Ever wake up the day before Thanksgiving and feel like the market is trying to squeeze every last drop of momentum out of the year? That’s exactly the vibe I’m getting this Wednesday morning. Stocks are pointing higher again, traders are in a surprisingly good mood considering the fridge is calling and the airports are chaos. Something about a four-day weekend seems to make everyone a little more willing to stay long.
So before we all disappear into turkey and football, let’s run through the ten things actually moving the tape today. Some of these names could set the tone for the final stretch of 2025.
A Pre-Holiday Rally With Legs?
The major indices are on track for their fourth straight gain. That hasn’t happened too often this year, and it’s coming at a time when a lot of pros thought we’d see some profit-taking ahead of the long weekend. Instead, dip-buyers keep showing up. Maybe it’s the seasonal strength, maybe it’s still the Trump reflation trade lingering, or maybe it’s just that cash on the sidelines hates missing rallies. Whatever the reason, the path of least resistance still feels upward for now.
1. Nvidia Refuses to Stay Down
Yesterday was rough. Reports surfaced that one of the hyperscalers was at least kicking the tires on alternative chips, and Nvidia dropped to levels we haven’t seen since late summer. This morning? Almost 2% higher in the pre-market. Classic.
Look, I get the fear. Competition is real, and margins this fat always attract challengers. But the street’s reaction felt like a textbook overreaction. Demand for cutting-edge GPUs isn’t going anywhere, and the software moat (CUDA, anyone?) is still ridiculously wide. If you’ve been waiting for a better entry on the most important company in tech, yesterday’s flush might have been your gift.
2. Broadcom Gets a Monster Upgrade
Goldman just slapped a $435 price target on Broadcom, up from $380, and kept their Buy rating. The note basically reads: “AI acceleration is real, and Broadcom is eating everyone’s lunch in custom silicon.”
Funny enough, the same reports that spooked Nvidia investors yesterday are actually great news for Broadcom. When hyperscalers design their own chips, who do they call to actually build them at scale? Exactly. This feels like a rare win-win in the semiconductor food chain.
3. Dell Delivers the AI Guidance the Street Wanted
Last night Dell shares exploded more than 5% after hours because management finally gave investors what they’ve been begging for: proof that AI servers are turning into real revenue. They missed slightly on the top line, but the current-quarter guide crushed expectations.
“We’re seeing very strong demand for AI-optimized servers, and that trend is accelerating.”
– Dell management commentary
Translation: enterprises aren’t just talking about AI anymore; they’re spending. That’s the kind of confirmation the market loves to see.
4. HP Reminds Us Not All Tech is AI Tech
Meanwhile, HP Inc. reported a solid quarter but offered 2026 guidance that left investors yawning. Shares down a couple percent pre-market. Classic tale of two cities: if your growth story is tied to traditional PCs and printing, the bar is apparently Everest. If you’re selling AI iron, the bar is somewhere in low-earth orbit.
5. Deere Sees the Ag Bottom Forming
Deere shares are off about 5% after guiding fiscal 2026 earnings below consensus. But read between the lines management thinks next year “marks the bottom of the large agriculture cycle.” For contrarian income investors who like high-quality industrials, that phrasing is the kind of thing that gets you leaning in. The dividend yield is pushing 3.5% now. Not terrible for a temporary cyclical dip.
6. Urban Outfitters Crushes Retail Gloom
Speaking of pleasant surprises, Urban Outfitters jumped 16% pre-market after blowing out same-store sales expectations. The namesake chain grew comps 12.5% — that’s the kind of number you used to see in 2021, not late 2025. Anthropologie was strong too. Suddenly “retail is dead” feels like last decade’s narrative.
With Black Friday literally days away, this print is the kind of spark that could light up the entire consumer discretionary sector.
7. Mortgage Applications Stay Sleepy
On the macro side, mortgage apps were basically flat last week. Purchases up a bit, refis down a bit — the usual dance when rates tick higher. Nothing here is screaming housing boom or bust. Just steady Eddie for now, which is probably fine with the Fed.
8. Workday’s Backlog Miss Spooks Investors
Workday shares down 6% despite beating on the quarter. The culprit was subscription backlog growth of 17% that came in shy of the Street’s loftier hopes. Software investors have gotten spoiled; anything less than “rip-roaring” feels like disappointment these days.
9. JPMorgan Says Buy Amazon Weakness
One of the more interesting notes this morning comes from JPMorgan telling clients to scoop up Amazon on the 10% pullback from November highs. They argue last quarter answered most of the big AWS questions, and next week’s re:Invent conference should showcase more progress on custom silicon and margin expansion.
I tend to agree. Amazon rarely stays cheap for long when the cloud narrative is intact.
10. The Big Picture Before We Break
Stepping back, what stands out to me is how dominant the AI theme remains. Nvidia wobbles? Bought. Dell raises guidance on AI servers? Rocket ship. Broadcom benefits from custom chip demand? Price target north of $400. Even Amazon’s next leg higher is expected to be fueled by AWS innovations.
If you forced me to pick one narrative for the next 6-12 months, it’s still artificial intelligence infrastructure. Everything else — rates, tariffs, politics — feels like noise around that core trend.
So enjoy the turkey, watch a little football, and maybe set a couple limit orders while the rest of the world is shopping. The market doesn’t usually hand out this many setup clues in a single session.
Happy Thanksgiving, and I’ll catch you on the other side of the weekend with fresh ideas for December and beyond.
Disclosure: The author holds positions in several names mentioned above for personal and client accounts. This commentary is for informational purposes only and does not constitute investment advice.
