Traders work on the floor of the New York Stock Exchange (NYSE) in New York on November 14, 2025.
Charly Triballeau | Afp | Getty Images
The Nasdaq Composite rebounded on Friday as investors bought up shares of key technology stocks a day after the group led Wall Street to its worst day in more than a month.
The tech-heavy Nasdaq gained 0.13% to finish at 22,900.59, snapping a three-day losing streak. The S&P 500 finished near the flatline, down just 0.05% at 6,734.11, while the Dow Jones Industrial Average lost 309.74 points, or 0.65%, to settle at 47,147.48. The three indexes bounced back significantly from their lows earlier in the day, which had the Nasdaq and S&P 500 down 1.9% and about 1.4%, respectively. The Dow had fallen almost 600 points, or roughly 1.3%.
The tech trade gained some ground after coming under pressure in recent days. Leading artificial intelligence players Nvidia and Oracle both reversed course from their losses seen in the previous session, as did Palantir Technologies and Tesla, both of which saw a drop of more than 6% in the prior day. The Technology Select Sector SPDR Fund (XLK) closed up 0.5% on Friday, making up some of its 2% decline from Thursday.
Major U.S. indexes on Thursday posted their worst one-day performance since Oct. 10. The 30-stock Dow lost about 800 points, taking back gains seen in Wednesday’s session when it crossed the 48,000 level. The Nasdaq plummeted more than 2%, as technology giants came away battered.
“We’re kind of switching back and forth between this risk-on [and] risk-off type of a trade,” said Brian Mulberry, client portfolio manager at Zacks Investment Management. “I think people are looking to maybe reposition going into the end of the year, into 2026, just knowing the concentration that most people have built up because of the solid performance from these technology companies.”
“There will be somewhat of a floor, I think, in this volatility. We just expect that you’ll probably have more of these 1% to 2% moves up and down till close to the end of the year just as people reposition and de-risk their portfolios,” he also said.
After the week’s wild swings, Nasdaq ended down 0.5% for the period. However, both the S&P 500 and the Dow held on to gains, up 0.1% and 0.3%, respectively.
Concerns about the AI trade have emerged more seriously this week, with the recent wipeout in once-hot cloud stock Oracle further spooking investors about elevated tech valuations, a massive surge in debt financing and soaring AI capex plans. To be sure, Oracle’s growth is uniquely more reliant on its cloud deal with OpenAI and the company has far less cash compared to hyperscalers.
“AI is truly testing the limits of Wall Street spreadsheets right now,” David Krakauer, vice president of portfolio management at Mercer Advisors, told CNBC, adding that investors pricing in “so much of this future growth that they really can’t measure yet” just spurs an “environment of swings.” “The valuations are so stretched, and any little movement in expectations on either profits or interest rates is going to have a bigger and bigger effect.”
Mounting unease about the Federal Reserve’s upcoming interest rate decision exacerbated the existing pressure on the market this week. Traders are now pricing in a less than 50% chance that the central bank will cut its benchmark overnight borrowing rate by a quarter percentage point during their December meeting, which is lower than the 62.9% likelihood that markets priced in earlier this week and 95.5% chance a month ago, per the CME FedWatch Tool.
Investors are counting on another rate cut in December to revive the economy, as well as risk-taking on Wall Street. But some Fed members are growing concerned that inflation is too sticky to warrant another rate decrease this year.
The U.S. government shutdown, which was the longest in history, ended Wednesday evening after stretching on for more than six weeks. That development had been expected to end a period of time where investors were operating without important economic data. Instead, it has raised new questions. White House press secretary Karoline Leavitt suggested that some economic data that was due out during the impasse might never be released.
S&P 500, Dow end Friday in the red
The 30-stock Dow was the laggard during Friday’s session.
The S&P 500 shed 0.05% to close at 6,734.11. The Dow Jones Industrial Average lost 309.74 points, or 0.65%, ending at 47,147.48. The tech-heavy Nasdaq Composite rose 0.13% to settle the session at 22,900.59.
— Pia Singh
Mentions of tariffs in S&P 500 earnings calls declined in Q3 compared with Q2
Major U.S. companies are mentioning tariffs less on their earnings calls, according to a FactSet analysis led by senior analyst John Butters.
FactSet searched for the term “tariff” or “tariffs” in conference call transcripts of S&P 500 firms that hosted earnings conference calls from Sept. 15 through Nov. 14, and found that those two terms were cited on 238 calls over the period. That number is a quarter-over-quarter decline of 33% compared to the second quarter of 2025, when the two terms were cited on 357 earnings calls.
To be sure, the most recent period’s mentions of “tariff” or “tariffs” in S&P 500 earnings calls are still the fourth-highest number over the past decade, the analysis found.
— Pia Singh
Strategy stock poised for worst week in a year
Strategy is headed for its worst week in a year, with the stock plunging more than 17% since Monday.
That move put the stock on pace for its largest percentage decline in a weekly period since the week ended Aug. 2, 2024, when it fell 17.4%.
The bitcoin treasury stock is trading around $200 per share — not very far off its 52-week low of $194.56.
Shares are sinking as bitcoin continues its pullback this week. The token fell below $95,000 early Thursday, marking its lowest price since early May. Its price has since rebounded slightly.
— Liz Napolitano
8 S&P 500 stocks trade at new all-time highs
Thomas Fuller | SOPA Images | Lightrocket | Getty Images
On Friday, eight stocks in the S&P 500 traded at new all-time highs.
Names that hit this milestone included:
- Assurant trading at all-time highs back to its IPO in 2004
- Hartford Financial trading at all-time highs back to its IPO in December 1995
- Loews trading at all-time highs back through our history to 1972
- Cardinal Health trading at all-time highs back to its IPO in 1983
- Cencora trading at all-time highs back to its IPO in April 1995
- HCA trading at all-time high levels back to its IPO in March 2011
- Ventas trading at all-time high levels, back to its spin-off from Vencor in 1998
- Welltower trading at all-time high levels back to its incorporation as Health Care REIT in 1985
Conversely, eight stocks in the benchmark traded at new 52-week lows:
- Charter Communications trading at lows not seen since March 2016
- Molina Healthcare trading at lows not seen since April 2020
- Carrier Global trading at lows not seen since April 2024
- Old Dominion Freight Line trading at lows not seen since November 2022
- Motorola Solutions trading at lows not seen since June 2024
- Smurfit Westrock trading at lows not seen since November 2023
- Alexandria Real Estate Equities trading at lows not seen since October 2009
- Weyerhaeuser trading at lows not seen since July 2020
— Christopher Hayes, Lisa Kailai Han
Here’s when the government could start releasing key economic reports
As the U.S. government reopens for business, Wall Street’s attention will now turn toward when critical data on employment, inflation and other economic signposts will be released.
Agencies under the departments of Labor and Commerce had not posted revised schedules as of Friday morning, but updates are expected soon.
Consensus expectations are that the September jobs report, data for which has already been collected but not processed, will be released next week, though that is not for certain.
From there, though, the uncertainty on releases casts another cloud over what has become an increasingly contentious policymaking atmosphere at the Federal Reserve — not to mention the nervous climate among investors. Read more.
— Jeff Cox
Consumer discretionary stocks struggle
A Williams-Sonoma retail store is seen on May 28, 2025 in Austin, Texas.
Brandon Bell | Getty Images
Consumer discretionary stocks have lagged this week and month.
The S&P 500 sector has slipped more than 2% week to date, making it the worst performing of the 11 that comprise the broad index. The group is on track to see its second straight down week.
Williams-Sonoma led the sector down this week with a drop of more than 6%, followed by Aptiv and Tesla‘s slides of around 5% each. But Nike and AutoZone have helped curtail losses, jumping more than 5% and 3%, respectively.
The sector is now down more than 3% for November, on pace to snap a six-month winning streak. If that holds, consumer discretionary would also be the biggest-losing sector for the month.
— Alex Harring
Stocks making the biggest moves midday
Check out the companies making the biggest moves midday:
- Scholar Rock — The Cambridge, Massachusetts-based biotech jumped 23% after saying it “completed constructive and collaborative in-person Type A meeting” with the FDA on Wednesday for a biologics license application for apitegromab, a spinal muscular atrophy treatment. Officials from Novo Nordisk’s Catalent Indiana joined the meeting and said the facility will be ready for reinspection by the end of 2025.
- Strategy — The crypto stock was down about 1%, well off the lows seen earlier in the day. CEO Michael Saylor said on CNBC’s “Squawk Box” that the bitcoin holder is buying “quite a lot” of the cryptocurrency at current levels. Bitcoin briefly dropped to $95,000 earlier on Friday.
- Figure Technology Solutions — Shares surged 20% after the lending platform reported better-than-expected earnings in the third quarter. The company posted earnings per share of 34 cents, excluding certain items, on revenue of $156.4 million. Analysts surveyed by FactSet anticipated a profit of 16 cents, excluding certain items, on revenue of $119.4 million.
Read more here.
— Fred Imbert
Kansas City Fed’s Schmid repeats opposition to further rate cuts
Kansas City Federal Reserve President Jeffrey Schmid speaks at Jackson Hole in Wyoming, on Aug. 21, 2025.
David A. Grogan | CNBC
Kansas City Federal Reserve President Jeffrey Schmid on Friday reiterated that he does not believe additional interest rate cuts are warranted.
After voting against the October cut, Schmid said he hasn’t changed his view that inflation is too high and additional easing won’t help the cooling labor market.
“”I view the current stance of monetary policy as being only modestly restrictive, which is about where I think it should be,” he said, according to Reuters.
Schmid joins a growing chorus of hawks at the Fed who have voiced opposition or hesitation recently to more cuts from the current fed funds target rate of 3.75%-4%. Market pricing Friday morning tilted slightly in favor of a hold at the Dec. 8-9 meeting, down from about 95% odds for a cut a month ago.
— Jeff Cox
Information technology, energy lead S&P 500 higher
The S&P 500 ticked up 0.4% in midday trading Friday, led by the information technology and energy sectors.
Information technology was last up 1.3%, clawing back some of its more than 2% loss on Thursday. Energy was higher by 1.1%.
The two S&P 500 sectors were among the six that were positive in the session. In contrast, communication services, materials, health care, financials and consumer staples all suffered losses.
— Sean Conlon
Iran seizes oil tanker in Strait of Hormuz: AP
Iran seized an oil tanker in the Strait of Hormuz on Friday in the first such incident in months, a U.S. official told the Associated Press.
The Strait of Hormuz is a crucial chokepoint for global oil supplies. Fears that Iran might disrupt the strait during its conflict in Israel over the summer led to a spike in oil prices.
U.S. crude oil was trading nearly 3% higher on Friday at more than $60 a barrel after Russia’s Black Sea port of Novorossiysk halted oil exports due Ukrainian strikes.
— Spencer Kimball, AP, Reuters
JPMorgan Chase to get paid by fintech firms over fees to access customer data
Exterior view of the new JPMorgan Chase global headquarters building at 270 Park Avenue on Nov. 13, 2025 in New York City.
Angela Weiss | AFP | Getty Images
JPMorgan Chase has secured deals ensuring it will get paid by the fintech firms responsible for nearly all the data requests made by third-party apps connected to customer bank accounts, CNBC has learned.
The bank has signed updated contracts with fintech middlemen that make up more than 95% of the data pulls on its systems, including Plaid, Yodlee, Morningstar and Akoya, according to JPMorgan spokesman Drew Pusateri.
“We’ve come to agreements that will make the open banking ecosystem safer and more sustainable and allow customers to continue reliably and securely accessing their favorite financial products,” Pusateri said in a statement. “The free market worked.” Read more.
— Hugh Son
Bitcoin’s rout continues
Bitcoin dipped below $95,000 on Friday, pushing the world’s oldest cryptocurrency further into the red and continuing its four-day decline amid a broader artificial intelligence-linked stock pullback.
The digital asset was last trading at $96,293, down 3.5% on the day. Bitcoin was in the red most of this week, although it reclaimed $107,000 at one point on Tuesday before rolling over. Read more.
Bitcoin, 1-day
— Liz Napolitano
Investor Ron Baron says recent tech selloff is an opportunity
Ron Baron, Founder and CEO of Baron Capital, speaks to The Economic Club of New York in New York City, U.S., May 13, 2025.
Brendan McDermid | Reuters
Billionaire investor Ron Baron isn’t flinching during the latest tech selloff, and he’s certainly not touching his own Tesla shares, he said.
The longtime growth investor said he sees the pullback as a chance to spot bargains, even as volatility has rattled the biggest names in tech recently.
“Not very much,” Baron said Friday on CNBC’s “Squawk Box” when asked what he’s doing amid the drawdown. “Just looking and trying to understand where opportunities are and try to take advantage of them.” Read more.
— Yun Li
U.S. and Switzerland secure deal to lower tariffs to 15%
U.S. Trade Representative Jamieson Greer speaks to members of the press outside the West Wing of the White House on October 30, 2025 in Washington, DC.
Alex Wong | Getty Images
The U.S. and Switzerland have reached a trade deal, U.S. Trade Representative Jamieson Greer told CNBC on Friday.
Duties will be reduced to 15%, the Swiss government said in a post on X, adding that further details will be announced at 4 p.m. local time.
“We’ve essentially reached a deal with Switzerland,” Greer told CNBC’s “Squawk Box” on Friday morning. Read more.
— Chloe Taylor
Stocks plummet to kick off Friday’s session
Stocks traded solidly in the red on Friday morning.
The Nasdaq Composite declined 1.8% just after 9:30 a.m. ET, and the S&P 500 slid 1.3%. The Dow Jones Industrial Average dropped 480 points, or 1%.
— Sean Conlon
Warner Bros. Discovery, Walmart among the names making premarket moves
Check out the companies making headlines before the bell:
- Cidara Therapeutics — Shares of Cidara surged 103% after Merck agreed to buy the company for close to $9.2 billion in cash. Merck fell 1%.
- Avadel Pharmaceuticals — Danish drugmaker Lundbeck offered to acquire the pharmaceutical company for as much as $23 per share, topping biotech firm Alkermes’ earlier bid, sending Avadel 19% higher.
- Warner Bros. Discovery — The HBO and CNN parent rose almost 3% after the Wall Street Journal reported that Paramount Skydance, Netflix and Comcast are preparing bids for the media company. Warner Bros. Discovery has an initial deadline for first-round bids of Nov. 20, the Journal said, citing sources familiar with the matter.
- Walmart — The nation’s largest retailer fell 3% after CEO Doug McMillon said he would step down, effective Feb. 1, to be succeeded by John Furner.
Read here for the full list of names.
— Liz Napolitano
StubHub shares fall after CEO says company isn’t offering guidance for current quarter
Ticket reseller StubHub signage on display at the New York Stock Exchange for the company’s IPO on Sept. 17, 2025.
NYSE
Shares of StubHub plummeted 23% in premarket trading on Friday after CEO Eric Baker said in a conference call that the company wouldn’t be providing guidance for the current quarter.
The chief executive did say, however, that StubHub is planning to provide its forecast for 2026 when it releases its fourth-quarter results.
STUB, 1-day
— Annie Palmer, Sean Conlon
Walmart shares are lower after company announces that CEO Doug McMillon is retiring
Walmart Inc. President and CEO Doug McMillon delivers a keynote address during CES 2024 at The Venetian Resort Las Vegas on January 9, 2024 in Las Vegas, Nevada.
Ethan Miller | Getty Images
Walmart shares were down nearly 3% in the premarket Friday after the retailer announced that CEO Doug McMillon will retire in January.
John Furner will succeed McMillon as the company’s chief executive, effective Feb. 1, according to the company.
WMT, 1-day
— Sean Conlon
JPMorgan’s Erdoes says AI isn’t a bubble
Mary Callahan Erdoes, JP Morgan Asset & Wealth Management CEO, speaking at CNBC’s Delivering Alpha event in New York, Nov. 13, 2025.
Adam Jeffery | CNBC
Investors should be focused on opportunities ahead with artificial intelligence rather than whether there’s a bubble currently, according to Mary Callahan Erdoes, CEO at JPMorgan Asset and Wealth Management.
Speaking Thursday at the CNBC Delivering Alpha conference, Erdoes dispelled worries over valuation, saying that AI is presenting opportunities not fully appreciated or understood yet.
“I feel like we’re just on the precipice of a lot of this stuff,” she said during a panel discussion. “So we’re in this disconnect of the world is pricing where, where AI multiples should be. The companies haven’t gotten it through the usage. But it’s very much like Hemingway said, ‘How do you go bankrupt?’ It happens like very, very slowly, and then all of a sudden, and I think that’s exactly what’s going to happen AI.” Read more.
— Jeff Cox
Nvidia, tech under pressure again
Jensen Huang, chief executive officer of Nvidia Corp., during the keynote address at the Nvidia AI summit in Washington, DC, US, on Tuesday, Oct. 28, 2025.
Kent Nishimura | Bloomberg | Getty Images
Nvidia led the broader tech sector lower again on Friday, putting further strain on the overall stock market. The chipmaker lost 2%, while the Technology Select Sector SPDR fund (XLK) slid 1.2%.
— Fred Imbert
Stubhub, Applied Materials moving in after-hours session
Traders work on the floor at the New York Stock Exchange in New York City, U.S., Sept. 17, 2025.
Brendan McDermid | Reuters
Take a look at the companies moving in extended trading Thursday:
- StubHub — Shares of the ticket vendor lost 18% after the company’s CEO said during a conference call that StubHub will not be giving guidance for the current quarter. The company also posted a net loss of $1.33 billion, reflecting a one-time stock-based compensation charge. Stubhub still exceeded analysts’ second-quarter revenue expectations in its first financial report since its IPO in September.
- Applied Materials — The semiconductor company slipped about 4% despite posting stronger-than-expected fourth-quarter results. Applied Materials earned $2.17 per share, on an adjusted basis, on revenue of $6.8 billion. Analysts polled by LSEG expected $2.09 per share in earnings on revenue of $6.67 billion. Applied Materials also forecasted higher demand in the second half of 2026, but warned China spending might be weaker.
- Figure Technology — The stablecoin issuer jumped 6% in after-hours trading. Figure Technology’s third-quarter earnings and revenue exceeded Wall Street projections, according to consensus estimates from LSEG.
— Pia Singh