US PREMARKET ACTIONS: November 26, 2025
Futures Indices
- Dow Futures: +0.22%
- S&P 500 Futures: +0.3%
- Nasdaq 100 Futures: +0.5%
- US 10-year yield: 4.00% (-0.6 bps)
Market Environment
US indices continue their advance ahead of Wednesday’s open, supported by investor optimism for a likely Fed rate cut as early as next month. The S&P 500, Dow Jones, and Nasdaq all closed higher on Tuesday, marking a third consecutive session in the green.
Probability of a rate cut in December: 83% (source: CME FedWatch)
On the macroeconomic front:
Producer Price Index (PPI): +0.3% in September, in line with expectations, but no sign of annual slowdown (+2.7%).
“The latest inflation figure will intensify the debate within the Fed. The lack of improvement toward the 2% target could dampen hopes for more aggressive easing.” – Stifel
Retail Sales: Annual growth of 4.3% in September, slowing from the previous month (+5%).
Durable Goods Orders and Weekly Jobless Claims expected at 2:30 pm (FR).
Fed Beige Book: Publication at 8:00 pm (FR).
WTI oil rebounds slightly by +0.4% ($58.15), while gold rises by +0.7% to $4,206. Bitcoin drops by 0.2% to $87,049.
Kevin Hassett is cited as the favorite to succeed Jerome Powell as Fed Chair, whose term expires in May 2026 (Bloomberg).
Stocks to Watch
Autodesk (ADSK) +7%
Quarterly results exceeded expectations and outlook remains strong, pushing the stock higher. Deutsche Bank also upgraded its recommendation to buy.
Dell Technologies (DELL) +3.5%
The group reported better-than-expected Q3 results, reassuring investors about tech sector demand.
Novo Nordisk (NOVOb.CO) +5%
The Medicare price for semaglutide was set in line with expectations, limiting impact on margins. The market welcomes the regulatory clarity.
**Amaze Holdings (AMZE) **
The CEO bought 335,000 shares on the market, showing confidence in the group’s strategic plan. Profitability is expected in Q1 2026.
Zscaler (ZS) -7%
The stock drops after disappointing results despite an upgrade. Profit-taking likely.
HP (HPQ) -4.7%
The company disappointed with its latest results, hampered by continued weak PC demand.
Nutanix (NTNX) -16%
Q3 results sent the stock tumbling. Targets revised down, casting doubt on growth momentum.
**Deere (DE) **
Despite rising sales (+14%), cautious 2026 outlook weighs. Margin uncertainty related to tariffs remains a concern.
Rating Changes
Upgrades
Amentum Holdings ($AMNT) → Morgan Stanley upgrades from underweight to market weight, target raised from $20 to $35.
Autodesk ($ADSK) → Deutsche Bank upgrades from hold to buy, target raised from $345 to $375.
Inspire Medical Systems ($INSP) → Truist Securities upgrades from hold to buy, target from $128 to $165.
Intuit ($INTU) → Daiwa Securities upgrades from outperform to buy, target from $770 to $800.
Zscaler ($ZS) → Capital One upgrades from equalweight to overweight, target raised from $289 to $320.
Neutral
Abercrombie & Fitch ($ANF) → Morgan Stanley remains equalweight, but raises target from $78 to $95.
Alexandria Real Estate ($ARE) → Baird remains outperform, but lowers target from $100 to $73.
Nuscale Power ($SMR) → BNP Paribas maintains underperform, target cut from $25 to $15.
Nutanix ($NTNX) → KeyBanc maintains overweight, but revises target from $95 to $65.
Pinterest ($PINS) → Morgan Stanley remains overweight, target cut from $41 to $32.
Venture Global ($VG) → JP Morgan remains overweight, target cut from $16 to $10.
Have a good session everyone
Sylvain Mouilhaud: Stock Coach