U.S. Stocks Flatlined After 2-Day Surge In AI Stocks

Barry Adams
26 Nov, 2025
New York City

In early trading, Wall Street indexes showed little movement after advancing back-to-back sessions.

The S&P 500 index and the Nasdaq Composite flatlined, gold edged higher, and crude oil retained its downward bias.

Investors returned to increase exposure to high-flying stocks after setting aside concerns about the AI stock's lofty valuations. 

Google parent Alphabet Inc. soared as much as 5% on a report that Meta Platforms is considering implementing the search company's TPU chip in 2027.

Sharp advances in tech stocks lifted broader averages, and Alphabet extended its string of new record highs this month to 13. 

Wall Street indexes are likely to trade sideways over the next five weeks amid a lack of meaningful catalysts. The Fed's possible rate cut in December is already factored into the current market valuation, providing a limited upside to benchmark indexes.

 

U.S. Stock Movers 

Dell Technologies jumped 2.8% to $129.50 after the company's fourth-quarter sales outlook overwhelmed weaker-than-expected results in the third quarter. 

Revenue increased 11% to $27.0 billion from $24.4 billion, net income advanced 32% from $1.5 billion to $1.1 billion, and diluted earnings per share increased 39% to $2.28 from $1.64 a year ago. 

“AI momentum is accelerating in the second half of the year, leading to record AI server orders of $12.3 billion and an unprecedented $30 billion in orders year to date,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.

Dell Technologies returned $1.6 billion to shareholders in the third quarter through share repurchases and dividends. Year to date, the company has returned $5.3 billion to shareholders and repurchased over 39 million shares. 

The company guided sales in the full-year fiscal 2026 ending in January 2026 to fall between $111.2 billion and $112.2 billion, an increase of 17% from a year ago. 

Dell Technologies estimated full-year fiscal 2026 diluted earnings per share of $8.38 at the midpoint, up 31% year over year, and adjusted earnings per share of $9.92 at the midpoint, an increase of 32%. 

Urban Outfitters jumped 19% to $81.34, and the specialty apparel retailer reported stronger-than-expected third-quarter results. 

Revenue increased 12.3% to $1.5 billion from $1.4 billion, net income advanced to $116.4 million from $102.9 million, and diluted earnings per share rose to $1.28 from $1.10 a year ago. 

Total retail segment net sales jumped 9.6%, with comparable retail segment net sales advancing 8.0%. 

The increase in comparable net sales was driven by "high single-digit positive growth" in both online and store sales. 

Comparable retail segment net sales increased 12.5% at Urban Outfitters, 7.6% at Anthropologie, and 4.1% at Free People. 

Subscription segment net sales increased by 48.7%, primarily driven by a 42.2% increase in average active subscribers from a year ago. 

Of the company's 20 million stock repurchase plan, 14.7 million remained under the program.

HP Inc. decreased 6% to $22.97 after the company's outlook fell short of expectations and reported weaker-than-expected fiscal fourth-quarter results ending in October. 

Revenue increased 3.2% to $14.6 billion from $14.1 billion, net income decreased $795 million from $906 million, and diluted earnings per share declined to 84 cents from 93 cents a year ago. 

HP estimated fiscal 2026 first-quarter diluted earnings per share to be in the range of 58 cents to 66 cents, and for the full year between $2.47 and $2.77.  

HP stock faced selling pressure after the company announced a broad restructuring plan with gross cost savings of $1 billion by the end of fiscal 2028 and cut its workforce by 10%. The company said it will take a one-time charge of $650 million for restructuring and other charges.