Tech stocks are in rally mode before Thanksgiving
Stocks are looking to extend yesterday's rally, with the Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) all headed for their fourth consecutive daily gains. Tech sector strength is driving optimism before the market closes tomorrow to observe Thanksgiving, with AI name Oracle (ORCL) leading the charge. Interest rate cut hopes are contributing to the rally as well, with traders now estimating a more than 80% chance of a quarter percentage point cut in December, according to the CME FedWatch tool.
- Another retailer enjoying post-earnings tailwinds.
- Unpacking Dell Technologies' upbeat quarterly results.
- Plus, bears target WDAY; Robinhood expands into prediction market; and Deere's dismal outlook.
Workday Inc (NASDAQ:WDAY) earlier announced better-than-expected third-quarter earnings thanks to AI momentum. The stock is still down 10.6% to trade at $209 at last glance, though, after the software giant issued disappointing subscription revenue. Drilling down to options activity, 29,000 contracts have traded hands so far today -- six times the volume that is typically seen at this point. The weekly 11/28 210-strike put is the most active contract, with new positions opening there. The security is eyeing its worst single-day percentage drop since May and has shed more than 18% so far this year.
Shares of Robinhood Markets Inc (NASDAQ:HOOD) are leading the New York Stock Exchange (NYSE) today, last seen 8.5% higher to trade at $125.20. Today's pop comes amid the company's move to expand into the prediction market through the takeover of a regulated exchange run by Miami International Holdings (MIX). HOOD is eyeing a fourth-straight daily gain, as well as its best day since September. Extending its bounce off a familiar floor at $100, the stock also sports a 232% year-to-date lead.
Deere & Co (NYSE:DE) stock is down 5.3% at $472.05 at last glance, near the bottom of the NYSE. The heavy equipment name forecast a worse-than-expected outlook for 2026 amid tariff uncertainty, while fiscal-fourth quarter profits fell from the previous quarter due to lower demand. DE still sports an 11.4% lead for 2025, but is on track for its worst day since August.