Market Recap - Monday, November 17, 2025
Stocks Slide as Big Tech Weakens and Defensive Rotation Builds
US stocks ended lower today, marking a third straight day of losses and a notable shift below key technical levels. The S&P 500 dropped 0.92%, the Dow fell 1.18%, the Nasdaq shed 0.84%, and the Russell 2000 slumped 1.96%. All major indexes closed below their 50-day moving averages - a bearish signal for some traders.
The selling was broad, with pressure on Big Tech, regional banks, airlines, credit card companies, and homebuilders. Apple and Nvidia were among the big drags, while Alphabet bucked the trend with a strong gain after Berkshire Hathaway disclosed a $4.3B stake and excitement grew around its upcoming Gemini 3.0 AI model. Other notable outperformers included healthcare names like pharmaceuticals and managed care, select steel and beverage stocks, and Chinese tech, led by Alibaba’s new AI launch.
Treasury yields eased slightly and the dollar ticked higher. Gold slipped 0.5%, while Bitcoin fell 2.4% to below $92K. Oil prices inched down 0.3%.
Markets are in wait-and-see mode ahead of a busy week featuring Nvidia earnings, retail results, FOMC minutes, more Fed commentary, and delayed macro data including September jobs and flash PMIs. While last week’s selling looked to pause Friday, today’s action shows fragility remains. Tech sentiment is especially shaky after a hardware downgrade from Morgan Stanley and news that Apple may be stepping up CEO succession planning. Some traders are also watching for possible unwind triggers among systematic funds as positioning looks stretched.
Economic data brought a surprise upside in the Empire State Manufacturing Survey, which hit its highest level in a year, though future expectations dropped. Fed Governor Waller maintained his call for a December rate cut, but other officials expressed more caution. The data vacuum remains a challenge as investors look ahead to inflation and jobs data in December to guide the Fed’s next moves.
Here’s Our Take:
The recent market pullback reflects growing tension between resilient economic data and shaky sentiment in tech and high-beta names. Investors are reassessing valuations and expectations, especially in the AI and hardware space, ahead of key earnings from Nvidia this week. Meanwhile, the rotation into defensive sectors - healthcare, staples, and telecom - suggests that investors are taking a more cautious stance in the face of rising volatility and fewer clear catalysts.
Despite strong manufacturing data and some earnings bright spots (e.g., Jazz Pharma, Vita Coco, and Google), overall risk appetite remains subdued. The market is still digesting mixed Fed signals and adjusting to a delayed data calendar, all while watching geopolitical headlines and consumer trends heading into the holiday season. Expect choppy action to continue until we get more clarity from macro data or a breakout earnings result - perhaps from Nvidia.
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