Nasdaq futures indicated an upward trajectory on Monday as the holiday-shortened week commenced, reflecting growing investor confidence that the Federal Reserve is poised to reduce interest rates during its December meeting. Futures linked to the tech-heavy Nasdaq, the benchmark S&P 500, and the blue-chip Dow Jones Industrial Average experienced increases of 0.7%, 0.5%, and 0.2%, respectively. The stock and bond markets will observe a closure on Thursday in observance of the Thanksgiving holiday, with an early closing scheduled for Friday. Reports indicates a probability of approximately 75% that the Federal Reserve will lower interest rates at its upcoming meeting, following comments from John Williams, who suggested on Friday his support for a potential rate cut by the central bank “in the near term.”

On Friday, the three indexes experienced an approximate increase of 1% in response to Williams’ remarks; however, they concluded the week significantly lower, with the Nasdaq declining by 2.7% and both the Dow and S&P falling by 1.9% each. Market indices declined amid apprehensions regarding artificial intelligence expenditures and the valuations of major technology companies. Shares of AI darling Nvidia fell about 6% over the five sessions even though the world’s most valuable company reported blockbuster third-quarter results and issued a rosy outlook Wednesday. Nvidia’s stock experienced a 0.6% increase in premarket trading on Monday. Shares of Google parent Alphabet continued their recent ascent after the company last Tuesday unveiled Gemini 3, the latest iteration of its flagship AI model. The equity experienced an increase of over 8% in value during the previous week and saw an additional rise of 3.5% prior to market opening.

Meanwhile, shares of fellow Magnificent Seven firm Tesla rose 2% after CEO Elon Musk wrote in a post on his X network that the EV maker expects “to build chips at higher volumes ultimately than all other AI chips combined.” U.S.-listed shares of Novo Nordisk sank 10% following the announcement that a trial assessing whether the active ingredient in the Danish firm’s blockbuster weight-loss drugs Ozempic and Wegovy could aid in slowing the progression of Alzheimer’s disease “did not confirm superiority of semaglutide versus placebo.” Additionally, shares of Performance Food Group experienced a decline exceeding 4%, while shares of US Foods Holdings saw an increase of 2.5% following the cancellation of their proposed merger.

Bitcoin, emerging from its most challenging week since February, was recently observed at approximately $86,000, a recovery from its weekend low of under $83,500. The yield on the 10-year Treasury note decreased to 4.05%. The U.S. dollar index, which monitors the dollar’s performance relative to a selection of foreign currencies, declined by 0.2% to 100.02. WTI crude futures, the U.S. oil benchmark, increased to $58.10 per barrel. Gold futures exhibited minimal fluctuation, remaining at $4,075 per ounce.