US Stock Market Today, November 17, 2025: Dow Sinks 557 Points as Nvidia Earnings, Jobs Data and Fed Split Shake Wall Street

U.S. stock market today: the Dow Jones Industrial Average fell around 557 points while the S&P 500 and Nasdaq lost close to 1% on Monday, November 17, 2025, as investors braced for Nvidia’s earnings, a long‑delayed jobs report and conflicting signals from the Federal Reserve. ^[1]

Major US Indexes Drop About 1% to Start a High‑Stakes Week

Wall Street kicked off the week firmly in risk‑off mode.

Dow Jones Industrial Average: down about 1.2%, shedding roughly 557 points to close near 46,590.
S&P 500: off roughly 0.9%, finishing around 6,672.
Nasdaq Composite: lower by about 0.8%, ending near 22,708. ^[2]

According to Reuters, both the S&P 500 and Nasdaq slipped below their 50‑day moving averages for the first time since April, a widely watched technical line that traders use to track the intermediate trend. ^[3]

In other words, this wasn’t a dramatic crash, but it was a meaningful reset after months of AI‑driven gains and fresh records for the Dow earlier in November. The pullback comes after a mixed, volatile prior week and lands right before a cluster of events that could redefine the market’s direction into year‑end. ^[4]

Nvidia Earnings and a Long‑Delayed Jobs Report Dominate the Narrative

Two catalysts dominated trader conversations today:

Nvidia’s earnings (Wednesday after the bell)
The long‑delayed September US jobs report (Thursday)

Nvidia — now the world’s most valuable public company and roughly 8% of the S&P 500’s market value — fell around 1.8–1.9% as investors trimmed exposure ahead of what many see as a make‑or‑break update for the AI trade. ^[5]

Concerns are two‑fold:

Valuations: Big AI winners have run so far, so fast that investors worry about an “AI bubble” if growth or guidance disappoints. ^[6]
Spending vs. payoff: Companies are pouring tens of billions into data centers and AI infrastructure. The question is whether the eventual returns justify those costs.

At the same time, Thursday’s jobs report will be the first full official labor‑market snapshot since a 43‑day US government shutdown froze many economic releases. ^[7]

Government agencies are now racing to catch up:

August construction spending data hit the tape today.
August factory orders and trade reports are due in the next couple of days. ^[8]

Until that data lands, investors are essentially flying on partial instruments — leaning on private data, surveys, and Fed commentary to infer where the economy stands.

Fed Officials Split: Waller Pushes for a December Cut, Jefferson Says “Go Slow”

If you were hoping for a clear script from the Federal Reserve, you didn’t get it today.

Waller: Weak labor market = cut in December

Fed Governor Christopher Waller argued that the labor market is “near stall speed,” citing:

Rising state unemployment claims
More layoff announcements
Little sign of renewed wage pressure

On that basis, he said he supports another quarter‑point rate cut at the December 9–10 meeting, and added that it’s unlikely any data released in the next few weeks will change his mind. ^[9]

Waller also downplayed fears that the Fed is “flying blind” after the shutdown, saying private data sets from firms like ADP and surveys from the Conference Board and University of Michigan give policymakers enough information to act.

Jefferson: Policy is closer to neutral, don’t rush further cuts

Just hours earlier, Fed Vice Chair Philip Jefferson struck a more cautious tone. He said:

The Fed’s recent quarter‑point cut was appropriate, given softer jobs data and easing inflation risk.
Policy is still somewhat restrictive but moving closer to a “neutral” level that neither slows nor stimulates the economy.
Because of that, the Fed should “proceed slowly” with any additional rate cuts. ^[10]

Jefferson described the labor market as “sluggish” and noted that firms are hesitant to hire amid uncertainty over both economic policy and the potential of artificial intelligence to replace some roles — another way AI is shaping markets well beyond chip stocks. ^[11]

Market impact

Traders are now juggling:

A dovish Waller who wants to insure against further labor‑market damage.
A cautious Jefferson who worries about cutting too fast.

According to CME FedWatch data cited in recent coverage, the implied odds of a December cut have slid from around 94% a month ago to roughly a coin‑flip today, helping push 10‑year Treasury yields only slightly lower to around 4.13% instead of plunging. ^[12]

This split messaging has added another layer of uncertainty for equity investors already nervous about AI valuations and the incoming data deluge.

Volatility Jumps as “Fear” Returns to Wall Street

The mood on Wall Street clearly shifted:

The VIX volatility index spiked by roughly 13%.
CNN’s Fear & Greed Index slid into “extreme fear” territory, its lowest since early April. ^[13]

That sentiment shift was visible on screens:

The Dow led losses, down about 1.2%.
The S&P 500 shed just under 1%.
The Nasdaq — the epicenter of the AI trade — fell close to 0.8% and is now more than 5% below its late‑October record. ^[14]

This isn’t panic, but it is a clear sign that investors are once again demanding a higher risk premium before piling into stocks.

Big Movers: Alphabet Surges on Berkshire Bet, Dell and HPE Slammed

Under the surface, Monday was a textbook day of stock‑specific drama.

Alphabet hits record high on Berkshire’s $4.3B stake

Alphabet (Google’s parent) was a rare bright spot:

Shares rose roughly 3–4%, hitting a record high and topping the S&P 500 leaderboard. ^[15]
A recent regulatory filing showed Berkshire Hathaway bought more than 17 million Alphabet shares, a stake valued at about $4.3–4.9 billion as of the end of Q3. ^[16]

For a conglomerate that has historically been cautious on tech, the move is seen as a strong vote of confidence in Alphabet’s:

Cash‑generating ad business
Expanding AI and cloud franchises

Alphabet also benefited from:

YouTube TV resolving a carriage dispute with Disney that had kept ESPN and ABC off the service.
New AI‑powered travel tools that integrate trip planning, flights and hotels — though those features sent online travel competitors such as Expedia and Booking lower as investors reassessed their competitive moats. ^[17]

AI hardware hangover: Dell and Hewlett Packard Enterprise slump

On the losing side, AI infrastructure names took a hit:

Dell Technologies dropped more than 8% after a double‑downgrade from Morgan Stanley to “underweight,” with analysts warning that surging memory prices and an AI‑heavy product mix could pressure margins. ^[18]
Hewlett Packard Enterprise was also downgraded and fell around 7%, reflecting similar concerns about profitability in AI‑centric server and storage lines. ^[19]

The message: while AI demand remains strong, not every company in the hardware chain is guaranteed smooth, profitable growth.

Biotech and Lithium Names Buck the Trend

Even on a down day, there were pockets of explosive gains.

Biotech: Zymeworks and Jazz Pharmaceuticals soar on cancer‑drug data

In healthcare:

Zymeworks shares jumped between 30% and more than 50% intraday after the company and partner Jazz Pharmaceuticals reported strong Phase 3 trial results for a HER2‑targeted therapy for certain gastric cancers. Investors+3TechStock²+3Investing.com+3
Jazz Pharmaceuticals surged more than 15–20% on the same news.

The rally underlined how genuine clinical breakthroughs can generate outsized returns even when the broader market is under pressure.

Lithium: EV‑linked miners jump on 2026 demand boom call

Commodity and EV‑themed names also had a moment:

China’s Ganfeng Lithium spurred a global rally after its chairman projected 30–40% growth in lithium demand by 2026, sending Chinese lithium prices sharply higher. ^[20]
US‑ and Canada‑listed lithium stocks — including Sigma Lithium, Albemarle, Lithium Americas and peers — gained anywhere from mid‑single digits to more than 25%, as investors bet that the recent slump in lithium prices may have gone too far. TechStock²+2Investing.com+2

For a market worried about AI froth, these moves show that stock picking and sector rotation still matter, not just index‑level trends.

Crypto Rout Deepens Risk‑Off Mood

Digital assets added another layer of stress to the risk backdrop:

Bitcoin fell to around $91,000–92,000, its lowest level since April and more than 25% below its early‑October record above $126,000. ^[21]
That drop has effectively erased Bitcoin’s gains for the year, according to CNN and other outlets. ^[22]
Crypto‑linked stocks such as Coinbase slid roughly 7%, while other digital‑asset names also traded sharply lower. ^[23]

The combination of falling crypto, sliding equities and rising volatility is classic “risk‑off” behavior — investors trimming exposure to the most speculative parts of the market first.

Retailers, Airlines and the Real‑Economy Checkup

Beyond tech and AI, investors are watching the real‑economy story unfold.

Big‑box and discounters in the earnings spotlight

This week’s earnings roster reads like a health check on the US consumer:

Home Depot reports Tuesday.
Target, Lowe’s, TJX and several others follow mid‑week.
Walmart closes out the retail parade on Thursday. ^[24]

On Monday:

Home Depot, Lowe’s, TJX and Target all traded modestly lower.
Walmart edged slightly higher, reflecting its perceived resilience in a slower economy. ^[25]

Investors will parse these reports for clues about:

Demand for discretionary vs. essential goods
The impact of higher borrowing costs on big‑ticket purchases
How much pricing power retailers still have after the inflation shocks of the last few years

Airlines remain under pressure

An index of US airlines fell around 1.5–1.6%, weighed down by:

Softening travel demand
Higher operating costs
Continued normalization in flight schedules after shutdown‑related FAA staffing issues earlier this month. TechStock²+1

That weakness fits a broader pattern of investors rotating away from cyclical and highly leveraged sectors until there’s more clarity on growth and rates.

What Today’s US Stock Market Move Means for Investors

So how should investors interpret the November 17, 2025 session?

1. This looks like a pause and reset, not yet a trend reversal

The indices have pulled back from records and broken below short‑term support, but there’s no sign of panic selling or a rush into ultra‑defensive assets. Bond yields eased only slightly, and sector winners still emerged. ^[26]

2. Nvidia and the jobs report are pivotal

Nvidia’s results could either re‑ignite enthusiasm for AI megacaps or accelerate a rotation away from the most crowded trades.
The September jobs report will help clarify whether the labor market is slowing enough to justify more Fed easing — and how much. ^[27]

Together, those two catalysts will heavily influence risk appetite into December.

3. Fed messaging may keep volatility elevated

With senior officials publicly diverging — Waller signaling a strong desire to cut, Jefferson urging patience — markets may whipsaw as each new data point shifts expectations for the December Fed decision and the 2026 rate path. ^[28]

4. Under the hood, stock selection still matters

Biotech and lithium names showed that idiosyncratic catalysts can still deliver big gains, while AI hardware suppliers and crypto‑exposed stocks reminded investors that not all growth stories are created equal. Investopedia+3TechStock²+3Investing.com+3

Key Takeaways for “US Stock Market Today” Searches

For readers scanning “US stock market today” headlines on November 17, 2025, here are the essentials:

Major US indexes closed about 1% lower as Wall Street de‑risked ahead of Nvidia earnings and a backlog of economic data, including the long‑delayed September jobs report. ^[29]
Volatility and fear gauges jumped, signaling a shift from euphoria to caution after months of AI‑fueled gains. ^[30]
Fed officials sent mixed signals, with Waller backing a December cut and Jefferson calling for a slower path, complicating the outlook for interest rates. ^[31]
Alphabet surged to record highs on news of a multibillion‑dollar Berkshire stake, even as Dell, HPE and other AI hardware names slumped on margin concerns. ^[32]
Biotech, lithium and select other sectors outperformed, proving that targeted stock picking can still beat the broader market on a tough day. TechStock²+2Investing.com+2

The bottom line: the US stock market today is wobbling, not crashing — but the next few days of earnings, data and Fed expectations are likely to decide whether this pullback is just a breather or the start of a deeper correction.

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