The $S&P 500(.SPX)$ posted its fourth consecutive decline, closing down 0.8%, alongside declines in the Dow (-1.1%) and $NASDAQ(.IXIC)$ (-1.2%). Investors remained firmly in risk-off mode, driven by:
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AI skepticism ahead of Nvidia’s earnings $NVIDIA(NVDA)$
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Concerns around consumer spending and housing activity
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Growing worries over employment and inflation keeping the Fed cautious
Key Stats (11/18/2025):
Index Last Chg% Dow Jones 46,091.74 -1.07% S&P 500 6,617.32 -0.83% Nasdaq 22,432.85 -1.21%
Top Movers
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Hot Stock: Medtronic +4.7%
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Biggest Loser: Home Depot -6.0%
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Best Sector: Energy +0.8%
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Worst Sector: Consumer Discretionary -1.9%
AI & TECH: Nvidia to “Make or Break the Week”
$NVDA
Semiconductor names and AI-linked stocks weakened sharply, reflecting growing doubts about AI momentum. Nvidia, with a 7.5% weighting in the S&P 500, will release earnings Wednesday? possibly the pivotal moment of the month.
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Recent earnings from other tech heavyweights have triggered sell-the-news reactions
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AI skepticism has driven the Magnificent Seven ETF down ~4% in the past week
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If Nvidia disappoints, markets may seek broader defensive positioning
Will Nvidia reset confidence in AI—or confirm that the trade has peaked? $Palantir Technologies Inc.(PLTR)$
HOUSING & CONSUMER: Warning Signs Emerge
Home Depot’s earnings miss amplified concerns around consumer resilience and the housing market. Management blamed weaker demand partly on a lack of storms, but investors focused on sluggish foot traffic and stagnant project demand.
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Both Home Depot and Lowe’s have expressed confidence in a sector rebound? but evidence remains thin.
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Housing remains stagnant, slowing discretionary spending tied to home improvement
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Retail earnings this week ( $Wal-Mart(WMT)$ , Target, TJX Cos.) will be critical to gauge holiday season momentum
LABOR MARKET: Noisy Data, But Not a Collapse
Labor data initially looked concerning, but deeper analysis suggests caution, not panic.
Data Highlights:
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ADP’s weekly employment pulse showed a small decline, but the trend is improving vs. August levels
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Jobless claims rose due to a technical reporting glitch; newer estimates show claims declining again
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WARN notices remain elevated but haven’t translated into job cuts yet
The labor market appears soft, but stable, awaiting clarity once delayed government data is fully restored.
What’s Ahead – Key Catalysts
Wednesday
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Nvidia earnings – AI sentiment hinge point
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Lowe’s, $Target(TGT)$ , TJX Cos., Viking Holdings, Palo Alto Networks, Williams-Sonoma
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FOMC minutes (rate-cut sentiment in focus)
Thursday
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Delayed September jobs report (8:30 a.m. ET)
Conclusion – A Market Holding Its Breath
Markets are treading carefully, waiting for confirmation: on AI, on consumers, on labor, and on Fed policy. Nvidia’s report and the delayed jobs data will likely determine whether this is a temporary pause, or the start of broader risk repricing…
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This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.
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