Intraday Market Overview - November 24, 2025 (Noon EST)

US equities are rallying mid-session on November 24, driven by dovish Federal Reserve comments and strong performance in AI-related tech stocks. The Nasdaq Composite leads gains with a 1.67% increase, while the S&P 500 and Dow Jones Industrial Average rise 0.99% and 0.23%, respectively [0]. The dominant narrative is growing expectations of a December Fed rate cut (70% probability) and renewed optimism in growth sectors, as investors rotate from defensive to risk assets [1][3].

Index	Current Level	% Change	Source
S&P 500 (^GSPC)	6,702.47	+0.99%	[0]
Nasdaq Composite (^IXIC)	22,857.22	+1.67%	[0]
Dow Jones Industrial (^DJI)	46,459.19	+0.23%	[0]

• Top Gainers
  : Utilities (+2.65%), Technology (+2.12%), Consumer Cyclical (+1.85%) [1]
• Top Laggards
  : Consumer Defensive (-1.43%), Basic Materials (-0.53%) [1]
• Rotation
  : Investors shifted from defensive sectors to growth, reflecting risk-on sentiment amid rate cut hopes.

• Volatility (VIX) slipped to 23.4, down 11% from recent highs, indicating calmer market conditions [1].
• Options pricing for Friday’s SPX expiry implies an expected ±2% weekly move from 6,600 [1].

1. Dovish Fed Policy Signals
   
   Fed Governor Christopher Waller advocated for a December rate cut, citing labor market concerns, and noted a meeting-by-meeting approach from January [3]. This builds on NY Fed President Williams’ comments last week that raised December cut odds to ~70% [1].

2. AI Tech Optimism
   • Nvidia (NVDA)
     : Gained +1.35% on reports US officials are in early talks to allow H200 AI chip sales to China [1][2].
   • Tesla (TSLA)
     : Rallied +6.87% after CEO Elon Musk announced AI4 chips are in vehicles and next-gen chips are in preparation [2].
   • Alphabet (GOOGL)
     : Surged +6.42% on strong reception of its Gemini 3 AI model [2].

3. Geopolitical & Macro Context
   • US-Ukraine peace talks made progress, but European defense stocks fell (Rheinmetall down 7.4%) on reduced conflict risk [1].
   • Delayed economic data (September retail sales, PPI) will be released Tuesday, which may influence Fed policy [5].

• Tesla (TSLA): +6.87% (AI chip progress) [2]
• Alphabet (GOOGL): +6.42% (Gemini 3 launch) [2]
• Nvidia (NVDA): +1.35% (China chip sales talks) [1][2]

• Novo Nordisk (NVO): -5.4% (failed Alzheimer’s drug trial) [4]
• Oracle (ORCL): -5.7% (valuation concerns, but ticked up post-hours) [1]

• No Fed speakers
  scheduled today (external comms blackout begins end of week) [4].
• Technical Levels
  :
  • S&P500: Support at 6,630 (today’s low), resistance at 6,750 (near-term high) [0][2].
  • Nasdaq: Support at 22,478 (today’s low), resistance at 23,000 [0][2].

• Tuesday
  : Delayed September retail sales and PPI data (critical for Fed policy) [5].
• Thanksgiving
  : Markets closed Thursday; early close (1 PM ET) Friday [4].

• Valuation concerns in tech stocks, geopolitical tensions (Ukraine peace talks), and potential hawkish pushback from Fed officials [1][5].

[0] Ginlix Analytical Database
[1] Saxo Bank. Market Quick Take – 24 November 2025. URL: https://www.home.saxo/content/articles/macro/market-quick-take---24-november-2025-24112025
[2] Yahoo Finance. Nasdaq, S&P500 soar as Nvidia, Tesla, Google lead Big Tech rebound. URL: https://finance.yahoo.com/news/live/stock-market-today-nasdaq-sp-500-soar-as-nvidia-tesla-google-lead-big-tech-rebound-185101354.html
[3] Bloomberg. Fed’s Waller Calls for December Cut, Then Meeting-By-Meeting. URL: https://www.bloomberg.com/news/articles/2025-11-24/fed-s-waller-calls-for-december-cut-then-go-meeting-by-meeting
[4] eOption. Morning Preview: November 24, 2025. URL: https://www.eoption.com/morning-preview-november-24-2025/
[5] CNBC. U.S. Treasury yields: investors await delayed economic data. URL: https://www.cnbc.com/2025/11/24/us-treasury-yields-investors-await-delayed-economic-data-.html

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: This analysis is for informational purposes only and not investment advice. All data is sourced from third-party tools and publications.