Sign InWhat to Know Before Markets Open on Tuesday, November 26
Alex Vellor
The stock market soared Monday, with major indices hitting new records. The Dow Jones Industrial Average climbed 440 points, gaining nearly 1%, while the S&P 500 rose 0.3%. The Nasdaq Composite inched up 0.27%, and the small-cap Russell 2000 index led the rally, surging almost 1.5%.
Optimism spread across Wall Street as President-elect Donald Trump named Scott Bessent, founder of Key Square Group, as his pick for Treasury Secretary. Markets appeared to welcome the appointment, interpreting it as a signal of stability amid upcoming economic shifts.
Premarket Movers:
| Company | Stock Symbol | Price Change | Details |
|---|---|---|---|
| Kohl’s | KSS | -12% | Cut its annual sales forecast for the third time this year, indicating struggles to attract shoppers. |
| Best Buy | BBY | -7.4% | Missed quarterly revenue expectations and lowered its full-year sales forecast due to weaker demand. |
| Dick’s Sporting Goods | DKS | +6.4% | Raised full-year guidance after strong back-to-school sales and better-than-expected Q3 comparable sales. |
| Ford | F | -1.8% | Impacted by investor concerns over tariff-related risks affecting integrated supply chains. |
| General Motors | GM | -3.8% | Declined alongside Ford due to tariff concerns affecting supply chains across North America. |
| Novo Nordisk | NVO | +2.2% | Benefitted from Biden's proposal to expand anti-obesity drug coverage under Medicare and Medicaid. |
| Burlington Stores | BURL | -5.4% | Disappointed with its Q4 forecast for earnings and comparable sales growth. |
| Rumble | RUM | +3% | Announced plans to allocate up to $20 million of cash reserves to bitcoin purchases. |
| Intel | INTC | +1.2% | Secured a $7.86 billion government subsidy from the US Commerce Department. |
| Poseida Therapeutics | PSTX | +200% | Roche agreed to acquire the company in a deal worth up to $1.5 billion. |
| Analog Devices | ADI | +5.6% | Reported a Q4 profit that decreased year-over-year but exceeded expectations. |
Trump’s Tariff Plans Stir Debate
Donald Trump’s trade policies remain a key focus for investors. On Monday, he announced plans for new tariffs: 10% on goods from China and 25% on imports from Canada and Mexico. This decision, once enacted, would end the free trade agreement with the U.S.’s North American partners.
Experts warn of possible retaliatory actions from trading partners, which could disrupt supply chains and increase costs for businesses and consumers. The announcement adds uncertainty for global markets already bracing for significant policy changes.
Mixed Signals From Retailers Ahead of Black Friday
As the holiday shopping season approaches, earnings reports from major retailers provided a mixed picture.
Abercrombie & Fitch (NYSE:ANF) stood out with strong performance, posting its sixth straight quarter of double-digit sales growth. The company expressed confidence in a robust holiday season.
Dick’s Sporting Goods (NYSE:DKS) also impressed, raising its full-year guidance after an “excellent” back-to-school season. In contrast, Best Buy (NYSE:BBY) missed Wall Street’s expectations, and Kohl’s lowered its full-year sales outlook. These diverging trends highlight the uneven recovery in consumer spending.
Retailers now face the critical Black Friday period, with market analysts watching closely to assess broader retail health during the holidays.
Bitcoin Pulls Back After Election Rally
Bitcoin prices dropped further from their recent highs, falling 2.5% Monday to $92,313.34. The cryptocurrency had rallied sharply after the U.S. election, but profit-taking by investors has tempered its momentum.
The broader crypto market also slipped, with the CoinDesk 20 index, which tracks top cryptocurrencies, declining by 5%. Despite the pullback, bitcoin remains well above its 2023 levels, attracting both institutional and retail interest.
About The Author
Alex Vellor
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