| Name | Price | Change | % Chg |
|---|---|---|---|
| Dow | 46,590.24 | -557.24 | -1.18% |
| S&P 500 | 6,672.41 | -61.7 | -0.92% |
| Nasdaq | 22,708.07 | -192.51 | -0.84% |
| VIX | 22.38 | 2.55 | 12.86% |
| Gold | 4,048.70 | -25.8 | -0.63% |
| Oil | 59.71 | -0.2 | -0.33% |
OVERVIEW OF THE US MARKET
Wall Street closed lower on November 17, 2025, as investors braced for Nvidia’s earnings and a delayed September jobs report, shunning riskier assets amid uncertainty over AI valuations and Federal Reserve policy. The S&P 500 fell 0.92% to 6,672.41, breaching its 50-day moving average for the first time since late April and snapping a 138-session streak above that key technical level—its second-longest this century. The Nasdaq Composite dropped 0.84% to 22,708.07, with tech-heavy losses weighing heavily, while the Dow Jones Industrial Average slid 1.18% to 46,590.24. More than 400 S&P 500 stocks declined, reflecting broad-based selling as the gauge closed at its lowest in over a month.
Sector performance was mixed, with Communication Services rising 1.13% on gains in Alphabet, which climbed 3.1% after Warren Buffett’s Berkshire Hathaway disclosed a $4.9 billion stake in the Google parent. Utilities advanced 0.84%, providing some defensive support. However, losses dominated elsewhere: Financials fell 1.93%, Energy dropped 1.88%, Information Technology slid 1.43%, and Materials declined 1.53%. Nvidia slipped 1.88% amid news that Peter Thiel’s hedge fund sold its entire stake last quarter, heightening nerves ahead of Wednesday’s results. Tesla bucked the trend, rising 1.13%, but other actives like Opendoor Technologies (-3.45%) and Ondas Holdings (-12.88%) tumbled.
The pullback comes as Wall Street gears up for pivotal events: Nvidia’s earnings, expected to beat estimates but scrutinized for AI monetization amid skepticism over massive capex, and Thursday’s September jobs data, delayed by the government shutdown. Fed Vice Chair Philip Jefferson highlighted downside labor risks but urged caution, while Governor Christopher Waller backed a December rate cut on weak jobs. Analysts like Chris Larkin at E*Trade noted the AI trade’s struggles, with Nvidia’s report a potential momentum puzzle. Historical data from SentimenTrader suggests short-term losses after such moving-average breaches, averaging 1.3% maximum drawdowns two weeks out, though one-month returns average 1.9% gains.
Corporate highlights included Berkshire trimming Apple (-1.8%) and Bank of America stakes, while Amazon prepared a $15 billion bond sale. Hedge fund filings showed split sentiment on Nvidia, with 161 funds increasing positions and 160 decreasing. Strategists remain optimistic longer-term: Morgan Stanley’s Michael Wilson forecasts the S&P 500 at 7,800 by end-2026, a 16% rally on earnings growth, while UBS’s Aaron Nordvik sees it breaching 7,000 by year-end, advising buying dips. Invesco views the pullback as a healthy reset, not a bubble burst, amid strong economy and Fed easing. However, Jeffrey Gundlach warned of “garbage lending” in private credit as the next crisis, echoing subprime concerns, and recommended 20% cash holdings amid overvalued assets. Bitcoin sank below $92,000, down 1.6%, underscoring risk aversion. Volume hit 19.06 billion shares, below recent averages, with decliners outpacing advancers 4-to-1 on NYSE.
OVERVIEW OF THE AUSTRALIAN MARKET
Australian shares edged higher on November 17, 2025, snapping a potential fifth straight decline as late buying lifted the market to a flat close amid thin trading and ahead of RBA minutes. The S&P/ASX 200 rose 0.02% to 8,636.4, bouncing from an early 0.53% drop, while the All Ordinaries gained 0.10% to 8,915.7. The rebound reflected dip-buying after a 5% pullback from October’s record high of 9,115.2, with roughly two-thirds of top 300 stocks advancing. Small Ords climbed 0.84%, All Tech surged 1.21%, and Emerging Companies added 0.40%.
Sector gains led the way: Information Technology jumped 1.23%, with Technology One (+2.9%) and Wisetech Global (+1.1%) rebounding, though Xero (-0.1%) and Life360 (-0.8%) lagged. Energy rose 1.10% on Ampol (+3.8%) and Viva Energy (+3.2%). Real Estate added 0.62%, Industrials 0.34%, Consumer Discretionary 0.17%, Consumer Staples 0.13%, and Communication Services 0.11%. Materials dipped 0.12%, with BHP (-0.6%) to $42.48 offset by Rio Tinto (+0.6%) to $132.59 and Fortescue (+1.1%) to $20.46. Financials fell 0.24%, dragged by Commonwealth Bank (-1.0%) to $155.79—its lowest since mid-April—and Macquarie (-2.3%) ex-dividend. Health Care dropped 0.43%, with CSL (-0.8%), Cochlear (-0.5%), and Resmed (-2.1%) weak. Utilities slid 0.26%.
Lithium stocks shone amid a 5%+ rally in Chinese futures: Pilbara Minerals (+3.7%), Core Lithium (+12.5%), and Elevra Lithium (+2.2%) hit 12-month highs. Critical minerals also strengthened: Sunrise Energy Metals (+11.8%) after a $46M placement, Metallium (+6.4%), Arafura Rare Earths (+5.8%), Iluka (+5.7%), and Lynas (+5.5%). Defence names rose: Elsight (+12.9%), Droneshield (+11.6%), and Electro Optic Systems (+7.5%) on a $20M order. Elders (+6.3%) gained post-FY25 results, Ioneer (+5.9%), Novonix (+5.5%), and European Lithium (+5.3%). Domino’s Pizza (+5.1%) continued its uptrend.
Decliners included precious metals amid weakness: Silver Mines (-8.6%), Kingsgate (-8.0%), and GBM Resources (-7.9%). Alliance Aviation (-5.8%) extended losses from FY26 guidance, PYC Therapeutics (-5.1%), and Felix Gold (-5.0%). IperionX fell 3.0% to $5.44 after resuming trade, hitting $4.24 intraday amid short-seller claims it refuted.
Prime Minister Albanese welcomed US tariff removals on 200+ Australian foods like beef, pledging zero tariffs pursuit, boosting exporters (Australia shipped $4.16B US beef in 2024). Turkey’s COP31 co-host proposal was rejected, with Australia backing a Pacific-focused bid. RBA Rate Tracker shows 6% odds for December 9 cut.
Tuesday’s RBA November minutes at 11:30 AEDT could signal easing views. Wednesday brings Q3 wage price index (QQ 0.8%, YY 3.4%) and November flash PMIs (manufacturing 49.7, services 52.5). Thursday’s PBoC LPR unchanged at 3%/3.5%. Friday’s Australian PMIs and Saturday’s US ones loom. Brokerages like Morgan Stanley favor global equities over bonds, seeing earnings-driven gains despite pullbacks.
