U.S. equity markets are open for a shortened session today, Friday, November 28, 2025, as investors navigate the traditionally quiet Black Friday trading day following the Thanksgiving holiday. Futures contracts for the major indexes edged higher in premarket trading, signaling a cautiously optimistic start to the day, even as the broader market grapples with a potential monthly decline for November. The New York Stock Exchange (NYSE) and Nasdaq will both observe an early close at 1:00 p.m. ET, while the U.S. bond market will conclude trading at 2:00 p.m. ET.
Premarket Activity and Futures Movements
As the shortened trading day commenced, U.S. stock futures showed modest gains. Futures on the Nasdaq 100 (NDX) were up 0.16%, S&P 500 (SPX) futures climbed 0.02%, and Dow Jones Industrial Average (DJIA) futures saw a 0.05% increase in early morning trading. Later in the premarket, Dow Futures were reported up 0.11% to 47,542, S&P 500 Futures rose 0.10% to 6,835, and Nasdaq Futures advanced 0.18% to 25,347.75. This premarket strength comes after a robust performance earlier in the week, with all three major indexes poised to deliver their best Thanksgiving-week gains in over a decade.
Major Market Indexes: A Look Back and Forward
The U.S. stock market closed broadly higher on Wednesday, extending a four-day winning streak ahead of the Thanksgiving holiday. The Dow Jones Industrial Average (DJIA) advanced 0.7%, or 314.67 points, to close at 47,427.12. The S&P 500 (SPX) gained 0.7% to finish at 6,812.61, while the tech-heavy Nasdaq Composite (IXIC) rose 0.8%, or 189.01 points, to 23,214.69. These gains were largely fueled by renewed optimism surrounding artificial intelligence (AI) stocks and increasing expectations for a Federal Reserve interest rate cut in December.
However, despite the recent rally, November has proven to be a challenging month for equities overall. As of Friday's premarket, all three major averages were on track to finish the month lower. The Dow and S&P 500 were down slightly month-to-date, while the Nasdaq Composite faced a more significant decline of approximately 2.15% for November. This pullback in technology shares has been attributed to concerns about stretched AI valuations and ongoing uncertainty regarding the Federal Reserve's future policy path.
Upcoming Market Events and Economic Data
Today's shortened trading session is notably light on significant economic reports or major earnings releases. However, recent economic data continues to shape market sentiment. The Department of Labor reported that initial jobless claims decreased by 6,000 to 216,000 for the week ended November 22, falling below the consensus estimate. Conversely, continuing claims, which lag by a week, increased by 7,000 to 1.96 million for the week ended November 15. Durable goods orders for September rose by a modest 0.5%, missing the Zacks Consensus Estimate of 2.2%.
The overarching theme influencing market expectations remains the Federal Reserve's monetary policy. Traders are currently pricing in a high probability, around 87%, of a 25-basis-point interest rate cut by the Fed in December, with further reductions anticipated next year. This dovish outlook, spurred by softer U.S. economic data and signals from policymakers, has been a key driver of the recent market rally.
Major Stock News and Corporate Developments
Several companies are making headlines today with significant stock price movements and corporate announcements:
- Deere & Co. (DE) saw its shares tumble 5.7% after the company reported fourth-quarter fiscal 2025 adjusted earnings of $3.93 per share, missing the Zacks Consensus Estimate.
- HP Inc. (HPQ) experienced a 1.4% decline in its stock price as its fourth-quarter fiscal 2025 revenues of $14,639 million lagged behind analyst expectations.
- Nutanix Inc. (NTNX) shares plunged a significant 17.8% after the company's first-quarter fiscal 2026 revenues of $670.58 million came in below the Zacks Consensus Estimate.
- Workday Inc. (WDAY) also faced a substantial drop, plummeting 7.9% after its full fiscal subscription revenue guidance failed to meet market expectations.
- On a positive note, AppLovin Corp. (APP) was a major gainer in the Nasdaq on Wednesday, surging 5.5%.
- Sandisk (SNDK) is set to join the S&P 500 today, November 28, marking it as one of just 12 companies to enter the benchmark this year. Since its split from Western Digital (WDC) earlier in 2025, Sandisk's stock has soared an impressive 512%.
- The broader technology sector continues to be a focal point, with renewed optimism in AI stocks contributing to recent market gains. Beyond current AI trends, the emerging field of quantum computing is gaining traction, with major hyperscalers like Microsoft (MSFT), Google (GOOGL), Amazon (AMZN), Oracle (ORCL), Meta (META), and Tesla (TSLA) actively exploring its integration into their infrastructure.
- In other corporate news, Nordic American Tankers Ltd. (NAT) reported its third-quarter 2025 earnings, announcing a $0.13 per share dividend and plans for the construction of two new Suezmax tankers. Dolphin Drilling AS (DDRIL) also released its preliminary financial results for the third quarter of 2025.
As the shortened Black Friday trading session unfolds, investors will be closely watching for any unexpected movements in what is typically a low-volume trading day, while also looking ahead to the final month of 2025 and the highly anticipated Federal Reserve meeting.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.