U.S. stock futures traded mixed on Tuesday morning following a strong tech-led rally in the previous trading session. Traders began the Thanksgiving holiday week with positive momentum amid expectations of another interest rate cut in December. Futures on the Nasdaq 100 (NDX) were down 0.11%, while futures tied to the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were up 0.03% and 0.09%, respectively, at 8:26 a.m. EST on November 25.
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During Monday’s regular trading session, the S&P 500 climbed 1.55%, while the Nasdaq Composite surged 2.69%, marking its strongest session since May 12, as major technology stocks rebounded from a challenging month. The Dow also closed higher, gaining around 203 points, or 0.44%.
On Monday, Federal Reserve governor Christopher Waller told Fox Business that he sees a likely interest rate cut in December, due to a “soft” labor market that is continuing to weaken. Waller’s comments followed New York Fed President John Williams’ speech, which improved sentiment toward a December rate cut. The Financial Times noted that traders in futures markets now see a 75% probability of a December rate cut, up from 40% before Williams’ comments.
Turning to trending stocks, Nvidia (NVDA) shares were down more than 4% in Tuesday’s pre-market trading after The Information reported that Meta Platforms (META) is contemplating spending billions of dollars on Alphabet’s (GOOGL) AI chips. In contrast, GOOGL stock was up about 4%. Meanwhile, Alibaba (BABA) stock rose about 4% after the Chinese tech giant reported robust growth in its September quarter cloud revenue.
Investors await Q3 FY26 results from Dell Technologies (DELL), scheduled after the market closes today.
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