Market Recap - Tuesday, November 11, 2025
Markets Edge Higher, But AI Stocks Hit a Speed Bump
The market ended mostly higher today, although the tech-heavy Nasdaq slipped slightly. The Dow rose 1.18%, the S&P 500 gained 0.21%, and the Russell 2000 inched up 0.11%. Market breadth was solid, with many sectors outside of Big Tech showing strength — including energy, healthcare, telecom, and consumer staples. Equal-weighted indices outperformed, suggesting gains were more evenly spread across companies rather than concentrated in tech giants.
AI Trade Faces a Wave of Profit-Taking
The artificial intelligence theme took a hit today. Nvidia slipped after news that SoftBank sold its entire stake for nearly $6B. AMD also fell despite unveiling big AI revenue growth targets at its analyst day — investors seemed skeptical amid high expectations and already lofty valuations. CoreWeave and Nebius both dropped sharply on earnings disappointments and weaker-than-expected guidance, raising fresh questions around AI infrastructure capex and near-term demand. Meta shares slid as well, following news that its chief AI scientist, Yann LeCun, is leaving to start his own company.
Labor Market Softness Creeps Back In
ADP’s weekly payroll estimate showed job losses averaging over 11K per week through late October — suggesting a cooling labor market after a stretch of resilience. At the same time, small business optimism dipped in October, with owners citing hiring challenges and margin pressures. While not alarming on its own, these data points continue to fuel expectations that the Fed will ease rates further at its next meeting, likely in December.
Government Shutdown Nearing an End
The Senate passed a bill to end the government shutdown, and the House is expected to vote on it Wednesday. The bill would extend government funding into early 2026 and avoid further disruption to economic data releases. This helped provide a small boost to market sentiment.
Stock Standouts and Sinks
Winners:
RealReal (+38%) surged on strong Q3 earnings and raised guidance.
Paramount Skydance (+9.8%) rallied on upbeat OIBDA guidance and a ramp in content investments.
eToro (+9.3%) rebounded after a Deutsche Bank upgrade.
BigBear.ai (+6.1%) gained on optimism around its government-focused AI platform.
FedEx (+5.5%) rose after raising its Q2 earnings outlook at an investor conference.
Laggards:
CoreWeave (-16.3%) dropped after cutting full-year guidance due to data center project delays.
Nebius (-7.1%) fell on a revenue miss and cash burn concerns.
AMD (-2.7%) pulled back despite bullish AI growth targets.
Nvidia (-3%) slipped on SoftBank’s share sale.
Coinbase (-4.4%) fell after calling off its $2B acquisition of a UK-based stablecoin startup.
Here’s Our Take
The market is rotating — away from mega-cap tech and toward broader participation across sectors like energy, healthcare, and financials. That’s generally a healthy sign, especially as AI euphoria takes a breather and investors digest just how much capex is needed to sustain growth. Nvidia’s slip and AMD’s muted response to strong guidance highlight how high the bar is for these names. Meanwhile, continued labor softness and a likely Fed cut next month remain supportive for equities overall. With the shutdown resolution likely, attention now turns to macro data resuming and the final stretch of Q3 earnings.
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