GoAI Market Morning Wrap - 27th Nov

Stock Market  

On Wednesday (November 26), U.S. stocks opened higher and closed higher, with all three major indices rising for the fourth consecutive day.  

 

At the close, the Dow Jones Industrial Average rose 0.67% to 47,427.12; the S&P 500 rose 0.69% to 6,812.61; the Nasdaq Composite rose 0.82% to 23,214.69.  

 

Market volatility also eased, with the S&P 500 Volatility Index (VIX), known as the “fear gauge,” falling about 35% over four days – the largest drop since mid-April.  

 

A series of GPU-related stocks rebounded. Deutsche Bank analyst Brad Zelnick maintained a “Buy” rating on Oracle, which rose over 4%; Nvidia and Microsoft gained more than 1%, helping lift overall market gains.  

 

The Wealth Alliance President and Managing Director Eric Diton commented, “This is just a quick rebound from the risk-off sentiment of the past week or two – completely normal. Thanksgiving week is typically a strong week for the market. Everyone’s in a good mood.”  

 

Tomorrow, U.S. markets are closed for Thanksgiving; trading resumes Friday on a shortened schedule. Investors continue to watch for catalysts that could influence the Fed’s next rate move.  

 

The CME FedWatch Tool shows an 85% probability of a 25 bps cut at the December meeting. Diton said, “If the Fed disappoints on policy, we could see a sell-off. But I don’t think that will happen.”

Global Hotspots  

Russia says it will make no concessions; Ukraine says it will not accept territorial occupation  

 

Russian Deputy Foreign Minister Ryabkov said on the 26th that Russia welcomes U.S. efforts to resolve the Ukraine crisis but will not abandon its positions or make any concessions.  

 

On the same day, Ukrainian Presidential Office advisor Oleksandr Bevz emphasized regarding Russia-Ukraine peace talks that Ukraine will not accept any Russian occupation of its territory and will not amend its constitution on this issue – this is Ukraine’s “red line.”

 

German Chancellor: Hopes to use frozen Russian assets to aid Ukraine  

 

German Chancellor Merz said on the 26th that Germany will increase aid to Ukraine in 2026 and hopes to use frozen Russian assets to support Ukraine. Speaking in a general debate at the Bundestag, Merz said the German government will add €3 billion in aid to Ukraine in the 2026 federal budget, bringing the total to €11.5 billion.

 

Merz said plans negotiated by major powers without Ukraine and Europe’s consent cannot form the basis for truly sustainable peace in Ukraine. European affairs can only be decided in agreement with Europe.

 

Shooting near White House; Trump orders hundreds more troops to Washington  

 

U.S. Defense Secretary Hegseth said that after two National Guard members were shot, President Trump has ordered 500 additional troops deployed to Washington, D.C. Two U.S. National Guard members were shot near the White House on the 26th.

 

The White House spokesperson said that day that Trump had been briefed on the shooting and the White House was placed on lockdown. D.C. police said the suspect has been detained.

 

Venezuela condemns U.S. for crimes against humanity, welcomes direct talks with Trump  

 

Venezuelan Attorney General Tarek William Saab said Venezuela is waging a “relentless fight” against drug trafficking while condemning U.S. crimes against humanity in international waters. Saab also said Venezuela welcomes President Trump’s proposal for direct talks with President Maduro.

 

Saab noted that Trump himself has proposed talks with Maduro about four times, believing that dialogue and negotiation are the way to resolve issues amid tense U.S.-Venezuela relations, and that dialogue will take place.

 

Fed Beige Book shows little change in economic activity, overall consumer spending declines further  

 

The Fed Beige Book showed little change in U.S. economic activity in recent weeks, but overall consumer spending declined further, with the exception of high-end consumers. The survey released Wednesday said employment edged lower and prices rose modestly. “Overall, the outlook is largely unchanged,” the report wrote.

 

“Some contacts noted increased risks of slower economic activity in coming months, while manufacturers expressed some optimism.” The report is based on information collected by the 12 Federal Reserve Banks through November 7 and compiled by the Dallas Fed.

 

JPMorgan now expects Fed to cut in December, reversing prior pause forecast  

 

JPMorgan economists now expect the Fed to cut rates next month, reversing their earlier view that cuts would be delayed until January. A team led by U.S. chief economist Michael Feroli said Wednesday that supportive comments from key Fed officials – especially New York Fed President John Williams – prompted them to reassess the path.

 

After the delayed September jobs report was released last week due to the government shutdown, JPMorgan had forecast the Fed would hold rates steady in December. The Fed’s next policy meeting is December 9-10 in Washington. JPMorgan now forecasts 25 bps cuts in both December and January.

 

Wall Street rejects “zero-sum” shortsightedness – trillion-dollar AI chip market can accommodate more players  

 

As Nvidia shares fell on reports that Meta plans to procure Google TPUs, analysts called the reaction an overblown “zero-sum fallacy.” Most Wall Street analysts believe that in the trillion-dollar AI infrastructure race, Google and chip giants like Nvidia can fully achieve win-win outcomes.

 

Google DeepMind research scientist Amir Yazdan posted on X: “This sell-off fully exposes the market’s shallow understanding of hardware and demand.”

 

New therapy precisely identifies and destroys pancreatic cancer cells  

 

A research team at UCLA developed a novel chimeric antigen receptor natural killer T-cell (CAR-NKT) immunotherapy that can precisely identify and destroy pancreatic cancer cells even after metastasis to other organs. The paper was published in the latest Proceedings of the National Academy of Sciences.

 

Precise beam control achieved at the single-photon level  

 

A Purdue University research team achieved precise control of light beams at the single-photon level and developed a “photonic transistor” that operates at single-photon intensity – a key step toward unlocking the full potential of photonics-based technology and paving the way for photonic chip development and quantum computing. Results were published in the latest Nature Nanotechnology.

Corporate News  

Panasonic Energy to supply lithium-ion batteries for Amazon’s Zoox  

 

Panasonic Energy announced it has signed an agreement with Amazon-owned autonomous ride-hailing company Zoox to power its robotaxi fleet with cylindrical lithium-ion batteries. Under the multi-year deal, Panasonic Energy will begin delivering its latest 2170 cells in early 2026 to support Zoox’s growing robotaxi service and operations.

 

DigitalBridge and Korea’s KT to develop AI data centers in South Korea, investment potentially reaching tens of billions  

 

Digital infrastructure investor DigitalBridge announced it has signed an MOU with Korean telecom giant KT to jointly develop next-generation AI data centers in South Korea, with expected investment reaching up to tens of billions of dollars.

 

SuperX announces board-authorized $20 million share repurchase program  

 

AI infrastructure solutions provider SuperX announced its board has authorized a share repurchase program under which the company may repurchase up to $20 million of common stock over the next year.

 

BofA: Nvidia will still dominate through 2030, but market share may fall from ~85% today to 75%  

 

Bank of America analyst Vivek Arya said the AI data center market will grow about 5× from this year’s $242 billion to ~$1.2 trillion by 2030. Nvidia will still dominate, but its share may decline from an estimated 85% currently to 75%. BofA nevertheless reiterated a “Buy” rating on Nvidia.

Forex & Commodities  

International oil prices rose on November 26.

 

At the close, NYMEX WTI crude front-month contract rose $0.60 to $58.55 per barrel, up 1.04%. COMEX gold front-month contract rose $18.80, or 0.45%, to $4,196.1 per ounce.  

 

The dollar index, which measures the greenback against six major currencies, fell 0.07% to 99.595 at the New York close.

Key Events  

Ghana central bank slashes rates 350 bps – third consecutive cut  

 

The Bank of Ghana cut rates 350 bps. Late on November 26, amid expectations of continued easing inflation, the central bank lowered rates for the third straight time.

 

Australian inflation reduces odds of rate cuts – AUD retains upside potential  

 

Australia’s October inflation data released on the 26th showed the monthly CPI rose for the fourth straight month to 3.8% YoY. Analysts believe the new data reinforces expectations that the RBA will hold rates steady in December and may even prompt hikes starting next year.

Cryptocurrency  

Bitcoin 24h +3.74% to $90,744.55.  

 

Ethereum (ETH-USD) +2.92% to $3,036.38.  

 

XRP (XRP-USD) +1.35%, BNB (BNB-USD) +3.68%, and Solana (SOL-USD) +3.00%.  

 

Dogecoin (DOGE-USD) +1.47%, and Cardano (ADA-USD) +3.24%.

Key Events  

World’s largest stablecoin questioned – S&P downgrades rating to worst tier  

 

S&P Global released a report Wednesday downgrading the dollar-pegging ability of USDT, the world’s largest stablecoin issued by Tether, to “weak” – the lowest of five tiers – citing Tether’s increasing allocation to high-risk assets in recent years.

 

S&P said that as of end-September, USDT’s circulating value was $174.4 billion, with disclosed reserves of $181.2 billion, giving a collateralization ratio that fell from 106.1% a year ago to 103.9%.