**Futures Indices**

Dow Futures: +0.12%
S&P 500 Futures: +0.19%
Nasdaq 100 Futures: +0.38%

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Market Environment

Investors are watching for the next signals on the profitability of artificial intelligence and the health of the US economy, as markets seek to steady their advance.

Stock indices rebounded this week, erasing part of their steepest decline since April, buoyed by growing conviction that the Fed might cut rates in December. Nonetheless, volatility persists among some megacaps like Nvidia and Alphabet, which are sensitive to developments in AI.

“The narrative around AI profitability is being called into question,” says Matthew Maley, chief strategist at Miller Tabak. “If this becomes a bigger issue in December, it could pose a real problem for the market.”

Futures were briefly halted on Friday following a cooling incident at CyrusOne, leading to a temporary suspension by CME Group. Despite this, index ETFs (SPY, QQQ, DIA) showed gains of +0.7% to +0.8% in premarket trading.

The trading session will be shortened on Wall Street today (closing at 1:00 pm New York time) due to Black Friday.
The economic calendar is light, with the only notable event being the release of the Fed’s balance sheet during the day.

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Stocks to Watch

**Tilray Brands (TLRY) -14%**
The stock plummets after announcing a 1-for-10 reverse split effective December 1. The goal is to reduce the float to 116 million shares, align valuation with industry standards, and attract more institutional investors.

**Bitfarms (BITF) +4%**
Crypto-related stocks are rising, supported by a rebound in Bitcoin around $91,658, after a recent low at $80,000. Other sector players like MARA, MSTR, RIOT, HOOD, COIN, HIVE are up between 1% and 3%.

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Recommendation Changes

Upgrades

AMD ($AMD) → Buy maintained, target raised from $240 to $264.
Dell Technologies ($DELL) → Buy maintained, target raised from $150 to $160.
Lyft ($LYFT) → Upgraded to “outperform” (vs underperform), target raised from $15.80 to $23.80.
Qualcomm ($QCOM) → Upgraded to “hold” (vs underperform), target raised from $178.20 to $188.10.
Broadcom ($AVGO) → Buy maintained, target raised from $400 to $500.

Neutral

Hubspot ($HUBS) → Neutral maintained, target lowered from $519 to $397.

Downgrades

Paycom Software ($PAYC) → Downgraded from “outperform” to “buy”, target lowered from $271 to $212.90.

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Have a great session, everyone
Sylvain Mouilhaud: Stock Coach