Dow Jones Futures Rise With Market Above Key Level;

ED CARSON
Updated 04:40 AM ET 11/26/2025

Dow Jones futures rose slightly early Wednesday, along with S&P 500 futures and Nasdaq futures.

The stock market rally had a strong Tuesday, with the major indexes and small-cap Russell 2000 regaining their 50-day moving averages, shrugging off weakness in Nvidia (NVDA) and Advanced Micro Devices (AMD). The 10-year Treasury yield fell to the key 4% level as weak economic data reinforced expectations of a December Fed rate cut.

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Ambarella (AMBA), Zscaler (ZS), Dell Technologies (DELL), NetApp (NTAP), Autodesk (ADSK) and HP (HPQ) reported Tuesday night. Ambarella stock, the only one above the 50-day line, tumbled. So did Zscaler and HP. NetApp, Autodesk and Dell rose solidly.

The video embedded in this article reviews Tuesday’s stock market action and analyzes Lam Research (LRCX), Kinross Gold (KGC) and Intuitive Surgical (ISRG), which are all actionable.

Dow Jones Futures Today

Dow Jones futures rose 0.2% vs. fair value. S&P 500 futures advanced 0.25%. Nasdaq 100 futures climbed 0.3%. Nvidia and AMD fell again while Google and Broadcom rose.

Trading volume should be light on Wednesday heading into the Thanksgiving holiday, while Friday will have a half-day of trading.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze leading stocks and the market on IBD Live

Stock Market Strong Tuesday

The stock market had an impressive performance at a key moment. The Nasdaq fell more than 1% soon after the open as Nvidia and AMD sold off on Google AI chip fears. But the indexes powered higher, led by the Dow Jones and small caps, to reclaim their 50-day moving averages and close near session highs.

The 10-year Treasury yield fell 3.5 basis points to 4%, hitting 3.99% intraday. September retail sales and core producer prices were weaker than expected, while ADP said private job losses have continued in October.

The Dow Jones Industrial Average popped 1.4% in Tuesday’s stock market trading. The S&P 500 index rose 0.9%. The Nasdaq composite gained 0.7%. The small-cap Russell 2000 jumped 2.1%.

The Dow Jones and S&P 500 moved above the intraday high of Thursday’s downside reversal session. The S&P 500 briefly did so. The Nasdaq hasn’t yet.

The Invesco S&P 500 Equal Weight ETF (RSP) rallied 1.4%, back above the 50-day line.

The First Trust Nasdaq 100 Equal Weighted Index ETF (QQEW) rose 1.1%, outperforming the Nasdaq but still below the 50-day.

Medicals are still strong. And more tech names moved back above their 50-day lines.

But many AI-related stocks and other high-beta names have not.

U.S. crude oil prices fell 1.5% to $57.95 a barrel.

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ETFs

Among growth ETFs, the Innovator IBD 50 ETF (FFTY) climbed 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) gained 0.9%, with Zscaler and Autodesk both members. The VanEck Vectors Semiconductor ETF (SMH) closed up 0.3%, reversing higher even though Nvidia is the No. 1 holding and AMD is a big component. Lam Research also is in SMH.

ARK Innovation ETF (ARKK) gained 0.7% and ARK Genomics ETF (ARKG) popped 2.5%.

SPDR S&P Metals & Mining ETF (XME) climbed 1.6%. The Energy Select SPDR ETF (XLE) declined 0.6% and the Health Care Select Sector SPDR Fund (XLV) jumped 2.3%. The Industrial Select Sector SPDR Fund (XLI) advanced 1.3% and the Financial Select SPDR ETF (XLF) bounced 1.25%.

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Nvidia, AMD Fall On Google Fears

Google parent Alphabet (GOOGL) reportedly is in talks with Meta Platforms (META) and others to let them use its Tensor AI chips, stepping up competition vs. Nvidia and AMD.

Nvidia stock fell 2.6% on Tuesday to 177.82, but closed near session highs after tumbling to a two-month low intraday. AMD stock sank 4.1%, but also pared losses. But both were down over 1% in premarket trade Wednesday.

Google and AI chip partner Broadcom (AVGO) extended recent gains on Tuesday, up 1.5% and 1.9%, respectively. Both rose slightly early Wednesday.

What To Do Now

The stock market got over a big hurdle Tuesday. The major indexes could have fallen back at the 50-day line, especially with NVDA stock skidding. Instead, the revived rally reclaimed that key level, though the Nasdaq only barely did.

Investors can be adding exposure, but do so gradually. Look for stocks that held up well in the pullback, either holding key support or quickly recovering. For now, steer clear of former leaders that saw huge sell-offs and remain well below their 50-day lines.

If these positions or the market falter, quickly exit.

Update your watchlists. The next several days could be a time to take action. You want to be ready, spotting the best setups and stocks showing relative strength.

Alphabet, Kinross Gold, Intuitive Surgical and Lam Research stock are on Leaderboard. Intuitive Surgical, Kinross Gold and Google stock are on the IBD Big Cap 20. Alphabet, AMD and Broadcom stock are on the IBD 50. Kinross Gold stock is on IBD Sector Leaders.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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