- U.S. stocks fell for a fourth straight session Tuesday, with the Dow off ~500 points intraday and the Nasdaq down ~1%–1.5% as investors trimmed AI‑linked winners and reassessed odds of a December Fed rate cut. 1
- Nvidia remains the market’s swing factor heading into Wednesday’s report; options imply ~7% post‑earnings move and as much as a $320B market‑cap swing. 2
- Tesla (TSLA), Palantir (PLTR) and Super Micro Computer (SMCI) were among notable decliners during the morning downdraft. 3
- Disney (DIS) and YouTube TVreached a carriage deal over the weekend, ending a weeks‑long blackout of ABC/ESPN—shares remain in focus after last week’s volatile reaction to earnings. 4
- A Cloudflare outage briefly knocked major services (including X and ChatGPT) offline, adding to tech‑sector jitters. 5
Market snapshot — mid‑day Tuesday, Nov. 18
- Indexes: By late morning, the S&P 500 -1%, Dow -~480 to -550 pts (~1%–1.2%), Nasdaq -1% to -1.5%, extending Monday’s losses. The VIX pushed to a one‑month high as breadth deteriorated to ~2:1 decliners. 6
- Drivers: Softening risk appetite ahead of Nvidia earnings; fading odds of a December rate cut; and lingering data gaps from the recently concluded U.S. government shutdown, with the delayed September jobs report now due Thursday. 7
- Month‑to‑date: The Nasdaq is down ~4.3% in November, its steepest monthly retreat since March, as crowded AI trades unwind. 8
- Cross‑assets:Bitcoin dipped below $90K overnight before stabilizing; WTI crude ~$59.50, 10‑yr Treasury ~4.10%, and gold ~$4,060/oz reflected a cautious tone. 1
AI trade under pressure: Why Nvidia’s print looms so large
Tech led the sell‑off again as investors questioned whether multi‑quarter AI capex can keep delivering near‑term returns. With Nvidia set to report Wednesday, options markets are braced for a ~7% swing that could ripple across index‑heavy tech and AI hardware/software cohorts. A move of that size would rank among the largest post‑earnings value changes ever for the company. 2
Wall Street commentary also leaned cautious on valuations after the fall’s powerful rally. AP noted that AI bubble fears have risen—45% of global fund managers now flag an AI bubble as the top market risk—while the index retreat has broadened beyond chips to high‑beta growth and crypto. 6
The day’s big movers: Tesla, Palantir, Super Micro in focus
- Tesla (TSLA) and Palantir (PLTR) declined ~3% intraday during the late‑morning swoon as investors trimmed recent high‑flyers tied—directly or narratively—to AI demand. 3
- Super Micro Computer (SMCI) — an AI server bellwether — slid ~6%, extending weakness seen since its recent results and reinforcing concerns about near‑term digestion of AI infrastructure spending. 9
More broadly, AMD and Intel were among chip laggards, and consumer discretionary underperformed after Home Depot cut guidance. 7
Disney ends YouTube TV blackout; stock still in the spotlight
After a bitter carriage dispute that began Oct. 30, Disney and YouTube TV struck a new distribution agreement, restoring ABC/ESPN/FX/NatGeo to the live‑TV platform. The resolution follows last week’s earnings‑day selloff tied to linear‑TV softness and a cautious streaming outlook. Investors will watch whether restored reach steadies sentiment into year‑end. 4
Cloudflare outage adds to tech’s rough morning
A global Cloudflare outage early Tuesday temporarily disrupted access to X (Twitter), ChatGPT and other high‑traffic sites, with service restored later in the morning. Shares of network and security names were mixed; some traders cited the incident as a marginal overhang on already skittish tech tape. 5
What’s next this week
- Wednesday:Nvidia earnings (litmus test for AI sentiment). 7
- Wed–Thu: Big‑box retail micro‑reads on the consumer (Walmart, Target, Lowe’s, TJX). 1
- Thursday: The delayed September jobs report—a post‑shutdown release—offers a cleaner read on labor‑market cooling. 7
Why it matters
With the S&P 500 >3% off recent highs and the Nasdaq’s November pullback the sharpest since March, equities are re‑pricing the path of rates and the durability of AI‑led earnings growth. A bullish Nvidia print could arrest the slide; a miss or cautious guide risks extending factor unwinds in mega‑cap tech, chipmakers, and AI infrastructure plays. 7
Sources & further reading (selected)
AP live markets wrap; Reuters intraday market updates & outlook; Investopedia live “Dow Jones Today”; Business Insider intraday tech‑sector movers; Moneycontrol month‑to‑date Nasdaq stat; Reuters on Cloudflare outage; Reuters on Disney–YouTube TV deal. 6
Note: Intraday figures reflect conditions as of late morning/early afternoon on Tuesday, Nov. 18, 2025, and may update by the close.
