With limited economic data, the Thanksgiving holiday on Thursday, and an early close on Friday, many on Wall Street expect a quieter week than the preceding one.
There appears to be a tug-of-war now between the AI bubble bears and the AI/Hyperscaler bulls who say the foundation for huge technological change is upon us.
With the potential for a December rate cut back on the table, that could fuel an end-of-year Santa Claus rally.
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The shortened holiday week is here, and the futures are trading higher this morning. Most traders and investors are returning with a severe case of whiplash after the stock market posted some of the wildest swings we have seen this year last week. Skyrocketing after the NVIDIA Corp (NASDAQ: NVDA) earnings and then plunging. An attempt on Thursday to follow through fell apart before noon, and stocks ended in the red. Friday offered the promise of a rally after New York Fed President John Williams said more rate cuts were possible. That fizzled by mid-morning, only to reverse again in the afternoon, ending Friday with all the major indices substantially higher. The Dow Jones Industrial Average was last seen on Friday at 46,245, up 1.08%; the S&P 500 closed at 6602, up 0.98%; and the NASDAQ, which took the biggest shots last week, at 22,273, up 0.88%. With attendance on Wall Street likely to slow by Wednesday, look for a break in the recent extreme volatility.
Yields were lower across the curve on Friday as buyers returned to take advantage of earlier-week selling. Needless to say, the comments from the New York Fed President boosted the potential for a December 25 basis-point cut, which would bring the Fed funds rate to 3.50%-3.75%, in turn spurring Friday’s positive trading. The 30-year-long bond closed the session at 4.72% while the benchmark 10-year note finished the day at 4.07%.
The oil energy complex once again took it in the chin on Friday as both of the major benchmarks finished the day lower. The impetus behind the selling was again attributed to the potential settlement of the Russia-Ukraine war, in which President Trump told President Zelensky of Ukraine he wanted an answer on his peace proposal by Thanksgiving Day. Brent Crude closed trading Friday at $62.49, down 1.4% while West Texas Intermediate was last seen down 1.69% at $58, the lowest close for the Texas Tea since last May. Natural gas was the only winner Friday, finishing up 2.19% at $4.57. With prospects for a cold winter and rising electricity demand, investors need to look at the top stocks in the sector now.
Gold was flat on Friday, closing modestly lower at $4,064. While the bullion churned back and forth all last week, the critical $4,000 support level appears to be holding. As we reported last week, the UBS team sees the potential for Gold to reach $4,900 as early as the first quarter of 2026.
The crypto market experienced a sharp downturn early on Friday, with major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) slumping to multi-month lows. This was part of a broader “flight from risk” as investors moved away from riskier assets amid concerns over tech stock valuations and U.S. interest rate uncertainty. Friday’s stock market reversal helped stem some of the damage, with Bitcoin trading at $83,750 at 4 PM EST and Ethereum at $2,741. Please keep in mind that cryptocurrencies trade 24/7/365.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Monday, November 24, 2025.
Baidu Inc. (NASDAQ: BIDU) was reiterated with a Buy rating at UBS with a $188 target price, which was raised from $155.
Carvana Co. (NYSE: CVNA) Wedbush upgraded the shares to Outperform from Neutral and raised the target price to $400 from $380.
Cummins Inc. (NYSE: CMI) was raised to Buy from Hold at Truist Securities with a $628 target price.
Flutter Entertainment plc (NYSE: FLUT) was raised to Buy from Hold at HSBC with a $228 target price.
International Paper Company (NYSE: IP) was upgraded by BNP Paribas to Outperform from Market Perform with a $44 target price for the shares.
Merck & Co. Inc. (NYSE: MRK) was raised to Overweight from Equal Weight at Wells Fargo with a $125 price target objective.
MP Materials Corp. (NYSE: MP) was raised to Outperform from Market Perform at BMO with a $75 target price.
Exact Sciences Corp. (NASDAQ: EXAS) was downgraded to Hold from Buy at Jefferies with a $105 target price.
Jazz Pharmaceutical plc (NASDAQ: JAZZ) was downgraded to Neutral from Buy at UBS, which lowered the target price for the stock to $163 from $188.
Kimball Royalty Partners LP (NYSE: KRP) was cut to Sector Weight from Overweight at KeyCorp with a $17 target price.
JFrog Ltd. (NASDAQ: FROG) was cut to Neutral from Buy at UBS, which has a $65 target price.
QuantumScape Corp. (NYSE: QS) was downgraded to Inline from Outperform at Evercore ISI with a $12 target price.
Cadence Design Systems Inc. (NASDAQ: CDNS) was reinstated with a Buy rating at Citigroup with a $385 target price.
Ferrari NV (NYSE: RACE) was started with an Outperform rating at Grupo Santander with a $494.02 target price.
Marvell Technology Inc. (NASDAQ: MRVL) was initiated with a Hold rating at HSBC, which has an $85 target price.
Meta Platforms Inc. (NASDAQ: META) was started with an Outperform rating at BNPP Exane with a $800 target price objective.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) was initiated with a Buy rating at HSBC with a $890 target price.
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