Traders work on the American Stock Exchange (AMEX) floor of the New York Stock Exchange (NYSE) on Monday, November 24, 2025 in New York, USA.
Michael Nagle | Bloomberg | Getty Images
Stock futures were little changed Monday night after major U.S. stock averages rallied Monday night on the back of strong artificial intelligence trade and renewed expectations for Federal Reserve interest rate cuts.
Futures tracking the Dow Jones Industrial Average rose 13 points, or less than 0.1%. S&P futures rose nearly 0.1%, and Nasdaq 100 futures rose more than 0.1%.
Stocks posted big gains across the board on Monday, marking a strong start to the short trading week. The S&P 500 index rose about 1.6%. The Nasdaq Composite Index rose 2.7%, its best day since May 12, as stocks of major tech companies rebounded after a tough month for the sector. Meanwhile, the Dow Jones Industrial Average closed up nearly 203 points, or 0.4%.
Google’s parent company alphabet The stock far outperformed the Magnificent Seven group, closing 6.3% higher. chip manufacturer broadcom It became the S&P 500’s biggest gainer after its stock soared more than 11%. Investors have rallied behind both companies, which are linked through their high-performance application-specific chip (ASIC) businesses. Nvidia Despite reassuring investors about strong demand for AI, it fell about 10% this month but rose about 2% this month.
Although stock prices attempted to recover slightly from the decline from the previous week, the three US indexes remain in a down month. Much of this year’s rally has been driven by AI stocks, with investors questioning tech stock valuations and whether the market will rally at the end of the year or if momentum will reverse.
The S&P 500 index fell about 2% in November, and the Nasdaq index fell 3.6%. The 30-stock Dow Jones Industrial Average has fallen 2.3% since the beginning of the month.
“We saw a lot of outflows, but it really started at the end of October, because liquidity was coming out of the market,” Abby Yoder, U.S. equity strategist at JPMorgan Private Bank, said Monday on CNBC’s “Closing Bell” about the recent pullback.
“But within this tech-driven movement around AI and tech-related names, there was still a really solid fundamental background in terms of the AI story and the AI spending story,” Yoder continued. “I think things will progress smoothly toward the end of the year, but there will be a little more scrutiny.”
Separately, traders continue to monitor news that could impact the Federal Reserve’s future monetary policy decisions. According to the CME FedWatch tool, the market is pricing in a more than 80% chance that the Fed will cut interest rates by a quarter of a percentage point in December. Those odds have skyrocketed since New York Fed President Williams said Friday there was room for rate cuts “in the near term.” San Francisco Fed President Mary Daly told the Wall Street Journal on Monday that she supports lowering rates, citing concerns about the labor market.
The stock market will be closed Thursday for Thanksgiving and will close early Friday at 1 p.m. ET.
