Post-Market Recap & Analysis: November 24, 2025 U.S. Equities

U.S. equities rallied on Monday, driven by Federal Reserve rate cut optimism and a rotation back into tech/AI stocks. The Nasdaq Composite led gains (+1.73%), while the Dow Jones Industrial Average lagged (+0.17%) amid defensive sector weakness. Novo Nordisk was the biggest loser (-6.24%) after its Ozempic pill failed to slow Alzheimer’s progression. Markets are preparing for a holiday-shortened week (closed Thursday for Thanksgiving, early close Friday).

• S&P 500
  : +1.03% to 6,704.67 (range: 6,630.70–6,715.75) [0]
• Nasdaq Composite
  : +1.73% to 22,872.01 (range:22,478.27–22,916.40) [0]
• Dow Jones Industrial Average
  : +0.17% to 46,448.28 (range:46,108.01–46,587.71) [0]
• Russell 2000
  : +1.75% to 2,414.25 [0]

Top performers:

• Utilities (+3.23%): Bond-proxy demand amid rate cut hopes [1].
• Technology (+2.08%): AI momentum and Magnificent Seven rotation [1].
• Energy (+2.08%): Oil price stability and OPEC+ cut expectations [1].

Laggards:

• Consumer Defensive (-1.29%): Grocery and staples under pressure from inflation [1].
• Basic Materials (-0.39%): Industrial demand concerns [1].

1. Fed Rate Cut Optimism
   : New York Fed President John Williams signaled “room for further adjustment” to rates, pushing market odds of a December cut to ~75% (up from 40% a week prior) [2]. Boston Fed’s Susan Collins later warned of a “resilient economy,” creating mild uncertainty [3].

2. Tech/AI Rally
   : Magnificent Seven stocks (Alphabet, Nvidia) led gains as investors rotated back into growth. Deutsche Bank’s bullish S&P 500 target (8,000 by 2026) also boosted sentiment [2].

3. Novo Nordisk’s Drug Trial Failure
   : The Ozempic maker’s oral semaglutide failed to slow Alzheimer’s progression in Phase 3 trials, sending shares down ~6% [5]. Peers like Bristol-Myers gained as investors shifted to alternative treatments [2].

4. Holiday-Shortened Week
   : Markets closed Thursday (Thanksgiving) and will have an early close (1 PM ET) Friday. Investors positioned for light trading and Black Friday retail data [1].

5. After-Hours Earnings
   : Zoom (ZM), Symbotic (SYM), Keysight (KEYS) were set to report quarterly results post-close [4].

• Inspire Medical Systems (+30.51%): Strong Q3 results and FDA approval rumors [1].
• Ondas Holdings (+29.47%): 5G infrastructure contract wins [1].
• Oscar Health (+22.33%): Positive Medicaid enrollment data [1].

• Novo Nordisk (-6.24%): Alzheimer’s trial failure [5].
• Carnival Corp (-6.78%): Cruise line demand concerns [1].
• Abercrombie & Fitch (-6.10%): Weak holiday sales guidance [1].

• Tuesday
  : Retail sales, PPI data; Alibaba (BABA), Dell (DELL) earnings [3].
• Wednesday
  : Deere (DE) earnings; durable goods orders [3].
• Friday
  : Early market close (1 PM ET) [1].

• S&P 500
  : Support at 6,550; resistance at 6,750 [3].
• Nasdaq
  : Support at 23,900; resistance at 24,500 [7].

• Fed speaker comments (Collins may push back on rate cuts).
• AI valuation concerns (Nvidia’s PE ratio remains elevated at ~50x) [2].
• Retail sales miss (could signal consumer weakness) [3].

[0] Ginlix Analytical Database (Market Indices & Sector Performance Tools).
[1] Yahoo Finance: “How major US stock indexes fared Monday, 11/24/2025” (https://finance.yahoo.com/news/major-us-stock-indexes-fared-211953923.html).
[2] Reuters: “Wall Street surges on tech rally, rate cut optimism” (https://www.reuters.com/world/europe/wall-street-futures-mixed-investors-mull-fed-rate-cut-focus-data-2025-11-24/).
[3] CNBC: “This S&P 500 level is the one to watch in a short trading week” (https://www.cnbc.com/2025/11/24/this-sp-500-level-is-the-one-to-watch-in-a-short-trading-week-pro-trader-says.html).
[4] Nasdaq: “After-Hours Earnings Report for November 24, 2025” (https://www.nasdaq.com/articles/after-hours-earnings-report-november-24-2025-keys-zm-wwd-sym-smtc-snex-flnc-blbd-centa).
[5] Bloomberg: “Novo’s Ozempic Pill Fails in Alzheimer’s Effort” (https://www.bloomberg.com/news/videos/2025-11-24/novo-s-ozempic-pill-fails-in-alzheimer-s-effort-video-midlhpn2).
[7] IG Group: “Market navigator: week of 24 November 2025” (https://www.ig.com/en/news-and-trade-ideas/weekly-market-navigator--24-nov-2025-251124).

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: This analysis is for informational purposes only and not investment advice. Always conduct your own research before making decisions.