Market Snapshot
| Dow | 47112.24 | +664.18 | (1.43%) | | Nasdaq | 23025.62 | +153.59 | (0.67%) | | SP 500 | 6765.87 | +60.76 | (0.91%) | | 10-yr Note |
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| | NYSE | Adv 2251 | Dec 526 | Vol 1.17 bln | | Nasdaq | Adv 3425 | Dec 1263 | Vol 8.57 bln |
Industry Watch
| Strong: Health Care, Communication Services, Materials, Financials, Consumer Staples, Real Estate, Consumer Discretionary, Industrials |
| | Weak: Utilities, Energy |
Moving the Market
--Broader market higher, pushing major averages back above 50-day moving averages
--Rotation out of tech names, considerable weakness among chipmakers and other AI plays
--December rate-cut expectations holding firm after sizable batch of economic data this morning
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Major averages reclaim 50-day moving averages amid broad advance, tech weakness
25-Nov-25 16:35 ET
Dow +664.18 at 47112.24, Nasdaq +153.59 at 23025.62, S&P +60.76 at 6765.87
[BRIEFING.COM] The stock market mounted a broad-based advance for the second consecutive session this week, sending the S&P 500 (+0.9%), Nasdaq Composite (+0.7%), and DJIA (+1.4%) to higher closes back above their 50-day moving averages.
The major averages wavered this morning amid weakness in the top-weighted information technology sector (flat). In particular, NVIDIA (NVDA 177.82, -4.73, -2.59%) struggled today following a report by The Information that stated Alphabet (GOOG 323.64, +5.17, +1.62%) is increasing efforts to compete with NVIDIA on artificial intelligence chips, and Meta Platforms (META 636.22, +23.17, +3.78%) is interested in using Google's chips.
NVIDIA later posted on X that "NVIDIA is a generation ahead of the industry," though the stock still finished as one of the worst-performing S&P 500 names.
Advanced Micro Devices (AMD 206.13, -8.92, -4.15%) finished even lower, though it finished substantially improved from early session levels that saw the stock hold a nearly double-digit loss. The PHLX Semiconductor Index (+0.2%) would go on to finish modestly positive, and the information technology sector finished flat after holding a loss wider than 1.0%.
Meanwhile, the eight other S&P 500 sectors that finished higher all captured gains of 1.0% or wider, reflecting strong buying interest across the broader market.
The health care sector (+2.2%) topped the leaderboard, as it has in many recent sessions that have featured weakness across tech, mega-cap, and momentum names. While that cohort improved throughout the session, it was not to the detriment of the health care sector, which traded in a steady range near session highs since noon.
News that President Trump's initial health care plan includes an extension of ACA subsidies helped boost the sector, which saw its month-to-date gain surpass 10.0%.
The consumer discretionary sector (+1.9%) captured a similar gain as all of its components traded higher, with homebuilder names a standout in today's trade as expectations for a December rate cut remained firm on the heels of notable increases on Friday and yesterday.
Strength in Alphabet and Meta saw the communication services sector (+1.6%) round out the top three movers. Only the energy (-0.7%) and utilities (-0.4%) sectors finished lower.
Outside of the S&P 500, the smaller-cap Russell 2000 (+2.3%) and S&P Mid Cap 400 (+2.0%) also outperformed amid reinvigorated odds for a December rate cut.
The CME FedWatch tool shows an 82.7% probability of a 25-basis-point rate reduction at the next FOMC meeting, down slightly from 84.4% yesterday.
Fed Governor Stephen Miran (voting FOMC member) told CNBC that he will not dissent at the next meeting in favor of a larger rate cut because there are other FOMC members who will vote to keep rates unchanged.
In other Fed news, Bloomberg reported that National Economic Council Director Kevin Hassett has emerged as a frontrunner for the next Fed Chair nomination.
This morning's sizable batch of economic data came largely in line with expectations, which helped prevent an outsized move in the market's implied odds of a rate cut in one direction or the other.
All told, the market solidified its rebound effort, with the major averages moving above a key technical level in their 50-day moving averages. Stellar breadth figures underpinned the advance (advancers outpaced decliners by a roughly 4-to-1 ratio on the NYSE and a roughly 3-to-1 clip on the Nasdaq), while the outperformance of the S&P 500 Equal Weighted Index (+1.4%) over the market-weighted S&P 500 (+0.9%) highlighted a rotation into more value-oriented holdings.
While the major averages secured a win in reclaiming their 50-day moving averages, some technical resistance remains overhead. Notably, the S&P 500 closed just beneath the 6,770 level, which was the peak level the index hit following NVIDIA's earnings release, before a strong pullback ensued.
U.S. Treasuries climbed again on Tuesday, making for their fourth consecutive advance that sent yields on 10s and shorter tenors toward their October lows. The 2-year note yield settled down five basis points to 3.46%, and the 10-year note yield settled down four basis points to 4.00%.
- Nasdaq Composite: +19.3% YTD
- S&P 500: +15.0%
- DJIA: +10.7% YTD
- Russell 2000: +10.6% YTD
- S&P Mid Cap 400: +4.9% YTD
Reviewing today's data:
- Retail sales were up 0.2% month-over-month in September (Briefing.com consensus 0.4%) after increasing 0.6% in August. Excluding autos, retail sales were up 0.3%, as expected, following a downwardly revised 0.6% increase (from 0.7%) in August.
- The key takeaway is that gasoline station sales were a big driver of the monthly increase. Excluding gasoline station sales, retail sales were flat in September after increasing 0.6% in August, signaling a slowdown in consumer spending on goods.
- The Producer Price Index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decline in August. That left the year-over-year change at 2.7% versus 2.6% in August. The Producer Price Index for final demand, less foods and energy, increased just 0.1% month-over-month (Briefing.com consensus: 0.2%) following a 0.1% decline in August. That left the year-over-year change at 2.6% versus 2.8% in August.
- The key takeaway from the report is that inflation at the wholesale level is still sticky, highlighted by a 1.1% month-over-month increase in the final demand foods index, which was up 4.0% year-over-year, shedding light on why many consumers, seeing the pass-through at grocery stores, are not aligned with the thinking that inflation is being brought under control.
- The Conference Board's Consumer Confidence Index dropped to 88.7 in November (Briefing.com consensus 93.3) from an upwardly revised 95.5 (from 94.6) in October. In the same period a year ago, the index stood at 112.8.
- The key takeaway from the report is that there was a further deterioration in the expectations index, with sentiment on business conditions, labor market conditions, and household income all trending negatively. That could portend a slowdown in discretionary spending activity.
- September FHFA Housing Price Index (actual 0.0%; Briefing.com consensus 0.3%; prior 0.4%)
- September S&P Case-Shiller Home Price Index (actual 1.4%; Briefing.com consensus 1.6%; prior 1.6%).
- October Pending Home Sales (actual 1.9%; Briefing.com consensus 0.0%; prior 0.1%).
- ADP says "For the four weeks ending November 8, 2025, U.S. private employers shed an average of -13,500 jobs per week, according to the NER Pulse, a weekly update of the monthly ADP National Employment Report"
Major averages near session highs, S&P 500 faces resistance
25-Nov-25 15:30 ET
Dow +655.71 at 47103.77, Nasdaq +115.00 at 22987.03, S&P +55.23 at 6760.34
[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+0.5%), and DJIA (+1.4%) trade near session highs with just half an hour left in today's session.
The S&P 500 has, however, encountered some resistance at the 6,770 level, which was the peak level the index hit last Thursday following NVIDIA's (NVDA 176.52, -6.03, -3.30%) earnings report, before a broad retreat ensued.
The index currently hovers about ten points beneath this level, though the information technology sector (-0.2%) sits near its best levels of the day, with a decisive move into positive territory likely to push the major averages higher.
Major averages trading in steady range ahead of close
25-Nov-25 15:05 ET
Dow +645.78 at 47093.84, Nasdaq +105.22 at 22977.25, S&P +54.86 at 6759.97
[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.2%), and DJIA (+1.3%) trade in a relatively tight range as the market enters the final hour of the session.
The information technology (-0.4%), energy (-0.6%), and utilities (-0.5%) sectors remain below their flatlines, while the other eight S&P 500 sectors hold gains of 1.0% or wider.
Within the technology sector, Dell (DELL 126.19, -1.03, -0.81%) trades just modestly lower ahead of its earnings report after the close. The company's earnings stand as a test of sentiment of the AI trade, which looks to Dell as the "infrastructure backbone" of on-prem and enterprise AI build-outs.
S&P 500 Climbs as Keysight Leads Gainers on Strong Quarter; Smucker Slides on Margin Pressure
25-Nov-25 14:30 ET
Dow +559.42 at 47007.48, Nasdaq +54.30 at 22926.33, S&P +41.41 at 6746.52
[BRIEFING.COM] The S&P 500 (+0.62%) is in second place on Tuesday afternoon, up about 41 points.
Briefly, S&P 500 constituents Keysight (KEYS 193.18, +15.51, +8.73%), Albemarle (ALB 124.77, +8.89, +7.67%), and Builders FirstSource (BLDR 107.72, +7.19, +7.15%) pepper the top of the standings. KEYS jumps after a clean Q4 beat, stronger-than-expected Q1 guidance, and a fresh $1.5 billion buyback authorization that reinforced accelerating order momentum.
Meanwhile, J.M. Smucker (SJM 100.54, -3.73, -3.58%) is underperforming after its quarterly results showed margin pressure and a narrowed full-year profit outlook, with higher coffee-related input costs weighing more heavily than modest sales growth.
Gold Jumps as Dovish Fed Bets Intensify, Outweighing Dollar Moves Ahead of Key Data
25-Nov-25 14:00 ET
Dow +566.17 at 47014.23, Nasdaq +104.09 at 22976.12, S&P +50.13 at 6755.24
[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.46%) is today's shallowest advancing major average, up now about 105 points.
Gold futures settled $45.80 higher (+1.1%) at $4,140/oz, as traders ramped up expectations for a December Fed rate cut following dovish comments from officials and signs of cooling in the labor market. The shift toward looser policy outweighed dollar strength, boosting safe-haven demand ahead of key U.S. data releases.
Meanwhile, the U.S. Dollar Index is down about -0.5% to $99.70.
Analog Devices -- Analog on the Upswing: ADI Connects Strong Q4 to an Even Brighter Q1 Guide (ADI)
Analog Devices is trading higher after delivering modest Q4 (Oct) EPS upside — its smallest beat in two years — but healthy 25.9% yr/yr revenue growth to $3.08 bln and, more importantly, strong upside Q1 (Jan) guidance. The solid print, combined with better-than-seasonal expectations for Q1, is helping lift sentiment.
Segment Highlights:
- Industrial (46% of revs): $1.43 bln, up 34% yr/yr, accelerating from +23% in Q3. ADI is benefiting from both cyclical improvement and secular AI infrastructure demand, which powered a record quarter for its ATE business.
- Automotive (28%): $852.2 mln, up 19% yr/yr and +1% qtr/qtr. Full-year auto grew 16% to an all-time high, driven by rising content in Level 2+ ADAS systems.
- Communications (13%): $390 mln, up 37% yr/yr and +4% qtr/qtr. Data center revenue surpassed a $1 bln run-rate, marking its third consecutive quarter of 50%+ growth, fueled by AI infrastructure strength. Wireless also improved with double-digit gains.
- Consumer (13%): $407.5 mln, up 7% yr/yr — the slowest-growing segment.
- Outlook: Q1 is typically ADI's softest quarter, usually down mid-single digits sequentially, but guidance calls for slight qtr/qtr growth this time. Industrial is expected to be up mid-single digits above seasonal, while Automotive should be down mid-single digits below seasonal, reflecting some tariff and macro uncertainty.
Briefing.com Analyst Insight:
Analog Devices' Q4 results reinforce a narrative of broadening strength, with Industrial acceleration and data-center-driven Communications growth providing clear confirmation that the AI capex cycle is benefiting the company in a meaningful way. The above-seasonal Q1 guide is particularly notable given ADI's usual seasonal softness. Tariff uncertainty in Automotive introduces some near-term risk, but the company's diversified end-market exposure and strengthening secular drivers leave ADI in a favorable position. Shares will likely need a clean break above $250-260 to attract momentum buyers, but the fundamental setup is improving.
Burlington Stores slumps as Q3 comp slowdown and revenue miss overshadow solid EPS beat (BURL)
Burlington Stores (BURL) posted a mixed 3Q26 report, with EPS beating expectations but revenue and comps underwhelming, sending the stock sharply lower after a strong run since early October. The company’s in-line Q4 sales outlook and sluggish comp guidance are also weighing on sentiment.
- Comps rose just 1% vs 5% in Q2, a sharp deceleration and well below off-price peers’ mid-single-digit gains.
- Warmer-than-normal September/early October hurt traffic and cold-weather categories (coats, jackets, boots), a key BURL strength, pressured top-line performance.
- Additional comp drag came from tariff-mitigation choices (lighter receipts, tighter inventories, selective pullback in tariff-heavy home categories) that protected margin but constrained sales.
- Once weather normalized in mid-October, comps improved to mid-single digits and stayed there through the first three weeks of November, suggesting the customer remains healthy.
- Gross margin rose on better merchandise margin and freight savings; sourcing and SG&A leveraged via supply chain efficiencies and store productivity initiatives.
- Q4 guidance calls for comps flat to +2% and total sales +7–9%, broadly in line with expectations, but offering limited upside given tough compares and recent stock strength.
- BURL's FY26 framework calls for high-single-digit total sales growth, driven by at least 110 net new stores and conservative flat to +2% comp planning, consistent with BURL’s “plan low, chase later” off-price playbook.
Briefing.com Analyst Insight:
BURL executed well on what it can control in 3Q26 -- merchandise margin, supply chain, and SG&A -- driving an impressive EPS beat in the face of tariffs and a soft comp. The problem for the stock is that the market came in looking for a cleaner top-line story after a strong rally, and instead got a 1% comp, a meaningful gap versus peers, and a Q4 comp guide that effectively signals only modest holiday momentum. Weather and tariff strategy explain a good chunk of the shortfall, and the mid-single-digit rebound in late October/early November is encouraging, but this quarter reinforces that the near-term thesis is more about disciplined margin expansion and new store growth than about out-comping the off-price group. For longer-term investors who buy into BURL’s multi-year operating margin and store-growth algorithm, the pullback may eventually prove interesting, but the setup is less compelling for those seeking a pure comp-acceleration story into FY26.
Best Buy jumps as Q3 beat-and-raise showcases accelerating comps and strong tech upgrade cycle (BBY)
Best Buy (BBY) is trading sharply higher after a clean 3Q26 beat-and-raise, with adjusted EPS and revenue both topping expectations and comps accelerating into the holiday season. The upside in revenue and comps was driven by robust performance in computing (seventh consecutive positive comp quarter), continued momentum in gaming (including Nintendo Switch 2) and mobile phones, as well as growth in wearables and headphones.
- Q3 enterprise comps of +2.7% outpaced last quarter’s +1.5% gain, reflecting strengthening demand and setting a constructive tone for the critical holiday period.
- Computing benefited from both the back-to-school season and an upgrade cycle tied to Windows 11 adoption after support ended for Windows 10, which also helped fuel nearly 30% yr/yr growth in desktop computers.
- Gaming and entertainment saw strong demand for handheld devices and AR glasses, while mobile phone sales benefited from expanded carrier partnerships and an improved in-store operating model with the largest wireless providers.
- Online revenue increased 3.5% on a comparable basis and represented 31.8% of domestic revenue, aided by higher app adoption, faster shipping speeds, and expanded delivery options, while stores also posted growth as traffic and conversion benefited from enhanced in-store experiences and vendor-staffed showcases.
- Best Buy Ads continued to scale and remained highly profitable, with Q3 growth in ad collections providing another tailwind to gross profit rate and complementing Marketplace as a key incremental earnings driver.
- On the expense side, adjusted operating income rate expanded 30 bps to 4.0%, helped by the higher revenue base, lower-than-planned SG&A (including efficiencies from AI-driven customer support and optimized fulfillment), and improved services profitability.
- Looking ahead, BBY nudged FY26 guidance higher, now calling for revenue of $41.65–$41.95 bln (up from a prior range that started at $41.1 bln), enterprise comparable sales growth of 0.5–1.2%, and an adjusted operating income rate of about 4.2%.
Briefing.com Analyst Insight:
BBY’s 3Q26 results check all the boxes investors wanted to see: a beat on EPS and revenue, an acceleration in comps, and a modestly higher full-year outlook that leans into tangible product-cycle and structural drivers rather than pure cost cutting. At the same time, some of the comp and earnings strength is tied to specific catalysts like the Windows 10 sunset, Switch 2 launch, and heavy vendor and promotional support, while hardware margins remain under pressure and big-ticket categories such as appliances and home theater are still sluggish. With the stock moving higher on this beat-and-raise print and FY26 EPS now targeted in the mid-$6s, the risk/reward looks improved, but the investment case still hinges on BBY successfully scaling its higher-margin Marketplace and retail media businesses and sustaining positive comps once the current wave of tech innovation normalizes, making the shares more suitable for investors comfortable with a still-competitive, promotion-heavy CE backdrop rather than momentum chasers.
Dick's Sporting Goods Q3 Strength Stands in Contrast to Foot Locker's Early Cleanup Phase (DKS)
Dick's Sporting Goods (DKS) is heading lower today after reporting its Q3 (Oct) results this morning. The company beat EPS expectations, while revenue increased 36.3% yr/yr to $4.17 bln. That was well above expectations but reflects a partial contribution from Foot Locker ($931 mln). The company also raised FY26 guidance for its standalone business, now expecting EPS of $14.25-14.55, revenue of $13.95-14.00 bln, and comp sales growth of +3.5-4%.
- Comp sales increased +5.7%, the seventh consecutive quarter of +4% or greater growth, driven by a 4.4% increase in average ticket and a 1.3% increase in transactions. Strength was broad-based across footwear, apparel, and hardlines.
- Foot Locker was a major focus on the call. DKS emphasized that Q3 reflects only eight weeks of Foot Locker results, a historically unprofitable period, and that a heavy clean-up phase is underway.
- The aggressive turnaround includes clearing unproductive inventory, closing underperforming stores, and resetting assortments and vendor relationships after the company missed the mark post-COVID, with management targeting a more meaningful inflection by back-to-school 2026.
Briefing.com Analyst Insight
This was the first quarter where we finally got a partial look at the consolidated Dick's and Foot Locker setup, and the contrast between the two businesses was pretty clear. The Dick's Sporting Goods business continues to execute well, evidenced by its seventh straight quarter of +4% or better comp growth and posting another solid margin performance, with gross margin expanding for the Dick's segment even as the consolidated rate was pulled down by Foot Locker's lower-margin profile.
Foot Locker, meanwhile, remains early in its turnaround. Pro-forma Q3 comps were negative, international trends were soft, and management emphasized that the heavy clean-up phase has only begun. The company is clearing unproductive inventory, closing underperforming stores, and resetting assortments, all with the goal of getting Foot Locker to an EPS-accretive place in 2026. As management put it, they're "cleaning out the garage," and that process will pressure Foot Locker margins and comp sales in Q4 before the business gets a fresh start next year.
Overall, while the Dick's business remains a steady performer and the raised outlook signals confidence into the holidays, the scope and timing of the Foot Locker turnaround is now the key storyline for investors. With back-to-school 2026 positioned as the first real inflection point, we suspect investors will stay focused on early progress over the next few quarters.
Abercrombie & Fitch Gets Its Groove Back: Hollister Heats Up as Abercrombie Stops the Slide (ANF)
Abercrombie & Fitch (ANF) shares are surging after the company posted a strong Q3 (Oct) EPS beat, overcoming tariff-related margin pressure. Revenue was in-line, but investors are more focused on the steady, in-line Q4 (Jan) holiday outlook, which is a relief after last quarter's sharp guide down. Management also expects flat Q4 sales for the Abercrombie brand despite lapping last year's record, signaling that the long-lagging banner may be stabilizing.
Key Metrics:
- Comps +3%, matching Q2. Hollister: +15% comps (vs +19% in Q2) — still the primary growth engine. Abercrombie: -7% comps (vs -11% in Q2) — sequential improvement.
- Strong back-to-school season boosted Hollister; Abercrombie progressed as expected.
- Inventory at Abercrombie being tightly managed heading into Q4 holiday.
- We commend ANF for being aggressive with share buybacks as it sees value in its shares down here. It repurchased $100 mln worth of shares in Q3, bringing its total to $350 mln or 9% of shares outstanding YTD.
- Tariffs continue to weigh on margins but aren't halting momentum.
Context: After a tough start to 2025 — driven by tariff worries and back-to-back guidance cuts — ANF has now delivered three solid quarters (Q1--Q3). Momentum at Hollister remains brisk, and Abercrombie appears to be turning the corner.
Briefing.com Analyst Insight
ANF's Q3 print offers a compelling case that the company's turnaround narrative is gaining traction. While Hollister continues to carry the load, the incremental improvement at the Abercrombie brand—combined with an in-line holiday outlook that avoids another reset—helps rebuild investor confidence. Tariffs and a still-recovering Abercrombie banner keep a lid on enthusiasm, but solid execution, disciplined inventory management, and aggressive share repurchases make this a more interesting setup than earlier in the year. If its Abercrombie banner can deliver on its goal for flat holiday sales against a tough comparison, it could mark a meaningful inflection point for the story.
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