U.S. Markets hovered near unchanged levels Thursday evening, with traders returning from the Thanksgiving break to muted price action and little conviction. With only a few hours of trading left before the month closes, the major indexes appear set to end November in negative territory, a sharp contrast to usual seasonal strength.
The U.S. market was closed during the day for the holiday and will reopen Friday for a shortened session ending at 1 p.m. Eastern time. Futures linked to the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite barely changed, indicating that investors are still uncertain about the market direction.
By the end of the day on Wednesday, the S&P 500 was 0.4% lower for the month, the Dow was down 0.29%, and the Nasdaq had dropped by over 2%. In November, technology stocks, which were instrumental in driving the market up significantly at the beginning of the year, suffered considerable losses. Unless stocks stage a surprise rally in Friday’s abbreviated session, all three indexes are on track to break their recent multi-month winning streaks.
That would mark a departure from historical averages. Since 1950, November has typically been a positive month for equities, with the S&P 500 gaining roughly 1.8% on average. In years following U.S. presidential elections, November has historically been strong as well, but this year’s trading pattern has not followed precedent.
Market strategists say investors are adjusting to new political, economic, and policy realities, making comparisons to past cycles less useful. “Historical patterns don’t matter much when the environment changes structurally,” one analyst said.
Alibaba’s New AI Glasses Undercut Meta in Consumer AI Race
In other parts of the world, the announcement of new products in China served as a trigger for one of the fastest-moving wars in the tech industry: consumer AI hardware.
In China, Alibaba unveiled its Quark AI Glasses to the public, selling two models at 1,899 yuan (roughly $268) and 3,799 yuan, respectively. The reason for concern with competitors is that just $799 is the price for the Ray-Ban Meta Display by Meta, signaling the intent to compete aggressively on price and scale, which is what Alibaba is doing.
The new glasses integrate Alibaba’s Qwen large language model, the company’s ChatGPT-style assistant, and connect to its recently launched Qwen mobile app. Users can employ voice commands, capture product images for instant Taobao pricing, and access real-time translation and automated meeting notes. The product represents Alibaba’s most direct move yet into consumer-oriented AI wearables.
Smart glasses remain a relatively small market, but analysts expect demand to grow rapidly as artificial intelligence becomes more embedded in daily workflows. Alibaba’s pricing strategy may give it an early advantage in China, where domestic device competition continues to accelerate.
Apple Challenges Indian Regulators as Potential Fine Looms
In another tech-related development, Apple filed a legal case contesting actions by India’s Competition Commission, which has been investigating the company over its approach to in-app purchases and developer fees.
Under India’s competition rules, regulators can issue penalties based on global revenue, meaning Apple could face a fine of up to $38 billion if the investigation proceeds unchecked. By filing the motion, the company is stating that its case should be either dismissed or put on hold, which marks one of the significant regulatory incidents of its kind for the company in Asia.
India has turned out to be a very important market for Apple, as a source of production, and a region for consumer sales. A huge fine or a change in policy could have a major effect on the way the company works in one of the world’s rapidly developing smartphone markets.
Geopolitical Tensions Ease Slightly as Russia Signals Openness to Talks
On the global political front, Russia signaled a rare shift in tone. On Thursday, President Vladimir Putin remarked that Moscow is prepared to enter what he termed “serious” peace discussions. Also, he mentioned that the negotiation structure, supported by the U.S., could be a basis for the next agreements and stated that the recent diplomatic exchanges might be an indication that the U.S. is taking Russia’s side.
Though a schedule was not mentioned and no official terms were disclosed, markets were briefly responding to the hopes that the long-lasting geopolitical uncertainty that has been influencing energy prices, commodity flows, and bond markets may come to an end.
Analysts Expect Modest Gains, Not a Breakout, in 2026
After going through volatile months, investors are already pondering next year’s expectations. As per one major Wall Street forecast, the S&P 500 will only be able to increase by a single-digit percentage in 2026, signaling expectations of slower growth ahead.
Analysts point to fading tailwinds from monetary easing, slowing earnings momentum, and uncertainty around tech-sector valuations. The projection contrasts sharply with the double-digit rebounds seen earlier in this bull cycle.
Some traders argue that muted expectations could be beneficial if they prevent excessive speculation and allow fundamentals to reassert influence.
Europe Bets on a Different Kind of AI Strategy
While the US and China are both trying to be the first to have the most massive AI infrastructures, Europe seems not to be following the same route but rather making its own way. Instead of engaging in a head-to-head competition for the largest computing facilities, European leaders and infrastructure providers are investing their resources in localized cloud systems, energy-efficient installations, and connectivity platforms.
Industry experts believe Europe’s regulatory environment, often seen as restrictive, could ultimately become an advantage if smaller-scale, privacy-oriented AI deployments become the dominant model globally. The argument: what is hard to replicate becomes harder to displace.
With global AI infrastructure demands increasing, Europe’s cautious but steady approach may position it uniquely in the long-term architecture of the AI economy.
After a brief early morning reopening of markets on Friday and the absence of any significant catalysts before the month-end, November is most probably going to close on a soft note. The question of whether December will bring a fresh burst of energy or will be an extension of the recent slump depends to a large extent on the occurrence of macroeconomic signals, central bank clarity, and if technology stocks regain the trust of investors.