The U.S. stock market will be closed on Thursday for Thanksgiving and will close early at 1:00 PM ET on Friday.
Stocks extended their winning streak to four sessions on Wednesday, a day after the major and small-cap indexes reclaimed their 50-day moving averages.
The Dow Jones Industrial Average and the S&P 500 each rose 0.7% in Wednesday’s trading. The Nasdaq Composite and the small-cap Russell 2000 increased 0.8%.
The S&P 500 and Nasdaq, along with the Dow Jones, surpassed the highs since the October 10 downside reversal, as both major indexes broke out of the recent downtrend.
The stock market continued to show strong gains, with major indexes pushing above their 50-day moving averages.
Chipmakers rebounded after some weakness yesterday following reports that Alphabet (GOOG) is seeking to compete with NVIDIA (NVDA) in AI chips. NVDA dismissed the report yesterday, stating their GPUs remain “one generation ahead of the competition.”
U.S. stock and bond markets will be closed Thursday for Thanksgiving, but other exchanges worldwide remain open.
Gold Could Rise ~20% to $4,900/oz by Year-End
Gold prices may climb roughly 20% to $4,900 per ounce by the end of next year due to increased central bank purchases and expectations of Fed rate cuts.
Following the 2022 freeze on Russian reserves, emerging market central banks were “alerted,” boosting demand for gold as a safe asset for domestic reserves.
Smaller gold ETFs are about 70 times smaller than the U.S. Treasury bond market, so even modest inflows from private investors can sharply push prices higher. As a result, gold remains a top long-term commodity recommendation.
Gold futures rose for the fourth consecutive session, supported by expectations that the Fed will cut interest rates in December.
Robinhood Markets (HOOD) Stock
HOOD shares surged 10.93% to $128.20 following the announcement of an expansion into the prediction market.
The new joint venture with Susquehanna International Group acquires a 90% stake in MIAXdx, with Robinhood serving as the controlling partner.
MIAXdx is a CFTC-licensed DCM, DCO, and SEF, providing a platform for derivatives and prediction contracts.
The deal allows Robinhood better control of the prediction market, with potential to capture ~45% of the economic benefits from the prediction market ecosystem.
The prediction market is Robinhood’s fastest-growing revenue product; over 1 million customers have traded 9 billion contracts in just one year.
Robinhood is committed to improving infrastructure and innovative products to enhance the customer experience.
ASML Stock
ASML shares rose 3.8% to €1,040.97 after Morgan Stanley raised its price target from €975 to €1,000 and named ASML a “Top Pick” in the European semiconductor sector, highlighting a buying opportunity.
ASML continues to benefit from strong demand for memory and logic chips, particularly during the DRAM transition cycle in 2026, as manufacturers like Samsung and SK Hynix have not fully booked orders.
Gross margin is projected at 52.3% in 2026, remaining stable despite a slowdown in DUV systems, supported by high EUV sales, efficient installation base management, and diversified product mix.
China forecast: demand is expected to decline 15%, better than the anticipated 20%, with upside risks from DRAM prices and AI fab spending.
