Markets Look to Black Friday to Save November 28/11/2025

HOT stories for today

Market wrap:

• US equities advanced on Wednesday as Americans headed into the Thanksgiving holiday, extending a four-day rally that followed a roughly 5% selloff in early November. Despite Wednesday’s rebound, equities remain on track for a losing month when trading resumes Friday. A tech-led retreat has dragged the major benchmarks lower in November as investors reassessed expectations for AI profitability. Recent remarks from Federal Reserve officials signaling openness to rate cuts helped stabilize sentiment.
• Megacap technology names again anchored gains, though leadership rotated as Nvidia outperformed while Alphabet surrendered part of its record run. JPMorgan projected the S&P 500 could reach 7,500 by year-end, with further upside into 2026 contingent on continued Fed easing. In Washington, the White House is said to be narrowing the field of candidates to replace Jerome Powell next year, with senior economic adviser Kevin Hassett emerging as the frontrunner. Bitcoin climbed back above $90,000, recovering from last week’s dip toward $80,000. Markets reopen Friday for a shortened post-holiday session, closing at 1 p.m. Eastern, with no major economic releases scheduled.

Beige Book Hints at Warning Signs for U.S. Economy

• The Federal Reserve’s Beige Book points to a widening divide in the U.S. economy, with strong demand from wealthier households and capital-intensive industries offset by weakening labor conditions and softer spending among low- and middle-income consumers. The report will loom large at the December 9–10 FOMC meeting, which will occur without a full set of official data due to the recent government shutdown. Labor demand continued to cool as more districts reported hiring freezes and attrition in place of layoffs, and employers said positions were becoming easier to fill, a sign of easing wage pressures.
• Discretionary spending has fallen among most households except the affluent, denting EV sales and restaurant traffic. Inflation remains moderate but persistent, with tariffs and rising healthcare costs pressuring margins. AI-related investment is booming, even as some firms scale back entry-level hiring by automating routine work. The shutdown delivered an additional hit, particularly in regions with large federal workforces. The Beige Book portrays an economy still expanding but increasingly uneven, strength at the top masking mounting fragility elsewhere, setting up a complex policy debate in December.

Stocks on the move:

• Workday (WDAY): The stock fell nearly 8% today despite beating estimates and issuing strong guidance for next year. Adjusted EPS of $2.32 topped expectations, but investors focused on slower growth in subscription backlog and deferred revenue, raising concerns about the pace of future expansion.
• Zscaler (ZS): Shares dropped even after the company reported adjusted EPS of $0.96 and revenue of $788.1 million, both ahead of expectations. High expectations played a role, as the market zeroed in on slightly softer billings growth, viewed as a leading indicator of revenue.
• CleanSpark (CLSK) : The Bitcoin miner rallied after returning to profitability. Revenue of $223.65 million was slightly below expectations, but adjusted EPS of $1.12 marked a dramatic turnaround compared with losses of $0.69 and $1.30 in the prior two fourth quarters.
• Autodesk (ADSK): The stock gained after the company posted adjusted third-quarter earnings of $2.67 per share on revenue of $1.85 billion, topping analyst estimates of $2.50 per share and $1.81 billion.
• Petco Health & Wellness (WOOF) :Shares surged after the retailer raised its full-year adjusted EBITDA outlook to $395 million to $397 million, up from prior guidance of $385 million to $395 million.

Watchlist: ADSK, DELL, GOOGL, NVDA, COIN, CHA, TSLA

Key Economic Events Today:

EST time

No major economic news


Earnings

BMC (Before Market Open): Chagee Holdings Limited (HCA)

The TEFS Analyst team wishes you a successful day!