US stocks surged on Monday, heading toward a rebound to start the shortened Thanksgiving trading week as US policymakers buoyed hopes for an interest-rate cut in December.

The tech-heavy Nasdaq Composite (^IXIC) was up over 2.5%, and the S&P 500 (^GSPC) advanced more than 1.4%, as Wall Street stocks started to extend Friday's bounce. The Dow Jones Industrial Average (^DJI), which includes fewer tech stocks, put on 0.5%.

Stocks are aiming for further recovery from the pullback that has cooled this year’s AI-driven market rally. Analysts have suggested the end is near for a retreat that has driven notable losses in November, as well as turbulence. Some of the biggest tech megacaps, including Nvidia (NVDA), Alphabet (GOOG), and Tesla (TSLA), led the way higher on Monday.

Meanwhile, bitcoin (BTC-USD) also rose as it looked to bust out of a month-long slump. It was last seen hovering above $88,000 after falling near $80,000 late last week.

Investors are heading into the shortened Thanksgiving trading week still debating the odds of an interest-rate cut. On Monday, Christopher Waller joined another influential policymaker, John Williams, in setting the stage for Federal Reserve easing next month.

Delayed economic data releases will start to flow in this week, helping with those calculations. On Tuesday, markets get September updates on producer prices and retail sales, and a November reading of consumer confidence, among other data.

On the earnings front, Alibaba (BABA), and retailers Kohl's (KSS) and Best Buy (BBY) are the highlights as the season winds down this week.

President Trump's tariffs are also in play, as top US and EU trade officials meet for their first talks since the two sides reached a deal in July. Markets are weighing how the Supreme Court might jump in its ruling on whether the orders imposing tariffs were legal. The Commerce Department and the Office of the US Trade Representative are reportedly preparing a roadmap if the decision goes against the administration.

Tech stocks surged on Monday, leading the overall market rally as megacaps outperformed.

Alphabet (GOOG, GOOGL) surged more than 5% on pace for a fresh record high, while EV maker Tesla (TSLA) gained 7%. Social media giant Meta (AVGO) rallied 3%, along with Broadcom (AVGO) surging 10%.

Stocks reach session highs as expectations of a December Fed rate cut grew. Goldman Sachs and Morgan Stanley strategists also looked past recent market volatility, expressing their bullish views for equities heading into 2026.

Tesla (TSLA) stock popped 7% in midday trading on Monday after a note from Melius Research made the case that the stock is a \\"must own.\\" Shares also received a boost after CEO Elon Musk posted on X that the company's own AI4 chip is currently in Tesla vehicles and that it's preparing its next generation of AI chips.

Yahoo Finance's Pras Subramanian reports:

\\"One of the reasons we called Tesla a 'must own' in our recent launch — despite all the obvious risks — is that the world is about to change, dramatically,\\" Melius analyst Rob Wertheimer wrote in a note on Monday morning. \\"Autonomy is coming very soon, and it will change everything about the driving ecosystem … We believe the next five years will see hundreds of billions in value shift, from a collection of soon to be struggling or even obsolete companies, to Tesla.\\"

Wertheimer argued that the latest \\"spark\\" is Tesla's latest iteration of full self-driving (FSD) software, version 14.1.7. The analyst said Tesla's shift to a vision-only system, plus years and huge amounts of compute to train the system, made it much better.

Read more here.

Yahoo Finance's Ben Werschkul reports:

A formal debate over lawmaker stock trading got underway on Capitol Hill this past week and injected a new term into the now years-long debate: pre-disclosure.

As lawmakers outlined it, pre-disclosure of stock trades could provide a way to limit congressional day trading, while still allowing lawmakers to play the market.

\\"I think pre-disclosure is something that we ought to consider,\\" offered the Manhattan Institute's James Copland as he testified before the House Administration Committee on Wednesday.

He later noted, \\"This is exactly what happens in certain types of corporate situations.\\"

The idea was immediately dismissed by advocates as a hollow idea that could undercut recent political momentum for their cause for the stronger measure of a ban on lawmaker trading.

But the notion of forcing lawmakers to disclose their trades on the front end — as opposed to 45 days afterward as the rules now state — came up six separate times during the 82-minute hearing, according to Yahoo Finance's count.

Read the full story here.

Nvidia shares climbed 2% on Monday as President Trump is set to decide whether to allow the company to export its H200 AI chips to China.

The H200s are much more powerful than the H20 chips Nvidia is currently allowed to export to China under US trade rules. The US government effectively banned sales of Nvidia's most powerful AI chips to the country in 2022 under Biden.

The H20 chips have faced their fair share of turmoil, however. In April, President Trump introduced surprise export controls on Nvidia's H20 chips, but later reversed them in exchange for 15% of more of the company's revenue from sales to the country. But the move prompted blowback from China, as the country responded by banning Chinese tech firms from buying H20 chips.

Nvidia's revenue-sharing agreement with the US government has not yet been formalized, per the chipmaker's latest quarterly filing to the SEC.

The company's China business fell flat in the third quarter.

“While we were disappointed in the current state that prevents us from shipping more competitive data center compute products to China, we are committed to continued engagement with the US and China governments, and will continue to advocate for America's ability to compete around the world,” CFO Colette Kress said during the company's earnings call on Nov. 19.

Trump previously teased that he would discuss Nvidia's Blackwell chips during trade talks with Chinese President Xi Jinping in October, raising hopes about allowances for Nvidia to sell a lower-power version of its latest AI chip designs to the country — but the US president later walked back that commentary.

Michael Burry — the famed \\"Big Short\\" investor who accurately predicted the collapse of the US real estate bubble in 2008 — has longed for his days writing commentary about the stock market in 1999 while working as a neurology resident physician at Stanford.

So he shut down his hedge fund, Scion Asset Management, earlier this month and launched a Substack on Sunday.

Burry's Substack, \\"Cassandra Unchained,\\" is the latest newsletter — and perhaps the highest profile — to take aim at the AI bubble. Others from tech commentators Gary Marcus and Ed Zitron have existed for a few years.

Burry argues that the AI bubble is just like the dot-com bubble, with \\"catastrophically overbuilt supply\\" of internet infrastructure (then) and AI infrastructure (now), but \\"nowhere near enough demand\\" for the tech. He described both bubbles as \\"manic investment booms.\\"

The price of five-year Oracle (ORCL) credit default swaps on Monday climbed to their highest level since October 2022, per Bloomberg.

The annual cost to insure $10 million of Oracle’s debt against default jumped to 1.19%, or about $119,000 per year, according to Bloomberg, citing data from ICE Data Services.

Oracle’s credit default swaps are financial contracts that act like insurance on the AI cloud firm's debt. When their price rises, it signals that investors believe there is a higher likelihood that Oracle will default on its debt obligations.

Oracle has issued $25.8 billion in investment-grade debt this year, per Bloomberg data. Investors have become skeptical of the AI bubble as some Big Tech players have begun to use debt to fund their AI projects — in addition to Oracle, there's Meta, xAI, and most recently, Amazon.

Both Oracle's 10-year and 30-year bonds issued in September were trading below par on Monday. The former traded at roughly $0.98 on the dollar, while the latter traded at $0.93 on the dollar.

The stock rose fractionally Monday amid a broader rebound in tech stocks.

Alphabet (GOOGL, GOOG) shares aimed for yet another record high on Monday and were set to close above $300 for the first time.

The stock hit an intraday high of $317.75 in morning trading.

Alphabet had already jumped to two fresh highs over the course of last week, defying the broader downturn in tech stocks amid investor fears over an AI bubble. The advance comes after the release of Google's latest AI model, Gemini 3, on Nov. 18. Experts have said the model is ahead of those of rivals OpenAI (OPAI.PVT) and Anthropic (ANTH.PVT).

Wall Street analysts have been bullish on Alphabet following the Gemini 3 launch, with several reiterating Buy ratings on the stock on Monday.

\\"After a period of pressure from regulatory overhangs, increasing competition in search and advertising, and lack of clarity on its long-term AI positioning, GOOGL shares have begun to recover - and we see more room for multiple expansion as the company demonstrates its AI prowess,\\" said BNP Paribas analyst Nick Jones in a note to investors Monday, reinstating coverage of Alphabet with an Outperform rating and $355 price target.

Also adding fuel to the stock's run-up, Google also announced a multimillion-dollar Cloud deal with NATO on Monday.

Tech led gains in US stocks on Monday, boosting hopes for a rebound from broad losses in November.

The tech-heavy Nasdaq Composite (^IXIC) added more than 1%, extending gains from Friday to help recover from declines earlier last week. The S&P 500 (^GSPC) advanced roughly 0.7%, while the Dow Jones Industrial Average (^DJI) edged up 0.3%.

Bloomberg reports:

US stock markets are likely nearing the end of the recent selloff, according to Morgan Stanley strategist Michael Wilson, who reiterated his bullish outlook for next year.

The banks views “any further weakness in the short-term as an opportunity to add long exposure into next year,” according to a note on Monday. The team is bullish on consumer discretionary, healthcare, financials, industrial and small-cap stocks.

The strategists expect the S&P 500 (^GSPC) to rally to 7,800 a year from now, making it among the highest predictions among other Wall Street firms tracked by Bloomberg. The forecast implies about an 18% rally from current levels and a sharp rebound from the current pullback.

Read more here.

Bitcoin (BTC-USD) traded near the $86,000 level on Monday morning, about 30% off its all-time high following a major downturn for the cryptocurrency.

And according to Bloomberg, bitcoin exchange-traded funds (ETFs) are heading for their worst month of outflows since launching nearly two years ago.

From Bloomberg:

Investors have pulled $3.5 billion from the US-listed Bitcoin ETFs so far in November, almost equaling the previous monthly record for outflows of $3.6 billion set in February, according to data compiled by Bloomberg. BlackRock Inc.’s Bitcoin fund IBIT, which accounts for about 60% of the cohort’s assets, has registered $2.2 billion in redemptions in November, meaning it will slump to its worst month barring a sharp reversal.

The outflows come with Bitcoin itself set for its worst monthly performance since the crypto industry collapse of 2022, a daisy chain of corporate failures punctuated by the downfall of Sam Bankman-Fried’s FTX. The wider crypto market has contracted sharply in recent weeks, despite registering policy wins in the US and beyond throughout the year.

The IBIT outflow confirms “that the euphoria from earlier this year has been fully exhausted,” said Nick Ruck, director at LVRG Research.

Read more here.

Novo Nordisk (NVO) stock fell 10% before the bell on Monday after the pharmaceutical company said its Alzheimer's drug failed to meet its goal in late-stage trials.

Reuters reports:

The setback is a blow to hopes that Alzheimer's ‌could open a major new market for GLP-1 medicines such as semaglutide, as Novo faces rising competition to its blockbuster drugs in its core treatment ‌areas of obesity and diabetes.

Alzheimer's patients currently have limited treatment options. Novo's trial was being closely watched as an indication about whether GLP-1 drugs - used by millions for diabetes and weight loss - might slow disease progress.

The drug tested was Rybelsus, a pill approved only for type 2 diabetes. Like Novo's blockbusters Ozempic and Wegovy, it contains semaglutide.

'LOTTERY TICKET' ⁠FAILS TO WIN

The company's Executive Vice President ‌for Product and Portfolio Strategy, Ludovic Helfgott, had described the Alzheimer's trials as a \\"lottery ticket\\" in September, a reference to its uncertain prospects yet huge potential.

Alzheimer's disease ‍and other dementias affect more than 55 million people globally. There is no cure.

Read more here.

Economic data: Chicago Fed national activity index (October); Dallas Fed manufacturing activity (November)

Earnings: Agilent Technologies (A), Symbotic (SYM), Keysight Technologies (KEYS), Zoom Communications (ZM), StoneX Group (SNEX)

Here are some of the biggest stories you may have missed over the weekend and early this morning:

Apple's successor to CEO Cook has big shoes to fill

Retail earnings, data highlight holiday-shortened week

Rents are falling in US cities. It isn't helping the home sales market

Bitcoin funds head for worst month as $3.5 billion pulled

Bessent: White House to reveal healthcare cost plan this week

Morgan Stanley: US stocks likely nearing end to pullback

Big Tech's AI debt wave is threatening to swamp credit markets

Alibaba pops as its rival to ChatGPT makes strong debut

Novo falls as Alzheimer's drug trial fails to meet main goal

Bloomberg reports:

A key driver of this year’s gains in European stocks is falling back fast.

Rheinmetall AG (RHM.DE, RNMBF) and other defense names resumed recent declines on Monday amid signs of progress in talks to secure Ukraine’s support for a US-backed peace plan ahead of Thursday’s deadline. A Goldman Sachs Group Inc. basket of the stocks is now down about 24% from its early October peak.

According to Graeme Bencke, a fund manager at Amati Global Investors Ltd., there’s been a change in market sentiment toward the Russian conflict in Ukraine.

“Some investors increasingly believe the conflict will be resolved in the coming months after actions taken by the Trump administration to appease Russia,” he wrote in emailed comments. Still, “the conflict, and the US attitude change towards NATO, has led to a permanent shift in Europe’s approach to defense spending which will not reverse even if the conflict ends,” he said.

The recent declines have taken the froth off a huge rally in European defense stocks that began around the time Russia invaded Ukraine in February 2022. The gains extended this year as European governments have rushed to boost military spending.

Read more here.

Tesla (TSLA) stock rose 1.8% before the bell on Monday after CEO Elon Musk said on X that the electric-vehicle maker already had designed AI chips for its cars and data centers.

Eli Lilly (LLY) stock fell 2% in premarket trading on Monday. The healthcare company saw its maret capitalization top $1 trillion for the first time ever last week.

WeRide (WRD) stock jumped 7% before the bell on Monday after reporting a rise in its revenue within its latest earnings report. The revenue rise was mainly due to its global fleet expansion.

Yahoo Finance's Jake Conley takes a look at the week ahead.

Jake writes:

As November wraps up, a holiday-shortened week of trading — courtesy of Thanksgiving Day and Black Friday — will greet investors who continue to wrestle with the fallout from Nvidia's (NVDA) blockbuster earnings report alongside flagging confidence in the overall AI-driven market. ...

A strong September jobs report, strong earnings from Nvidia, and a positive third quarter report from Walmart were all greeted on Thursday by one of the market's biggest intraday reversals of the last decade, with the S&P 500 (^GSPC) flipping from a gain above 1.5% at the opening bell to a loss of more than 1.5% by market close. The swing in the Nasdaq was even greater.

In the week ahead, the economic calendar will continue to pick up steam as the government works through a data backlog following the resolution of the shutdown earlier this month.

Data on producer prices in September from the Bureau of Labor Statistics and the Census Bureau's retail sales data for the same month will be highlights, with both reports due out Tuesday amid a rush of data ahead of the Thanksgiving weekend. Investors will also keep a close eye on The Conference Board's consumer confidence reading for November, due out Tuesday.

In the corporate world, a relatively quiet week of earnings awaits investors. Alibaba Holdings (BABA), Dell Technologies (DELL), and a smattering of retailers including Kohl's (KSS) and Best Buy (BBY) will headline the calendar for the week.

Read more here.

Shares of Alibaba (BABA) rose in premarket trading, echoing gains for the Hong Kong-listed stock (9988.HK), as investors cheered upbeat figures for its Qwen AI app.

Bloomberg reports:

Alibaba Group Holding Ltd.’s Qwen app drew more than 10 million downloads in the week after its relaunch, boding well for a longer-term effort to build a rival to OpenAI’s ChatGPT.

The Chinese e-commerce leader’s shares climbed more than 5% Monday in Hong Kong after Alibaba disclosed the number in a WeChat blog post. That rapid ramp follows the move this month to rename and freshen up Alibaba’s pre-existing apps on iOS and Android, unifying the services under the Qwen banner.

Qwen’s debut underscores how artificial intelligence apps have set new highs for rapid adoption in recent times, starting with OpenAI’s ChatGPT being fastest to 100 million users three years ago. Setting aside Meta Platforms Inc.’s Threads, which got the benefit of its parent company’s vast social networks, Alibaba’s Qwen is among the faster risers, particularly in China, where ChatGPT is unavailable.

Read more here.

Gold (GC=F) prices slipped as demand for the precious metal lowered with investors looking toward a potential rate-cut from the Federal Reserve in December.

Bloomberg reports:

Bullion traded near $4,040 an ounce after a modest weekly loss. Several US central bank officials sounded a cautious note on monetary policy, though New York Fed President John Williams said he sees room for a reduction in borrowing costs in the near term. Gold pared losses on Friday after Williams’ comments but still ended the session lower.

The US shutdown delayed the release of data that the market would normally use to gauge the chances of a cut. September retail sales and producer-price data due Tuesday, as well as jobless claims on Wednesday, should provide a much-needed temperature check. Futures traders are pricing in a slightly more than 60% chance of a quarter-point cut next month. Lower rates benefit bullion as it doesn’t pay interest.

“Looks like the market badly needs a rate cut,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore.

Gold has been in a consolidation phase since surging to a record high above $4,380 an ounce on Oct. 20. It’s still up around 55% this year, supported by heightened trade and geopolitical uncertainty, as well as concerns over deteriorating fiscal outlooks for many governments.

Read more here.