Wall Street Indices Slide as Investors Await Nvidia Earnings - Nov. 17, 2025 -( $EPRX $GOOG $INTG $JAZZ $JNJ $PACS $VIX Rise!) - Vista Partners LLC

Monday was a classic “hold your horses” day, with Wall Street digesting fresh economic data, tariff news, and awaiting Nvidia’s AI-focused earnings report later this week. Stock indices retreated modestly but maintain strong YTD performance, investors eyeing the yield curve and FOMC for clues on whether the calm will hold or the market’s next dance is about to begin. Yes indeed, Wall Street opened the week in cautious retreat, as all major U.S. equity indices closed lower on Monday, November 17, 2025. The S&P 500 declined 0.92%, finishing at around 6672.41, pulling back slightly from its strong year-to-date gains of approximately 13.4%. The Dow Jones Industrial Average took the brunt of the selling pressure, dropping 1.18% (about 557 points), closing at 46,590.24 after a previous record close, reflecting a more defensive posture. The Nasdaq Composite mirrored the tech weakness with a 0.84% dip, while the Russell 2000 small-cap index also ended the session in the red down 1.96%, following broader risk-off sentiment. Volatility also rose again today as the market’s ‘fear gauge’ The VIX rose to $22.238, +12.86%. Note that despite the pullback, the indices remain well ahead for the year, with the Nasdaq up about 17.6% and the Dow up 9.5%.

The Macro

Macroeconomic data returned after the longest government shutdown in recent memory, with the Empire State Manufacturing Index surging to 18.7, signaling some strength in the New York manufacturing sector. The U.S. Treasury yield curve stayed inverted, a classic warning sign for the economy, with the 10-year Treasury bond yield hovering around 4.143% and the 2-year at about 3.619%. Markets are now focusing on upcoming jobs reports and the December Federal Open Market Committee (FOMC) meeting, where expectations for interest rates have largely settled on a hold, following a surprise cut in November.

Key Stocks

Among individual stocks, there was little headline-making news. Tech bellwethers including Nvidia, Apple, Alphabet, and Broadcom retreated amid uncertainty ahead of Nvidia’s earnings report scheduled for Wednesday. Nvidia (NVDA) shares have been stellar in 2025, up 38.95% YTD but closed off 1.88% today at $186.60. Alphabet (GOOG), already a $3 trillion market cap company, closed +3.11% higher at $285.60 in the face of the broader tech pullback. Meta, Palantir, and Intel also traded lower alongside the tech sector, while more defensive names like Eli Lilly and McDonald’s saw modest declines. Commodity-linked stocks such as Rio Tinto suffered with weaker metals prices.

Johnson & Johnson (JNJ, $199.58, +1.86%) made headlines with its definitive agreement to acquire Halda Therapeutics, a privately head clinical-stage biotech company famed for its Regulated Induced Proximity Targeting Chimera (RIPTAC) platform, in a $3.05 billion cash deal. The strategic move, set to strengthen J&J’s oncology pipeline—particularly around prostate cancer—underscores Big Pharma’s ongoing fascination with first-in-class modalities and portfolio power-ups.

PACS Group, Inc. (NYSE: PACS, $15.70, +48.39%), which together with its subsidiaries is one of the largest post-acute healthcare companies in the United States, today announced that it intends to release its third quarter 2025 financial results and file its outstanding annual and quarterly filings through September 30, 2025 with the U.S. Securities and Exchange Commission (the “SEC”) on Wednesday, November 19, 2025.

Jazz Pharmaceuticals plc (Nasdaq: JAZZ, $170.09, +20.57%) today announced positive top-line results from the Phase 3 HERIZON-GEA-01 trial evaluating Ziihera® (zanidatamab-hrii) in combination with chemotherapy, with or without the PD-1 inhibitor Tevimbra® (tislelizumab), as first-line treatment for HER2-positive (HER2+) locally advanced or metastatic gastroesophageal adenocarcinoma (GEA), including cancers of the stomach, gastroesophageal junction and esophagus.

Tariffs

On trade policy, the Trump administration made headlines by rolling back tariffs on various food products, including coffee and fertilizers, aimed at easing costs for U.S. consumers and exporters. However, tariffs on steel, aluminum, and automobiles remain, with ongoing negotiations and new trade agreements emerging with Switzerland and Liechtenstein.

Commodities and cryptocurrencies reflected a mixed picture. Gold prices nudged lower by about 0.48%, trading near $4,054.20 per ounce as rate-cut optimism faded. Silver fell nearly 1.15% closer to $50.12 an ounce. Oil prices edged down slightly to $59.69 per barrel after Russian port operations showed signs of normalizing. Meanwhile, Bitcoin underperformed, sliding roughly 2.01% to around $91,932.38, wiping out its gains for the year and highlighting cryptocurrency’s continued volatility.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.5193), 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, $6.60, +.08%), 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, $.41), 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, $1.19) and M2i Global, Inc. (MTWO, $.095) 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, $3.81) 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, $36.15, +5.58%) 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.

Wall Street Indices Slide as Investors Await Nvidia Earnings – Nov. 17, 2025 -( $EPRX $GOOG $INTG $JAZZ $JNJ $PACS $VIX Rise!)

The Macro

Key Stocks

Tariffs

VP Watchlist Updates

The Sources

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