US Stock Market Today: S&P 500 Futures Rise as Rate Cut Hopes Build

The Morning Bull - US Market Morning Update Wednesday, Nov, 26 2025

US stock futures are edging higher this morning as investors digest a rare October budget surplus of $284.4 billion and brace for possible action from the Federal Reserve. The US government’s finances swung from a deficit last year to a large surplus, due largely to an increase in tax revenues and raised customs duties. On the interest rate front, borrowing costs are dropping as the yield on 10-year government bonds fell to about 4.0 percent. This signals that many expect the Fed to cut rates soon. The key question for investors is whether this combination of improved government finances and lower borrowing costs will be enough to offset signs of slowing growth, especially for sectors like banks and real estate that respond quickly to changes in interest rates.

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Top Movers

• Symbotic (SYM) soared 39.36% as upbeat guidance and multiple analyst upgrades boosted investor confidence.
• Reddit (RDDT) jumped 12.04%.
• Keysight Technologies (KEYS) climbed 10.01% after stronger-than-expected earnings, a new buyback plan, and a price target hike.

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Top Losers

• Advanced Micro Devices (AMD) dropped 4.15% after Mizuho flagged Google’s TPU advances as a challenge for AMD's GPU business.
• Strategy (MSTR) fell 3.83%.
• Nebius Group (NBIS) declined 3.29%.

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On The Radar

Company earnings are in focus as Li Auto reports Q3 results before the bell, set against a backdrop of dovish Fed expectations.

• Li Auto (LI): The Q3 earnings report pre-market on Wednesday will reveal if delivery growth can offset margin pressures in China’s EV industry.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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