S&P 500 Rally, Intel Soars; AI Stocks Pull Back Up

S&P 500 Rally, Intel Soars; AI Stocks Pull Back Up

U.S. large-cap benchmarks closed higher in the shortened Black Friday session on November 28, 2025, with the S&P 500 up 0.5%, the Dow Jones Industrial Average gaining 0.6%, and the Nasdaq Composite climbing 0.7%. The advance capped what traders called the best week for these indices since June, driven by a mix of technical index flows, company-specific news, and shifting sector leadership.

What moved the indexes

Index-level drivers

Two practical forces underpinned the gains: end-of-week portfolio rebalancing ahead of the holiday weekend and selective stock-specific catalysts that outweighed broader sector rotations. Inclusion and reweighting events (like a new entry into the S&P 500) typically produce short-term inflows; that helped buoy the headline readings despite mixed performance among megacap tech names.

Notable stock catalysts

• Intel (INTC): Soared about 10.2% on reports and trader speculation that it could secure a foundry role with Apple. The move reflects how a single high-impact commercial win can re-rate a capex-heavy chipmaker almost overnight.
• SanDisk: Rose roughly 4% following its formal addition to the S&P 500 after separating from Western Digital. Index inclusions often trigger demand from funds tied to benchmark tracking.
• EQT: Advanced more than 3% as colder weather forecasts pushed up near-term natural gas demand expectations, illustrating how seasonal fundamentals still influence energy producers.
• Eli Lilly (LLY): Fell about 2.6% despite hitting a $1 trillion market cap milestone earlier. This pullback shows milestone valuations don’t guarantee sustained momentum.

Sector rotation: AI leaders cool off

After recent strength, several AI-related names retraced gains. Nvidia declined roughly 1.8% and Oracle slipped around 1.5% as investors took profits in high-momentum tech positions. This micro-rotation reflects short-term risk management rather than a broad loss of faith in AI trends—liquidity and valuation vigilance drove intraday selling.

Crypto link: Bitcoin lift helps select equities

Bitcoin pushing back above the $90,000 mark fueled a small rebound in crypto-facing equities. Coinbase traded up near 3%, highlighting how digital-asset price action continues to be a relevant swing factor for related stocks and the trading desks that service them.

What this means for investors

The recent moves emphasize three practical takeaways: 1) company-specific news often dominates index direction on light-volume days; 2) technical flows—index inclusions and holiday positioning—can amplify price moves; and 3) high-momentum sectors like AI remain susceptible to short-term profit-taking even amid longer-term secular narratives.

For portfolio managers and active traders, the environment favors disciplined sizing and attentive risk controls. For longer-term investors, the session is a reminder that headline gains across major indices can mask divergent performances at the stock level.

Conclusion

The Black Friday session closed out a strong week for U.S. large caps, driven by a mix of index mechanics and distinct company developments. Intel’s jump on Apple-foundry speculation and SanDisk’s S&P inclusion were clear, identifiable catalysts, while AI-related profit-taking and seasonal energy dynamics added texture to the advance. These concrete events, more than broad thematic narratives, shaped price action during the abbreviated trading day.