Futures Edge Up as Wall Street Eyes Thanksgiving Run

​A Pre-Holiday Lift, With One Eye on the Exits
U.S. stock futures crept higher Wednesday as traders tried to stretch a two-day rebound into a Thanksgiving week encore. Dow futures nudged up about 0.2%, S&P 500 futures added around 0.2%, and Nasdaq 100 futures rose roughly 0.3%. After the market’s recent whiplash, this wasn’t a victory lap — more like a cautious step forward before everyone heads for the holiday door.

If this holds, it would mark a fourth straight advance, helping markets claw back more of November’s bruises.

AI Still Runs the Show, Even When It’s Nervous
Tech did the heavy lifting in the latest rally, and the AI trade remains the market’s mood ring. Alphabet keeps turning heads — notching fresh record highs after chatter that Meta may start using Google’s TPU chips in coming years. That’s a big signal that the AI arms race is expanding beyond Nvidia’s orbit.

Nvidia, meanwhile, slipped again, a reminder that “king of AI” comes with a crown that’s starting to feel heavier. Even a hint that big customers are exploring alternatives is enough to rattle a stock priced for perfection.

The Fed Factor: Rate Cuts Back in Fashion
Another tailwind is revived hope for a December rate cut. Markets are pricing in strong odds of a quarter-point move, which helps explain why growth stocks are breathing easier. Lower-rate expectations also feed into the wider risk-on mood — when the Fed whispers “easier,” traders hear “green light.”

Adding intrigue, Trump’s shortlist for the next Fed chair is narrowing, and investors are weighing what a leadership shift could mean for the pace of cuts in 2026.

November Still Hurts, But Less Than It Did
Even with this bounce, the month hasn’t been kind. The S&P 500 and Dow are still down a bit over 1% for November, and the Nasdaq is off closer to 3%. But compared to where things were last week, this rally is doing real damage control.

The market’s tone has shifted from “AI bubble panic” to “maybe this is just a reset,” and that alone can change how fast buyers show up.

Earnings and Data Return to the Stage
The week is short, but not quiet. Big-box retailers already gave the market some relief with better-than-feared results. Deere is the last major earnings heavyweight on deck before the holiday break.

Meanwhile, shutdown-delayed economic data is finally trickling back in. Retail sales and confidence readings are shaping the rate narrative again, and even slightly soft numbers are enough to keep the cut conversation alive. In a market starved for clarity, any data looks like a spotlight.

Bottom Line
​Futures are up because the market wants a Thanksgiving rebound, AI optimism hasn’t vanished, and rate-cut expectations are rebuilding. But this rally is still on probation. One ugly data print or another tech wobble could flip the mood fast — especially in thin holiday trading. For now, Wall Street is trying to glide into the long weekend with momentum instead of anxiety.