Pre-Market Market Overview: November 26, 2025

US equity futures climbed pre-market on November26,2025, driven by rising expectations of a December Federal Reserve rate cut—Dow Jones E-mini up87 points, Nasdaq100 E-mini up73 points, and S&P500 E-mini up15 points [4]. Asian markets surged (Hang Seng +1%, CSI300 higher) amid tech/AI leadership, while European equities opened moderately higher (Stoxx600 +0.25%) [1][2][3]. The dominant narrative centers on Fed policy shifts and global risk appetite recovery heading into the Thanksgiving holiday.

As of early trading:

• S&P500
  : Flat (+0.01% to6,794.45)
• Nasdaq Composite
  : Dip (-0.22% to23,111.14)
• Dow Jones Industrial Average
  : Gain (+0.28% to47,328.55)
  [0]

Pre-market futures indicated further momentum:

• Dow E-mini: +87 points
• Nasdaq100 E-mini: +73 points
• S&P500 E-mini: +15 points
  [4]

• Top Gainers
  : Energy (+1.06%), Financial Services (+0.77%), Consumer Defensive (+0.63%)
• Bottom Laggards
  : Consumer Cyclical (-0.26%), Technology (-0.23%)
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• Asia
  : Hang Seng (+1%), CSI300 (higher) with tech/AI names leading [2]
• Europe
  : Stoxx600 (+0.25%), FTSE100 (+0.20%), DAX (+0.18%) [3]

1. Fed Rate Cut Expectations
   : Rising bets on December easing lifted sentiment, with UBS noting recent US data reinforced cut hopes [4][7].
2. Global Risk Appetite
   : Asian markets rallied on Wall Street’s rebound, with Xiaomi (+5% on founder buybacks) and Suzhou Novosense (+5% on repurchases) leading [2].
3. JPMorgan’s Bullish S&P Call
   : JPMorgan raised its 2026 S&P500 target, citing AI momentum as a key driver [10].
4. Pre-Market Earnings
   : Li Auto (LI) reported an EPS miss (-0.62 vs estimate0.56, -211.65% surprise), while Banco Macro (BMA) and Gaotu Techedu (GOTU) released results [6].

• Gainers
  : Xiaomi (+5% on founder share buying/buybacks), Suzhou Novosense (+5% on repurchase plan) [2]
• Losers
  : Michael Saylor-led strategy (-50%+ amid $1T crypto rout), Li Auto (LI) (-post EPS miss) [6][8]

• Upcoming Catalysts
  : US labor market data/Fed speakers (rate cut influence), UK budget announcement, Treasury securities auction (2:00 PM EST) [3][4][5]
• Technical Levels
  : Watch EURUSD (~1.1600), gold (~4,175), S&P500 (~6,800) [2]
• Risks
  : Crypto volatility ($1T rout), Thanksgiving thin trading [8]

[0] Ginlix Analytical Database
[1] STL.News, “Overseas Overnight Trading Broad Gains - Nov.26,2025”, https://www.stl.news/overseas-overnight-trading-gains-nov-26-2025/
[2] Saxo Bank, “Market Quick Take -26 November2025”, https://www.home.saxo/content/articles/macro/market-quick-take---26-november-2025-26112025
[3] CNBC, “European stocks tick higher as Fed rate cut expectations rise”, https://www.cnbc.com/2025/11/26/european-markets-on-novpoint26-2025-stoxx-600-ftse-fed-autumn-budget.html
[4] FX Empire, “Dow Jones & Nasdaq100: US Futures Climb as Asian Markets Price Fed Cut”, https://www.fxempire.com/forecasts/article/dow-jones-nasdaq-100-us-futures-climb-as-asian-markets-price-fed-cut-1563640
[5] U.S. Treasury Fiscal Data, “Release Calendar”, https://fiscaldata.treasury.gov/release-calendar/
[6] Yahoo Finance, “Company Earnings Calendar”, https://finance.yahoo.com/calendar/earnings?day=2025-11-26
[7] UBS Global, “Daily: US data reinforce Fed cut expectations”, https://www.ubs.com/global/en/wealthmanagement/insights/chief-investment-office/house-view/daily/2025/latest-26112025.html
[8] Financial Times via Techmeme, “Michael Saylor-led Strategy is down 50%+ in the past three months after crypto loses $1T+ in value”, http://www.techmeme.com/251126/p17#a251126p17
[10] MarketWatch, “JPMorgan just one-upped the most bullish call on Wall Street for the S&P500 next year”, https://www.marketwatch.com/story/jpmorgan-just-one-upped-the-most-bullish-call-on-wall-street-for-the-s-p-500-next-year-c6ae8ba7?mod=mw_rss_topstories

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