US Stock Market Today – November 13, 2025: Futures Edge Higher as Shutdown Ends and Disney, Cisco Lead the Action

Wall Street heads into Thursday’s open with stock-index futures slightly green, a historic government shutdown finally over, and a packed earnings and data calendar that could shake up the recent rally.

1. Market snapshot before the opening bell

US stock futures are pointing to a cautious positive start:

Dow Jones futures: 48,438, up 70 points (+0.14%)
S&P 500 futures: 6,878, up 2.25 points (+0.03%)
Nasdaq 100 futures: 25,641.75, up 18 points (+0.07%) ^[1]

These quotes are from early premarket trade, just after 4 a.m. New York time, and can shift quickly as more earnings and economic headlines hit.

Overseas:

Asia is broadly higher, with Japan’s Nikkei 225 and Topix both gaining in early trade, echoing overnight US strength. ^[2]
Europe is mostly firmer as well, with the EuroStoxx 50, DAX and several regional indices in the green, keeping global risk appetite intact. ^[3]

The backdrop is a global market that’s still digesting yesterday’s record-setting Dow close and watching how far this risk-on mood can run.

2. What happened yesterday: Dow at record highs, shutdown relief and an AI chip frenzy

Wednesday’s session set the tone for today.

The Dow Jones Industrial Average closed above 48,000 for the first time, finishing around 48,254.82, up roughly 0.7% and logging its 17th record close of 2025. ^[4]
The S&P 500 inched higher by less than 0.1%, while the Nasdaq Composite slipped about 0.3% as big tech lagged. ^[5]

The big driver: the end of the longest US government shutdown in history.

The House of Representatives passed a bipartisan spending bill, and President Donald Trump signed it into law on Wednesday, formally ending the 43‑day shutdown that had furloughed hundreds of thousands of workers and disrupted key economic data releases. ^[6]
Relief over the reopening of government agencies helped lift financials, airlines and other cyclical plays, while tech remained choppy. ^[7]

In tech, AI remains the obsession:

Advanced Micro Devices (AMD) rallied around 8–9% on Wednesday after projecting roughly $100 billion in data-center chip revenue over the next five years, sending the broader semiconductor index higher. ^[8]
At the same time, ongoing worries about an “AI bubble” weighed on names like Oracle, Palantir and Meta, helping explain the Nasdaq’s underperformance even as the Dow surged. ^[9]

That split — old‑school cyclicals and financials up, some mega‑cap tech under pressure — is one of the key themes to watch as markets reopen today.

3. Macro calendar: CPI, jobless claims… and a big data question mark

On paper, Thursday, November 13, 2025 is a heavyweight macro day for the US:

October Consumer Price Index (CPI) – scheduled for 8:30 a.m. ET
Weekly initial jobless claims – also 8:30 a.m. ET
EIA crude oil inventories – later in the morning ^[10]

These releases normally dominate the narrative: CPI and jobless claims shape Fed rate‑cut expectations, while oil inventories feed into inflation and growth worries.

However, the just-ended government shutdown has tangled the economic data pipeline:

The Bureau of Labor Statistics did not publish the October CPI on time, and some economists now expect the inflation report to be delayed until early or mid‑December, with data quality partially impaired due to the shutdown gap. ^[11]
With official labor reports on hold, the Chicago Fed has been estimating unemployment, putting the October US jobless rate at about 4.4%, the highest in four years, versus an official 4.3% in August. ^[12]
A separate report notes that the US Labor Department is being urged to prioritize November employment and CPI data as agencies restart, but it’s still unclear exactly when the backlog will be cleared. ^[13]

From an investor’s perspective, that means two things:

Markets may still react at 8:30 a.m. ET even if the data are delayed — traders will be watching for headlines confirming whether CPI and claims drop as scheduled or are postponed again.
Any numbers that do arrive will be scrutinized for reliability, with many strategists leaning on private-sector indicators and Fed commentary to fill the gaps.

On that front, the Fed calendar also matters:

The economic calendar flags San Francisco Fed President Mary Daly speaking this morning, just ahead of the data slot. ^[14]

Any hint on how policymakers interpret the shutdown‑distorted data could nudge yields and equity futures.

4. Big earnings before the bell: Disney in the spotlight

Today’s earnings slate is dense, and several names reporting before the US open could set the tone for entire sectors.

According to Nasdaq’s premarket earnings calendar and Investing.com’s rundown, key companies reporting before the opening bell include: ^[15]

The Walt Disney Company (DIS) – The media and entertainment giant reports for its fiscal quarter ending September 30. Consensus looks for roughly $1.03–$1.05 in EPS and around $22.7 billion in revenue. ^[16]
- Investors will focus on streaming, particularly Disney+ and the ESPN direct‑to‑consumer app, plus any detail on integration ahead of Disney’s planned NFL Network acquisition. ^[17]
Brookfield Corporation (BN) – Expected EPS around $0.58–0.68, with analysts watching its asset‑management and real‑estate exposure amid higher-rate worries. ^[18]
JD.com (JD) – The Chinese e‑commerce group is one of the most closely watched ADRs this morning. Street expectations were for EPS around $0.34… but the company has already reported stronger‑than‑expected Q3 results, with EPS and revenue both beating forecasts and shares up nearly 5% in US premarket trade. ^[19]
Bilibili (BILI) – Set to show whether its push toward profitability is sticking, with a sharp year‑on‑year EPS improvement expected. ^[20]
Canadian Solar (CSIQ) – Forecast to post a quarterly loss, reflecting margin pressure in a volatile solar market. ^[21]
Bitfarms (BITF) – A crypto mining name, tightly linked to bitcoin price swings, with analysts expecting another small loss. ^[22]
Sally Beauty (SBH), Spectrum Brands (SPB), Ballard Power (BLDP), Sapiens International (SPNS) and National Energy Services Reunited (NESR) also line up before the open, giving read‑throughs on consumer demand, home products, hydrogen fuel cells and the energy services cycle. ^[23]

Options markets are bracing for big moves around some of these names:

Disney’s short‑dated call options show implied volatility over 100% (weekly IV near 114, with the monthly around 62, above its usual range), signaling traders are pricing in a large post‑earnings swing.
JD.com’s weekly calls also trade with elevated implied volatility (around 100%), well above its 52‑week range, reflecting the potential for outsized ADR moves. ^[24]

In other words: a lot of single‑stock fireworks could hit the tape right as the market opens.

5. Cisco, AMD and the AI complex: where the tech money is moving

Even before today’s open, some of Thursday’s key tech stories are already in motion.

Cisco’s earnings surprise

Cisco Systems (CSCO) beat expectations in its fiscal Q1 2026 results, posting revenue of $14.88 billion, ahead of estimates around $14.77 billion, and adjusted EPS of $1.00 vs. $0.98 expected.
The company also raised its full‑year guidance, underscoring demand for networking gear and AI‑related infrastructure.
Cisco shares jumped about 7.5% in after‑hours trading, putting the Dow component firmly on traders’ radar for the open. ^[25]

A strong Cisco open would further support the rotation into “old tech” and enterprise infrastructure that’s been quietly building underneath the AI hype.

AMD and the AI chip boom

AMD has become one of the poster children for AI enthusiasm. After Tuesday’s and Wednesday’s moves, the chipmaker is up again in premarket trade, with some reports putting early gains near 5–6%. ^[26]
The catalyst: AMD has told investors it expects about $100 billion in data‑center chip revenue over five years, and that earnings could more than triple, reinforcing the idea that the AI build‑out is still in its early innings. ^[27]

At the same time, SoftBank’s exit from Nvidia and a forecast cut from AI cloud firm CoreWeave earlier this week have stoked concerns that parts of the AI trade may be overheating. ^[28]

So as the bell approaches, investors are asking:

Does the market continue rewarding AI enablers like AMD and Cisco,
Or does the narrative rotate further into financials, industrials and travel, which led yesterday’s Dow rally?

6. Premarket movers to know

Beyond the index heavyweights, several individual names are making notable premarket moves:

JD.com (JD) – Up almost 5% premarket after Q3 EPS and revenue smashed estimates, with double‑digit revenue growth and strong performance from its core retail unit. ^[29]
Alibaba (BABA) – US‑listed shares are up about 4.4% premarket, while Baidu (BIDU) is roughly 1% higher, helped by fresh headlines about AI upgrades and ambitions, including reports of a major revamp to Alibaba’s flagship AI app. ^[30]
KalVista (KALV) – Surging over 16% in premarket trading, fueled by speculation around upcoming clinical data for its gene‑editing candidate KVD‑301 for inherited retinal disorders and a broader rotation back into biotech. ^[31]
Firefly Aerospace (FLY) – Up roughly 17% premarket after posting stronger‑than‑expected revenue and a bullish sales outlook, drawing attention to space‑and‑defense‑adjacent plays. ^[32]
On Holding (ONON) – The Swiss performance‑shoe brand is up around 14% premarket after lifting full‑year guidance despite acknowledging ongoing challenges in the running‑shoe market. ^[33]

On the flip side:

Circle Internet Group (CRCL) slumped on Wednesday after its Q3 update. While the company delivered solid growth, an increased spending outlook unnerved investors and sent the stock sharply lower, a reminder that markets are still punishing aggressive cost plans even when revenue is strong. ^[34]

For traders, the takeaway is simple: volatility is clustered around AI, China tech, biotech and space/defense – exactly the parts of the market that can move indices even if “boring” sectors are quiet.

7. Commodities, dollar and rates: background drivers

The macro backdrop is relatively supportive for risk assets this morning:

The US Dollar Index (DXY) is modestly firmer around 99.6, up about 0.1–0.2%, keeping FX conditions stable but not overly tight. ^[35]
Crude oil is softer, with WTI near $58.20 and Brent around $62.40, both down roughly 0.4–0.5% in early trade. That eases inflation concerns at the margin and helps rate‑cut hopes, even as investors await fresh inventory data. ^[36]
Treasury yields eased into Wednesday’s close as shutdown relief and softer‑data expectations filtered into rates, with the 10‑year yield hovering just above 4%. ^[37]

Lower oil and contained yields are supportive for equities, particularly rate‑sensitive groups like utilities, real estate and high‑dividend plays, which are also getting attention in income‑stock lists for today. ^[38]

8. The shutdown is over — but markets are not back to “normal” yet

Even though the shutdown has formally ended, investors shouldn’t assume the economy’s data‑flow and day‑to‑day operations snap back overnight:

The 43‑day disruption was the longest US government shutdown on record, forcing agencies like the BLS to pause surveys and delaying the release of cornerstone indicators. ^[39]
Some economists warn that October and even November data could be incomplete or revised heavily, making it harder to read the true state of inflation and the labor market until early 2026. ^[40]

For markets, that means headline risk:

If CPI and jobless claims don’t show up this morning, expect a round of commentary on how the Fed will set policy with patchy numbers.
If they do show up, but look odd or inconsistent, traders may be slower to react than usual, waiting for confirmation in subsequent releases.

Either way, the shutdown story has moved from “Will the government reopen?” to “How reliable are the numbers we’re trading on?”

9. Three things to watch as the US market opens today

Putting it all together, here’s what matters most heading into the 9:30 a.m. ET bell:

Disney and Cisco vs. the AI mega‑caps
- A clean earnings beat and constructive guidance from Disney could support media, streaming and consumer‑cyclical sentiment — or, if margins disappoint, reignite worries about content spending and sports rights inflation.
- Cisco’s strong quarter and upbeat guidance contrast with some of the volatility in mega‑cap AI names. Watch whether money rotates further into infrastructure and networking versus high‑multiple software and cloud.
China tech rebound
- With JD.com beating estimates, and Alibaba and Baidu climbing premarket on AI headlines, US‑listed Chinese tech stocks could provide a meaningful boost to the Nasdaq 100 and related ETFs if the bid holds after the open. ^[41]
Macro noise vs. macro signal
- A delayed or distorted CPI/claims release could reduce the signal value of today’s data but still jolt short‑term trading as algorithms react to headlines.
- If numbers arrive roughly in line with expectations, the market may lean into the narrative of “soft landing, slower but still growing economy, and eventual Fed cuts”, which has underpinned the Dow’s march to record highs.

10. Bottom line

Going into today’s US open, the picture looks like this:

Futures are slightly higher, riding the tailwind of a record Dow close and relief that Washington finally ended the shutdown. ^[42]
Earnings from Disney, Cisco, AMD’s AI story, and a wave of international names are likely to drive much of the stock‑specific action. ^[43]
The macro calendar is powerful on paper but complicated in practice by weeks of missing government data. ^[44]

For traders and investors, today is less about a single “big number” and more about how the market digests a mix of relief (shutdown over), hope (AI and earnings strength), and skepticism (data quality and valuations).

As always, prices and narratives can change fast — especially on a morning packed with catalysts — so treat this as a snapshot of the landscape before the opening bell, not a prediction of where markets will finish the day.

Can Disney Stock Recover From This 🧐