S&P 500, Nasdaq Rally as Rate‑Cut Bets Lift -Nov. 24, 2025 -( $AAPL $AVGO $GOOG $INTC $LLY $META $NOK $OPEN $SOAR $TSLA Rise!)

Wall Street shook off its November sulk on Monday, with the major benchmarks staging a rate-cut–hope rally that looked suspiciously like early Christmas cheer delivered by central bankers rather than Santa. The S&P 500 climbed about 1.55% to roughly 6,705.12, the Dow Jones Industrial Average advanced just .44% to around 46448.27, the Nasdaq added a solid 2.69% to about 22,872.01, and the small‑cap Russell 2000 stained 1.89% as traders rediscovered their appetite for risk even a bit lower on the market-cap ladder. Communication services, health care, consumer discretionary, and financials led a broadly green tape, while utilities alone played the wallflower at this rate‑cut party.

Macroeconomic data

The day’s macro docket was light but Fed‑sensitive. Flash November S&P Global U.S. Manufacturing PMI eased to 51.9 from 52.5, while Services PMI ticked up to 55.0 from 54.8, a combination suggesting growth that is solid but not so hot as to scare the bond market. The final University of Michigan Consumer Sentiment reading for November edged up to 51.0 from the preliminary 50.3, but remained well below last year’s levels, underscoring that households still feel pinched by stubborn prices and softening real incomes.

Fed, yields and tariffs

New York Fed President John Williams helped light the fuse, remarking that there is still “room for a further adjustment” to bring policy closer to neutral, a formulation traders translated as permission to price in a December cut with almost giddy enthusiasm. Fed funds futures now assign roughly three‑in‑four odds to a 25‑basis‑point move at the December meeting, up from about 40% before his comments, and Treasury yields obliged by drifting lower, with the 2‑year around 3.503% and the 10‑year near 4.036% in late trade. The FOMC’s next full meeting is scheduled for December 9–10, with no new policy statement due today and markets instead parsing speeches and minutes from the late‑October gathering for clues on how fast the Fed might pivot. There were no major fresh tariff salvos out of Washington, leaving existing trade tensions to simmer quietly in the background rather than drive the day’s price action.

Washington and shutdown chatter

On the fiscal front, investors remained alert to the ever‑present U.S. government shutdown risk but received no new deadline drama or fresh stopgap twists today, allowing the market to refocus on rates rather than appropriations brinkmanship. With the immediate shutdown threat contained by earlier temporary funding measures, the equity narrative stayed fixed on whether the Fed will deliver the rate‑cut gift investors have already unwrapped in their models.

Nvidia (NVDA)

NVIDIA spent the morning on the wrong side of the ledger, down solidly at one point before clawing back to finish modestly 2.05% higher on the day to $182.55, a round‑trip that would make even options traders reach for seasickness tablets, but certainly played into Cathy Wood’s recent Nvidia trading hands. A report that the Trump administration is weighing whether to allow H200 chip sales to China helped stabilize sentiment, but the stock still lagged the broader rally, signaling some fatigue after its outsized year‑to‑date run.

Alphabet (GOOG/GOOGL)

Alphabet, by contrast, behaved like the teacher’s pet of megacap tech, adding just over 6.28% to around $318.47 and extending a recent string of gains even as some peers wobbled intraday. The move came as chatter flowed that they were in talks to offer its AI chips to Meta ($613.05, +3.16%). The communication services sector’s 2%-plus advance owed much to Alphabet’s strength, as investors leaned back into the cash‑rich platforms they expect to benefit handsomely from any easing in financial conditions.

Apple, Tesla, Broadcom, Intel and peers

Apple (AAPL, $275.92, +1.63%), Tesla (TSLA, $417.78, +6.68%), Broadcom (AVGO, $377.96, +11.10%), Intel ($35.79, 3.74%) and the broader megacap tech complex traded astrongly into AI and platform names.

Eli Lilly (LLY)

In health care, Eli Lilly continued to bask in its new status as the first pharmaceutical company to join the $1 trillion market‑cap club closing at $1.70.16 +.99%, a feat driven by explosive demand for its GLP‑1 obesity and diabetes franchise. The stock, which has surged more than a third this year and nearly ten‑fold since 2018, saw brisk trading as analysts lifted price targets and investors debated how long the weight‑loss gold rush can sustain current valuation gravity‑defiance.

M&A

On the deal front, the market continued to digest Abbott’s previously announced plan to acquire Exact Sciences in a transaction valued at roughly $21–23 billion including debt, a bid that effectively plants Abbott’s flag firmly in the fast‑growing cancer screening and precision oncology landscape. Exact Sciences recently traded near $101, +.11% reflecting a takeover premium that has energized merger‑arbitrage desks, while Abbott shares have been more subdued as investors weigh the near‑term earnings dilution against the long‑term diagnostic growth optionality.

Commodities: gold, silver, oil

Gold closed at 4,132.70 per ounce, +.95% helped by softer data and dovish Fed commentary that nudged real yields down and re‑energized the “own something shiny if central bankers are about to cut again” crowd. Silver also firmed alongside gold, rising 1.31% at $50.99. Crude oil closed at $58.85/bbl. +.02%.

Crypto and Bitcoin

Bitcoin continued to move lower at around $87,935.00.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4144), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion. On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.20), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated, “These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.38), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”

Volato Group, Inc. (NYSE American: SOAR, $1.23, +6.03%) and M2i Global, Inc. (MTWO, $.094), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $3.75) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $32.80) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

Nokia (NOK, $6.09, +2.53%) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone.

Opendoor Technologies Inc. (OPEN, $7.69, a digital red estate disruptor, jumped higher as the belief that interest rates would be cut in December rose significantly.

DoubleVerify Holdings Inc. (DV) closed at at $10.21.

The Sources

Tags: pharmaceutical pipeline

Macroeconomic data

Fed, yields and tariffs

Washington and shutdown chatter

Nvidia (NVDA)

Alphabet (GOOG/GOOGL)

Apple, Tesla, Broadcom, Intel and peers

Eli Lilly (LLY)

M&A

Commodities: gold, silver, oil

Crypto and Bitcoin

VP Watchlist Updates

The Sources

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