Yesterday’s session felt indecisive, but beyond the orderly split among S&P 500 (SPX) sectors, sizzling action is taking place.

The hottest stocks of 2025 are catching bids again (SanDisk Corp (SNDK), Western Digital Corp (WDC), bottom-fishing Meta Platforms (META), and artificial intelligence (AI) infrastructure, including GE Vernova (GEV), Dell Technologies (DELL), and EMCOR Group (EME)).

Heat Map

Nvidia (NVDA) is in the green, and Oracle Corp (ORCL) is surging again, suggesting November trepidation has faded.

Give Me My Theme Music

Thematic stocks are on fire – mouthwatering moves accompanied by huge volume. There’s probably some short-covering, but that's not the stuff of flukes.

We are watching the S&P 500 Equal Weight (RSP) compared to market cap weight (SPY), which has the potential to spark serious attention and attract new buyers if it breaks the 10-day and 50-day moving averages going into the weekend.