SPY Stock Today (November 18, 2025): S&P 500 ETF Extends Slide as AI Bubble and Fed Jitters Hit Markets

The SPDR S&P 500 ETF Trust (ticker: SPY) — the most widely watched proxy for the U.S. stock market — is under pressure again on Tuesday, November 18, 2025. SPY is trading around $665–$666, roughly flat to Monday’s close but still on course for its fourth straight daily decline, mirroring a global risk-off mood driven by AI bubble worries, a crypto crash and fading confidence in near-term Federal Reserve rate cuts. ^[1]

After a powerful run earlier in 2025 — the S&P 500 delivered roughly 17.5% total return in the first ten months of the year, including dividends — the index has slipped modestly in November as investors question lofty valuations and aggressive bets on artificial intelligence. ^[2]

SPY Stock Price Today: Key Levels on November 18, 2025

SPY finished Monday, November 17, at $665.67, a decline of just under 1% on the day, after swinging between roughly $662 and $674 during the session. ^[3]

That close left SPY more than 2% below last week’s levels near $683, when the ETF was trading around all‑time highs alongside the S&P 500 index. ^[4]

In premarket trading on Tuesday, SPY slipped about 0.3%, moving in step with futures on the Dow, Nasdaq and other large U.S. equity ETFs. A morning brief from Stocktwits noted SPY down about 0.29%, with retail sentiment tagged as “neutral” rather than outright fearful. ^[5]

By late morning in New York, index futures were still in the red, with S&P 500 contracts down roughly 0.3%, Nasdaq futures off about 0.3–0.5% and Dow futures lower as well — setting up another weak cash open and keeping pressure on SPY. ^[6]

Why SPY Is Under Pressure Today

1. AI bubble fears and a crypto crash sap risk appetite

A key driver of today’s weakness in SPY is the feeling that the AI and crypto boom has run ahead of fundamentals.

Bloomberg reports that the S&P 500 is staring at its longest losing streak since August, as a six‑month rally shows signs of fatigue amid a huge drawdown in cryptocurrencies and mounting anxiety that AI‑linked stocks are priced for perfection. ^[7]

At the same time, a wave of commentary from tech leaders is adding to the nervous tone. In an interview picked up by Reuters, Alphabet CEO Sundar Pichai warned that no company would be spared if the AI boom were to collapse — a remark widely interpreted as an acknowledgment from inside the industry that valuations have become fragile. ^[8]

The Guardian’s live markets blog describes a broad global sell‑off in technology and other growth names, with particular concern around an “AI bubble” and steep falls in high‑beta stocks and Bitcoin. ^[9] Those sectors are heavily represented in the S&P 500’s top holdings, so when they wobble, SPY feels it immediately.

2. Fed rate‑cut hopes are fading — despite dovish comments

The second big headwind for SPY today is shifting expectations for Federal Reserve policy.

Reuters notes that U.S. stock index futures fell on Tuesday as traders reconsider the odds of a December rate cut, worried that equities have run too far on hopes of easier money. Futures on the major indices were all down around 0.3%in early trading. ^[10]

According to the CME FedWatch probabilities quoted in that report, markets now see only about a 46% chance of a rate cut in December, down from nearly 67% a week ago and more than 93% a month earlier. ^[11] That repricing pushes yields higher and tends to weigh on long-duration growth stocks — the very companies that dominate SPY’s top holdings.

The picture is muddied by mixed messaging from the Fed itself. A separate piece from Benzinga highlights remarks by Fed Governor Christopher Waller, who said he supports a December cut given signs of a weak labour market and said he is “not worried about inflation accelerating.” ^[12]

For SPY, this tug‑of‑war means greater intraday volatility: each data point or Fed speech can quickly swing rate expectations and, by extension, the ETF’s price.

3. All eyes on Nvidia earnings and delayed U.S. data

Another reason SPY is struggling is simple: the market is bracing for big catalysts.

Nvidia earnings (Wednesday after the close):
Reuters calls Nvidia’s quarterly report a “key test” for the AI‑driven rally, noting its shares were already sliding again in premarket trade after a near 2% drop on Monday. ^[13]
Delayed macro data after a government shutdown:
Because of the recent long U.S. government shutdown, key releases like the September jobs report (due Thursday) and August factory orders (due today) were pushed back, compressing several market‑moving events into a single week. ^[14]

Yahoo Finance’s live coverage also frames Tuesday’s weakness as part of a renewed sell‑off ahead of Nvidia earnings and jobs data, with all three major U.S. indices sliding. ^[15] Since SPY is nothing more than a wrapper around those 500 stocks, its moves closely mirror this macro calendar.

4. Global risk‑off mood amplifies the move in SPY

SPY is also reacting to a broader global risk‑off wave.

A separate Reuters piece reports that Asian stocks fell to roughly one‑month lows on Tuesday, led by heavy selling in Japan and South Korea’s tech‑driven markets, as investors fretted about Nvidia’s earnings and stretched valuations across the AI supply chain. ^[16]

Morningstar’s Dow Jones newswire adds that global markets are following U.S. stocks lower, with futures on major European indices firmly in the red. ^[17] The Guardian’s live blog likewise highlights steep drops in miners, tech and other cyclicals, underscoring that this is not just a U.S. story but a worldwide de‑risking. ^[18]

For SPY holders, this matters because international selling often spills back into U.S. mega‑caps, especially when investors are de‑leveraging or raising cash across portfolios.

Technical Picture: SPY Breaks Below Its 50‑Day Moving Average

From a technical point of view, SPY is flashing its first meaningful warning signal in months.

Reuters notes that on Monday all three major U.S. benchmarks — the S&P 500, Nasdaq and Dow — closed below their 50‑day moving averages for the first time since late April. ^[19] That move snapped a long run in which the market stayed above this widely watched short‑term trend line.

Translated into SPY terms:

Monday’s close around $665.67 came just under the ETF’s 50‑day moving average, estimated to be in the high‑$660s.
MarketWatch and related commentary point out that this is the first break below the 50‑day average in roughly 139 sessions — essentially the first serious trend test since the spring. ^[20]

Even after that slip, SPY remains near the top of its 52‑week range:

52‑week range: about $482 to $690
Dividend yield: roughly 1.1%
Expense ratio: about 0.09%
Total assets: more than $690 billion

All of which underlines SPY’s role as a low‑cost, broad‑market core ETF rather than a tactical trade. ^[21]

On valuations, Investing.com data show SPY trading at a price‑to‑earnings ratio in the low 20s, while Bloomberg notes the underlying S&P 500 is around 22 times forward earnings, clearly above its 10‑year average near 19. ^[22] That doesn’t guarantee a deeper correction, but it does mean little cushion if earnings or macro data disappoint.

What Today’s SPY Action Means for Traders and Long‑Term Investors

For short‑term traders

For active traders, today’s SPY tape sends a straightforward message:

The break below the 50‑day moving average,
The four‑day losing streak in the S&P 500, and
Rising concern about AI and crypto valuations

…all point to cooling momentum after a powerful run. ^[23]

Volatility gauges such as the VIX have moved back into the low‑20s area, according to real‑time index data, signaling increasing demand for downside hedges. ^[24] In this environment, traders tend to:

Tighten stop‑loss levels
Shorten time horizons
Watch key macro and earnings events (like Nvidia’s report and the delayed jobs data) for outsized intraday moves in SPY. ^[25]

For long‑term investors

For investors using SPY as a core, long‑horizon holding, the picture is more balanced:

SPY is still up about 13% over the past year, and broader measures of the S&P 500 show a 17.5% total return year‑to‑date through October, including dividends. ^[26]
The recent pullback of just over 3% from the October peak, highlighted by Reuters, is uncomfortable but not unusual after such a strong run. ^[27]

What matters more is whether:

AI‑related earnings, led by Nvidia and other mega‑caps, can justify current valuations.
The labour market cools enough to allow Fed cuts without tipping into a hard landing.
The crypto unwind remains contained, or spills over into broader credit and risk assets. ^[28]

For many buy‑and‑hold investors, these conditions argue for staying diversified, avoiding excessive leverage and using volatility to rebalance, rather than trying to time every wiggle in SPY.

Important: Nothing in this article is investment advice. It is for information and news purposes only. Always do your own research or consult a qualified professional before making trading or investment decisions.

Key Themes and Events to Watch for SPY This Week

Here are the main catalysts SPY traders and investors are watching after today’s move:

Nvidia earnings (Wednesday after the close)
Options pricing and Wall Street commentary point to a potentially large post‑earnings swing. Reuters calls Nvidia’s results a key test for the AI trade that powered much of 2025’s market gains. ^[29]
Delayed U.S. economic data
Because of the recent government shutdown, the September nonfarm payrolls report and August factory ordersare both landing this week. These releases could significantly shift expectations for December rate cuts and therefore SPY’s near‑term path. ^[30]
Big‑box retail earnings
Home Depot reports today, with Walmart and Target to follow — a trio that will give investors a clearer read on consumer strength heading into the holiday season. ^[31]
Fed speakers and policy signals
Comments like Fed Governor Waller’s, which back a December cut while downplaying inflation fears, will be weighed against a broader chorus of officials urging caution, and will directly influence how SPY prices future rates. ^[32]
Crypto and AI sentiment
Bloomberg, Reuters and the Guardian all describe an environment where a massive crypto drawdown and growing talk of an AI bubble are feeding a classic “positioning fatigue” phase in global equities. If those fears cool, SPY could stabilise; if they intensify, volatility will likely stay elevated. ^[33]

Bottom Line

On November 18, 2025, SPY is not collapsing, but it is signaling that an exceptionally smooth and powerful rally is starting to creak under the weight of:

High valuations,
AI and crypto bubble concerns, and
Uncertain Fed policy in the face of delayed economic data. ^[34]

For traders, that means respecting the new, choppier regime around SPY’s 50‑day moving average. For long‑term investors, it’s a reminder to re‑check risk tolerance and time horizon — but not necessarily a reason to abandon a diversified exposure to the S&P 500.

QQQ and SPY ETF AI Trading Review 30th November 2021