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Today’s market gains, which have seemingly been led by optimism for a Fed interest rate cut in December, have injected over $1 trillion into the S&P 500 index from last week’s bottom. The Nasdaq Composite is holding onto its 2.3% gains amid a shift in market sentiment that could lift stocks out of the doldrums in this final week of the month. Trading platform Kalshi predicts a 75% change for an interest rate cut next month, up from 50% odds previously.
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The Nasdaq Composite is now up 2.2% on the day. Stocks buoying the index higher include Tesla (Nasdaq: TSLA) with a 6.7% jump on the heels of bullish AI comments out of CEO Elon Musk, Amazon (Nasdaq: AMZN) up 2.5% and Google parent Alphabet (Nasdaq: GOOGL), up 5.7% at last check.
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Morgan Stanley’s Michael Wilson advises investors to lean into the latest market pullback, arguing that the market’s slump reflects short-term liquidity worries rather than any holes in fundamentals. In fact, according to him, any surface weakness signals a near-end to the market correction. The Morgan Stanley chief investment officer expects supportive monetary policy and double-digit earnings growth in 2026, therefore investors should use any pullback in stocks as an opportunity to buy the dip, according to Wilson.
After a wild week in the stock market, investors appear willing to buy the dip in this holiday-shortened week. All three of the major stock market averages are kicking off in the green, including a 1.7% jump in the Nasdaq Composite. Google parent Alphabet (Nasdaq: GOOGL) is once again rising to the occasion, soaring 5.3% on the day and eyeing fresh all-time high levels as investor appetite for AI risk ramps up once again. Nevertheless it has been a rocky November for stocks, with the S&P 500 and Nasdaq Composite now down 3.1% and 4.4% over the past month, respectively.
Bank of America analysts agree with Nvidia (Nasdaq: NVDA) CEO Jensen Huang that the markets did not appreciate the AI leader’s quarterly results. The analyst firm urged investors to hone in on the robust demand for the company’s chips and a cool $22 billion in cash flow.
Fed official Christopher Waller is going rogue, campaigning for an interest rate cut at the FOMC’s December meeting.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 46,400.85 Up 139.82 (+0.27%)
Nasdaq Composite: 22,657.40 Up 370.32 (+1.67%)
S&P 500: 6,667.36 Up 64.47 (+0.98%)
Market Movers
Micron Technology (Nasdaq: MU) is recapturing some lost ground with a 6.2% rise today. The stock is back above $200-per-share comfortably after dipping below that key level last week.
Wedbush analysts are bullish on Carvana (NYSE: CVNA), suggesting the online used car lot could be out front in its category by 2026. The analyst firm upgraded the stock to an “outperform” rating with a $400 price target attached, assuming upside potential of 22%.
Pharma giant Novo Nordisk, the company behind cult-like weight loss drugs Ozempic and Wegovy, is falling a sharp 8% after its products reportedly came up short in the fight against Alzheimer’s disease.
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