Stock futures point to further upside heading into the Thanksgiving holiday

Stock futures rose on Wednesday, setting up two days of sharp gains to start the holiday-shortened week. Stock and bond markets will be closed tomorrow for Thanksgiving, and will close early on Friday.

Futures tied to the tech-heavy Nasdaq, the S&P 500, and the blue-chip Dow Jones Industrial Average rose 0.4%, 0.3%, and 0.2%, respectively.

During the first two trading days of the holiday-shortened week, the Nasdaq rose 3.4%, while the S&P 500 and Dow Jones rose 2.5% and 1.9%, respectively. Yesterday, the Dow Jones led the charge, rising 1.4%, or 663 points.

Although major indexes rose sharply yesterday, Nvidia (NVDA) and other semiconductor stocks fell on the back of a report that Meta Platforms (META) may use Google’s AI chips in its data centers. Nvidia stock finished down 2.6%, while shares of Google parent Alphabet (GOOGL) continued their recent rise after the company unveiled its advanced Gemini 3 AI model last week, rising 1.5%. Nvidia shares fell another 0.6% in premarket trading, while Alphabet shares rose nearly 2%.

Shares of chipmakers Advanced Micro Devices (AMD) and Broadcom (AVGO) were down 1% and higher 1%, respectively. Yesterday, AMD shares fell 4.1% to lead S&P decliners, while Broadcom shares rose 2.6% after the S&P 500 and Nasdaq rose 11% on Monday.

In post-earnings action, Urban Outfitters (URBN) rose 18%, Dell Technologies (DELL) advanced 3.5%, HP (HPQ) fell 4.5%, and Deere & Co. fell 18%. (DE) by 5%.

Bitcoin was trading at around $86,900, down from an overnight high of around $88,200. The US Dollar Index, which measures the dollar’s performance against a basket of foreign currencies, rose to 99.79.

West Texas Intermediate crude futures, the US oil benchmark, fell 0.1% to $57.90 a barrel. Gold futures rose 0.3% to $4,155 an ounce.