Nasdaq Futures Slip as AI-Induced Rally Cools Off

Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are inching higher this morning, while the tech-heavy Nasdaq-100 Index (NDX) sits modestly in the red. Investors are taking a breather from an AI-induced surge, which piggybacked off renewed interest rate cut hopes for December. News that Meta Platforms (META) may favor Microsoft's (MSFT) AI chips over Nvidia's (NVDA) is adding contention, with the chip giant off over 4% before the bell.

• Senior V.P. of Research Todd Salamone makes a contrarian case to "buy the dip."
• Bulls cheered Opendoor Technologies stock's recent surge.
• Plus, more on Nvidia's side step; delivery win for EV maker; and the SPX's newest member.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw more than 2.1 million call contracts and more than 1.2 million put contracts were exchanged on Monday. The single-session equity put/call ratio rose to 0.58, while the 21-day moving average remained at 0.58.
2. Chip behemoth Nvidia Inc (NASDAQ:NVDA) is 4.4% lower before the open, after rumors swirled that Meta Platforms (META) is planning to buy AI chips from Alphabet (GOOGL). NVDA is up 35.9% in 2025, with the 120-day moving average stepping in as recent support.
3. Shares of Nio Inc (NYSE:NIO) are 1.2% lower before the bell, brushing off news that the Chinese EV maker delivered 87,071 vehicles for the third quarter, an over 40% quarter-over-quarter increase. The company also announced a smaller-than-anticipated quarterly loss. Despite a recent run lower, NIO sports a 31% year-to-date gain.
4. Shares of newly public tech spinoff SanDisk Corp (NYSE:SNDK) are up 2.4% in electronic trading, amid reports that they will join the SPX on Friday, Nov. 28. SNDK has more than doubled in price this past quarter, with its latest pullback captured by the $200 level.
5. What's in store for this Thanksgiving week.

Rising Tech Boosts Asian Markets

Asian bourses were mostly higher today, with tech stocks rising across the region in step with the AI-driven rally stateside. Japan’s Nikkei finished flat despite outsized moves from semiconductor suppliers. Hong Kong’s Hang Seng added 0.7%, while China’s Shanghai Composite added 0.9%. Samsung and SK Hynix propelled the South Korean Kospi to a 0.3% gain.

Over in Europe, markets are comfortably in the black, as investors monitor the purported peace talks between Russia and Ukraine. London’s FTSE 100 is up 0.4% at last check, while the French CAC 40 and German DAX gained 0.6%, respectively.