Market Recap - Thursday, November 13, 2025
Stocks Slide as AI and Big Tech Take a Breather
Markets fell sharply today, with the Dow and S&P 500 both down 1.65%, the Nasdaq losing 2.29%, and small caps hit hardest, down 2.77%. Selling was broad-based, but especially heavy in Big Tech, semiconductors, and high-growth names that had recently rallied. AI-related stocks, retail favorites, and “profitless tech” were all under pressure. Defensive sectors like healthcare, food, and energy held up better, but overall, very few groups finished in the green.
Momentum Trade Unwinds Amid AI Volatility and Fed Caution
Today’s decline wasn’t driven by one headline — it was more of a reset after a strong run-up in high-flying tech names. The AI trade took another hit, with Nvidia, Tesla, and Google all among the biggest drags. AI infrastructure stocks also struggled, extending this week’s theme of profit-taking in the sector. Meanwhile, investors rotated into more stable, lower-volatility stocks like biotech, energy, and utilities.
Fed comments this week added to the cautious tone. Several officials pushed back against expectations of a near-term rate cut, with some arguing it’s too soon to ease policy given still-sticky inflation. As a result, markets now see less than a 50% chance of a December rate cut, the lowest odds in weeks.
Data Drought Continues Despite Shutdown Ending
Although the government shutdown officially ended late Wednesday (after 43 days), we’re still in a data vacuum — with key reports like October jobs and inflation data unlikely to be released. That leaves the Fed flying somewhat blind into its December meeting. The backlog may eventually be filled, but the lack of visibility adds uncertainty for both policymakers and markets.
Meanwhile, labor market softening remains a concern, with Verizon reportedly planning 15,000 job cuts. Analysts and economists are split on how to interpret recent labor signals, but most agree the hiring environment is cooling.
Earnings Highlights: Cisco Up, Disney Disappoints
Cisco (+4.6%) rallied after posting strong quarterly results and announcing record orders in AI infrastructure.
Disney (-7.8%) fell as its revenue missed expectations, particularly in streaming and traditional TV, though its subscriber numbers were solid.
Other notable movers:
Cellebrite (+20.7%) and Firefly Aerospace (+17%) surged on upbeat guidance.
Sealed Air (+16.8%) jumped on reports of a potential buyout.
Dillard’s (+9.6%) and Planet Fitness (+3.2%) impressed with solid growth outlooks.
On the downside, Ardent Health (-33.8%) and Flutter (-14.3%) sank on weak earnings and lowered guidance.
BioNTech (-7%) fell after Pfizer announced plans to sell its remaining stake.
Here’s Our Take
Today’s selloff is a natural cooldown after a strong October and early November rally, particularly in AI and tech. Momentum names are under pressure as investors reassess sky-high expectations and look for stability amid growing rate uncertainty. Hawkish Fed talk and a frustrating lack of fresh economic data are keeping the market on edge. Still, rotation into value and defensives suggests there’s no panic — just recalibration. If inflation continues to cool and job losses remain limited, the market could regain its footing heading into the holidays.
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