S&P Slides and Tech Tumbles: Wall Street’s November Nerves Unveiled -( $BLLN $INTC $LLY $MODD $VIX Rise!)

Wall Street’s week wrapped with less of a bow and more of a sigh, as major indexes retreated under a cloud of AI valuation skepticism, limp labor data, and Capitol Hill’s existential drama over the government shutdown, which cost the economy an estimated $16 billion—proving that even in politics, time is, in fact, money. Indeed, Wall Street’s latest act ended with uncertainty rather than jubilation. The pros are bracing for more volatility and, as always, waiting for the next act—with popcorn ready and a P/E ratio calculator in hand.

Major Index Performance

The tech-favored Nasdaq Composite bore the brunt, tumbling 3.04% over the last 5-days for its worst spell since March, closing at 23,004.54. The S&P 500 shed 1.63% to settle at 6,728.80, and the Dow Jones Industrial Average followed its blue-chip peers downward falling 1.21% to 46,987.10. The Russell 2000, a bellwether for small caps, joined the correction chorus as investors rotated away from speculative growth falling 1.88% to 2,432.82. The markets “fear index” The Vix closed at $19.08, +9.40% over the last 5-days.

Macroeconomic Reports

The U.S. labor market delivered more hand-wringing than high-fives, with initial jobless claims inching up to 246,000 and October hiring painted as neither hot nor cold—a market porridge unable to please anyone. ISM Manufacturing PMI shrank to 48.7, while consumer sentiment hit a three-and-a-half-year nadir, a malaise attributed to the government shutdown casting a pall over the economy.

Index Movers: Sectors and Stocks

The AI “Magnificent Seven” turned into the “Meh-gnificent Several.” Nvidia (NVDA) lost 7.08% over the last 5-days, spooked by both government reluctance to bail out the AI sector and China competition comments. Apple (AAPL), ever the calm in any storm, posted usual resilience but was ultimately dragged by sector sentiment edging down .70% to $268.47. Tesla dropped 5.92% over the last 5-days, while Elon Musk’s $1 trillion pay spectacle got approved. Broadcom (AVGO) skidded 5.46% to close on Friday at $349.43, and Meta lost about 4.11% over the last 5-days to end at $621.71 amid broader tech routs. Intel, the unexpected contrarian hero, managed a 2.39% gain over the last 5-days to end at $38.13, aided by Musk’s musings that Tesla may go steady with Intel’s chip foundries in its pursuit of autonomous vehicle glory. Palantir, despite posting a blowout quarter (EPS: $0.21 vs $0.17 expected), cratered about 11.24% over the lat 5-days to end at $177.93 as “Big Short” legend Michael Burry wagered big against it and AI exuberance deflated.

Eli Lilly rose a meaty 7.13% over the last 5-days to end at $924.37 after agreeing to U.S. pressure to cut GLP-1 drug prices—short-term pain for potential long-term market dominance, analysts wager. Oklo stumbled nearly 15.15% over the last 5-days, but remains up +430.62% YTD. Opendoor Technologies (OPEN) delivered Q3 earnings—strong on vision, faint on results, with shares little moved as Wall Street digests its tech-real-estate hybrid pitch and the stock was off 15.57% over the last 5-days ending at $6.56, but up +310% YTD.

Nokia, McDonald’s, Rio Tinto, and Oracle each experienced sector-led declines, with no earth-shaking headlines to offset the selling pressure pervasive across global equities this week.

Welcomed IPOs

It was a busy week for dealmakers and debutantes. BillionToOne (NASDAQ: BLLN) completed a $314M IPO at $60 and ended the week at $100.03, Tailwind 2.0 Acquisition Corp began trading as TDWDU, and Crown Reserve Acquisition Corp. I (CRACU) launched a $150M SPAC on Nasdaq. Harvard Ave Acquisition Corp. (HAVAU) priced its $145M IPO, also starting on the NYSE.

Tariffs and Trade

Updates on U.S.-China tariffs remained subdued this week; however, headline risk is back on the menu as politicians jostle for posturing points in the shadow of the ongoing shutdown, and no further escalation or de-escalation of trade duties was announced.

Yield Curve, Rates, and Fed Announcements

Amid the shutdown, the Fed’s “fog” on policy outlook thickened, but the yield curve steepened modestly on weaker data and haven demand. The FOMC did not convene this week, but traders are tuned to the upcoming meeting, where Powell’s every syllable will be scrutinized as if it’s the Rosetta Stone of monetary policy. The 2-yr treasury ended at 3.564% & the 10-yr ended at 4.103%.

Gold, Silver, Oil, and Crypto

When Main Street gets nervous, Gold resumes its familiar role as therapist, posting modest gains closing back above $4k at $4,009.60/oz. Silver tracked gold’s mood closing at $48.24/oz., while oil prices stabilized after a bumpy ride amid geopolitical headlines closing at $59.79 and down 2.06% over the last 5-days. Bitcoin’s price moved in sympathy with risky tech but was notably more resilient, shedding less than major equities trading at $103,828.79 Friday afternoon; crypto-related stocks largely declined, led by risk-off shifts but offset by some short-covering into Friday.

Conclusion

Wall Street’s latest act ended with uncertainty rather than jubilation. The pros are bracing for more volatility and, as always, waiting for the next act—with popcorn ready and a P/E ratio calculator in hand.bloomberg+21

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.52, +5.05% over the last 5-days), 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), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 4) its financial results for the third quarter of 2025 and provided a business update. Dr. James Helliwell, Chief Executive Officer of Eupraxia stated, “The compelling 52-week data from our RESOLVE trial reported this quarter further reinforce the potential of EP-104GI as a highly effective and durable treatment for eosinophilic esophagitis (EoE). Our highest-dose cohort delivered the largest improvements in tissue health outcomes and eosinophil reduction observed to date, with no additional safety concerns. Coupled with the successful completion of our $80.5 million financing supported by strong life-science focused investors, we are now well resourced to advance the EP-104GI program, including through topline data from the Phase 2b RESOLVE Trial expected in the third quarter of 2026.”

GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced that it will report its financial results for the quarter ended September 30, 2025, after the close of U.S. markets on Thursday, November 13, 2025. Following the release, management will host a live conference call and audio webcast at 4:30 p.m. ET to review results and provide a business update.

Volato Group, Inc. (NYSE American: SOAR) and M2i Global, Inc. (MTWO) 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, $3.91 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, $36.29) 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.

Major Index Performance

Macroeconomic Reports

Index Movers: Sectors and Stocks

Welcomed IPOs

Tariffs and Trade

Yield Curve, Rates, and Fed Announcements

Gold, Silver, Oil, and Crypto

Conclusion

VP Watchlist Updates

The Sources

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