Intraday Market Overview - November 21, 2025 (12:00 PM EST)

U.S. equities are higher mid-session, with the Dow Jones Industrial Average leading gains (+1.27%) followed by the S&P 500 (+0.99%) and Nasdaq Composite (+0.69%) [0]. Sector rotation is prominent: Basic Materials (+1.45%) and Healthcare (+0.98%) outperform, while Utilities (-2.03%) and Technology (-1.04%) lag [0]. Key catalysts include Eli Lilly’s historic $1 trillion market cap milestone (boosting Healthcare), Meta’s entry into electricity trading (AI infrastructure play), and unusual options activity in NVIDIA [1][2][4].

• Dow Jones Industrial Average
  : +1.27% (open:45,808.65 → current:46,392.58) [0]
• S&P 500
  : +0.99% (open:6,555.77 → current:6,620.77; intraday range:6,521.92–6,622.71) [0]
• Nasdaq Composite
  : +0.69% (open:22,162.83 → current:22,315.47) [0]

• Leaders
  : Basic Materials (+1.45%), Healthcare (+0.98%) [0]
• Laggards
  : Utilities (-2.03%), Technology (-1.04%) [0]
• Rotation Note
  : Investors are shifting from rate-sensitive sectors (Utilities) and recent AI leaders (Tech) to cyclical (Materials) and defensive-growth (Healthcare) sectors [0].

1. Eli Lilly’s $1 Trillion Milestone
   : Eli Lilly briefly crossed the $1 trillion market cap threshold, the first drugmaker to reach this milestone [1]. This drove Healthcare sector gains, as the company’s GLP-1 drugs continue to dominate the obesity and diabetes markets [1].

2. Meta’s AI Infrastructure Push
   : Meta Platforms entered electricity trading to accelerate construction of new U.S. power plants critical for its AI infrastructure buildout [2]. This move underscores the growing demand for energy to support AI data centers, though Tech sector performance remains weak today [0][2].

3. Unusual NVIDIA Options Activity
   : NVIDIA saw over 100,000 contracts traded on the Nov-21-25 200 Call by 11:00 AM ET, representing7.1% of all options traded on the stock [4]. Implied volatility dropped by54% after blowout earnings, indicating reduced uncertainty or profit-taking by traders [4].

4. Fed Afternoon Events
   : Key Fed-related events this afternoon include Beth Hammack speaking at12:20 PM ET, a30-year bond auction at1:00 PM ET, Treasury Statement at2:00 PM ET, and Fed Balance Sheet release at4:30 PM ET [6].

• Eli Lilly (LLY)
  : Briefly hit $1 trillion market cap, a historic first for a pharmaceutical company [1].
• NVIDIA (NVDA)
  : Unusual options activity with over100k Nov21 200 Call contracts traded [4].
• Applied Digital (APLD)
  :71,000 calls traded, as investors position for upside from AI data center infrastructure [5].
• T-Mobile US (TMUS)
  : Downgraded by Oppenheimer due to concerns over a looming industry price war [3].

• Fed speaker Beth Hammack (12:20 PM ET)
  -30-year bond auction (1:00 PM ET)
• Treasury Statement (2:00 PM ET)
• Fed Balance Sheet (4:30 PM ET) [6]

• S&P500
  : Resistance at6,622.71 (intraday high), support at6,550 (morning open level) [0]
• Nasdaq
  : Watch if it can hold above22,300 (current level) to confirm upside momentum [0]

• Fed Comments
  : Any hawkish remarks on interest rates could reverse gains.
• Bond Auction Demand
  : Weak demand for30-year bonds may signal investor concern over long-term rates.
• Sector Rotation
  : Further Tech weakness could weigh on Nasdaq performance.

[0] Ginlix Analytical Database
[1] MarketWatch - Is GLP-1 the new AI? Drugmaker Eli Lilly briefly joined the $1 trillion market cap club
[2] Techmeme - Meta enters electricity trading to help accelerate the construction of new US power plants critical for its AI infrastructure buildout
[3] SeekingAlpha - Oppenheimer thinks T-Mobile US to be hurt by looming industry price war; lowers rating
[4] MarketChameleon - NVDA 200 Calls See Over100,000 Contracts Traded as Implied Volatility Drops
[5] Yahoo Finance - Unusual Options Activity Shows71,000 Calls Hit the Tape for Applied Digital Stock
[6] Econoday - 2025 Economic Calendar

Disclaimer: This analysis is for informational purposes only and does not constitute investment advice.