E-mini S&P 500 futures staged a major intraday reversal, dropping to 6,525 before rallying to close near 6,625 for a 1% daily gain. The turnaround was sparked by comments from New York Fed President Williams suggesting a near-term rate cut remains possible, which pushed December odds to nearly 70%. Despite the daily recovery, the index finished the week down about 2%. Volatility remained elevated on a weekly basis but softened into the close. Looking ahead to the Thanksgiving holiday week, traders await delayed PPI and Retail Sales data, the Fed's Beige Book and major retail earnings.