Intraday Market Update - November 26, 2025 (Midday EST)

US equities are higher midday, with the Dow leading gains (+0.72%) followed by the S&P 500 (+0.52%) and Nasdaq (+0.43%) [0]. Sentiment shifted from cautious to bullish as the VIX collapsed from an intraday high of 21.77 to ~18.55, and Fed rate cut expectations for December rose to 85% [1][5]. Energy (+1.44%) and Consumer Defensive (+1.19%) sectors lead, while Healthcare (-0.10%) lags [0]. The Fed Beige Book release this afternoon is the key catalyst to watch [7].

• Dow Jones Industrial Average (^DJI):
  +0.72% to 47,534.95 (intraday range: 47,196–47,540) [0]
• S&P 500 (^GSPC):
  +0.52% to 6,829.18 (intraday range:6,783–6,831) [0]
• Nasdaq Composite (^IXIC):
  +0.43% to23,261.84 (intraday range:23,074–23,280) [0]

Top performers: Energy (+1.44%), Consumer Defensive (+1.19%), Financial Services (+0.98%) [0]
Laggards: Industrials (-0.03%), Healthcare (-0.10%) [0]

• Breadth:
  Advancers outnumber decliners 4.05:1 (NYSE) and2.59:1 (Nasdaq) [1]
• Volatility:
  VIX intraday range:21.77–18.39, current ~18.55 (-9.6%) [5][6]
• **Put/Call Ratio:**0.46 (most bullish this month) [5]
• Volume:
  Total shares traded (16.68B) below 20-session average (19.78B) [1]

1. Fed Rate Cut Expectations:
   CME FedWatch Tool shows 85% probability of a 25bp December cut (up from42.2% last week) [1][9]
2. Energy Sector Gains:
   EIA crude inventory rose2.8M barrels (Nov21 week), but energy stocks still led gains [2]
3. Tether Rating Downgrade:
   S&P reduced USDT stability rating to ‘Weak’ (risk of undercollateralization if Bitcoin falls) [3]
4. ARK Portfolio Trades:
   Cathie Wood’s ARK sold354k shares of Palantir (PLTR, ~$58M) and bought Alphabet (GOOG) [4]
5. Sector Rotation:
   Early gains led by Communication Services/Healthcare shifted to Energy/Consumer Defensive by midday [8][0]

• Palantir (PLTR):
  Down ~2% after ARK’s large sale [4]
• Alphabet (GOOG):
  Up ~1.5% as ARK added to position [4]
• Coinbase (COIN):
  Down ~5% after Argus Research downgraded to ‘Hold’ [6]
• Applied Materials (AMAT):
  Up ~3% after UBS upgraded to ‘Buy’ (target $285) [6]
• Analog Devices (ADI):
  Top Nasdaq gainer (+5.3%) [1]

• Fed Beige Book:
  14:00 ET release (regional economic insights) [7][9]
• No Fed speakers scheduled this afternoon [9]

• S&P500:
  Support at 6,783 (intraday low), resistance at 6,831 (intraday high) [0][7]
• Nasdaq:
  Support at 23,074, resistance at 23,280 [0]

• Bullish positioning (put/call ratio0.46) but low volume suggests caution [5][1]
• Tether downgrade may impact crypto-related stocks (COIN, MSTR) in the afternoon [3]

This analysis is for informational purposes only and not investment advice. Always conduct your own research before making trading decisions.
Data as of 12:00 EST, November26,2025