Market Pulse: Stocks Rally Pre-Thanksgiving, But Where is the GDP Data?

Wall Street’s pre-Thanksgiving rally hides a bizarre secret: the government just canceled critical inflation and GDP reports. With markets rallying blind and stocks like Kohl’s  exploding over 40% overnight, this is the most unpredictable trading week in years. Discover which stocks are secretly thriving in the chaos.

Date: Wednesday, November 26, 2025
Wall Street is eyeing a third consecutive day of gains this Wednesday morning as investors position themselves ahead of the Thanksgiving holiday. While the Dow Jones Industrial Average  futures suggest a 130-point open to the upside, the real story dominating trading desks isn’t just the price action—it’s the data blackout. In a stunning turn of events, the U.S. government shutdown has forced the cancellation of key October CPI and Q3 GDP releases, leaving the Federal Reserve—and your portfolio—flying partially blind into December.​

Despite the macro fog, individual stock pickers are having a field day. Kohl’s  has exploded over 40% on earnings news, while Alphabet  is knocking on the door of a historic $4 trillion valuation.​

Here is your exclusive, data-driven briefing on U.S. stock market trends for November 26, 2025.

U.S. Market Overview: Bulls Charge Through the Fog

As of the November 25 close, the major indices have staged a robust recovery from mid-month volatility.

• Dow Jones Industrial Average: Closed at 47,050 (est), jumping ~700 points in the previous session. Futures indicate a continued rally to start Wednesday.​
• S&P 500 : Finished at 6,765.88, up 0.91%, driven by broad-based gains in financials and healthcare.​
• Nasdaq Composite : Ended at 23,025.59, rising 0.67%. While tech has lagged slightly behind cyclicals this week, the index remains within striking distance of all-time highs.​

Investor Sentiment: The “Fear and Greed” narrative has shifted decidedly toward Greed. With the Federal Reserve’s October rate cut now in the rearview mirror, the market is pricing in high odds of a follow-up cut in December, undeterred by the lack of fresh inflation data.​

Key Economic Drivers: The “Data Blackout” Crisis

The macroeconomic landscape for late 2025 is defined by what we don’t know as much as what we do.

1. The Government Shutdown & Missing Data

In a critical development, the Bureau of Labor Statistics (BLS) and Bureau of Economic Analysis (BEA) have canceled the release of the October CPI report and the Q3 GDP advance estimates due to the ongoing government shutdown.​

• Impact: This leaves the Fed without crucial inflation inputs ahead of their December meeting. The last confirmed inflation read (September CPI) sat at roughly 3.0%, but the October data—critical for confirming the disinflationary trend—is now a mystery.​
• GDP: The U.S. economy grew at a robust 3.8% annualized rate in Q2 2025, but the trajectory for Q3 remains officially unconfirmed, creating a “curiosity gap” that volatility traders may exploit.​

2. Federal Reserve & Interest Rates

The Federal Reserve lowered the federal funds rate by 25 basis points in October 2025 to a target range of 3.75%–4.00%. The effective federal funds rate currently sits at 3.88%. Market consensus overwhelmingly expects another cut in December to support the labor market, which showed a slight cooling with unemployment ticking up to 4.4%.​

Latest News Highlights

• Kohl’s Short Squeeze? Shares of Kohl’s surged an eye-watering 42.53% in pre-market and late Tuesday trading following a surprisingly strong earnings report, proving that the brick-and-mortar retailer still has life.​
• Alphabet vs. Nvidia: A rotation is visible within the “Magnificent Seven.” Alphabet shares are surging toward a $4 trillion market cap, while Nvidia  has faced a 2.5% pullback. Jim Cramer and other analysts argue the Nvidia selloff is “fear-driven” and disconnected from fundamentals, potentially offering a buying opportunity.​
• Global Cues: Foreign markets are providing a tailwind. Japan’s Nikkei 225  rose 1.0% and South Korea’s KOSPI jumped 2.7% overnight, signaling strong risk appetite in Asia that often spills over into U.S. morning sessions.​

Performance Overview: Top 10 Stocks to Buy for 2026

Based on current valuations, analyst ratings from Goldman Sachs and Piper Sandler, and momentum signals as of November 2025, these ten stocks offer a compelling mix of growth and value.

1. Alphabet: With a fresh surge toward record valuation, it remains the most reasonably priced AI giant relative to earnings.​
2. Oscar Health : Piper Sandler has slapped a buy rating with a price target implying 49% upside, citing improved margins.​
3. Broadcom : Goldman Sachs sees another 13% upside heading into earnings, favoring its custom silicon dominance.​
4. Home Depot : Up 4.45% this week. As rates fall (currently ~3.88%), housing-linked stocks are prime recovery plays for 2026.​
5. Merck : A classic defensive pick, up 5.3% yesterday. It offers stability and dividends if volatility returns in December.​
6. Western Digital : The top-performing S&P 500 stock of late 2025 (up 78% YTD), riding the memory storage cycle rebound.​
7. Kohl’s: For the high-risk speculator. The 40%+ pop suggests a massive repricing event; momentum traders will likely chase this through the holiday.​
8. Salesforce : Up 3.02%. Enterprise software spending is stabilizing, making this a solid “growth at a reasonable price” (GARP) holding.​
9. TeraWulf : A top gainer in the crypto-mining/energy sector. As Bitcoin remains relevant, clean-energy miners are seeing renewed interest.​
10. Keysight Technologies : Leading the S&P gainers list recently, this electronic design company is a backdoor play on 6G and advanced chip R&D.​

Sector Performance: November 2025 Snapshot

The market rotation is clear: money is moving out of high-flying semi-conductors and into broader cyclicals and healthcare.

Daily Market Movers: Gainers & Losers (Nov 25-26)

A look at the specific equities making the biggest moves on the NYSE and Nasdaq.

Analysis & Recommendations: Your “Blackout” Portfolio

Navigating a market where the government has paused data releases requires a shift in strategy. You cannot rely on the next CPI print to save you—it isn’t coming.

Strategy for November 2025:

• Aggressive Investors: Buy the dip in Nvidia and Workday. The “AI is dead” narrative is surfacing again, which has historically been a perfect entry point. The 2.5% drop in NVDA is a gift if you believe in the long-term compute cycle.​
• Conservative Investors: Overweight Health Care and Consumer Staples. Stocks like Merck and Home Depot are ignoring the tech volatility and paying you to wait. With the Fed rate at ~3.88%, dividend yields in these sectors are becoming attractive alternatives to cash.​
• The “Trump Trade”: With Donald Trump in the White House, markets are anticipating continued deregulation. This favors financials and energy, though Chevron’s slight dip suggests the energy trade requires selectivity—focus on infrastructure over pure commodity plays.

Final Thought

As we head into Thanksgiving 2025, the U.S. stock market is proving its resilience. Despite a government shutdown blinding us to key inflation and GDP data, the indices are grinding higher, fueled by corporate earnings and Fed dovishness. The “Data Blackout” is frustrating for economists, but for traders, price is the only truth that matters—and right now, the price is pointing up.

Disclaimer: This professional analysis is for informational purposes and reflects the latest publicly available data. Investment decisions should consider individual objectives and may benefit from consultation with a registered financial advisor.