A trader works during the Evommune Inc. initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Thursday, Nov. 6, 2025.
Michael Nagle| Bloomberg | Getty Images
Stocks moved lower Friday as technology stocks continued to struggle, putting the major averages on pace for a losing week.
The S&P 500 lost 1%, while the Nasdaq Composite shed 1.7%. The Dow Jones Industrial Average dropped 200 points, or 0.4%.
Nvidia shares were down 3%, putting their weekly losses at 10%. Fellow leading artificial intelligence player Oracle fell 3% and was on track for 10% decline on the week as well. Palantir Technologies, down 14% on the week, and Broadcom, off by 7% this week, were also lower.
Key AI leaders lost steam on Thursday, with Nvidia, Advanced Micro Devices, Tesla and Microsoft posting significant declines that weighed on the broader market. The drop in stocks was also exacerbated by data reflecting job cuts for October hit the highest level for the month in more than two decades, making 2025 the worst year for layoffs since 2009.
Major U.S. stock averages closed lower across the board in the previous session, with the tech-heavy Nasdaq Composite notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.
The three benchmark indices are each in the red this week, with losses accumulating on-and-off since Tuesday when major AI names declined on fears about elevated tech sector valuations — which have also contributed to a highly concentrated market. The S&P 500 is down more than 2% week to date, while the 30-stock Dow Jones Industrial Average and Nasdaq have lost more than 1% and around 4% during the period, respectively.
To be sure, some market participants remain hopeful that an end to the lengthy U.S. government shutdown and a potential December interest rate cut from the Federal Reserve could alleviate the pain in U.S. stocks. Investors are also monitoring the Supreme Court’s skepticism about the legality of President Donald Trump’s far-reaching tariffs and how third-quarter corporate earnings results are progressing.
“There’s still hope for a year-end rally once the government shutdown ends and the tariff situation is resolved. We are still two weeks from the very important Nvidia earnings, and strength there might be the catalyst to reaffirm the AI narrative. If that is followed by a December Fed cut, we may still go out on a high at year’s end,” Louis Navellier, founder and chief investment officer at Navellier & Associates, said. “Corrections with these levels of gains are normal and to be expected, not something to panic over.”
Concerns among investors around the strength of the U.S. economy came into view this week. 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.
Because of the record-breaking government shutdown, investors have been getting little on the economic data front. The Bureau of Labor Statistics normally would release the nonfarm payrolls report Friday. For the second month in a row, however, it is unable to do so because of the stoppage. 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 caused major flight disruptions as air traffic controllers, who have been working without pay during the ongoing shutdown, face staffing shortages. 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.
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
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
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