| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 48,254.82 | 326.86 | 0.68% |
| S&P 500 | 6,850.92 | 4.31 | 0.06% |
| Nasdaq | 23,406.46 | -61.84 | -0.26% |
| VIX | 17.51 | 0.23 | 1.33% |
| Gold | 4,203.00 | -10.6 | -0.25% |
| Oil | 58.33 | -0.16 | -0.27% |
OVERVIEW OF THE US MARKET
Wall Street ended mixed on November 12, 2025, with the Dow Jones Industrial Average hitting all-time highs amid optimism over the impending end of the historic government shutdown, while tech-heavy indexes slipped on profit-taking ahead of key earnings. The S&P 500 edged up just 0.06% to close at 6,850.92, supported by gains in about 300 of its constituents, though a 1.2% drop in the Bloomberg Magnificent Seven gauge weighed heavily. The Nasdaq Composite fell 0.26% to 23,406.46, paring an earlier 0.6% decline, and the Dow climbed 0.68% to 48,254.82, marking its fourth straight advance. The resolution of past shutdowns has historically boosted equities, with the S&P 500 averaging 1.2% gains in the month following, compared to 0.8% in normal periods, suggesting potential upside as delayed data resumes.
Advanced Micro Devices surged 9% after forecasting accelerating sales growth over five years, driven by AI data center demand, lifting chip peers and the broader semiconductor space. Opendoor Technologies topped actives with 248.6 million shares traded, rising 10.5%, while BigBear.ai jumped 18.3% on AI hype. Plug Power gained 7.9%, and Nvidia edged up 0.3% despite broader tech weakness. Conversely, communication services and consumer discretionary sectors lagged, down 1.18% and 1.05%, respectively, as mega-caps like those in the Magnificent Seven extended losses for a second day. Energy fell 1.42% amid oil’s sharp drop, the most since June, on OPEC’s supply glut warnings.
Investors shifted focus to the Federal Reserve’s December outlook amid data voids from the 43-day shutdown, with White House confirmation that October’s unemployment and CPI reports may never release, fueling uncertainty. Still, markets priced in a likely December rate cut, favoring equities like big tech and cyclicals. House Speaker Mike Johnson’s confidence in passing the shutdown-ending bill, blessed by President Trump, added tailwinds, though Democratic opposition lingers. Seema Shah at Principal Asset Management noted the real challenge is gauging the economy without data, but resuming releases could reinforce a risk-on environment.
Corporate highlights included Chevron’s West Texas data center power project, Anthropic’s $50 billion AI infrastructure spend, and Google’s EU antitrust probe over news rankings. Delta Air Lines flagged shutdown impacts but eyed Thanksgiving recovery. Oil’s 4.3% plunge to $58.43 a barrel hit energy names, while gold rose 1.7% to $4,194.95 on rate-cut bets. Bitcoin dipped 0.3% to $101,565.01 after erasing gains. With earnings season wrapping, attention turns to Nvidia’s report next week; Wells Fargo’s Sameer Samana cited profit-taking and “selling the news” on the shutdown end. Yardeni Research sees the S&P 500 hitting 7,000 by year-end on earnings strength, while UBS targets 7,300 by June 2026, urging exposure to AI and resources amid under-allocation.
The market’s resilience during the shutdown—S&P up 2% since October 1—highlights limited impact, per LPL Financial’s Adam Turnquist. Yet, as data fog lifts, repricing risks loom if positioning proves off, per Michael Landsberg at Landsberg Bennett. Overall, the session reflected cautious optimism, with health care up 1.36% and financials gaining 0.9%, offsetting tech drags.
OVERVIEW OF THE AUSTRALIAN MARKET
The Australian share market closed lower on November 12, 2025, with the S&P/ASX 200 dipping 0.22% to 8,799.5, hitting its session low amid a tech sector rout and bank weakness, though mining gains provided some offset. The broader All Ordinaries fell 0.21% to 9,079.4, with advancers outnumbering decliners 145 to 124 in the ASX 300, reflecting rotation from high P/E risk-on stocks to defensives and cyclicals. This shift aligns with global caution ahead of US shutdown resolution, as investors eye delayed data impacts on Fed policy, potentially influencing RBA rate bets—still unlikely before Q2 2026.
Information technology tumbled 3.3%, led by Life360’s 13.1% plunge on weak customer growth, with NextDC (-2.5%), Xero (-2.2%), and Technology One (-2.0%) dragging. Consumer discretionary dropped 1.3%, pressured by Aristocrat Leisure’s 7.5% fall to $59.42 after underwhelming FY25 results. Financials shed 0.92%, with Commonwealth Bank (-3.1%) extending losses post-quarterly update, wiping billions in value and dipping below $160 first since April. Bendigo and Adelaide Bank also fell 3.1%. Communication services slipped 0.35%, with REA Group (-2.5%), Seek (-1.2%), and Car Group (-1.0%) offsetting Telstra’s 0.4% gain.
Conversely, energy rose 1.02% as oil edged up on US Russia sanctions, boosting Woodside (1.3%) and Santos (1.7%), with natural gas at eight-month highs. Materials gained 0.86%, driven by Rio Tinto’s 2.3% rally to $132.47 on Simandou project start in Guinea, plus iron ore futures lift on China stimulus hopes—BHP and Fortescue climbed late. Gold producers shone with spot gold near $US4,106/oz; Northern Star, Evolution, and Newmont advanced. Consumer staples led at 1.05%, with Coles, Woolworths up, and Endeavour (+5% over two days) on new CEO hire.
Lithium strength featured, with Mineral Resources (+9.2%) on POSCO partnership for 30% stake sale at US$765m, plus China royalty news; Liontown (+6.0%), Wildcat (+9.3%), and Lake Resources (+18.4%) surged. Critical minerals mixed, but American West (+17.5%), St George (+15.0%), and others rose. Flight Centre gained 1% after guidance uplift, while ARN Media plunged 10% on 25% earnings hit from ad weakness.
Eyes turn to Thursday’s October employment data—+20,300 jobs forecast, unemployment at 4.4%—unlikely to sway RBA cuts. Nikkei futures up 0.3%, Hang Seng down 0.3%, AUD steady at $0.6528. Rotation signals fund flows into defensives amid super inflows, per analysis, with staples benefiting from bank aversion. Overall, the session underscored sectoral push-pull, with resources eyeing China rebound.
