Pre-Bell 
Brief
Time: 26-Nov-2025 08:01 (ET)
Key Takeaway
• US futures tick higher as Asia and Europe rally while traders face a dense data pack and a pivotal December Fed meeting.[1][2][6]
What Moved Overnight
• Asia - Risk-on tone with Japan and Korea up around +2.00% as soft US data keep December cut hopes alive.[2][4]
• Europe - Stoxx 600 and core indexes extend Tuesday gains with cyclicals leading and defensives lagging.[3]
• US Futures - SPX futures up about +0.17%, DJI +0.07% and NDX +0.25% keep the Thanksgiving grind higher intact.[1][3]
• FX / Rates - DXY softens, the US 10Y yield hovers near 4.00% and oil edges higher, a supportive mix for risk assets.[4]
How the Prior Session Closed
♔ Equities ♛ Barometer
• SPX gained +0.91% as Top-10, Mid-90 and Bottom-403 tranches all finished green together.
• NDX added +0.58% while transports jumped +2.27% and small caps via VXF ran +2.05%, a classic risk-on skew.
• Bond proxies from IGSB to TLT inched up, with DXY off -0.35%, a friendly backdrop for equities.
• VIX dropped -9.94%, signaling traders were comfortable leaning into risk ahead of today’s data.
• Tone: Broad risk-on session, with buyers rewarding cyclicals and small caps instead of only chasing the mega cap complex.
• Breadth: Participation improved as Mid-90 and Bottom-403 tranches outpaced the Top-10, hinting at healthier internals under the index level.
• Top Gainer: KEYS surged +10.01% on renewed interest in select semiconductor and testing names.
• Bottom Loser: AMD slipped -4.15% on profit taking and rotation within high beta tech.
Today’s 1st Hour of Trading — Updated for Shutdown Risk
• 26-Nov-2025 08:30 – **Advance durable goods, trade in goods and the Q3 GDP 2nd print** are *scheduled*, but all three carry **elevated delay risk** due to BEA and Census backlogs from the October–November federal shutdown.
• 26-Nov-2025 08:30 – **Personal income and the PCE deflator** may post partial data or be rescheduled, as the shutdown disrupted underlying collection needed for October reporting.
• 26-Nov-2025 10:00 – **New home sales and the Corporate Bond Market Distress Index** remain more likely to publish on time, though home sales could still be revised later if Census processing delays persist.
• No new data available for S&P 500 gap analysis over the last 63 sessions.
Upcoming Headlines — Updated for Shutdown Risk
• 26-Nov-2025 08:30 – The GDP 2nd print, durable goods, trade and PCE cluster may release in staggered or partial form depending on BEA/Census backlog clearing.
• 26-Nov-2025 10:00 – New home sales and CMDI still expected, but subject to revision risk due to delayed federal data pipelines.
• 28-Nov-2025 10:00 – NY Fed multivariate core trend inflation update remains on track since it relies primarily on internal Fed modeling rather than federal survey data.
Wrap
• Futures point to a modestly positive open with global risk tone supportive as traders digest a dense US data slate and look ahead to December policy risk.
Disclaimer: Any resemblance to actual outcomes is purely coincidental.
• Powered by AI-Intela: Sometimes thinking hard, sometimes hardly thinking.
▶ Citation Block
[1] 26-Nov-2025: Reuters Wall Street futures edge higher as December rate cut expectations data awaited
[2] 26-Nov-2025: Wall Street Journal Global markets rise, tracking Wall Street gains ahead of Thanksgiving
[3] 26-Nov-2025: MarketWatch U.S. futures, European stocks rise
[4] 26-Nov-2025: IC Markets Asian markets rally on Fed cut optimism and strong global cues
[5] 26-Nov-2025: Federal Reserve Bank of New York Economic Indicators Calendar
[6] 26-Nov-2025: Federal Reserve FOMC meetings calendar
[7] 26-Nov-2025: U.S. Bureau of Labor Statistics Consumer Price Index release schedule
[8] 30-Sep-2025: Slickcharts United States Inflation Rate (trailing 12-month)
BriefTime: 26-Nov-2025 08:01 (ET)
Key Takeaway• US futures tick higher as Asia and Europe rally while traders face a dense data pack and a pivotal December Fed meeting.[1][2][6]
What Moved Overnight• Asia - Risk-on tone with Japan and Korea up around +2.00% as soft US data keep December cut hopes alive.[2][4]
• Europe - Stoxx 600 and core indexes extend Tuesday gains with cyclicals leading and defensives lagging.[3]
• US Futures - SPX futures up about +0.17%, DJI +0.07% and NDX +0.25% keep the Thanksgiving grind higher intact.[1][3]
• FX / Rates - DXY softens, the US 10Y yield hovers near 4.00% and oil edges higher, a supportive mix for risk assets.[4]
How the Prior Session Closed♔ Equities ♛ Barometer
• SPX gained +0.91% as Top-10, Mid-90 and Bottom-403 tranches all finished green together.
• NDX added +0.58% while transports jumped +2.27% and small caps via VXF ran +2.05%, a classic risk-on skew.
• Bond proxies from IGSB to TLT inched up, with DXY off -0.35%, a friendly backdrop for equities.
• VIX dropped -9.94%, signaling traders were comfortable leaning into risk ahead of today’s data.
• Tone: Broad risk-on session, with buyers rewarding cyclicals and small caps instead of only chasing the mega cap complex.
• Breadth: Participation improved as Mid-90 and Bottom-403 tranches outpaced the Top-10, hinting at healthier internals under the index level.
• Top Gainer: KEYS surged +10.01% on renewed interest in select semiconductor and testing names.
• Bottom Loser: AMD slipped -4.15% on profit taking and rotation within high beta tech.
Today’s 1st Hour of Trading — Updated for Shutdown Risk• 26-Nov-2025 08:30 – **Advance durable goods, trade in goods and the Q3 GDP 2nd print** are *scheduled*, but all three carry **elevated delay risk** due to BEA and Census backlogs from the October–November federal shutdown.
• 26-Nov-2025 08:30 – **Personal income and the PCE deflator** may post partial data or be rescheduled, as the shutdown disrupted underlying collection needed for October reporting.
• 26-Nov-2025 10:00 – **New home sales and the Corporate Bond Market Distress Index** remain more likely to publish on time, though home sales could still be revised later if Census processing delays persist.
• No new data available for S&P 500 gap analysis over the last 63 sessions.
Upcoming Headlines — Updated for Shutdown Risk• 26-Nov-2025 08:30 – The GDP 2nd print, durable goods, trade and PCE cluster may release in staggered or partial form depending on BEA/Census backlog clearing.
• 26-Nov-2025 10:00 – New home sales and CMDI still expected, but subject to revision risk due to delayed federal data pipelines.
• 28-Nov-2025 10:00 – NY Fed multivariate core trend inflation update remains on track since it relies primarily on internal Fed modeling rather than federal survey data.
Wrap• Futures point to a modestly positive open with global risk tone supportive as traders digest a dense US data slate and look ahead to December policy risk.
Disclaimer: Any resemblance to actual outcomes is purely coincidental.• Powered by AI-Intela: Sometimes thinking hard, sometimes hardly thinking.
▶ Citation Block
[1] 26-Nov-2025: Reuters Wall Street futures edge higher as December rate cut expectations data awaited
[2] 26-Nov-2025: Wall Street Journal Global markets rise, tracking Wall Street gains ahead of Thanksgiving
[3] 26-Nov-2025: MarketWatch U.S. futures, European stocks rise
[4] 26-Nov-2025: IC Markets Asian markets rally on Fed cut optimism and strong global cues
[5] 26-Nov-2025: Federal Reserve Bank of New York Economic Indicators Calendar
[6] 26-Nov-2025: Federal Reserve FOMC meetings calendar
[7] 26-Nov-2025: U.S. Bureau of Labor Statistics Consumer Price Index release schedule
[8] 30-Sep-2025: Slickcharts United States Inflation Rate (trailing 12-month)
