Stock Market News: Alphabet inches closer to $4T, consumer spending rises in Midwest

This is the market report as of 4 pm ET on Tuesday, November 25.

The market continued to build upon its gains from Monday, and despite the Nvidia lull, it remained relatively calm.

• The S&P 500 closed 0.9% higher, led by Keysight Technologies, Chipotle, and Albemarle.
• The Nasdaq Composite closed 0.7% higher, with Analog Devices, DoorDash, and Meta leading.
• The Dow gained more than 600 points, climbing 1.4% higher, and the Russell 2000 closed 2% higher.

In all, it was a good day, considering the declines in AI stocks like AMD and Arm Holdings. A significant reason is the increased probability of a December Fed rate cut.

Additionally, retail stocks, including Walmart, DoorDash, Home Depot, Nike, and Lululemon, showed signs of advancement ahead of the holiday season.

JPMorgan projected 7% sales growth in e-commerce this holiday season, which is less than last year’s 9% year-over-year growth, noting that this will not impact share gains.

Gold closed 0.2% lower, and oil gained slightly, 0.2%.

Tuesday marked another consecutive day of decline for Bitcoin, which fell 0.9%.

While everyone tries to decipher the reason behind the crash in the crypto market, Alphabet is emerging as a new entrant in the $4 trillion club; its stock was up 13% this past week, pushing its market cap to $3.904 trillion. A major shift occurred in the past month, as Alphabet’s stock gained 24% and currently stands at a 70% year-to-date gain.

In the past week, Google has emerged as a threat to Nvidia’s chips and made headlines for its understated AI potential. The Information also reported that Google is in talks with Meta to sell its chips for use in Meta’s data centers. 

As Google transitions from a chipmaker for personal use to selling its technology to others, investors are viewing it as a potential frontrunner in the AI race, a significant shift, considering that only a few weeks ago, the narrative had held that Google was lagging. 

Meanwhile, Nvidia’s stock saw a 2.6% decline on Tuesday, closing at $177.8 and lowering its market cap $4.321 trillion, far from the boastful $5 trillion number it achieved earlier this month.

Kohl’s, which was in the spotlight for struggling with low sales, surprised investors with a positive cash flow and improved year-end guidance. This led to a 42% surge in stock, making it a top gainer. However, it was trading lower after hours.

Consumer spending ahead of the holiday season

Amidst concerns of decreasing sales and tight budgeting among customers ahead of the holidays, Bank of America data suggests that credit and debit card spending has strengthened per household across all regions, but more so in the Midwest.

More Nvidia:

• Is Nvidia’s AI boom already priced in? Oppenheimer doesn’t think so
• Morgan Stanley revamps Nvidia’s price target ahead of big Q3
• Investors hope good news from Nvidia gives the rally more life
• Bank of America resets Nvidia stock forecast before earnings
• AMD flips the script on Nvidia with bold new vision

The Midwest experienced triple-digit growth, up 2.2% year-over-year in October 2025, primarily driven by stronger wage growth and improved housing affordability for both renters and homeowners.

While the West continued to top in terms of spending growth, the Midwest came close. Moreso, BofA estimates it to “become the next big leader in mega projects (e.g., data centers) as the region has favorable land costs and power availability.

As is apparent, significant funds are being invested in AI infrastructure and alternative energy sources. 

But this optimism is not without due risks, for the Midwest, it would spell “decrease in manufacturing activity and small business hiring,” but it might not be a major impediment in the near-term, as the Midwest labor market is currently resilient.

Related: Legendary investor shares bold Fed rate cut prediction