Traders work on the floor of the New York Stock Exchange (NYSE) on November 07, 2025 in New York City.
Spencer Platt | Getty Images
The Nasdaq Composite closed lower Friday, pressured by more losses in artificial intelligence stocks, to post a losing week as new economic data added to investors’ fears of a slowdown.
The tech-heavy index shed 0.21% to finish at 23,004.54. In contrast, the S&P 500 and the Dow Jones Industrial Average inched into the green. The broad-based index gained 0.13% to close at 6,728.80, while the 30-stock index added 74.80 points, or 0.16%, to settle at 46,987.10. At their lows of the day, the Nasdaq had pulled back 2.1%, while the S&P 500 and Dow had fallen 1.3% and more than 400 points, or roughly 0.9%, respectively.
Stocks came off their lows after Senate Minority Leader Chuck Schumer, D-N.Y., offered up a new plan to Republicans that would enable the record-breaking U.S. government shutdown to end. Under the proposal, short-term funding would be provided for federal government operations in exchange for a one-year extension of enhanced Affordable Care Act tax credits.
In the midst of the stoppage, concerns among investors around the strength of the U.S. economy have grown. A survey from the University of Michigan revealed Friday that consumer sentiment has neared its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached their highest level for the month in 22 years.
Investors have been getting little on the economic data front because of the ongoing shutdown. The Bureau of Labor Statistics would have released the nonfarm payrolls report Friday. For the second month in a row, however, it is unable to do so. Economists surveyed by Dow Jones had been expecting the report to show a decline of 60,000 jobs and an increase in the unemployment rate to 4.5%.
The Senate is expected to vote Friday on advancing a House-passed stopgap funding measure. The longest-ever federal funding lapse has posed a threat to economic activity, including causing flight disruptions due to shortages of air traffic controllers, who have been working without pay since October.
Transportation Secretary Sean Duffy said Wednesday that he will be cutting flights by 10% at 40 major airports starting Friday, a move that could affect 3,500 to 4,000 flights daily. As of Friday morning, more than 700 U.S. flights had already been canceled.
“No one likes the dark, and we’ve been in the dark for a while as far as government data is concerned, but I think we might further have some behavior being impacted,” Leah Bennett, chief investment strategist at Concurrent Asset Management, told CNBC. “I think that speaks volumes to why valuations should, at least in the short term, continue to erode.”
The three benchmark indexes closed in the red this week, as fears about elevated tech sector valuations and a highly concentrated market persisted. The Nasdaq was down around 3% week to date, seeing its worst performance in a five-day period since the week ended April 4, when the index dropped 10%. The S&P 500 and the Dow each lost more than 1% on the week.
Among Friday’s laggards was leading artificial intelligence player Oracle, which fell almost 2%. That brought its decline this week to just about 9%. Advanced Micro Devices, down nearly 9% on the week, and Broadcom, off by more than 5% this week, were lower as well.
Key AI leaders lost steam on Thursday, with Nvidia, AMD, Tesla and Microsoft posting significant declines that weighed on the broader market. Major U.S. stock averages closed lower across the board, with the tech-heavy Nasdaq Composite notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.
“You have had a bit of a rotation, which has been helpful in the value stocks, which kind of leads me to believe that the sell-off isn’t overly concerning with the [‘Magnificent Seven’],” Bennett said, adding that “AI spending is still here.”
“This AI rally that we’ve had I think does resume,” she continued. “It’s hard to call the top, but I don’t think we’re at the end of it.”
Nasdaq closes lower
The Nasdaq Composite continued to see declines on Friday.
The tech-heavy index fell 0.21% to 23,004.54. However, the S&P 500 and the Dow Jones Industrial Average finished higher, rising 0.13% and 74.80 points, or 0.16%, to 6,728.80 and 46,987.10, respectively.
— Sean Conlon
Brazil’s JBS slides late Friday as Trump orders DOJ to launch price fixing investigation
Brazilian meatpacker JBS NV fell almost 4% in late trading Friday after President Donald Trump ordered the Justice Department to launch an investigation into unnamed, “Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply.”
In a social media post that responded to the soaring price of beef in the U.S. this year, Trump asked government investigators to examine possible “Illicit Collusion, Price Fixing, and Price Manipulation,” that he said are combining to drive up the cost of meat. “Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously,” Trump wrote.
In October, Trump proposed increasing the amount of beef imported from Argentina as a step toward containing high U.S. prices and aiding his political ally, Argentine President Javier Milei.
U.S. meat producers rose Friday, with Hormel Foods adding 1.4% and Pilgrims Pride gaining 1.2%.
— Scott Schnipper
Market pullback is ‘healthy,’ Altimeter’s Brad Gerstner says
Altimeter Capital founder and CEO Brad Gerstner said Friday the recent pullback in technology shares is a healthy correction after a monthslong surge.
“The Nasdaq’s gone up 40% off the bottom in April. The market was kind of looking for a reason for a breather,” Gerstner said on CNBC’s “Money Movers.” “This week, what you saw across the market is everybody looking for an excuse to sell the trade. I think it’s healthy. We’re taking some of the air out of the bubble. There’s a wall of worry that stands in front of us.” Read more.
— Yun Li
Archer shares drop after air taxi maker sells additional 85 million shares
Courtesy: Archer Aviation
Archer Aviation‘s stock plummeted after a share sale overshadowed a narrower-than-expected third-quarter loss.
The company posted a net loss $129.9 million, narrower than the FactSet estimate of a $178.6 million loss.
However, Archer disclosed a $650 million stock offering for 81.25 million shares to support its $126 million acquisition of Hawthorne Airport in Los Angeles as a hub for air taxi operations there. Archer was chosen as the official air taxi provider for the 2028 Olympics in Los Angeles.
The move would dilute the value of the stock for existing shareholders. The weighted average for Archer shares outstanding has grown to about 660.9 million from 397.5 million a year ago. Read more.
ACHR, 1-day
— Samantha Subin
Don’t buy the dip in crypto right now, Wolfe Research analysts say
Investors should not buy the dip, even as cryptocurrency prices hover around months-long lows, according to Wolfe Research.
“Safe to say the alarm bells are sounding and we have gone from FOMO to OH NO,” Wolfe Research analyst Rob Ginsberg said Thursday in a note to clients.
Many tokens are trading at levels last seen this summer, with bitcoin dipping below $100,000 for the first time in nearly four months earlier this week, according to the research firm. The pullback comes amid rising macroeconomic uncertainties, in addition to investors’ jitters over a lack of U.S. economic data due to the ongoing government shutdown.
“As much as we would like to step into this weakness and call it a great buying opportunity, we can’t help but think that even better “buying opportunities” are coming, Ginsberg wrote. “What really stands out to us is that none [of the cryptocurrencies] are currently oversold.”
— Liz Napolitano
Take-Two Interactive drops below key technical level
In this photo illustration, a Grand Theft Auto VI logo seen displayed on a smartphone.
Sopa Images | Lightrocket | Getty Images
Shares of Take-Two Interactive fell Friday after Rockstar Games announced another delay in the release of the highly anticipated Grand Theft Auto VI. The next iteration of the popular game is now scheduled for release in November 2026.
The stock dropped below its 200-day moving average for the first time in more than a year. Investors often look to the technical level as a potential line of support, raising concerns about further weakness.
Take-Two also reported second-quarter earnings on Thursday after the bell, increasing revenue by 33% to $1.96 billion, ahead of estimates. Shares of Take-Two are on track for their worst daily performance since November 2022 when they fell 13.68% after cutting its financial outlook.
TTWO, 1-day
— Nick Wells
XYZ, Globus Medical, Constellation Energy among the names making moves in midday trading
The cooling towers of the Three Mile Island Nuclear power plant is seen on Oct. 30, 2024 in Middletown, Pennsylvania, U.S.
Danielle DeVries | CNBC
Check out the companies making the biggest moves midday:
- XYZ —The financial services provider plunged 10% after reporting third-quarter earnings of 54 cents per share, while analysts polled by LSEG were expecting 67 cents. Block’s $6.11 billion revenue also came IN below the forecast $6.31 billion.
- Globus Medical — The medical device maker soared 32% after third-quarter earnings, excluding one-time items, and revenue topped analysts’ highest estimates. Globus also raised fourth-quarter earnings per share and revenue forecasts, and Truist and Bank of America increased raised their ratings to buy from hold in reaction, FactSet said.
- Constellation Energy — The Baltimore-based utility dropped almost 5% after third-quarter adjusted operating EPS of $3.04 per share trailed the analyst consensus of $3.11, according to Street forecasts compiled by FactSet. Constellation, the nation’s largest nuclear power generator, also lowered the top end of its full-year earnings guidance below analysts’ consensus estimate of $9.49.
Read the complete list of stocks making midday moves here.
— Scott Schnipper
Morgan Stanley names Bank of America a top pick
In a Thursday note, Morgan Stanley analyst Betsy Graseck named Bank of America her top stock pick.
Graseck’s $70 price target implies that shares of Bank of America could rise 31% from here. The bank stock has surged 20% this year.
BAC YTD chart
Graseck made the stock her top pick post investor day, which she said has made her more convicted that Bank of America is entering a new period of consistent and sustained positive operating leverage.
“[Net interest income] headwinds are now becoming tailwinds as BAC’s low yielding [held-to-maturity] portfolio rolls off into higher yielding loans and securities,” she wrote. “Importantly, new [return on tangible common equity] target is not a ceiling, in our view. Mgmt. is confident in hitting targets even if segment-level goals are not hit simultaneously.”
— Lisa Kailai Han
NuScale stock tumbles on quarterly loss and plan to issue shares
Thomas Fuller | SOPA Images | Lightrocket | Getty Images
NuScale shares fell more than16% after the nuclear technology company posted a loss for the quarter and disclosed an agreement to issue new shares.
NuScale struck an agreement with several financial firm to sell up to $750 million shares. The small nuclear reactor developer posted a loss of more than $273 million for the third-quarter, higher than the $17.4 million loss in the same period a year-ago.
NuScale’s small reactor design has not yet been deployed.
— Spencer Kimball
S&P 500 falls below 50-day moving average
The S&P 500 dropped below its 50-day moving average on Friday morning, the first time since April 30, 2025 on an intraday basis.
The broad market index experienced its longest streak without breaching its 50-day MA since a 147-day run ended in 2007.
S&P 500, 1-day
— Nick Wells, Sean Conlon
Consumer sentiment nears lowest level ever, a University of Michigan survey shows
People shop at a store on Nov. 6, 2025 in the Brooklyn borough of New York City.
Spencer Platt | Getty Images
Worries over the government shutdown surged in the early part of November, pushing consumer sentiment In to its lowest in more than three years and just off its worst level ever, according to a University of Michigan survey released Friday.
The university’s monthly Index of Consumer Sentiment posted a reading of 50.3 for the month, indicating a decline of 6.2% on the month and about 30% from a year ago. Economists surveyed by Dow Jones had been looking for 53.0 after October’s 53.6. Sentiment was last this low in June 2022 as inflation hovered around its highest level in 40 years. Read more.
— Jeff Cox
Here’s what Friday’s missed jobs report probably would have shown
A jobseeker holds a “We Are Hiring” pamphlet at the Appalachian State University internship and job fair in Boone, North Carolina, US, on Friday, Oct. 24, 2025.
Allison Joyce | Bloomberg | Getty Images
Jobs Friday won’t be happening again this week as the record-long government shutdown has resulted in a lack of official data on the labor market as well as a host of other important indicators.
In the absence of critical data points, alternative data is the only game in town when it comes to measuring current conditions. In a nutshell, various metrics show the U.S. labor market appears to be plodding along, with a sharp slowdown in hiring and scattered signs of an increase in layoffs.
Had the Bureau of Labor Statistics released its monthly nonfarm payrolls report for October, economists surveyed by Dow Jones expect it would have shown a decline of 60,000 jobs and an unemployment rate increase to 4.5%. Read more.
— Jeff Cox
Stocks open in the red Friday
Stocks traded down on Friday morning, extending their losses from the previous session.
The Nasdaq Composite dropped 0.8% after 9:30 a.m. ET, and the S&P 500 fell 0.6%. The Dow Jones Industrial Average also slid 234 points, or 0.5%.
— Sean Conlon
Airbnb, Affirm, Opendoor among the stocks making premarket moves
Check out the companies making headlines before the bell:
- Airbnb — The vacation rental platform saw shares rise about 4% after the company reported a revenue beat for the third quarter and hiked fourth-quarter revenue forecast. Earnings per share for the latest quarter came in below an LSEG estimate, however.
- Affirm — The fintech stock soared more than 10% after the company posted stronger-than-expected earnings and revenue for the third quarter. Affirm’s quarterly gross merchandise volume also topped the Street’s forecasts.
- Opendoor — The online-rental company’s quarterly sales dropped by over 30%, sending shares down more than 23%. The company’s new CEO pitched a new turnaround strategy, saying he’s “refounding Opendoor as a software and AI company.”
Read here for the full list.
— Yun Li
Peloton shares rise Friday after company issues strong holiday guidance
The Peloton Tread+ and Bike+ during a media preview at Peloton headquarters in New York, US, on Tuesday, Sept. 30, 2025.
Gabby Jones | Bloomberg | Getty Images
Peloton on Thursday posted its second profitable quarter in a row as it released strong guidance for the crucial holiday shopping season, banking on its relaunched product assortment to drive growth.
The connected fitness company posted a surprise net income of $13.9 million in the three months ended Sept. 30, compared with a loss of $900,000 a year earlier.
For the current quarter, Peloton’s strongest for hardware sales, the company is expecting revenue to be between $665 million and $685 million, a slight increase from the year-ago period and largely better than Wall Street expectations of $665 million, according to LSEG.
Peloton also raised its full-year adjusted EBITDA outlook and is now expecting it to be between $425 million and $475 million, up $25 million from its previous outlook on both ends. Much of that forecast is ahead of analyst expectations of between $400 million and $450 million, according to StreetAccount. Read more.
PTON, 1-day
— Gabrielle Fonrouge
AI bubble concerns grow among global investors
This week’s equity market wobble, which saw a retreat in U.S. artificial intelligence-related stocks amid ongoing concerns over stretched valuations, has thrust contagion fears into the spotlight for global investors.
Goldman Sachs CEO David Solomon warned this week of a “likely” 10-20% drawdown in equity markets at some point within the next two years, while the International Monetary Fund and the Bank of England have both sounded the alarm bells.
Bank of England Governor Andrew Bailey highlighted the possibilities of an AI bubble in an interview with CNBC on Thursday, noting that the “very positive productivity contribution” from technology companies could be offset by uncertainty around future earning steams in the sector.
“We have to be very alert to these risks,” Bailey said. Read more.
— Hugh Leask
Bitcoin dips below $100,000 again
Bitcoin on Friday slid below its critical $100,000 support level.
The cryptocurrency was last trading at $100,517.86. It is down more than 20% from its record high of roughly $126,000 hit in early October.
This marks the second day bitcoin has dipped below $100,000 over the past week.
Bitcoin’s recent pullbacks come amid a broader digital assets market downturn.
In mid-October, tokens’ prices cratered due to cascading liquidations of highly leveraged crypto positions. Since then, crypto prices have struggled to gain ground, particularly as the likelihood of another Federal reserve rate cut decreases and the U.S. government shutdown stretches into yet another week.
— Liz Napolitano
Airbnb rises after posting revenue beat, strong forecast
Mateusz Slodkowski | Lightrocket | Getty Images
ABNB 5-day chart
— Fred Imbert
Tesla says shareholders approve Musk’s $1 trillion pay plan
Elon Musk applaudes in the Oval Office as he attends a press conference with U.S. President Donald Trump, at the White House in Washington, D.C., U.S., May 30, 2025.
Nathan Howard | Reuters
Tesla said shareholders voted in favor of CEO Elon Musk’s almost $1 trillion pay plan, with 75% support among voting shares.
Results of the vote were announced on Thursday at the company’s annual shareholders meeting in Austin, Texas. A separate proposal for investors calls for Tesla to be able to invest in xAI, Musk’s artificial intelligence startup created to compete with OpenAI. Tesla said that more votes were in favor than against but results are so far inconclusive.
The pay package for Musk, already the world’s richest person, consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next decade. It would also give Musk increased voting power over the company, acceding to demands that he’s made publicly since early 2024. His ownership would increase from about 13% to 25%, adding more than 423 million shares to his holdings.
The first tranche of stock gets paid out if Tesla hits a market capitalization of $2 trillion. Tesla’s current market cap is $1.54 trillion.
Tesla stock performance over the past year.
Tesla shares were higher by roughly 0.2% in extended trading Thursday. The stock is up 10.4% this year.
— Lora Kolodny, Pia Singh
Stocks moving in extended trading include Airbnb, Peloton, Take-Two Interactive
Check out the companies making headlines in after-hours trading:
- Take-Two Interactive Software — Shares of the video game developer tanked 7% after Rockstar Games, a subsidiary of Take-Two, announced a further delay in the release of Grand Theft Auto VI to November 2026 from May 2026. The announcement marks the second delay for the highly anticipated game.
- Airbnb — Shares of Airbnb rose about 5% in extended trading after the company reported strong third-quarter results and guidance. Airbnb earned $2.21 per share on revenue of $4.1 billion, while analysts polled by LSEG expected $2.34 per share on revenue of $4.08 billion. For the fourth quarter, Airbnb said it expects revenue of $2.66 billion to $2.72 billion, exceeding the $2.67 billion analysts were anticipating, per LSEG.
- Affirm — Shares jumped more than 12% in extended trading after the company beat on top and bottom lines, with results showing that quarterly gross merchandise volume topped the Street’s forecasts. The fintech firm earned 23 cents per share in the fiscal first quarter and reported revenue of $933 million. Analysts polled by LSEG expected a profit of 11 cents per share and $883 million in revenue.
- DraftKings — The sports gambling stock declined nearly 4% on the back of the company’s disappointing third-quarter results. DraftKings reported a loss of 52 cents per share, greater than the 42 cents per share loss analysts polled by LSEG forecasted. Revenue of $1.14 billion for the period also failed to meet analysts’ consensus expectation of $1.22 billion, per LSEG.
For the full list, read here.
— Pia Singh