The Dow hit a fresh record above 48,000 on Wednesday while the S&P 500 was little changed and the Nasdaq dipped, as traders rotated out of mega‑cap tech ahead of a House vote that could end the historic U.S. government shutdown. Oil fell, gold rose, and Treasury yields eased.
Market Snapshot — Nov. 12, 2025
- Dow Jones Industrial Average:48,254.82 (+0.7%), a record close
- S&P 500:6,850.92 (+0.1%)
- Nasdaq Composite:23,406.46 (−0.3%)
- Russell 2000:2,450.80 (−0.3%) AP News
Rates & Commodities:
- U.S. 10‑year Treasury yield:~4.07% (down ~4 bps)
- WTI crude:$58.49 (−4.2%) | Brent:$62.71 (−3.8%)
- Spot gold:~$4,196/oz (+1.7%) Reuters
What moved markets
Shutdown end in sight. Equities traded around record territory as investors positioned for a House vote scheduled around 7 p.m. ET to pass a stopgap funding bill that would reopen the federal government after the longest shutdown on record. The White House has said President Trump supports the measure. A Senate‑approved version passed Monday; if the House clears it, the bill goes to the president’s desk. Reuters
Rotation out of mega‑cap tech. The Dow outperformed while the Nasdaq slipped, with traders favoring value pockets like health care and financials over pricey growth names. Goldman Sachs and UnitedHealth helped carry the Dow to its second straight record, even as some tech leaders lagged. Reuters
AI crosswinds: AMD pops, others wobble.Advanced Micro Devices jumped after outlining an ambitious long‑term plan targeting $100 billion in annual data‑center revenue, underscoring the scale of expected AI infrastructure spend. By contrast, Amazon, Tesla, Palantir, and Oracle traded lower as investors questioned near‑term AI payoffs and trimmed exposure following a high‑profile Nvidia stake sale by SoftBank earlier in the week. Reuters
Sector and stock standouts
- Health care led S&P sectors (+~1.4%), with financials also firm (+~0.9%). Communication services, energy, and consumer discretionary lagged. Market breadth favored advancers. Reuters
- Airlines rallied as mandated flight cuts eased and optimism built for a swift normalization once pay resumes for crucial FAA staff; Dow Transports rose more than 1%. Reuters
- IBM gained after unveiling new quantum processors and a roadmap it says could deliver practical, fault‑tolerant quantum computing later this decade. Reuters
- After the bell, Cisco lifted full‑year guidance on AI‑networking demand; shares rose in late trading. Reuters
Why yields fell and oil sank
Bonds: With the Treasury market reopening after the holiday, yields drifted lower as traders bet the Fed remains on track to trim rates again in December amid a softening labor backdrop and a data blackout caused by the shutdown. The 10‑year ended near 4.07%; 2‑year around 3.57%. Reuters
Commodities:Crude oil slumped on oversupply concerns and outlooks showing loosening balances into 2026, while gold caught a bid on easier‑policy expectations and a softer rates backdrop. Reuters
The policy and data backdrop
The shutdown has delayed or canceled key government releases and complicated the Fed’s read on the economy. Private indicators, including ADP’s weekly figures, point to labor‑market cooling, and futures markets price roughly a two‑thirds chance of a quarter‑point Fed cut in December. Atlanta Fed President Raphael Bostic said he plans to retire when his term ends in February, a personnel change markets will watch for policy signaling. Reuters
Key numbers at the close
- Dow: 48,254.82 (+326.86)
- S&P 500: 6,850.92 (+4.31)
- Nasdaq: 23,406.46 (−61.84)
- Russell 2000: 2,450.80 (−7.48) AP News
- U.S. 10‑year yield: ~4.067%
- 30‑year yield: ~4.663%
- 2‑year yield: ~3.566% Reuters
- WTI crude:$58.49 (−4.2%) | Brent:$62.71 (−3.8%)
- Gold (spot):~$4,196/oz (+1.7%) Reuters
What’s next
- Shutdown vote: House floor action expected this evening; a “yes” would send the bill to the president and likely restore regular data releases, though October’s jobs and inflation reports may never be published in full. Reuters
- Earnings & events: Watch Disney, Cisco, and Applied Materials on the corporate docket; the U.S. 30‑year bond auction and several Fed speakers are also in focus. Nvidia reports next Wednesday, a litmus test for AI sentiment after SoftBank’s divestiture. Reuters
Editorial note
All market data reflect closing levels on Wednesday, Nov. 12, 2025, and late‑day reporting available at publication time. AP News
Sources: Associated Press, Reuters (markets, rates, commodities, shutdown timetable), and company/industry disclosures cited above. Reuters
