Traders work on the floor of the New York Stock Exchange (NYSE) on November 13, 2025 in New York City.
Spencer Pratt | Getty Images
US markets had their worst day since October 10th. This means a sharp reversal in the US market. Dow Jones Industrial Averagea day after closing above 48,000 for the first time, fell 1.65% to settle at 47,457.22. on the other hand, S&P500 lost 1.66%; Nasdaq Composite It fell by 2.29%.
Part of the reason for the stock price slump is thought to be an improvement in sentiment toward artificial intelligence. Big tech companies like: Nvidia, broadcom and oracle The stock has fallen by more than a third in the recent past since soaring 36% in September.
Investors appear increasingly concerned about the high valuations of tech companies and the large capital expenditures some companies, like Oracle, have had to take on debt to meet their obligations.
Uncertainty surrounding December’s interest rate cut also depressed Wall Street. It’s a coin toss whether the U.S. Federal Reserve will ease monetary policy at that time, according to the CME FedWatch tool. That’s a big change from a month ago, when traders were pricing in a 95.5% chance of a December rate cut.
The absence of employment and inflation data for October, and likely never to be available, means the Fed lacks visibility into the state of the economy and whether it should try to support the labor market or continue to suppress inflation.
After all, flying blind makes it difficult to see where you’ll land. For now, that applies to both the Fed and investors trying to navigate the still-vague ambitions of tech companies.
What you need to know today
And finally…
Oracle CEO Clay Magouyrk speaks during a Q&A after visiting the OpenAI data center in Abilene, Texas, USA on September 23, 2025.
Shelby Tauber | Reuters
Wall Street scoffs at Oracle’s expansion plans as debt concerns rise: ‘AI sentiment is waning’
Two months ago, Oracle’s stock soared 36% to a record after the company surprised investors with its cloud infrastructure revenue forecast. Since then, the company has lost a third of its value, more than wiping out its profits.
The mood has changed recently, with investors questioning whether the AI market has moved too far, too fast, and whether OpenAI can deliver on its five-year $300 billion promise to Oracle. KeyBanc Capital Markets analyst Jackson Adder said Oracle is expected to generate the least free cash flow among the major cloud companies in the GPU business.
— Seema Modi
