Stock market today: Dow, S&P 500, Nasdaq futures edge up as Wall Street looks to keep rallying into Thanksgiving

• StockStory Top Pick NVDA -2.59% META +3.78%
• ^GSPC +0.91% YM=F +0.23% NQ=F +0.38%

US stock futures rose on Wednesday, with Wall Street looking to add to back-to-back sharp gains to lead into the holiday trading shutdown.

Dow Jones Industrial Average futures (YM=F) edged up 0.2%, while those on the S&P 500 (ES=F) moved up 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) added 0.3% following sharp gains for the major indexes on Tuesday, led by a 660-point jump in the Dow.

Stocks are looking for their fourth straight advance after tech names helped buoy the broader market: Alphabet (GOOG) closed Tuesday at fresh record highs after reports that Meta (META) may adopt Google’s TPU chips as early as 2027. Nvidia (NVDA), however, retreated more than 2.5% as the chip maker's dominance in the field came under threat.

Investors continue to watch the Federal Reserve’s next move closely. Markets are pricing in an 85% probability of a December quarter-point rate cut, according to the CME FedWatch tool, helping bolster investor spirits. Meanwhile, palace intrigue at the central bank continues to pick up steam, with five finalists on President Trump's shortlist to take Chair Jerome Powell's place next year.

Wall Street's rally in the past handful of sessions has put a dent in what had been shaping up to be a tough month. Concerns about stretched valuations have tempered enthusiasm for megacap tech names. The S&P 500 (^GSPC) and the Dow (^DJI) remain down just over 1% in November, while the tech-heavy Nasdaq Composite has shed nearly 3%.

In a holiday-shortened week, earnings and economic data hit their peak on Tuesday with big-box retailers posting better-than-expected results and shutdown-delayed economic data finally reaching investors. Deere & Company (DE) is the biggest name left on this week's earnings calendar, with markets shuttered Thursday and finishing at 1 p.m. ET on Friday.

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