U.S. stock futures moved higher early Monday as markets entered Thanksgiving week with steady momentum, marking a short trading schedule with markets shut on Thursday and closing early Friday at 1 p.m. ET. Nasdaq 100 futures rose 0.99%, S&P 500 futures gained 0.68%, and Dow Jones futures added 0.36% at 3:39 a.m. EST on November 24.
The previous week ended mixed, with strong earnings helping offset volatility in tech and crypto. The S&P 500 climbed 0.98%, the Nasdaq 100 added 0.77%, and the Dow advanced 1.08%. Despite the rebound, all three major U.S. indexes remain on track to finish November in the red as persistent selling in AI stocks continues to weigh on sentiment.
Concerns over lofty valuations, profit sustainability, and fears of an emerging bubble have pushed investors to trim exposure to AI-related names. However, sentiment found some support after New York Fed President John Williams hinted at possible “further adjustment” to interest rates, prompting traders to increasingly price in a December rate cut.
Markets are now focused on key U.S. economic releases due this week, including October retail sales and PPI data, which could shape expectations around the Fed’s next move. Corporate earnings continue, with Li Auto, Alibaba, Dell Technologies, Zscaler, and Nio among the notable names reporting.
Treasury yields eased, with the 10-year note hovering near 4.05%, while WTI crude futures slipped toward $57.75 per barrel. Gold prices firmed, with spot gold touching nearly $4,062 per ounce.
European markets opened mostly higher, echoing Wall Street’s optimism and pricing in the possibility of policy easing. In Asia, markets traded broadly higher after a technology-driven sell-off the previous week. Hong Kong’s Hang Seng Index jumped 1.97%, the Shanghai Composite edged up 0.05%, and the Shenzhen Component gained 0.47%, while Japan remained closed for the Labor Thanksgiving Day holiday.
US stock futures rise as hopes for December rate cut lift Dow, S&P 500 and Nasdaq
Dow Jones Industrial Average futures (YM=F) rose about 0.3%. S&P 500 futures (ES=F) added 0.6%. Nasdaq 100 futures (NQ=F) gained 0.9% as tech stocks tried to extend Friday’s slight recovery. The Mini Dow Jones December 2025 contract traded at 46,328, up 7 points as of 4:57 a.m. EST.
Major indexes are still struggling in November. The S&P 500 fell 2% last week, extending its month-to-date slide to 3.5%. The Nasdaq Composite dropped 2.7% and is now down more than 6% this month. The Dow slipped almost 2% and is lower by nearly 3% in November. Investors continue to reassess rich valuations tied to the year’s AI-driven rally.
The economic calendar remains thin as the country works through the impact of the longest government shutdown in US history. Federal data is slowly returning. On Tuesday, traders will get September producer price figures from the Bureau of Labor Statistics and retail sales data from the Census Bureau. Both reports will offer fresh clues on inflation and consumer momentum.
Earnings season is winding down with a quiet holiday-shortened week ahead. Key names reporting include Alibaba (BABA), Dell Technologies (DELL) and retailers such as Kohl’s (KSS) and Best Buy (BBY). US markets close Thursday for Thanksgiving and shut early at 1 p.m. ET on Friday.
President Donald Trump’s tariff policy also remains in focus. The Supreme Court is expected to rule soon on whether most of the tariffs were imposed legally. Agencies including the Commerce Department and the US Trade Representative are preparing contingency plans if the court rules against the administration.
Alibaba gains as Qwen AI app crosses 10 million downloads
Alibaba shares rose in premarket trading after the company reported strong early adoption of its revamped Qwen AI app. The Hong Kong-listed stock jumped over 5% on Monday. The US-listed ADR (BABA) climbed more than 3% in early trading.
Alibaba said Qwen has crossed 10 million downloads within a week of its relaunch. The surge reflects China’s growing demand for AI services as ChatGPT remains unavailable in the country. Alibaba recently unified its earlier AI apps under the Qwen brand on both iOS and Android. The company hopes Qwen will evolve into a long-term competitor to OpenAI’s ChatGPT.
Gold falls as traders price in higher odds of a December rate cut
Gold prices slipped as expectations for a Federal Reserve rate cut lowered safe-haven demand. Gold for December delivery (GC=F) traded near $4,066, down $13, or 0.32%, in early trading. Bullion hovered around $4,040 after a modest weekly loss.
Fed officials have maintained a cautious stance. But comments from New York Fed President John Williams on Friday revived optimism for a near-term reduction in borrowing costs. Markets now show a 60% probability of a quarter-point rate cut next month.
The US shutdown delayed key data, forcing gold traders to rely on limited information. Fresh readings on retail sales, producer prices and weekly jobless claims later this week will help shape expectations. Gold has been consolidating after hitting a record above $4,380 on October 20. Despite the pullback, the metal remains up 55% in 2025, supported by geopolitical risks, currency volatility and worries over global fiscal deficits.
What investors are watching this week
Markets are tracking four major themes this week: Interest-rate expectations, AI stock volatility, fresh economic data, and the Supreme Court’s tariff ruling. Each factor could influence sentiment in a week with lighter volume and reduced liquidity due to the Thanksgiving break.
The AI boom pushed stocks to historic highs earlier this year. November’s pullback shows investors are more sensitive to rate signals, earnings quality and policy uncertainty. The next set of inflation data will determine whether last week’s rebound can extend into December.