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Markets Rally Into Thanksgiving as Tech Stocks Lead and Robinhood Soars 10%

MarketDash Editorial Team
11 days ago
Wall Street embraced the holiday spirit with a solid midday rally Wednesday, led by tech stocks and fueled by encouraging labor market data. Robinhood surged on futures exchange plans while Dell climbed on AI server demand, setting an upbeat tone heading into what's historically the strongest retail period of the year.

Wall Street headed into Thanksgiving with a healthy appetite for risk Wednesday, pushing stocks broadly higher at midday as investors settled into what's traditionally the best stretch of the year for corporate sales.

The tech-heavy Nasdaq 100 stole the spotlight, jumping 1.1% while the S&P 500 and Dow Jones hovered just below flat early before eventually joining the party. By afternoon, all three major indices were solidly in the green, with the Nasdaq 100 climbing 1.2% to 25,319.35, the S&P 500 advancing 1.0% to 6,832.63, and the Dow Jones gaining 1.0% to 47,572.63.

The rally got a boost from encouraging labor market data. Initial jobless claims for the week ending November 22 came in at 216,000, down from the prior week's 222,000 and comfortably below the 225,000 consensus estimate. The takeaway? Layoffs are easing and consumers still have the financial footing to spend through the holidays.

By midday, all eleven S&P 500 sectors were trading in positive territory, with technology, materials, and consumer staples leading the charge. The CBOE Volatility Index, better known as Wall Street's fear gauge, extended its decline for a fourth consecutive session, falling more than 5% as investors continued shaking off risk-averse sentiment.

Earnings Winners Fuel the Rally

Individual stock moves added fuel to the broader market momentum. Dell Technologies (DELL) climbed 6.7% after reporting robust AI server demand and raising its guidance, a sign that the artificial intelligence boom continues to translate into actual hardware sales.

But the day's real standout was Robinhood Markets (HOOD), which surged 10% after announcing plans to launch a futures and derivatives exchange. The move would significantly broaden the company's prediction-market offerings and diversify its revenue streams beyond retail stock trading.

Elsewhere in markets, precious metals caught a bid. Gold rose 0.9% to $4,170 per ounce while silver jumped nearly 3% to almost $53. Crypto markets also showed tentative signs of life, with Bitcoin (BTC) climbing 3% to $89,000 after recent weakness.

ETF Performance at Midday

The broad market strength played out across major exchange-traded funds. The Vanguard S&P 500 ETF (VOO) rose 0.9% to $626.32, while the SPDR Dow Jones Industrial Average (DIA) gained 0.9% to $475.45.

The tech-heavy Invesco QQQ Trust Series (QQQ) climbed 1.1% to $615.49, reflecting the sector's leadership. The iShares Russell 2000 ETF (IWM) added 0.9% to $247.32, showing small caps were participating in the rally as well.

Among sector funds, the Technology Select Sector SPDR Fund (XLK) outperformed with a 1.5% gain, while the Health Care Select Sector SPDR Fund (XLV) lagged significantly, managing just a 0.1% increase.

Russell 1000's Biggest Movers

Looking at the Russell 1000, Robinhood Markets (HOOD) topped the gainers list with its 10.33% surge. Duolingo Inc. (DUOL) jumped 8.18%, while Sarepta Therapeutics Inc. (SRPT) gained 7.21%. Teradyne Inc. (TER) rose 6.58%, and Dell Technologies (DELL) rounded out the top five with a 6.46% gain.

On the flip side, Nutanix Inc. (NTNX) suffered the day's steepest decline, plunging 18.57%. Zscaler Inc. (ZS) dropped 10.64%, and Workday Inc. (WDAY) fell 9.22%. GCI Liberty Inc. (GLIBA) declined 6.13%, while Deere & Company (DE) slid 5.25% to round out the bottom five.

With markets closed Thursday for Thanksgiving and an early close Friday, Wednesday's session set an optimistic tone heading into the holiday weekend and the critical holiday shopping season ahead.

Back to News

Markets Rally Into Thanksgiving as Tech Stocks Lead and Robinhood Soars 10%

MarketDash Editorial Team
11 days ago
Wall Street embraced the holiday spirit with a solid midday rally Wednesday, led by tech stocks and fueled by encouraging labor market data. Robinhood surged on futures exchange plans while Dell climbed on AI server demand, setting an upbeat tone heading into what's historically the strongest retail period of the year.

Wall Street headed into Thanksgiving with a healthy appetite for risk Wednesday, pushing stocks broadly higher at midday as investors settled into what's traditionally the best stretch of the year for corporate sales.

The tech-heavy Nasdaq 100 stole the spotlight, jumping 1.1% while the S&P 500 and Dow Jones hovered just below flat early before eventually joining the party. By afternoon, all three major indices were solidly in the green, with the Nasdaq 100 climbing 1.2% to 25,319.35, the S&P 500 advancing 1.0% to 6,832.63, and the Dow Jones gaining 1.0% to 47,572.63.

The rally got a boost from encouraging labor market data. Initial jobless claims for the week ending November 22 came in at 216,000, down from the prior week's 222,000 and comfortably below the 225,000 consensus estimate. The takeaway? Layoffs are easing and consumers still have the financial footing to spend through the holidays.

By midday, all eleven S&P 500 sectors were trading in positive territory, with technology, materials, and consumer staples leading the charge. The CBOE Volatility Index, better known as Wall Street's fear gauge, extended its decline for a fourth consecutive session, falling more than 5% as investors continued shaking off risk-averse sentiment.

Earnings Winners Fuel the Rally

Individual stock moves added fuel to the broader market momentum. Dell Technologies (DELL) climbed 6.7% after reporting robust AI server demand and raising its guidance, a sign that the artificial intelligence boom continues to translate into actual hardware sales.

But the day's real standout was Robinhood Markets (HOOD), which surged 10% after announcing plans to launch a futures and derivatives exchange. The move would significantly broaden the company's prediction-market offerings and diversify its revenue streams beyond retail stock trading.

Elsewhere in markets, precious metals caught a bid. Gold rose 0.9% to $4,170 per ounce while silver jumped nearly 3% to almost $53. Crypto markets also showed tentative signs of life, with Bitcoin (BTC) climbing 3% to $89,000 after recent weakness.

ETF Performance at Midday

The broad market strength played out across major exchange-traded funds. The Vanguard S&P 500 ETF (VOO) rose 0.9% to $626.32, while the SPDR Dow Jones Industrial Average (DIA) gained 0.9% to $475.45.

The tech-heavy Invesco QQQ Trust Series (QQQ) climbed 1.1% to $615.49, reflecting the sector's leadership. The iShares Russell 2000 ETF (IWM) added 0.9% to $247.32, showing small caps were participating in the rally as well.

Among sector funds, the Technology Select Sector SPDR Fund (XLK) outperformed with a 1.5% gain, while the Health Care Select Sector SPDR Fund (XLV) lagged significantly, managing just a 0.1% increase.

Russell 1000's Biggest Movers

Looking at the Russell 1000, Robinhood Markets (HOOD) topped the gainers list with its 10.33% surge. Duolingo Inc. (DUOL) jumped 8.18%, while Sarepta Therapeutics Inc. (SRPT) gained 7.21%. Teradyne Inc. (TER) rose 6.58%, and Dell Technologies (DELL) rounded out the top five with a 6.46% gain.

On the flip side, Nutanix Inc. (NTNX) suffered the day's steepest decline, plunging 18.57%. Zscaler Inc. (ZS) dropped 10.64%, and Workday Inc. (WDAY) fell 9.22%. GCI Liberty Inc. (GLIBA) declined 6.13%, while Deere & Company (DE) slid 5.25% to round out the bottom five.

With markets closed Thursday for Thanksgiving and an early close Friday, Wednesday's session set an optimistic tone heading into the holiday weekend and the critical holiday shopping season ahead.