Wall Street Crashing
Dow down 797 points... AI bubble bursting... pension funds losing billions EVERY HOUR
Updated Thu, Nov 13 2025 4:20 PM EST
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email
Stocks notch worst day in over a month as tech sell-off intensifies
Traders work at the New York Stock Exchange on Oct. 1, 2025.
NYSE
Stocks retreated on Thursday, with technology stocks coming under pressure for another day. Investors also grew pessimistic about the interest rate outlook.
The Dow Jones Industrial Average lost 797.60 points, or 1.65%, to settle at 47,457.22, which is well off the record highs seen in the previous session. The S&P 500 shed 1.66% to finish at 6,737.49. The broad-based index saw notable declines in the communication services sector, led by Disney falling nearly 8% on mixed results for the company’s fiscal fourth quarter, as well as information technology. The Nasdaq Composite pulled back 2.29% to close at 22,870.36. All three major averages, as well as the small-cap Russell 2000 index, suffered their worst day since Oct. 10.
Investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations. Despite the Nasdaq starting off the week strong, the tech-heavy index posted it third straight day of losses Thursday, weighed down by heavyweights Nvidia, Broadcom and Alphabet.
“It seems like a natural consolidation to me,” Ron Albahary, chief investment officer at Laird Norton Wealth Management, said to CNBC, calling the day’s pullback “healthy.” “Part of the, I think, AI narrative is that at some point all this [capital expenditure] is going to actually manifest itself. The benefits of it will manifest itself within the broader economy, so if you start seeing health care and manufacturing, industrials start to actually benefit from AI, that supports the overarching narrative, which is AI capex is going to enhance productivity across the board.”
A sudden change in rate cut expectations weighed on equities as well. Markets were last pricing in a more than 51% chance that the data-dependent Federal Reserve will indeed slash its benchmark overnight borrowing rate by a quarter percentage point at its last meeting of the year in December. That marks a sharp drop from the 62.9% likelihood that markets priced in a day ago, according to the CME FedWatch Tool.
The central bank had been flying blind in the midst of the longest-ever government shutdown, as it was without key economic reports, such as the October jobs report and inflation data. White House press secretary Karoline Leavitt said on Wednesday that these reports may ultimately never be released, and that the shutdown could lower fourth-quarter economic growth by up to 2 percentage points. Most economists expect minimal impact to U.S. GDP, however.
The extended stoppage, which lasted more than six weeks, ended Wednesday evening, when President Donald Trump signed into law a government funding bill. The measure, which had been passed by the House of Representatives earlier that night following its passage in the Senate Monday, will fund government operations through the end of January.
“While we have always expected that many of the data points missed during the shutdown will remain dark, there are questions about what the inflation and jobs data will look like once these reports come back online,” said Carol Schleif, chief market strategist at BMO Private Wealth. “We would not be surprised to see some market chop over the coming weeks as the government gears and economic data presses get turning again.”
8 Hours Ago
Stocks finish solidly in the red
All three major averages closed Thursday’s trading session with significant losses.
The Dow Jones Industrial Average fell 797.60 points, or 1.65%, to end at 47,457.22. The S&P 500 was down 1.66% to 6,737.49, while the Nasdaq Composite plummeted 2.29% to 22,870.36.
— Sean Conlon
9 Hours Ago
Bitcoin’s price plunges to lowest level in six months
Bitcoin’s price fell to $98,072.76 on Thursday, marking its lowest level since May 8, per CoinMetrics data.
The token was last trading at $98,215.
Bitcoin has experienced several pullbacks since last month’s cascading liquidations of highly leveraged crypto positions. That’s despite a recent spate of positive developments for the digital assets market, which include several crypto-based ETF approvals.
— Liz Napolitano
9 Hours Ago
Markets no longer view a rate cut in December as a sure bet
Jerome Powell, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Oct. 29, 2025.
Al Drago | Bloomberg | Getty Images
Federal Reserve Chair Jerome Powell wasn’t kidding a couple weeks ago when he said a December rate cut wasn’t in the bag.
Recent remarks from Powell’s colleagues point to plenty of apprehension over whether the central bank should deliver its third consecutive easing of policy when it meets Dec. 9-10.
As a result, markets have recalibrated their expectations. Whereas traders as recently as a few days ago were pricing in at least a 2-to-1 probability of a quarter percentage point cut, that’s now flipped to a coin toss, according to futures markets readings tabulated by the CME Group in its FedWatch tool.
“These developments chip away at our confidence the Fed will cut in [December] without giving us any more confidence a skip to [January] is a better bet,” Krishna Guha, head of global policy and central bank strategy at Evercore ISI, said in a note. “This leaves us still seeing a [December] cut more likely than not but only 55-60 per cent.” Read more.
— Jeff Cox
10 Hours Ago
Nasdaq drops below key technical level
The Nasdaq Composite dipped below the 50-day moving average level of 22,810.13 during Thursday’s session.
If the index closes below that level, it will be the first time it has finished below its 50-day MA since April 30.
Thursday’s declines put the Nasdaq on track for its worst day since Oct. 10, when it fell 3.56%.
— Gina Francolla, Sean Conlon
11 Hours Ago
Nasdaq slides into negative territory for week
The Nasdaq Composite’s Thursday selloff pulled the technology-heavy index into the red for the week.
The index tumbled more than 2%, on track for its third straight down session and biggest one-day loss in nearly a month. The Nasdaq is now down nearly 1% week to date, making it the only major index poised to end the week lower.
Nasdaq Composite, 1-day
— Alex Harring
11 Hours Ago
Planet Fitness, Sweetgreen, Sealed Air among the names making midday moves
The Planet Fitness logo is seen on the outside of its gym at the Loyal Plaza.
Paul Weaver | Lightrocket | Getty Images
Check out the companies making headlines in midday trading:
Planet Fitness — The gym chain jumped about 4% after it issued guidance for the fiscal years 2026 through 2028. Planet Fitness expects new club unit growth to range between 6% and 7% in that time, while adjusted EBITA expands in the “mid-teens percent” compounded annually.
Sweetgreen — Shares of the salad chain rose nearly 8% after co-founder and chief concept officer Nicolas Jammet bought about $1 million worth of stock. Sweetgreen shares have been battered by weakening traffic at its restaurants and are down more than 80% year to date.
Sealed Air — Shares jumped 19% on reports that Clayton Dubilier & Rice is considering an acquisition of the packaging company. The buyout firm has held talks with Sealed Air about its interest in taking the company private, according to Bloomberg.
Read here for the full list of names.
— Christina Cheddar Berk
11 Hours Ago
Health care fund on track for ninth consecutive day of gains
The Health Care Select Sector SPDR Fund (XLV) was up nearly 1% in midday trading on Thursday, pacing for its ninth positive session in a row and up more than 6% over that period.
A positive close Thursday would tie the longest daily streak for the fund since its record 10-day rally ended in early January 2004.
XLV since Nov. 3
— Nick Wells, Sean Conlon
12 Hours Ago
Cash App unveils plan to support stablecoin transfers
Money transfer platform Cash App plans to roll out support for sending and receiving stablecoins early next year, Fortune reported Thursday.
A stablecoin is a kind of cryptocurrency that is designed to be pegged to an underlying asset such as the U.S. dollar or gold, allowing it, in theory, to maintain a stable price.
The app’s plan comes amid a broader stablecoin boom, with several major banks recently exploring whether to launch their own tokens. On Thursday, crypto payments infrastructure firm Moonpay also launched its own enterprise stablecoin business.
JPMorgan has forecasted the stablecoin market could be worth as much as $750 billion over the next few years.
— Liz Napolitano
13 Hours Ago
Here’s a look at how stocks perform after the government reopens
The U.S. Capitol, pictured during sunset on Nov. 12, 2025 on Capitol Hill in Washington, DC.
Tom Brenner | Getty Images
The longest government shutdown in the history of the U.S. has now ended. That could send the stock market higher.
Late Wednesday, President Donald Trump signed a bill to keep the government funded through the end of January. The measure was approved in the House by a 222-209 vote. The funding lapse led to delayed or suspended economic data, wreaked havoc at airports as flights were canceled due to air traffic controller shortages and fouled up the Supplemental Nutrition Assistance Program.
Stocks, for their part, wobbled during the shutdown. The S&P 500 fell more than 2% in October and has gotten off to an uneven start for November. But going forward, stocks could see strong gains. CNBC Pro subscribers can read more here.
— Fred Imbert
13 Hours Ago
Spot XRP ETF debuts in U.S.
Canary Capital’s spot XRP exchange-traded fund debuted Thursday in the U.S.
The investment product offers investors direct exposure to the Ripple Labs-linked cryptocurrency, XRP.
This fund marks the latest of several crypto-based ETFs to launch as U.S. regulators warm up to digital assets. In October, the U.S. Securities and Exchange Commission approved spot Solana ETFs following the greenlighting of their bitcoin and ether-based counterparts last year.
XRP has risen roughly 4% on Thursday, per CoinMetrics data.
— Liz Napolitano
14 Hours Ago
Elon Musk’s xAI raises $15 billion in funding round, sources say
Elon Musk launches xAI
Jonathan Raa | Nurphoto | Getty Images
Elon Musk’s artificial intelligence company xAI has raised $15 billion from investors, sources familiar with the matter told CNBC’s David Faber.
The funding adds another $5 billion to the $10 billion round CNBC reported on in September, which valued the startup at $200 billion. Sources told CNBC that a lot of the money will fund graphic processing units that underpin large language models.
Artificial intelligence startups have reached sky high valuations in recent months as they raise massive amounts of capital to power seemingly endless demand for foundational models. Read more.
— Samantha Subin
15 Hours Ago
Stocks open in the red Thursday
The three leading U.S. indexes opened Thursday’s session in negative territory.
The S&P 500 dropped 0.5% just after 9:30 a.m. ET, while the Nasdaq Composite declined 0.7%. The Dow Jones Industrial Average also shed 90 points, or 0.2%.
— Sean Conlon
15 Hours Ago
Stocks making the biggest moves premarket
Walt Disney Co. signage on the floor at the New York Stock Exchange (NYSE) in New York, US, on Monday, Sept. 29, 2025.
Michael Nagle | Bloomberg | Getty Images
Check out the companies making headlines before the bell:
Walt Disney Company — The media giant fell more than 4% on mixed fiscal fourth-quarter results. The company earned an adjusted $1.11 per share, beating an LSEG estimate of $1.05 per share. Revenue, however, came in at $22.46 billion, below a consensus forecast of $22.75 billion.
Firefly Aerospace — Shares of the Texas-based aerospace company surged more than 20% following strong third-quarter results. Firefly reported a narrower-than-expected adjusted loss and topped revenue expectations for the period, according to LSEG consensus estimates. Firefly also said it expects fiscal year 2025 revenue to come out between $150 million to $158 million, higher than the $136 million consensus forecast.
Read the full list here.
— Sarah Min
16 Hours Ago
Dillard’s shares gain after revenue beat
Shares of Dillard’s advanced more than 8% in the premarket on Thursday following the department store chain’s latest quarterly results.
Dillard’s reported revenue for the third quarter of $1.49 billion, beating the $1.43 billion that analysts polled by FactSet had estimated. The company also saw its comparable store sales increase 3% in the period. Analysts had expected them to be flat, according to FactSet.
DDS, 1-day
— Sean Conlon
16 Hours Ago
TKO, Polymarket reach multiyear deal; shares rise
TKO Group Holdings Inc. and Polymarket signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Thursday, Nov. 13,2025.
Michael Nagle | Bloomberg | Getty Images
TKO Group Holdings — the parent company of UFC and Zuffa Boxing — has signed a multiyear partnership with Polymarket to bring real-time prediction markets into live combat sports.
The deal makes UFC and Zuffa Boxing the first sports organizations to incorporate prediction market technology into live events. Polymarket will provide real-time data visualizations of fan sentiment and momentum during fights, offering an additional layer of engagement alongside traditional sports betting.
“By partnering with Shayne and his team at Polymarket, we’re unlocking a new dimension of fan engagement,” said Ariel Emanuel, executive chair and CEO of TKO, in a statement. “Integrating Polymarket with the UFC and Zuffa Boxing live experience will help fans interact with these events in real time, transforming passive viewership into active participation.” Read more.
TKO, 1-day
— Yun Li
17 Hours Ago
Cisco shares jump after earnings beat and guidance hike
Cisco shares gained more than 7% in premarket trading Thursday on the heels of the networking company’s first-quarter results topping Wall Street’s expectations.
The company posted $1 in adjusted earnings per share on revenue of $14.88 billion, above the 98 cents per share and $14.77 billion in revenue that analysts surveyed by LSEG had penciled in.
Cisco also raised its full-year outlook, now seeing adjusted earnings coming in between $4.08 and $4.14 per share and revenue at $60.2 billion to $61 billion. That’s up from its prior guidance guidance of $4 to $4.06 in earnings per share and $59 billion to $60 billion in revenue. Analysts had estimated adjusted earnings to be at $4.04 per share for the period and revenue at $59.68 billion, per LSEG.
Its second-quarter earnings and revenue guidance likewise exceeded analyst expectations.
CSCO, 1-day
— Sean Conlon
17 Hours Ago
Disney shares fall after mixed earnings report
Dado Ruvic | Reuters
Disney shares were down more than 2% after the media giant posted mixed results for its fiscal fourth-quarter.
The company earned an adjusted $1.11 per share, beating an LSEG estimate of $1.05 per share. Revenue, however, came in at $22.46 billion, below a consensus forecast of $22.75 billion.
The report showed that growth from Disney’s streaming business was offset by declines in legacy TV.
— Fred Imbert
18 Hours Ago
Loop Capital hikes Lyft price target
Loop Capital raised its price target on Lyft to $31 from $20, implying upside of 26% from Wednesday’s close.
“We think the set-up for the business into 2026 is favorable for the stock. Secular trends are strong, demand trends remain solid and Lyft is competing effectively on product and service levels. Margins have been steadily improving, consensus is well below management’s target for 2027, and its larger competitor is rational and focused on balancing growth alongside profit expansion,” wrote analyst Rob Sanderson, who has a buy rating on the stock.
— Fred Imbert
Wed, Nov 12 20256:44 PM EST
Cisco, Firefly Aerospace among stocks moving in extended trading Wednesday
Firefly’s CEO Jason Kim poses for photos during the company’s IPO at the Nasdaq MarketSite in New York City, U.S., August 7, 2025.
Jeenah Moon | Reuters
Check out the companies making headlines in after-hours trading.
Cisco — Shares of Cisco gained more than 7% in extended trading after the networking company posted better-than-expected profit and revenue for its fiscal first quarter. Cisco earned $1 per share, excluding items, on $14.88 billion in revenue, while analysts polled by LSEG expected 98 cents per share on $14.77 billion in revenue.
Firefly Aerospace — The Texas-based aerospace company saw its shares soar about 18% on the back of strong quarterly results. The company posted a narrower-than-expected adjusted loss for the third quarter and exceeded revenue expectations for the period, according to LSEG. Firefly also said it expects fiscal year 2025 revenue to come out between $150 million to $158 million, higher than the $136 million forecast from analysts polled by LSEG.
Flutter Entertainment — Shares of Flutter Entertainment, the world’s largest sports betting and gambling company, fell 4% after the company reported a hefty earnings beat but missed revenue expectations, according to LSEG estimates. The Fanduel owner also cut its full-year guidance, citing winning streaks from gamblers. Flutter separately announced its new prediction markets app, FanDuel Predicts, expected to launch in December.
For the full list, read here.
— Pia Singh
Wed, Nov 12 20256:09 PM EST
U.S. stock futures open lower on Wednesday evening
Shortly after 6 p.m. ET on Wednesday, futures tied to the S&P 500 and Nasdaq-100 futures each lost more than 0.2%. Futures tied to the Dow Jones Industrial Average edged lower by 39 points, or nearly 0.1%.
— Pia Singh
