From Lilly’s Defensiveness to Tesla’s Turbulence: Winners and Laggards in a Volatile Week for Wall Street -( $DV $EXAS $INTG $JNJ $LLY $MCD $SOAR $VIX Rise!)

Large caps took a hit this week with the Dow 30 ending at 46,245.41, -1.9% & the S&P 500 closed at 6,602.99 equally off 1.9%. The high-beta tech kept the Nasdaq on the defensive for most of the week and fell 2.7% to 22,273.08. Small caps, as captured by the Russell 2000 closed off .8% at 2,369.59. Yes indeed, fear was up for most of the week until Friday evidenced by the market’s ‘fear gauge’ The VIX that ended at $23.43, +18.15% for the week after dropping 11.32% on Friday. The macro calendar was a patchwork thanks to the lingering effects of the government shutdown, with some regular reports still delayed, forcing markets to lean more heavily than usual on Fed speak and market proxies rather than hard data.

Fed, yields, tariffs and shutdown

The Federal Reserve’s November rate cut is already in the books, but this week the focus shifted to whether December will bring an encore, as hawkish-leaning commentary from multiple Fed officials chipped away at the implied odds of another move, even as other voices signaled more openness to easing. Treasury yields responded with a modest bear-steepening bias, with 2yr at 3.522% and 10‑year yield at 4.067%, keeping the curve inverted, but slightly less so and reminding equity investors that “higher for not-much-longer” is still the party line, although seemed that thinking came into question on Friday as rates dipped and markets sprung forward. Tariff risk remained more of a macro hum than a blaring siren, with markets still treating existing Trump-era and new trade measures as a slow‑burn margin headwind rather than an imminent shock, while shutdown dynamics improved as funding progress in Congress and the end of the latest standoff lowered near-term tail risk, even though the data gap from the earlier closure will linger for economists for weeks.

AI darlings and mega caps

NVIDIA ($178.88, -5.94% over the last 5-days) spent the week at the center of the AI psychodrama—extending its post‑earnings swings as investors tried to reconcile blockbuster demand signals with equally towering expectations, leading to sharp intraday rallies followed by profit‑taking that left the stock volatile but still emblematic of the AI trade’s staying power. Apple (AAPL, $271.49, -.34% over the last 5-days) held up comparatively better, benefitting from investors’ preference for megacap cash‑flow machines over more speculative growth, while Tesla (TSLA,$391.09, -3.28% over the last 5-days) endured another rough patch as the market marked down its combination of capital intensity, cyclicality, and headline risk in a week when duration assets were already under pressure. Meta Platforms (META, $594.25, -2.50% over the last 5-days) traded more like an over‑owned bond proxy with an AI label than a growth insurgent, wobbling as investors rotated in and out of the “Magnificent” complex depending on the latest read of Fed probabilities and AI spending fatigue.

Health care, chips and global cyclicals

Eli Lilly (LLY, $1,059.70, +3.36% over the last 5-days) continued to play the role of defensive growth royalty, riding GLP‑1 optimism and ongoing enthusiasm about its weight‑loss and diabetes franchise, leaving the shares near the top of the health‑care leaderboard even as the broader market chopped sideways. Taiwan Semiconductor Manufacturing Company (TSM, $275.06, -3.43% over the last 5-days) and Intel (INTC, $34.50, -2.87% 0ver the last 5-days) moved largely in sympathy with the semiconductor complex, which oscillated between relief rallies and valuation hangovers as investors alternated between embracing the AI capex cycle and worrying about how much of it is already in the price. Broadcom (AVGO, $340.20, -.66% over the last 5-days) sat in the “picks-and-shovels” bucket—benefitting from the idea that selling infrastructure into the AI wave may be less fraught than betting on any single model. However Oracle (ORCL, $198.76, -10.81% over the last 5-days) took in on the proverbial chin.

Telecoms, consumer and materials names

Nokia ($5.94, -11.74% over the last 5-days) spent the week more as a macro and AI‑infrastructure sympathy trade than a headline generator, with sentiment still tied to whether carriers and cloud providers keep opening their wallets for next‑gen networks even with Nokia’s CEO pleading their future case. McDonald’s (MCD, $309.35, +.76% over the last 5-days) stayed in its familiar role as a defensive consumer barometer, its shares reflecting a market that still believes even a wobbling global economy can afford french fries, though not necessarily at an ever‑expanding multiple. Rio Tinto Group (RIO, $69.99, -.91% over the last 5-days) moved largely with the global commodity tape (although it supports a 5.42% forward dividend), where concerns about industrial demand and China’s uneven recovery kept enthusiasm for miners in check despite ongoing talk of multi‑year undersupply in key metals.

High-beta stories: AI platforms, nuclear and housing

Palantir Technologies ($154.85, -11.01% over the last 5-days) saw continued interest as a liquid proxy for defense and AI analytics spending, with the stock trading like an option on government and enterprise AI budgets rather than on any single quarter’s fundamentals. OKLO ($88.17, -9.63% over the last 5-days) —the advanced nuclear small‑modular reactor hopeful—remained sensitive to every incremental headline around U.S. nuclear policy and energy security, with the share price trading more like a venture bet in public‑equity clothing than a classic utility. Opendoor Technologies (OPEN, $6.75-16.87% over the last 5-days) stayed tethered to the path of mortgage rates and housing liquidity, with this week’s back‑up in yields and lingering affordability issues capping enthusiasm for its highly cyclical, spread‑dependent iBuying model, until Friday when sentiment changed and the stock popped up +9.58%.

Healthy Deals

Healthcare and biotech dealmakers stayed busy this week, with a mix of classic pharma bolt‑ons, med‑tech tuck‑ins, and services roll‑ups underscoring that strategic buyers still see value in innovation and scale—even if public investors are more ambivalent than they were in the zero‑rate era. Merck & Co. (MRK) extended its acquisition streak by agreeing to buy Cidara Therapeutics (CDTX, $219,35, +112.51% over the last month) in a deal valued at roughly $9.2 billion, reinforcing its push into infectious disease and respiratory therapies and adding late‑stage assets that can move the revenue needle this decade. Johnson & Johnson (JNJ, $203.90, +4.07% over the last 5-days) added to the oncology M&A wave with a roughly $3 billion agreement to acquire privately held Halda, picking up a “hold‑and‑kill” targeted protein degradation platform aimed at difficult‑to‑treat cancers and signaling continued enthusiasm for novel oncology mechanisms. In earlier‑in‑the‑week oncology news still resonating with investors, Day One Biopharmaceuticals set a roughly $285 million deal to acquire Mersana Therapeutics , securing the B7‑H4‑targeted ADC emiltatug ledadotin and broadening its rare‑pediatric and solid‑tumor pipeline. Separately, Repare Therapeutics agreed to be acquired by nonprofit XenoTherapeutics in an arrangement that will transition its synthetic‑lethality oncology programs into a new structure, highlighting that not every biotech exit is flowing through the traditional big‑pharma channel. Abbott Laboratories (ABT) also headlines with its latest $21 billion cash deal to acquire Exact Sciences (EXAS $100.90, +50.93% over the last 5-days) a move that not only sends ripples through the diagnostics world but also gives Wall Street’s quants and humorists some fresh material for dinner party banter. Forget colonoscopies: the big story now is whether Abbott, having mastered everything from diabetes to infectious disease testing, can pull off its much-anticipated entrance into the $60 billion U.S. cancer screening arena—without tripping over the price tag or institutional egos. On the devices side, Solventum (SOLV, $82.90, +9.57% over the last 5-days) announced a definitive agreement to acquire Acera Surgical, adding a portfolio of bioengineered wound and soft‑tissue repair products that fit neatly into its post‑spin med‑tech focus and offer cross‑selling opportunities across its hospital customer base. In healthcare services and health‑IT, Switchboard Health’s acquisition of Conduce Health aimed to deepen its AI‑enabled specialty‑care referral and navigation platform, while CitiusTech’s purchase of Health Data Movers expanded its Epic‑, Workday‑ and ServiceNow‑related integration and analytics capabilities, reflecting ongoing consolidation among infrastructure providers behind the digital front door.

Commodities, crypto and cross‑asset mood

Gold ($4,062.80/oz) and silver ($49.66/oz) held onto their status as the “we’re nervous but not panicking” hedges of choice, with prices supported by lingering uncertainty around Fed policy, fiscal arithmetic, and geopolitics. Oil ($57.98/bbl) moved lower caught between supply discipline and demand worries and global growth concerns. Bitcoin once again auditioned for the role of “digital macro barometer,” staging sharp drop in the +7% range to $85,250 on Friday.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4442), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion. On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.21), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated, “These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.3920), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”

Volato Group, Inc. (NYSE American: SOAR, $1.16, +8.41% on Friday) and M2i Global, Inc. (MTWO, $.0999) announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $3.99) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $34.64, +1.17% over the last 5-days) reported results (Oct. 9) for the fiscal year ended June 30, 2025, including improved segment income in Hotel and Real Estate, increased liquidity, the alleviation of going-concern uncertainty at majority-owned subsidiary Portsmouth Square, Inc., and the Company’s return to compliance with Nasdaq listing requirements.

Nokia (NOK, $5.87) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone.

DoubleVerify (NYSE: DV $10.36, +1.57%), a leading software platform to verify media quality, optimize ad performance, and prove campaign outcomes, today released 2025 Global Insights: How Consumers and Marketers Use Walled Gardens – a comprehensive report that includes platform level insights and examines how social media continues to shape digital advertising, news consumption, and commerce.

Fed, yields, tariffs and shutdown

AI darlings and mega caps

Health care, chips and global cyclicals

Telecoms, consumer and materials names

High-beta stories: AI platforms, nuclear and housing

Healthy Deals

Commodities, crypto and cross‑asset mood

VP Watchlist Updates

The Sources

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