Wall Street Extends Gains Midday on Rate Cut Hopes, Tech and Retail Drive Momentum

Market Overview - U.S. stock markets are experiencing a winning streak, driven by optimism for a potential interest rate cut by the Federal Reserve in December [1][2] - As of midday on November 26, 2025, the S&P 500 Index is up approximately 0.6%, the Dow Jones Industrial Average is also up around 0.6%, and the Nasdaq Composite is leading with a rise of roughly 0.7% [2] - The positive market sentiment is attributed to falling bond yields and dovish comments from Federal Reserve officials, with an 80% probability of a rate cut at the upcoming FOMC meeting [2][6] Economic Indicators - The Conference Board reported a sharp decline in the consumer confidence index for November, falling to 88.7, the lowest level since April [5] - Weekly initial unemployment claims unexpectedly fell to a seven-month low of 216,000, while September's capital goods new orders rose more than anticipated [5] Corporate Earnings and Stock Movements - Urban Outfitters (URBN) shares are up 12% after reporting strong third-quarter earnings of $1.53 billion and earnings per share of $1.28, exceeding analyst estimates [7] - Autodesk (ADSK) surged 6.5% after reporting adjusted earnings per share of $2.67 on revenue of $1.85 billion, surpassing expectations [8] - Dell Technologies (DELL) advanced 2.5% following record orders for AI servers and an increased 2026 revenue forecast [9] - Nvidia (NVDA) shares ticked 0.4% higher, recovering from a previous decline due to competitive pressures from Meta Platforms [10] - Workday (WDAY) sank 8% after reporting subscription revenue in line with consensus but disappointing outlook [11] - HP Inc. (HPQ) fell 2.5% after forecasting weaker adjusted EPS for 2026 and announcing workforce reductions [11] Sector Performance - Broad-based gains are noted in the market, particularly in the semiconductor sector, despite mixed economic data [3]