The Dow Jones set a new record on Nov. 11, 2025, while the Nasdaq slipped as Nvidia fell after SoftBank disclosed a $5.8B stake sale. Europe rallied on rising BoE rate‑cut bets and Vodafone’s first dividend hike in years. Here’s what moved markets and what to watch before Thursday’s CPI.
Key Takeaways
- Dow record close: The Dow Jones Industrial Average jumped 1.18% to 47,927.96, a fresh all‑time high, as investors rotated into defensive and healthcare names. The S&P 500 rose 0.21% to 6,846.61, while the Nasdaq Composite slipped 0.25% to 23,468.30. Reuters
- AI wobble: Nvidia fell almost 3% after SoftBank said it sold its entire $5.83B Nvidia stake in October to fund AI bets—one reason the Nasdaq lagged. AI‑infrastructure player CoreWeave also slid after trimming guidance. Reuters
- Veterans Day trading: U.S. stock markets were open today, but bond markets were closed under SIFMA’s holiday recommendation. SIFMA
- Europe rallies: The FTSE 100 closed at a record high near 9,900, as rising UK unemployment to 5.0% cooled wage pressures and boosted BoE rate‑cut expectations; Vodafone jumped after announcing its first dividend increase in eight years. Reuters
- Chip narrative evolves: At its analyst day, AMD projected the data‑center chip market could reach $1T by 2030, underscoring the sector’s long‑run demand even as near‑term AI winners wavered. Reuters
- Next up: The October CPI prints Thursday, Nov. 13, 8:30 a.m. ET, a key catalyst for rate expectations. Bureau of Labor Statistics
U.S. Markets — Closing Snapshot (Nov. 11, 2025)
Wall Street ended mixed: a record‑setting Dow and firmer S&P 500 contrasted with a softer Nasdaq, reflecting rotation out of richly valued AI names and into large‑cap healthcare. Health care led sector gains with Eli Lilly, Johnson & Johnson, and AbbVie up more than 2% each, while semiconductors and AI‑adjacent names lagged. Reuters
Why it happened: Investor focus swung from momentum AI trades toward shutdown‑resolution hopes, light holiday liquidity (with Treasuries closed), and defensive earnings stability. The session also featured idiosyncratic pressure on mega‑cap AI bellwethers following SoftBank’s Nvidia exit. Reuters
Big Movers & Notable Stories
AI & Semiconductors
- Nvidia (NVDA): Down ~3% after SoftBank disclosed it sold its entire $5.83B stake in October as part of a broader push to finance OpenAI and other AI initiatives. Sentiment toward AI‑heavy benchmarks cooled. Reuters
- CoreWeave (CRWV): Dropped >16% after the AI‑cloud firm trimmed its annual revenue forecast due to data‑center delays. Reuters
- AMD (AMD): Despite the day’s AI jitters, AMD used its analyst day to forecast a $1T data‑center chip market by 2030 and outlined plans for more AI‑software acquisitions; shares firmed in late trading. Reuters
Media & Entertainment
- Paramount Skydance (PSKY): +~10% after the newly merged company raised its cost‑savings target to at least $3B and detailed fresh streaming and studio investment plans. Reuters
Defense‑Skewed AI
- BigBear.ai (BBAI): Gained after reporting better‑than‑expected results and unveiling a $250M deal to acquire Ask Sage, bolstering its government‑focused GenAI stack. Barron’s
Veterans Day: What Was Open, What Wasn’t
NYSE and Nasdaq operated on normal hours, but U.S. dollar fixed‑income trading was closed in observance of Veterans Day, which helped keep equity volumes below recent averages. SIFMA
Europe & the UK: FTSE 100 at a Record; Vodafone Lifts Payout
London’s FTSE 100 logged another record close (~9,899.6) as UK unemployment rose to 5.0% (Jul–Sep), reinforcing the view that the Bank of England could cut rates in December. Pharma and energy outperformed; Vodafone spiked after guiding higher and lifting its dividend for the first time in eight years on improving Germany trends. Reuters
Asia: SoftBank’s Earnings Power Its AI War Chest
SoftBank Group reported Q2 net profit of ¥2.5T (~$16.6B), its best since 2022, buoyed by valuation gains tied to OpenAI. The company said it sold the remainder of its Nvidia shares in October and has been raising cash via asset sales and debt to pursue aggressive AI investments. Reuters
What’s Next — The Week’s Catalysts
- U.S. CPI (October): Thursday, Nov. 13 at 8:30 a.m. ET. With government data disrupted during the shutdown period, the CPI’s timing and quality have been closely watched; the release remains the key input for markets’ December Fed expectations. Bureau of Labor Statistics
- Bond market re‑opens: Treasury trading resumes Wednesday after the Veterans Day closure, which could normalize equity‑rate cross‑currents. SIFMA
Quick FAQ
Is the U.S. stock market open on Veterans Day?
Yes. NYSE and Nasdaq trade normally; U.S. fixed‑income markets follow SIFMA’s recommendation to close. SIFMA
Why did the Dow hit a record while the Nasdaq fell?
Rotation. Investors moved into defensive and healthcare shares as AI leaders, notably Nvidia, slipped on news that SoftBank divested its entire stake. Reuters
What drove Europe’s gains?
A softer UK labor market (unemployment at 5.0%) sharpened expectations for a BoE rate cut, lifting the FTSE 100; Vodafone rallied on a dividend increase and upgraded outlook. Reuters
Is AI growth over?
Not according to AMD, which sees a $1T data‑center chip opportunity by 2030—but leadership will likely rotate as valuations reset and capex cycles evolve. Reuters
Editor’s Note
Price levels and index closes reflect Tuesday, Nov. 11, 2025 official reporting; quotes may be delayed. This article is for informational purposes only and does not constitute investment advice. Reuters
Sources: Reuters market closes and sector details; AP intraday color and holiday context; SIFMA holiday guidance; ONS UK labor market release; and AMD, SoftBank, and Vodafone news updates. Reuters
