Equities ended the session notably weaker after a volatile day characterized by renewed selling in tech and high-growth names. Major indices closed lower, with the Nasdaq Composite leading declines among the big three benchmarks. The day’s moves underscored a shift in risk sentiment as rate-cut expectations waver and investors digest policymakers’ signals about monetary policy in an uncertain growth environment. The markets ‘fear gauge’, the CBOE Volatility Index (VIX) popped up 14.22% to $20.00.
Key indices
- S&P 500 (6,737.49, -1.66%): The broad equity gauge slid, reflecting broad-based pressure across sectors, especially momentum-driven groups. The close was decisively negative on the day, highlighting a risk-off tilt among investors seeking shelter in less volatile corners of the market.
- Nasdaq Composite (22,879.36, -2.29%): Tech-focused index suffered the steepest drop as many of the megacap and high-valuation names faced selling pressure. The breadth of losses pointed to a rotation away from growth and into more traditional sectors or cash-equivalents.
- Dow Jones Industrial Average (47,457.22, -1.65%): The Dow also traded lower but remained supported by durable, dividend-yielding names and select industrials. The decline in the Dow was pronounced but somewhat tempered by a handful of leadership stocks in other corners of the market.
Sector and stock notes
- Technology and communication services bore the brunt of selling, consistent with a renewed focus on higher discount rates and slower earnings upgrades for growth-centric names. The weakness was broad rather than isolated to a few names, signaling a systemic reassessment of risk.
- Broad-market leadership in recent sessions—often driven by megacaps—reversed, underscoring that the market is not simply chasing the latest momentum but weighing a potential pivot in the Fed trajectory and macro guidance.
- Notable price action around legacy high-beta names and AI/semiconductor-related plays, which had previously been crowd favorites, reflected a shift in expectations about near-term catalysts and policy support.
Macro context
- Traders continued to price in a slower pace of rate reductions, or even the risk of a delayed easing cycle, given ongoing economic data and Federal Reserve commentary. The result was a more cautious stance toward equities, particularly those with rich valuations or sensitivity to interest rates. The 2-yr treasury closed up at 3.603% as did the 10-yr at 4.126%.
- The sentiment backdrop remained nuanced: while some pockets of the market still attract strategic buyers on pullbacks, the broader risk tolerance has yet to fully recover, pending clarity on inflation dynamics and rate path.
What this means for investors
- A lower-risk posture may persist in the near term, with emphasis on high-quality, defensively oriented names and cash-like liquidity until macro signals become clearer.
- For traders, swift, disciplined risk controls and clearly defined levels of entry and exit remain crucial, given the potential for continued volatility around policy expectations and macro data flows.
Tech Titans: AMD, NVIDIA, Broadcom, Intel, Oracle
- AMD (AMD): Shares slid 4.2% to $247.96, retreating from recent highs as investors digested the company’s bullish AI-driven guidance and Q4 outlook. Despite robust revenue forecasts and a growing data center footprint, broader sector jitters and valuation concerns kept the rally in check. The market seems to be saying, “Show me the margin, not just the hype.”
- NVIDIA (NVDA, $186.86, -3.58%): The chipmaker’s stock faced headwinds, joining the tech sell-off as rate-cut expectations cooled. While AI remains the golden goose, investors are now asking if the goose can keep laying eggs at the same pace.
- Broadcom (AVGO, $339.98, -4.29%): The company’s recent foray into AI infrastructure continues to attract attention, though the sector’s volatility is a reminder that even the best diversification can’t fully insulate from a tech-wide correction.
- Intel (INTC, $35.91, -5.23%): Intel’s shares were under pressure, reflecting ongoing challenges in the PC and semiconductor markets. The company’s turnaround efforts are still a work in progress, and investors remain skeptical about its ability to reclaim its former glory.
- Oracle (ORCL): Oracle dropped 4.15% to $217.57, weighed down by sector-wide tech weakness. The company’s cloud and AI initiatives continue to be a bright spot, but the broader market’s risk-off mood has dimmed the shine for even the most established names.
Consumer & Industrial: Apple, Tesla, McDonald’s, Rio Tinto
- Apple (AAPL): Apple’s stock followed the tech sector lower closing off .19% to $272.95 , with investors reassessing the company’s growth prospects amid a slowing global economy. The iPhone maker’s recent product launches have been well-received, but the market is now focused on the next big thing.
- Tesla (TSLA): Tesla’s shares were volatile falling 6.64% to $401.99, reflecting the company’s ongoing challenges with production and competition. The stock’s wild swings are a reminder that in the EV market, the only constant is change.
- McDonald’s (MCD): McDonald’s held up relatively well rising .21% to $307.58, with its defensive profile and steady cash flows providing a safe haven for investors. The company’s global footprint and brand strength continue to be a source of comfort in uncertain times.
- Rio Tinto (RIO): Rio Tinto’s shares fell .10% to $71.04. The company’s diversified portfolio and strong balance sheet provide a buffer, but the sector’s fortunes are closely tied to global economic trends.
Communication & Software: Meta, Nokia, Palantir, Opendoor, OKLO
- Meta (META): Meta’s stock rose +.14%, avoiding the broader tech sell-off. The company’s recent focus on AI and the metaverse continues to attract attention, but investors are now asking for more concrete results.
- Nokia (NOK): Nokia’s shares fell 3.42% to $6.78, reflecting the company’s defensive profile and steady cash flows. The company’s focus on 5G and network infrastructure continues to be a source of strength.
- Palantir (PLTR): Palantir’s stock was volatile falling 6.53% to $172.14, reflecting the company’s ongoing challenges with growth and profitability.
- Opendoor (OPEN): Opendoor’s shares were under pressure falling 8.64% to $8.56 after yesterday’s double digit ascent, reflecting the ongoing challenges in the housing market. The company’s recent focus on technology and data analytics continues to attract attention, but the sector’s fortunes are closely tied to global economic trends,
- OKLO (OKLO): OKLO’s stock fell 8.57% to $101.64
Health Care: Eli Lilly (LLY)
- Eli Lilly (LLY): Eli Lilly’s stock toped $1k rising .50% to $,022.87 now up 32.50% YTD, driven by the company’s announcement of most-favored nation drug pricing for its weight-loss drugs. The move was well-received by investors, who see it as a sign of the company’s commitment to innovation and affordability.
Gold, Silver, and Bitcoin today
Gold: Closed at $4,157.50 per ounce, off .93%.
Silver: Silver fell 2.30% to $52.23/oz.
Bitcoin: Fell below $100k down to the $8k range today off nearly 3%.
VP Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.4795), a leader in innovative insulin delivery technology, announced (Nov. 3) 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, $6.34), 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, $.4690), 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, $1.40) and M2i Global, Inc. (MTWO, $.0958) 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, $3.92) 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 disease. 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, $34.01) 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.
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