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Tuesday, November 25

Noteworthy macro moves today: USD/CNH -0.3%. Copper +1.8%. Oil (WTI) -1.6%. Noteworthy US mega-cap moves today: NVIDIA Corp (NVDA) -4.6%. Broadcom Inc (AVGO) +4.2%. Alphabet Inc (GOOGL) +4.2%.

Global equity markets are trading mixed as investors react to a series of economic data releases from the U.S., including weaker-than-expected retail sales and producer price index figures for September. The mixed performance reflects uncertainty about consumer spending patterns ahead of the holiday season, with significant attention on upcoming reports that could influence Federal Reserve policy.

In the U.S., core producer prices rose by only 0.1% in September, falling short of expectations for a larger increase, while retail sales showed a modest gain of just 0.2%. These results have led to increased speculation regarding potential interest rate cuts by the Federal Reserve, with market participants pricing in over an 80% chance of a cut in December.

Meanwhile, European equity indices are generally higher today, buoyed by optimism surrounding potential interest rate cuts and positive sentiment from recent U.S. market performance. However, concerns remain about economic stagnation in Germany and declining consumer confidence in France, which may temper gains across the region as investors await further economic indicators later this week.

United States Oil Fund LP (USO) [-1.5%]
The United States Oil Fund LP (USO) has seen a price movement of -1.5% since Monday, coinciding with a notable decline in WTI crude oil, which dropped significantly to approximately $57.57. This decline followed reports of Ukraine agreeing to terms of a potential peace deal, contributing to a bearish sentiment in the oil market. Meanwhile, Brent crude futures also fell, reflecting expectations of looser supply-demand balances for the upcoming year. The oil market briefly experienced an uptick due to a broader risk-on sentiment linked to rising equities and expectations of a potential interest rate cut by the U.S. Federal Reserve. However, ongoing geopolitical developments and evaluations of energy supply risks continue to weigh on market sentiment, creating a complex environment for USO's price trajectory.

Communication Services Select Sector SPDR Fund (XLC) [+1.1%]
The Communication Services Select Sector SPDR Fund (XLC) is currently priced at 114.00, reflecting a change of 0.99 or 0.87% from the previous trading session. The fund's trading volume stands at 2,300 shares, indicating moderate activity. The positive sentiment in the technology sector is notable, bolstered by Zoom Communications reporting strong Q3 earnings and increasing its stock buyback authorization. Broader market optimism is also evident, driven by expectations of potential interest rate cuts following dovish remarks from Federal Reserve officials, contributing to a rise in tech-heavy indices like the Nasdaq. Significant contributors to XLC's performance include GOOG and GOOGL, both experiencing notable stock price increases due to strong performance and growth prospects, with Meta also engaged in discussions with Google regarding a transformative chip deal.

NVDA | -4.3% | -184.1B
NVIDIA Corp | Semiconductors
NVIDIA Corp's stock has experienced a significant decline, dropping by 4.0% since Monday. This downturn is attributed to several factors. Reports have emerged that Meta is in talks to acquire billions of dollars' worth of Google AI chips, potentially positioning Google as a competitor in the data-center processor market. This development could threaten NVIDIA's revenue, with estimates suggesting a possible loss of up to 10% of annual income. Additionally, investor Michael Burry has reiterated his bearish outlook on NVIDIA, criticizing its financial practices and asserting that share buybacks have yielded minimal value for shareholders. Social media discussions further highlight concerns about NVIDIA's operating cash flow, which has declined despite substantial revenue growth. These sentiments coincide with Meta's potential deal with Google, which could diminish NVIDIA's market position in AI chips, exacerbating the negative sentiment surrounding the company's future performance.

GOOGL | +4.3% | +178.1B
Alphabet Inc | Interactive Media & Services
Alphabet Inc. has experienced a notable rise in its stock price, attributed to several significant developments. Meta Platforms is reportedly in discussions to purchase billions worth of Google chips for its data centers, potentially expanding Alphabet's footprint in the AI chip sector. BNP Paribas Exane has initiated coverage on Alphabet with an Outperform rating, signaling confidence in its growth trajectory. The company’s focus on artificial intelligence and cloud services continues to enhance its market position. In premarket trading, Alphabet's shares have increased over 4%, moving it closer to a market valuation of $4 trillion. Over the past 30 days, the company has added approximately $800 billion in market capitalization. Recent highlights include Berkshire Hathaway acquiring a $5 billion stake and the successful launch of Gemini 3, which reportedly outperforms other models, alongside a substantial year-over-year growth of 34% in its cloud segment.

AMD | -5.5% | -17.9B
Advanced Micro Devices Inc | Semiconductors
Advanced Micro Devices Inc's Executive Vice President and General Manager, Norrod Forrest Eugene, executed a stock option to purchase 8,200 shares at $34.19 on November 19, followed by the sale of 19,450 shares within a price range of $228.36 to $230.78. Concurrently, social media discussions have highlighted the CEO's confidence in AI technology, dismissing concerns about an AI bubble as shortsighted. A collaboration with Singapore-based NeutraDC was announced, focusing on high-performance AI and cloud computing solutions. Additionally, AMD's stock has reportedly increased significantly from its lows earlier this year. In related news, the White House launched the "Genesis Mission" to boost AI innovation, which may affect sectors relevant to AMD. Meanwhile, NVIDIA Corp has seen a decline, potentially influencing the sentiment surrounding semiconductor stocks, including AMD.

AVGO | +4.4% | +8.1B
Broadcom Inc | Semiconductors
Broadcom Inc. (AVGO) has seen a notable increase in its stock price, rising significantly since Monday. This uptick follows heightened excitement at the company's headquarters after Jim Cramer suggested that Broadcom is well-positioned in the current market landscape. Social media discussions reflect this sentiment, with posts highlighting AVGO's approach to new all-time highs and a strong premarket performance, up by 2%. Concurrently, Google (GOOGL) experienced a similar rise, attributed to its collaboration with Broadcom on TPUs, amidst a renewed interest in AI trades. Additionally, Analog Devices Inc. (ADI) reported strong Q4 results, further contributing to positive momentum in the semiconductor sector.

KEYS | +13.5% | +4.7B
Keysight Technologies Inc | Electronic Equipment & Instruments
Keysight Technologies Inc reported its fourth-quarter results on November 24, 2025, revealing an adjusted EPS of 1.91, surpassing the consensus estimate of 1.83. The company generated revenue of 1.42 billion, exceeding the forecast of 1.38 billion. CEO Satish Dhanasekaran noted strong order momentum and sustained demand for their solutions. Keysight projects first-quarter EPS between 1.95 and 2.01, with revenue expected between 1.53 billion and 1.55 billion, both above consensus estimates. The Board also authorized a new share repurchase program of up to 1.5 billion, effective immediately. In comparison to the previous year, revenue increased from 1.29 billion, and the company posted a GAAP net income of 229 million, or 1.33 per share, compared to a GAAP net loss of 73 million, or 0.42 per share, in the fourth quarter of 2024. Non-GAAP net income was reported at 331 million.

ZM | +6.1% | +1.6B
Zoom Video Communications Inc | Application Software
Zoom Video Communications Inc. reported its third-quarter financial results, achieving an adjusted earnings per share (EPS) of 1.52, surpassing the estimate of 1.44. Revenue for the quarter reached 1.23 billion, exceeding expectations of 1.21 billion, with enterprise revenue rising 6.1% year-over-year to 741.4 million. The company raised its fiscal 2026 guidance, now projecting adjusted EPS between 5.95 and 5.97, up from previous estimates of 5.81 to 5.84. Additionally, Zoom authorized a share repurchase program of 1 billion, signaling confidence in its financial health. Following the earnings announcement, shares rose significantly in after-hours trading and continued to gain in pre-market trading, reflecting positive sentiment surrounding the earnings surprise and enhanced guidance. The number of customers contributing over 100,000 in trailing twelve months revenue increased by 9% year-over-year to 4,364.

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