Pre-Market Brief - November 25, 2025

US equity futures are slightly lower pre-market on November 25, 2025, with the Nasdaq leading declines due to Nvidia’s drop on news of Meta considering Google’s AI chips, while Alphabet hits a 52-week high. Key themes include mixed earnings reactions (Best Buy’s guidance raise vs. Dick’s Sporting Goods’ missed estimates) and upcoming economic data on consumer confidence and housing, as markets prepare for a holiday-shortened week.

• Yesterday’s Close
  : S&P 500 (+1.03% to 6,705.11), Nasdaq Composite (+1.73% to 22,872.01), Dow Jones Industrial Average (+0.17% to 46,448.28) [0].
• Pre-Market Futures
  : Dow (-0.1% to -0.2%), S&P 500 (-0.1% to -0.2%), Nasdaq 100 (-0.2% to -0.4%) [3][4]. Variance in estimates reflects real-time trading dynamics.
• Sentiment
  : Mixed tech sector (Alphabet up, Nvidia down), consumer discretionary strength (Best Buy’s guidance), and healthcare volatility (ENLV’s sharp gain).

1. Meta’s AI Chip Shift
   : Nvidia fell 3% pre-market as Meta Platforms is reportedly considering Google’s AI chips for its data centers [4][7]. Alphabet rose 3.46% to a 52-week high on this news [7].
2. Earnings Reactions
   : Best Buy raised its holiday quarter guidance (driven by tech upgrades) [0]; Dick’s Sporting Goods missed top/bottom estimates but lifted FY25 outlook [0]; Analog Devices beat earnings expectations [0].
3. Pre-Market Movers
   : Enlivex Therapeutics (ENLV) surged 70.61% on positive knee osteoarthritis trial data [0][2]; Antelope Enterprise Holdings jumped 20.95% on high volume [7].
4. Upcoming Economic Data
   : Richmond Fed Index (Nov, forecast -0.2), Pending Home Sales (Oct), and Consumer Confidence (Nov, forecast 93.5) at 16:00 ET [6].
5. Holiday Schedule
   : Markets close Thursday for Thanksgiving; Friday trading ends at 1 PM ET [7].

• Top Pre-Market Gainers
  : ENLV (+70.61% [2]), KTTA (+53.92% [2]), IVP (+42.08% [2]), Alphabet (GOOGL +3.46% [7]), Antelope Enterprise (+20.95% [7]).
• Top Pre-Market Losers
  : Nvidia (-3% [4][7]), AMD (-4.20% [0]), Rigetti Computing (noted decliner [7]).
• After-Hours (Nov 24)
  : FLNC (+1.9% [2]), ARWR (+$200M milestone payment [2]), ENLV (+positive trial data [2]).

• Earnings Today
  : Dick’s Sporting Goods (DKS), Best Buy (BBY), Analog Devices (ADI), JM Smucker (SJM), NIO, Burlington Stores (BURL), Abercrombie & Fitch (ANF), Kohl’s (KSS) [5].
• Technical Levels
  : Watch Alphabet’s 52-week high (resistance turned support) and Nvidia’s pre-market drop for key level tests [7].
• Risks
  : Inflation concerns from economic data, AI sector volatility (Meta/Nvidia news), and reduced liquidity in the holiday-shortened week [3][7].

: This analysis is for informational purposes only and not investment advice. All data is sourced from the tools provided and external references as cited. Market conditions are subject to rapid change.
: US markets closed Thu (Thanksgiving), Fri early close at1 PM ET.