Market Advances Quietly Ahead of Thanksgiving as Rate-Cut Optimism Lifts Tech and Broader Equities

The stock market delivered a steady, uneventful session on the eve of the Thanksgiving holiday, but it was anything but stagnant beneath the surface. Recently rekindled hopes for a December rate cut continued to buoy sentiment, giving equities room to grind higher even in the absence of meaningful intraday catalysts. By the closing bell, the S&P 500 and DJIA sat within half a percent of breakeven month-to-date, with the S&P 500 (+0.7%), Nasdaq Composite (+0.8%), and DJIA (+0.7%) finishing just shy of session highs.

Much like earlier this week, the advance was broad, but leadership from the heavyweight information technology sector (+1.6%) added extra lift. Chipmakers, in particular, staged a notable comeback after yesterday’s wobble tied to headlines suggesting Alphabet is gearing up to challenge NVIDIA in the AI-chip arena. NVIDIA shrugged off those concerns—reiterating that its GPUs remain “a generation ahead”—and clawed back roughly half of yesterday’s pullback. The PHLX Semiconductor Index surged 2.8% in response.

Dell was another bright spot within tech, soaring nearly 6% after delivering its strongest earnings beat in three quarters.

Nine of the eleven S&P 500 sectors closed higher, supported by healthy market breadth: advancers outpaced decliners by about 5-to-2 on the NYSE and 5-to-3 on the Nasdaq. Communication services (-0.5%) slipped as Alphabet saw some profit-taking, while health care (-0.3%) eased modestly after a strong month that has pushed the sector close to double-digit gains for November.

Beyond the large-cap universe, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.7%) kept pace, reinforcing the improving tone in risk appetite.

Overall, today’s action extended the market’s rebound from what had been a muted November. With rate-cut expectations elevated and tech—especially semiconductors—showing renewed strength, investors appear increasingly willing to re-engage with the AI trade and lean back into cyclical momentum as the month winds down.

Our FTinvest 11 model portfolio extended its winning streak today, rising 0.94% and closing at a new all-time high of 905.47. The index spent the entire session in positive territory, steadily building on early gains as broad market sentiment remained constructive and several key components outperformed.

Unlike the choppy action seen across the wider market in recent days, FTinvest 11 showed firm, consistent strength throughout the session. A mix of renewed appetite for growth names and solid follow-through in the portfolio’s top performers helped the index climb to yet another record close.

Overall, today’s advance underscores the strong underlying momentum within the model portfolio. With FTinvest 11 continuing to outpace major benchmarks and setting fresh highs, the index enters the upcoming sessions with a strengthened technical backdrop and growing investor confidence.