Wall Street shuffled its fearful feet on Tuesday, November 18, 2025, as investors digested a buffet of macroeconomic reports, corporate news, and political drama—the kind of day that makes even seasoned traders wish for a stronger coffee and perhaps, a bar of gold for comfort.
Index Highlights
The equities dancefloor looked subdued, with the S&P 500 slipping 0.83% to 6,617.32 and the Dow Jones losing 1.07% to close at 46,091.74—likely tripping over its own blue chips also greeting over Nvidia’s (NVDA) earnings report that is on deck for tomorrow. The tech-heavy Nasdaq composite also dropped 1.21% to 22,432.85, however the Russell 2000 small-cap index actually bounced up .31% to 2,348.74 after the recent risk-off-sell off. Volatility and fear rose again as the makers’s fear gage The VOX closed at $24.69, +10.32% today and is now up a whopping +42.88% over the lat 5-days.
Macroeconomic Reports
Tuesday brought a medley of U.S. economic tea leaves: ADP’s weekly employment change, import/export price stats for October, industrial production figures, and the NAHB Housing Market Index for November—all dropped like breadcrumbs for those watching the Fed’s next move. Decelerating hiring and less-than-robust output kept Wall Street on its toes, with flash PMI data for November anticipated Friday.
Policy & Political Drama
- Tariffs: The Trump administration issued a modest reprieve on tariffs for select agricultural goodies such as bananas and tea, possibly inviting traders to toast with a fruity cocktail for once.
- US Shutdown: The government shutdown—after a historic, marathon stretch—ended six days earlier, easing pressure on markets. Funding gaps are now the stuff of postmortem analysis and bipartisan grumbling.
Rates, Yield Curve, and Inflation
The Federal Reserve kept investors guessing. While the FOMC has held rates steady, division among its policy-makers grew palpable about whether to snip rates at December’s meeting. The yield curve stayed stubbornly inverted—the 10-year Treasury note yielding 4.12% versus 3.58% for the two-year, driving bond aficionados to recalibrate their risk premia.
A Few Corporate updates
Ondas Holdings (ONDS, $6.84, +166.80% YTD) has officially closed the $225 million deal to acquire Sentrycs, the Israeli cyber-wrangler with a knack for taking over rogue drones—no jamming, no spoofing, just pure protocol manipulation, much to the dismay of any quadcopter plotting against a G20 summit. In a move that’s part chess, part high-tech whack-a-mole, Ondas’ Autonomous Systems unit now absorbs Sentrycs’ vaunted Cyber-over-RF takeover platform, which boasts around 200 real-world deployments across 25 countries, from urban power grids to border outposts.
Anthropic, the AI shop best known for giving ChatGPT’s Claude a run for its money, has announced a jaw-dropping, spreadsheet-busting $30 billion commitment to Microsoft’s Azure cloud platform—a sum large enough to make even the most seasoned CFO reach for a calculator and a calming cup of chamomile tea. The deal, revealed Tuesday, places Anthropic squarely in the ringside seats of the generative AI arms race, and brings with it a rotating cast of tech titans and supersized investment numbers worthy of a Silicon Valley fever dream.
Blue Origin’s CEO, Dave Limp, has sparked industry attention with his stunningly candid forecast: the world’s biggest AI-optimized data centers will soon decamp from the plains of Utah and the forests of Oregon for the final, distinctly real frontier—outer space. Driven by the crushing energy appetite of artificial intelligence, Limp predicts a future where data centers are launched into Earth orbit, free from terrestrial real estate drama and the ever-present threat of squirrels gnawing on fiber optics.
Jazz Pharmaceuticals plc (Nasdaq: JAZZ, $180.52, +6.13%) today announced that the Company will participate in Citi’s 2025 Global Healthcare Conference. Company management will participate in a fireside chat on Tuesday, December 2, 2025.
Scholar Rock (NASDAQ: SRRK, $39.81, +9.14%), a global biopharmaceutical company dedicated to dramatically improving the lives of children and adults with spinal muscular atrophy (SMA) and additional rare, severe, and debilitating neuromuscular diseases by applying its leading platform in myostatin biology to advance musculoskeletal health, today announced that management will participate in the following investor conferences: Citi 2025 Global Healthcare Conference: Scholar Rock is scheduled to participate in a fireside chat at 1:00 p.m. ET on Wednesday, December 3, 2025 in Miami, FL & th 8th Annual Evercore Healthcare Conference: Scholar Rock is scheduled to participate in a fireside chat at 8:20 a.m. ET on Thursday, December 4, 2025 in Miami, FL.
Commodities & Crypto
Gold closed at $4,066/oz, while silver closed at $50.535/oz. Oil rose to $60.587/oz up 1.30% today. Bitcoin—ever the digital outlaw—waltzed through the day with its usual volatility and edged up .89% to $92,790 at the time of this writing today.
Today’s Market in One Line
Stocks faltered as economic clouds lingered, corporate headlines blurred, and politicians put their piñatas away—at least until the next shutdown. And as always, investors wait for the Fed’s next act, hoping it comes with both rate relief and a punchline worthy of a WSJ newsroom.
VP Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.5086), 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, $6.37), 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, $.4080), 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, $1.20, +.84%) and M2i Global, Inc. (MTWO, $.10, +5.26%) 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, $3.76) 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, $34.72) 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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