2026 Bullish Outlook & Ex-US Investing Opportunities: Market Overview (Nov 26, 2025)

: This analysis provides information gathering and market context to support decision-making. It is NOT investment advice, trading recommendations, or financial guidance. The goal is to present factual information, market context, and risk identification to help users make informed decisions.

: Intraday update with focus on 2026 outlook and ex-US investing trends

---

US equity markets extended their four-session rally on November 26, with the S&P 500 (+0.28%) and Dow Jones (+0.49%) closing higher, while international indices like the FTSE 100 (+0.85%) and Nikkei 225 (+1.12%) also gained [0]. The dominant narrative is growing bullish sentiment for 2026, highlighted by Ninety One Investment Institute’s call for increased exposure to ex-US markets and JPMorgan’s upbeat S&P 500 target of 7,500–8,000 [1,3,4]. Experts advise positioning bullishly as 2025 winds down, supported by recent small-cap leadership (Russell 2000 +0.82% on Nov 26) [0].

• US
  : S&P 500 closed at 6,812.60 (+0.28% Nov 26), Nasdaq Composite at 23,214.69 (+0.22%), Dow Jones at 47,427.13 (+0.49%), and Russell 2000 at 2,486.12 (+0.82%) [0].
• International
  : FTSE 100 (UK) at 9,691.58 (+0.85%), Nikkei 225 (Japan) at 49,559.07 (+1.12%) [0].

• Leaders
  : Energy (+1.77%), Consumer Defensive (+1.31%), Financial Services (+1.10%) [0].
• Laggards
  : Healthcare (-0.12%), Consumer Cyclical (-0.09%) [0].

1. Ninety One’s 2026 Bullish Call
   : Sahil Mahtani (Director, Ninety One Investment Institute) emphasized ex-US investing opportunities and a positive 2026 market outlook in a Yahoo Finance interview [1].
2. Bullish Positioning Advice
   : Bob Lang (Explosive Options) advised investors to position bullishly as 2025 concludes, citing recent market momentum [1].
3. JPMorgan’s S&P Target
   : The firm set a base 2026 S&P 500 target of 7,500, rising to 8,000 if the Fed cuts rates. It also noted ex-US equities outperformed US stocks year-to-date [3,4].
4. Small-Cap Leadership
   : Russell 2000’s strong gains (+0.82% Nov26) signal broad market participation in the rally [0].

• Ninety One Group (N91.L)
  : YTD return of 46.01% vs FTSE 100’s 17.58%, reflecting investor confidence in their global outlook [2].

• Fed policy decisions (potential rate cuts in 2026) [4].
• Q4 2025 earnings reports and 2026 outlook releases from major institutions.

• S&P500
  : Resistance at 6,831 (Nov26 high), support at 6,783 (Nov26 low) [0].
• Nasdaq
  : Resistance at23,280 (Nov26 high), support at 23,074 [0].

• Geopolitical tensions and timing of Fed rate cuts [3].
• Valuation concerns in ex-US markets (need to monitor earnings growth).

---

[0] Ginlix Analytical Database
[1] Yahoo Finance: Interview with Sahil Mahtani (https://www.youtube.com/watch?v=66csDqqmpqA)
[2] Yahoo Finance: Ninety One Group (N91.L) Stock Price (https://finance.yahoo.com/quote/N91.L/)
[3] JPMorgan: 3 Things We (And Markets) Are Grateful For This Season (https://www.jpmorgan.com/insights/markets-and-economy/top-market-takeaways/tmt-3-things-we-and-markets-are-grateful-for-this-season)
[4] Yahoo Finance: Stock Market Today (https://uk.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-rally-into-thanksgiving-notch-best-4-day-stretch-since-may-210107147.html)