Investopedia Markets News (all except PF)

Major U.S. equities indexes climbed Thursday afternoon ahead of the Thanksgiving holiday amid renewed optimism about a Federal Reserve rate cut next month. The Dow, S&P 500, and Nasdaq all rose close to 1%.

Robinhood Markets (HOOD) shares soared nearly 10% to lead gains on the S&P 500 as the online trading site moved to expand its presence in prediction markets by purchasing LedgerX in partnership with Susquehanna International Group.

Dell Technologies (DELL) shares popped close to 7% after the PC maker hiked its outlook and said demand for its artificial intelligence products is soaring.

Shares of Petco Health and Wellness (WOOF) jumped 18% as the pet products retailer reported a surprise profit and raised its outlook, citing its transformation efforts.

Workday (WDAY) was the worst-performing stock in the S&P 500, with shares down 9% amid concerns about subscription revenue at the provider of human resources software.

Shares of Deere & Company (DE) tumbled 5% after the manufacturer of large farm and construction equipment gave a weak forecast and warned of difficult market conditions.

HP (HPQ) shares sank 2% as the PC maker announced a cost-cutting plan that includes layoffs and gave a weak outlook as it faced higher costs from U.S. tariffs.

Crude oil futures slid, and gold prices climbed. The yield on the 10-year Treasury note was little changed. The U.S. dollar was higher versus the yen, but lost ground to the euro and pound. Trading in most major cryptocurrencies was mixed.

• HP announced a restructuring plan that will involve 4,000 to 6,000 layoffs, as it aims for savings of about $1 billion by fiscal 2028.
• The computer maker's latest quarterly results topped estimates, but its profit outlook was lower than expected.

Computer and printer maker HP's (HPQ) stock slid Wednesday, a day after the company announced a major cost-cutting plan that includes layoffs.

The company said it aims to eliminate between 4,000 and 6,000 roles as part of its efforts to save $1 billion over the next three fiscal years. For HP, which said it had about 58,000 employees in its latest annual filing, the cuts could represent up to 10% of its workforce.

Meanwhile, CEO Enrique Lores told investors during Tuesday's earnings call that the company plans to continue investing in AI-related initiatives as it sees "a significant opportunity to embed AI into HP to accelerate product innovation, improve customer satisfaction, and boost productivity," according to a transcript provided by AlphaSense.

The move makes HP the latest tech company to announce layoffs despite business looking solid in its latest quarter, highlighting what could be growing trend. A number of tech giants, including Amazon (AMZN) and Microsoft (MSFT), have also undertaken layoffs in recent months, while ramping up their AI efforts.

The flurry of recent layoffs could point to growing pressure on tech companies to make cuts where they can to help support their spending on AI, while some may be expecting the technology could reduce the need for some roles over time.

HP reported better revenue than expected at $14.6 billion for the fiscal fourth quarter. Its adjusted earnings per share of $0.93 was also slightly above analysts' expectations compiled by Visible Alpha.

The company's profit outlook of $2.90 to $3.20 in EPS for fiscal 2026, however, came in below the analyst consensus.

HP shares were down about 2% in recent trading, bring their year-to-date losses close to 27%.

• Trump gets to nominate a replacement for Jerome Powell, whose term expires in May, and who has resisted Trump's demands for steep rate cuts.
• Kevin Hassett, the front-runner to become the next chair of the Federal Reserve, is likely to push the central bank to lower interest rates.
  
• Several unanswered questions hang over a possible Hassett nomination, including who on the FOMC he would replace.
  

Kevin Hassett, the reported frontrunner to take over as Federal Reserve chair in May, has a recent track record of advocating for the central bank lowering interest rates.

Hassett is the leading candidate to replace Federal Reserve Chair Jerome Powell when his term ends in May, Bloomberg reported this week. President Donald Trump is expected to announce his choice for the Fed chair nominee in the coming weeks.

Hassett is a top economic advisor to Trump, currently serving as Director of the National Economic Council. In recent media interviews, Hassett has criticized the current leadership of the Fed for not lowering interest rates quickly enough, aligning with his current boss's views.

The central bank has already cut interest rates by a quarter-point at each of its last two meetings, and is now expected to do so again at its next meeting in December. However, the 12 officials who vote on policy are divided about whether to keep rates higher for longer to push down inflation that's still running above the Fed's target of a 2% annual rate, or to lower them to help boost the ailing job market.

The Fed has not been cutting rates fast enough for Trump, who has repeatedly threatened to fire Powell before his term expires, and has said his pick for Fed chair would be someone who would lower rates. Going by Hassett's recent public comments, it is clear where he stands on the debate.

Hassett would almost certainly push the Fed to lower interest rates, potentially heating up the economy at the risk of stoking inflation.

In an interview with Yahoo Finance this week, Hassett said the bank should be cutting interest rates despite an uptick in job growth in September, accused Powell of having "partisan" motivations for his monetary policy decisions, and said the next Fed chair needed to "clean house."

In other recent interviews, he has fiercely defended Trump's economic policies, including his controversial tariffs, and said he believes inflation will fall to around 1% next year while economic growth surges.

Lower interest rates would reduce borrowing costs on short-term loans and potentially provide a boost to the economy. But some economists and Fed officials worry that cutting too steeply could boost inflation, especially with Trump's tariffs already pushing up prices.

Hassett's nomination would raise several questions about the future of the central bank and its independence from White House control. He would still have to be confirmed by the Senate to take the post.

It's also unclear who on the 12-member FOMC he would replace, since, unlike other candidates Michelle Bowman and Christopher Waller, he is not on the board already. Although Powell would no longer chair the Fed's board of governors, his term as a rank-and-file board member does not expire until 2028, and he could choose to stay on. Powell has declined to answer questions about whether he will step down in May.

A seat could also open up for Hassett if the Supreme Court allows Trump to remove sitting board member Lisa Cook. A third possibility is that he could take the place of fellow Trump nominee and rate-cut advocate Stephen Miran, whose term ends in January 2026.

There is also the possibility of an unprecedented power split, as reported by Fortune, in which Powell could remain the chair of the FOMC while Hassett serves as chair of the Fed's board of governors. Those are technically two different positions, and the FOMC chair is voted on by the board itself, which has traditionally selected the Fed board chair as its own chair, but isn't required to by law.

• Deere & Company is warning that tough market conditions, partially attributable to tariffs, will continue into next year.
• The manufacturer of big farm and construction equipment gave a full-year outlook below forecasts.
• The news offset better-than-expected profit and sales figures for the fiscal fourth quarter.

Shares of Deere & Company (DE) fell Wednesday morning after the maker of large farm and construction equipment gave a weak forecast and warned that “difficult market conditions” will continue for a while longer.

In the company’s fourth-quarter fiscal 2025 earnings report, CEO John May said “ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain.” He added that Deere believes “ 2026 will mark the bottom of the large ag cycle.”

The company predicts next year’s net income will be in a range of $4.00 billion to $4.75 billion. Analysts surveyed by Visible Alpha were looking for $5.19 billion.

The outlook offset a strong fourth quarter. Deere reported earnings per share of $3.93, with revenue up 11% to $12.39 billion. Both exceeded the Visible Alpha estimates.

The Production & Precision Agriculture division posted a sales gain of 10% to $4.74 billion. Sales grew 7% to $2.46 billion at the Small Agriculture & Turf unit, and they soared 27% to $3.38 billion at the Construction & Forestry segment.

However, for fiscal 2026 Deere sees Production & Precision Agriculture sales falling 5% to 10%. They expect them to rise about 10% at both Small Agriculture & Turf and Construction & Forestry.

Deere shares were down 4% in recent trading. The stock has gained about 13% so far in 2025, slightly lagging the performance of the benchmark S&P 500 index.

• Americans are expected to spend some $78 billion between Thanksgiving and Cyber Monday, according to Salesforce, and retailers are jockeying for their business.
• A number of consumers want to spend less on the holidays than last year, but total retail sales are expected to crack $1 trillion for the first time, the National Retail Federation said.

Let the cash registers ring.

Retailers are working hard to beckon Americans on Black Friday, one of the busiest shopping days of the year. Companies are rolling out digital wishlists, running sweepstakes, and setting up elaborate in-store displays. Nordstrom’s flagship Seattle store will feature funhouse-style mirrors and digital palm readings, and Bloomingdale’s will wrap its Manhattan headquarters in a jumbo Burberry scarf.

Millions of Americans are expected to browse and buy between Thanksgiving and Cyber Monday, though many started their holiday shopping early this year. Online sales this Friday may total $18 billion, according to estimates from Salesforce, which provides software to retailers. The five-day "cyber week"—from Thanksgiving to Monday—may bring $78 billion in sales, Salesforce said.

The National Retail Federation expects holiday-season spending to crack $1 trillion for the first time. But the 3.7% to 4.2% year-over-year increase NRF is expecting comes as inflation is trending near 2.7%. and consumer confidence is sliding. Some surveys show Americans aim to spend less this year and, by some accounts, even affluent Americans may be experiencing fatigue.

Holiday spending is important for retailers, as well as the general economy; consumer spending accounts for some two-thirds of the U.S. economy. How successful the season is has implications for other sectors.

The stakes are high for merchants and brands. About 40% of retail sales are concentrated in the final quarter of the year. Many big-box stores say they've been reducing prices on food and other staples—and will be running sales as usual. (Here's Investopedia's take on ways to save.)

"We know consumers remain cautious," Target (TGT) Chief Commercial Officer Rick Gomez said on a conference call this month, according to a transcript made available by AlphaSense. "They want to celebrate with loved ones without overspending." Urban Outfitters (URBN) Richard Hayne said this week that its customers appeared to be "waiting a bit longer this year to make their purchases until seasonal promotions began."

Target is rolling out collectibles for kids, and adults, such as Major League Baseball and Women's National Basketball Association trading cards. It's also stocking "exclusive" Lego sets and a Barbie inspired by the home decor guru Joanna Gaines, Gomez said.

Many retailers are touting Pokémon drops, from Best Buy (BBY) to Sam's Club, and otherwise preparing for a jump in web traffic. Dick's Sporting Goods (DKS) is promoting digital wish lists, it said on a recent conference call, while Kohl's (KSS) invites users to enter a sweepstakes.

TJX Cos. (TJX) is trying to generate hype by refreshing its merchandise online and in TJMaxx, Marshall's and HomeGoods stores “multiple times a week throughout the holiday season,” CEO Ernie Hermann said on a conference call this month.

“We believe this differentiates us from many other major retailers as our ever-changing mix of merchandise allows shoppers to see a new assortment every time they visit," Hermann said.

Others are playing up the unusual nature of new releases—or recently revisited classics. Yum Brands' (YUM) Taco Bell is teaming up with Abercrombie & Fitch's (ANF) Hollister on a limited-edition clothing line.

Walmart's (WMT) Sam's Club is promoting a more traditional product. "I don't know if you all know, but Mahjong is the new Pickleball," CEO Chris Nicholas said on a conference call last month. "Go out and invest in that."

News of the day for Nov. 26, 2025

Stock futures are ticking higher as the market looks to extend its winning streak to three straight days; markets will be closed tomorrow for the Thanksgiving holiday and will have an abbreviated trading session on Friday; Nvidia has responded to reports that Google's AI chips are being considered by other tech giants; HP plans to reduce the size of its workforce; and Urban Outfitters shares are soaring after the retailer reported solid earnings and made encouraging comments about its outlook for the holiday season. Here's what you need to know today.

Stock futures are pointing to a slightly higher open for major indexes this morning after two consecutive days of solid gains. Stocks have rallied this week—after falling sharply last week amid concerns about the AI trade—as investors have grown more optimistic that the Federal Reserve could cut interest rates at its next policy meeting in two weeks. Futures tied to the Dow Jones Industrial Average were up 0.1% recently, while those linked to the benchmark S&P 500 and the tech-focused Nasdaq added 0.2% and 0.3%, respectively. Gold futures were up 0.7% at $4,170 an ounce, gaining ground for the fourth straight day, while crude oil futures fell slightly to around $58 per barrel. Bitcoin was trading at $86,500 recently, down from an overnight high of just above $88,000. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, was at 4.02%, up from 4.00% at yesterday's close.

Traders will be able to take a breather this week after the recent stretch of volatile trading. U.S. stock and bond markets will be closed Thursday for the Thanksgiving holiday, and will have shortened trading schedules on Friday, closing at 1 p.m. and 2 p.m., respectively. After that, the next market holidays come towards the end of the year with the same shortened trading hours as Black Friday on Dec. 24, and no activity on Christmas Day and New Year's Day.

Nvidia (NVDA) stock sank Tuesday and is down slightly in premarket trading Wednesday after a report suggested that its chipmaking dominance in the AI sector could be in question. A report from tech news outlet The Information said that Meta Platforms (META) is considering using AI chips made by Alphabet (GOOGL) unit Google, which is a market that Nvidia has dominated for the last several years. Nvidia responded to the report Tuesday, saying on social media that the company is "delighted by Google’s success — they’ve made great advances in AI and we continue to supply to Google." However, Nvidia said its products are still "a generation ahead of the industry" and are more flexible and powerful than Google's chips.

Shares of HP (HPQ) are down this morning after the computer and printer maker released its quarterly results and unveiled a major cost-cutting initiative. After Tuesday's closing bell, HP reported revenue and profit that topped Wall Street expectations, but issued disappointing guiance, while announcing a restructuring plan aimed at saving $1 billion over the next three years. HP said it will cut between 4,000 and 6,000 jobs, up to nearly 10% of its workforce. The company said the cost-cutting effort is aimed at driving "customer satisfaction, product innovation, and productivity through artificial intelligence adoption and enablement." HP shares were down more than 2% in recent premarket trading.

Urban Outfitters (URBN) shares are soaring Wednesday after the clothing retailer topped estimates in its latest earnings report. Sales came in at $1.53 billion while earnings per share were $1.28, each above the analyst consensus. In its earnings call after the bell Tuesday, CEO Richard Hayne said that November sales have been "robust," noting that the company has noticed a "slight shift in consumers' behavior," according to a transcript from AlphaSense. "We believe customers were waiting a bit longer this year to make their purchases until seasonal promotions began," Hayne said, "And we successfully met this shift with strong results in our early holiday events." Urban Outfitters shares were up 15% in premarket trading after jumping 10% Tuesday.

• Expiring pandemic-era ACA subsidies could lead to a sharp rise in premiums in 2026, leaving millions to pay more or lose coverage.
• Lawmakers are weighing extensions, new restrictions, or HSA-based alternatives as competing Republican and White House proposals reshape the debate over health care costs.
  

President Donald Trump has long promised to replace Affordable Care Act with a better system—and he now has less than a month to put it in place before millions have their health insurance premiums skyrocket.

Americans have until Dec. 15 to enroll or renew coverage in Affordable Care Act health insurance plans for coverage starting Jan. 1, and have until Jan. 15 to enroll or change coverage for the year. As it stands, pandemic-era subsidies for these plans are set to expire at the end of the year, which will sharply increase premiums.

Trump and Republican lawmakers must now decide whether to overhaul the health care system, a proposal he first made more than a decade ago during his first presidential campaign. They could also extend the subsidies as Democrats have demanded, or allow health insurance premiums to rise dramatically.

The subsidies were the flashpoint in the record-setting government shutdown that ended this month. The government could be shut down again if the two sides cannot agree on the subsidies by Jan. 30.

The stakes are high for the 24 million people enrolled in ACA plans. Between annual premium increases and the expiration of the subsidies, premiums are set to more than double in 2026, according to an analysis by KFF, a health care research group. If the subsidies are not extended, 2.2 million people will become uninsured, according to the Congressional Budget Office's estimate in 2024.

Last week, Trump used social media to sketch his latest proposal for overhauling the health care system.

"The only healthcare I will support or approve is sending the money directly back to the people, with nothing going to the big, fat, rich insurance companies," Trump wrote in an all-caps post on social media. "The people will be allowed to negotiate and buy their own, much better, insurance."

While Trump has not released details of that plan, the White House is currently working on a proposal that would extend the current ACA subsidies while restricting people making more than 700% of the federal poverty line from receiving them. It would also require minimum payments on some currently free plans, according to reporting by several news outlets.

Removing $0 premium plans could cause many people to go uninsured, Mark Meiselbach, a health economist and professor at Johns Hopkins Bloomberg School of Public Health, wrote in an email.

"This would likely lead to large reductions in enrollment," he wrote. "Prior work has found that there is a big difference between $0 vs. even $1, primarily due to transaction costs (e.g., having a credit card on file, paying premiums on time, etc). Those losing coverage would likely be younger and lower-income."

Relatively few people would be affected by the new restriction on people with higher incomes. Still, it could take subsidies away from some who live in expensive states, he wrote.

Two Republican senators—Rick Scott of Florida and Bill Cassidy of Louisiana proposed bills along the lines of Trump's social media post.

Scott's would allow states to replace premium subsidies with contributions to tax-advantaged health savings accounts, which beneficiaries could use to purchase health insurance or pay for services outright.

Cassidy's plan is narrower and would leave much of the ACA in place, but convert the expiring subsidies into HSA contributions that could be used to pay for health care expenses from providers, but not premiums.

Some health care experts said the shift to HSAs could offer beneficiaries more flexibility, but could undermine the system as a whole. Health insurance companies rely on payments from younger, healthier people with few health care costs to cover the higher costs incurred by those who are older and sicker.

"The one who knows that they don't really have any health care needs right now, they might opt to just take that money and not purchase health insurance and go off the exchange, which then leaves the people on the exchange the sickest, which is going to drive up premiums," Meiselbach said.

The Senators' proposals "present trade-offs, generally benefiting people who are currently healthy at the expense of people who have expensive health conditions," Larry Levitt and Cynthia Cox, policy researchers at KFF, wrote in a blog post analyzing the proposals.

• Nvidia rival Broadcom, which counts Google as a major customer, has seen its stock surge recently along with Alphabet's. 
• With its recent gains, the custom AI chipmaker's stock is one of the top performers in the S&P 500 this year, outpacing Nvidia's rise.

Alphabet's stock has been on a roll lately. One big beneficiary of that move? Broadcom.

The rise in shares of Alphabet, Google's parent company, has helped inject some energy back into a flagging AI trade. That's had knock-on effects on a range of tech stocks—though few have benefitted as much as Broadcom (AVGO), which counts Google as a major customer for its AI chips.

Broadcom's shares have surged recently, climbing along with Alphabet's (GOOGL, GOOG), which have been lifted by a series of positive developments for the cloud giant from a vote of confidence from Warren Buffett's Berkshire Hathaway to an upbeat reception for its latest AI model and signs of a new deal involving its chips.

Alphabet and Broadcom are seeing their shares advance at a time when some AI favorites like Nvidia are flagging. That could point to some shifts to watch in the AI trade's biggest gainers—and the competitive landscape for chips.

Alphabet shares advanced around 2% to finish at a fresh high Tuesday, and have added about 17% since Berkshire's stake was revealed in a regulatory filing a little over a week ago.

Broadcom's stock, meanwhile, has climbed about 12% over the same period. The shares ticked about 2% higher Tuesday to near their all-time high, while Nvidia (NVDA), Advanced Micro Devices (AMD), and other chipmakers lost ground.

With its recent gains, Broadcom's stock is up close to 70% for the year, making it one of the top performers in the S&P 500 this year so far. It's outpaced Nvidia's roughly 33% climb in 2025, along with the rest of the Magnificent 7.

Bernstein analysts said in a note Tuesday Broadcom "would be a clear winner" of a reported chip deal in the works between Meta (META) and Google, as both Google's custom chip partner of choice and a supplier for Meta.

"And while the stock is growing more expensive perhaps it is justified as we continue to believe that Street estimates look far too low," the analysts said. Bernstein maintained an "outperform" rating and $400 target for the shares. All 12 of the analysts with current ratings surveyed by Visible Alpha consider the stock a buy, though it's surpassed their mean target around $378.

There's still some optimism in Bernstein's outlook for Nvidia, though. Its analysts reiterated a bullish rating and $275 target for the shares, saying that booming demand for AI hardware is likely to benefit both it and Broadcom.

Broadcom "has the narrative at the moment, but [Nvidia's] valuation is looking increasingly attractive and the sell-offs seem overdone to us," they said. "We would be buyers (and continue to like both stocks)."

• Polymarket returns to the U.S. after nearly four years of restricting access to customers in the States.
• CEO and founder Coplan said the process that has historically taken "years" was wrapped in four months.

Polymarket is back on American shores.

The popular predictions marketplace operator said late Tuesday that the Commodity Futures Trading Commission cleared the way for U.S. customers to bet on events—whether they're central bank policy moves or how the Packers will fare against the Lions come Thanksgiving—through their brokerages.

Polymarket's regulatory clearance to return to the U.S. coincides with a boom in events trading, with pretty much every fintech platform from Robinhood (HOOD) to Coinbase Global (COIN), along with sports gambling purveyor DraftKings (DKNG) and Trump Media & Technolgy (DJT), angling for a piece of the action.

Polymarket's return to the U.S. coincides with a boom in events betting. The business of speculation stands to transform as the company homes in on sports-betting.

Experts believe something akin to a gold rush could come to the predictions business. Bank of America analysts earlier this month noted that more than two dozen sportsbooks were chasing users in 2020, with many taking steep losses along the way. "Unchecked, this is what [prediction markets] could look like in 2026," they wrote.

Prediction markets continue to extend into a range of forums. Yahoo Finance earlier this month said Polymarket would power a prediction markets hub. And Google said it would add "support for prediction markets data" from Kalshi and Polymarket.

Today's news ends the near four-year prohibition on Polymarket in the U.S. The CFTC in 2022 had ordered Blockratize, which was doing business as Polymarket, to cease operations in the U.S. and pay a $1.4 million penalty for operating an unregistered trading venue. The company earlier this year said it was in position to legally return after acquiring derivatives exchange QCX.

Polymarket founder Shayne Coplan said the regulatory approval was a "key milestone for permeating the US financial system" in a social media post on Tuesday. He also credited President Donald Trump's administration and the CFTC for the clearance, saying what would have historically taken years was done in four months.

Polymarket has the opportunity to make some of its optimistic backers a bit richer. There is currently a live events contract for "Will Polymarket US go live in 2025," with 71% recently betting "yes," down from near certainty in the early fall.

The company's press release did not specify a launch date. It noted that some "rules, policies, and processes" yet to be put in place will be implemented before it goes live.

• Kohl's shares hit their highest point since July 2024 on Tuesday after the retailer's third-quarter results topped estimates.
• The results come a day after Kohl's said interim chief executive Michael Bender is officially its permanent CEO, after previous head executive Ashley Buchanan was fired for cause earlier this year.

Kohl's (KSS) shares soared Tuesday after the retailer reported a surprise profit and better-than-expected sales, a day after removing the "interim" tag from CEO Michael Bender's title.

The company said Tuesday it earned an adjusted $0.10 per share, well above the $0.19 adjusted loss per share that analysts had projected, according to estimates compiled by Visible Alpha. Revenue came in at $3.58 billion and comparable store sales fell 1.7% from the same time a year ago, each better than Wall Street had anticipated.

The stock gained 43% to finish the session at $22.42, its highest level since July 2024. This marked the second time this year that Kohl's shares gained about 40% in a single trading session. When it last happened in July, the stock seemed to have become the latest meme play, as that surge came in the absence of any news.

Kohl's previous CEO Ashley Buchanan unveiled a turnaround plan early in his tenure, focused on re-centering the retailer's efforts on product categories that it knows consumers love, and emphasize its role as a value destination. However, Buchanan was fired just months into his tenure, leaving Bender as interim CEO to continue implementing the plan.

"These results are a direct reflection of the progress we are making against our 2025 initiatives, reinforcing our confidence as we continue to move in the right direction," Bender said.

Bender officially became the permanent CEO Monday, after serving as the interim head executive since the start of May, when previous CEO Ashley Buchanan was fired. Just a few months into his tenure, Buchanan was dismissed for cause over allegations that he had improperly funneled business to a vendor that included a personal contact.

Kohl's has had some success with its turnaround plan, focusing on catering to customers looking for things like jewelry and private label products, as it also topped estimates last quarter.

With today's massive gain, Kohl's shares are up 60% since the start of the year, far outpacing the performance of major retail sector stocks and the benchmark S&P 500 index.