November 26, 2025

Markets:

Stock futures rose Wednesday, with Wall Street looking to build on back-to-back winning sessions.

Alphabet shares continued to move higher, ticking higher by more than 1% in the premarket after gaining more than 1% in the prior trading day. The stock has risen about 8% this week.

The three U.S. stock indexes ended Tuesday higher after a volatile trading session. The 30-stock Dow Jones Industrial Average closed up more than 660 points, or 1.4%, and logged a third consecutive positive session. Several tech stocks also climbed higher to lift the broader market. Alphabet hit fresh record highs on a report that Meta Platforms is considering using the Google parent’s TPU chips in 2027. Chipmaker Nvidia shed more than 2.5%, meanwhile.

Investors continue to monitor catalysts that could affect the Federal Reserve’s next interest rate move. Traders are pricing in a roughly 85% chance of a quarter percentage point cut from the Fed in December, according to the CME FedWatch tool.

Treasury Secretary Scott Bessent told CNBC earlier Tuesday that there’s a “very good chance” that Trump will “make an announcement before Christmas” on who will be the next Fed chair. While he said he was interviewing candidates, expectations are shifting toward White House National Economic Council Director Kevin Hassett, after Bloomberg reported he had emerged as a frontrunner for the job. Hassett is viewed as someone more likely to push for lower rates.

Portfolio:

First, we want to wish everyone a wonderful Thanksgiving week. For those in the U.S., we hope these next few days bring peace, rest, and time well spent with the people who matter most.

Yesterday was exactly what we needed—clean follow-through to get momentum rolling again. We head into today’s session holding positions in ONDS, APLD, NBIL, and A.

Across the board, we’re seeing an increasing number of names flagging and setting up for potential monster runs. Our only caveat this week remains volume. As we mentioned earlier, holiday-week volume can distort moves—both up and down. Before going full throttle, we want confirmation. That means easing into new trades today and Friday, staying patient, and preparing for stronger action when full volume returns on Monday. This is the typical cycle.

Be on alert today and ready.