breadth was broadly positive Wednesday, led by Technology (+0.99%), Materials (+0.92%), and Utilities (+0.89%).

The Nasdaq Composite has reclaimed its 50-day moving average at 22923.17, now acting as near-term support.

Markets close Thursday for Thanksgiving and reopen Friday for a shortened session ending at 18:00 GMT.

With dip buyers active and Fed easing expectations intact, the near-term bias remains cautiously bullish, though traders should expect lighter volume and potential volatility into month-end.

More Information in our Economic Calendar.