Stock Market Today: Dow, S&P 500, Nasdaq Futures Rise as Wall Street Eyes Rebound from November Losses

U.S. stock futures opened higher on Monday, as investors sought to extend Friday’s gains and position themselves ahead of the shortened Thanksgiving trading week. Optimism is fueled in part by expectations of a potential Federal Reserve interest rate cut in December.

• S&P 500 futures advanced about 0.6%
• Dow Jones Industrial Average futures rose 0.3%
• Nasdaq-100 futures gained 0.8%

Equity markets are attempting to shrug off a November pullback that has put the brakes on the year's AI-driven rally. Experts feel that with the significant volatility and losses caused by the ongoing drawdown, it could be the end of the matter.

On the other hand, Bitcoin (BTC-USD) depreciated slightly trading at the below-86,000 position per token after the jump from Friday’s low of $81,000. The crypto market continues to mirror investor hankering, despite signs of a partial recovery over the weekend.

Economic Data and Earnings

Investors are awaiting key economic data releases this week, including:

• October Producer Price Index
• October Retail Sales
• November Consumer Confidence

On the earnings front, notable reports include Alibaba (BABA) and U.S. retailers Kohl’s (KSS) and Best Buy (BBY).

Trade developments are also in focus, as U.S. and EU officials meet for the first talks since July to discuss tariffs. Markets are monitoring potential Supreme Court decisions on the legality of past trade orders and how the Commerce Department and U.S. Trade Representative may respond.

Stock-Specific Updates

• Carvana (CVNA): Wedbush upgraded Carvana to outperform, raising its 12-month price target to $400 from $380, citing a strong year-to-date performance despite a recent 13% pullback.
• Baidu (BIDU): JPMorgan upgraded Baidu to overweight, citing AI and cloud services as key growth drivers, and raised its U.S. share price target to $188 from $110.
• Novo Nordisk (NVO): Shares fell nearly 10% after the company reported that its Alzheimer’s drug trial did not meet primary endpoints, dampening hopes for a new market for GLP-1 drugs like semaglutide.

Market Sentiment

Investor confidence remains cautious. “U.S. equities are trying to extend their Friday gains, but confidence remains frazzled by month-to-date volatility,” said Adam Crisafulli, founder of Vital Knowledge. Key concerns include the outlook for AI stocks and Federal Reserve policy.

Morgan Stanley strategist Michael Wilson noted that the recent pullback in U.S. stocks may be ending, describing further weakness as an opportunity to add long positions. The firm remains bullish on consumer discretionary, healthcare, financials, industrials, and small-cap stocks, forecasting the S&P 500 could reach 7,800 over the next 12 months—a potential 18% rally from current levels.

European Defense Stocks

A drop in the shares of European defense companies led by Rheinmetall AG (RHM. DE) to a two-month low, prompting concern of a U. S.-backed peace agreement in Ukraine. Fund managers highlighted shifts in investor sentiment, where blockade futures will become less lucrative by virtue of an anticipated decline in conflict risks but they also realize that defense spending might never come back.