4:20pm: Record close
Wall Street wrapped up a mixed session on Tuesday, with the Dow Jones hitting a fresh all-time high, boosted by optimism that Washington could soon end the record-long government shutdown. The blue-chip index soared 559 points, or 1.2%, to close at 47,928.
The S&P 500 eked out a modest gain, rising 14 points, or 0.2%, to 6,847, while the tech-heavy Nasdaq slipped 59 points, or 0.3%, as big technology names struggled to maintain momentum. Nvidia was a notable drag, curbing gains across the sector. The small-cap Russell 2000 edged up 3 points, or 0.1%, to 2,458, rounding out a day of cautious optimism for investors.
3:45pm: Proactive news headlines
- AtaiBeckley NV (NASDAQ:ATAI) gained attention after Phase 2b data for BPL-003 showed rapid and durable antidepressant effects in treatment-resistant depression, highlighting its potential as a differentiated psychedelic therapy.
- American Resources Corp (NASDAQ:AREC) said its minority stake, ReElement Technologies, won the 2025 Trusted Tech Leadership Award for integrity, innovation, and collaboration in advancing global tech diplomacy.
- Caledonia Mining Corporation PLC (AIM:CMCL) CEO Mark Learmonth discussed the company’s Q3 2025 financial and operational highlights with Proactive, noting forward-looking information caution.
- NanoViricides (NYSE-A:NNVC) plans to raise about $6 million through a registered direct offering of 3.57 million shares at $1.68 per share to a single healthcare institutional investor.
- Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) shares jumped 22% after Italy’s Lombardy region advanced its uranium exploration permits to the final environmental approval stage.
- Team Internet Group PLC (AIM:TIG) rose 11% after launching a strategic review to explore sales or partnerships for most operations, while excluding a whole-company bid.
2:50pm: Market movers
- CoreWeave (NASDAQ:CRWV) shares fell nearly 13% after the company cut its 2025 revenue outlook due to third-party data center delays, despite reporting better-than-expected Q3 results.
- Nebius Group NV (NASDAQ:NBIS) announced a $3 billion, five-year deal to supply AI compute infrastructure to Meta, following a $19.4 billion agreement with Microsoft in September.
- Getty Images (NYSE:GETY) shares rose almost 6% after the company’s Q3 earnings beat Wall Street expectations despite flat year-over-year revenue.
- Sonder Holdings Inc (NASDAQ:SOND) said it plans to file for bankruptcy after Marriott terminated its 20-year licensing deal, citing Sonder’s default.
- Beyond Meat Inc (NASDAQ:BYND) posted a wider-than-expected Q3 loss and weaker Q4 sales guidance, missing analyst estimates.
- Paramount Skydance (NASDAQ:PSKY) reported Q3 results below expectations as strong streaming performance failed to offset weakness in traditional TV operations.
- Nvidia Corp (NASDAQ:NVDA) shares slipped nearly 2% after SoftBank disclosed it sold its entire $5.83 billion stake in the chipmaker.
- Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) jumped 22% after Italy’s Lombardy region advanced its uranium exploration applications to the final environmental approval stage.
2:00pm: Analyst calls
Bank of America believes investors may be overlooking value in non-AI sectors, highlighting Buy-rated stocks with positive earnings revisions and below-market valuations.
In its latest research, the bank raised CommScope’s price target to $23.50, cited Nike’s innovation pipeline as a key growth driver, and noted strong AI infrastructure demand at Coreweave despite temporary supply delays. Medtronic’s upcoming earnings are seen as well positioned for growth, while Paramount Skydance’s restructuring will take time to play out.
Elsewhere, UBS upgraded Linde PLC to Buy, calling its recent pullback a buying opportunity with earnings acceleration ahead. The bank also issued initial comments on Visa and Mastercard’s proposed settlement, previewed Aptiv’s investor day, and published reports on the 2026–2028 U.S. economic outlook, AI-driven debt issuance, and more than 60 healthcare innovators leveraging artificial intelligence in therapeutics and diagnostics.
12:50pm: Comeback time?
If markets are going to stage a comeback, it looks like now is a good time to start.
The Dow is currently ahead 0.9% and the S&P is about three points above the flatline, but the Nasdaq is still in the red, underwater by about 0.5%.
11:45am: Shutdown deal close
A bipartisan deal appears close, with the GOP securing funding for federal agencies until January 30 and Democrats winning promises on healthcare credits and rehiring federal workers.
Michael Brown of Pepperstone said, “Add that to what is already a strong bull case… and I remain confident that the path of least resistance continues to lead to the upside.”
Looking ahead, some employment and inflation data may remain disrupted, with impacts potentially lasting into early 2026. Meanwhile, Brown flagged rising risks for Treasuries, noting that “the balance of risks is tilting back in favour of higher yields, and maybe even the 30-year testing 5% once more.”
10:25am: Small business sentiment slips
Small business sentiment dipped again in October, with the NFIB Small Optimism Index falling to 98.2, marking the second consecutive decline and the weakest level since sweeping new tariffs were announced in April.
Wells Fargo noted that while hiring remains stable and price increases are slowing, “a lack of qualified labor combined with deteriorating sales and profits appeared to weigh on economic expectations.”
High costs, elevated interest rates, and stagnating demand continue to challenge small firms despite optimism remaining above pre-election levels.
9:50am: AI drama hits Nasdaq
Wall Street started off Tuesday on a mixed note, with tech shares dragging broader markets amid renewed fears that the AI boom may be running ahead of itself.
The Dow Jones added 82 points, or 0.2%, to 47,451, while the S&P 500 slipped 14 points, or 0.2%, to 6,819. The Nasdaq fell 116 points, or 0.5%, to 23,411, weighed down by a selloff in key AI names. Small caps bucked the trend, with the Russell 2000 climbing 23 points, or 0.9%, to 2,456.
Wall Street’s AI euphoria hit a speed bump as SoftBank dumped its entire Nvidia stake to fund its own AI projects, sending Nvidia down about 2% in premarket trading. CoreWeave also stumbled, slashing its full-year revenue guidance after a partner-related delay despite strong quarterly results, dragging its stock roughly 11% lower.
Investors are balancing tech jitters against rising hopes that the 41-day government shutdown could finally end. The Senate advanced a funding measure Monday, sending it to the House for a vote. A reopening would release delayed economic data, offering a clearer picture of jobs, inflation, and growth — key inputs for the Fed’s December decisions.
Private reports out Tuesday showed US companies shedding 11,250 jobs per week in October, signaling a cooling labor market ahead of official numbers. Analysts say the Fed could adjust its rate-cut bets once full data resumes, currently priced at just 63.5% for December.
Elsewhere, Boeing extended a new offer to striking St. Louis workers, Visa and Mastercard confirmed a proposed settlement with merchants, and Rocket Lab soared on excitement over a record backlog. Paramount Skydance rose in its first earnings as a combined firm, while Beyond Meat continued to struggle with persistent losses.
“Investors are walking a tightrope between optimism over a reopening and caution on AI valuations,” said Swissquote senior analyst Ipek Ozkardeskaya. “The flood of data that comes with the end of the shutdown could reshape the market quickly.”
For now, the mood is cautious: the tech selloff reminds Wall Street that even in a market near all-time highs, excitement over AI comes with a hefty dose of risk.
7:10am: Mixed morning
US stock futures were mixed early on Tuesday morning, with tech stocks in the red, as the boost from a potential end to the US government shutdown quickly ran out of steam.
Dow Jones futures were just a small handful of points above flat, while S&P 500 and Nasdaq futures were down 0.2% and 0.4%.
The tech sector led the day before, with the Nasdaq climbing 523 points or 2.3% to 23,527, the S&P rising 1.5% to 6,832 and the Dow up 0.8% to 47,369. The Russell 2000 ticked up 0.9% to 2,456.
Nvidia gained over 5% and Palantir leapt almost 9%, while chipmakers made gains across the board. But on Tuesday, Nvidia was down over 2% in premarket trading, with Palantir and others like Meta Platforms down around 1.5%.
Tuesday saw TSMC (NYSE:TSM), the world’s leading chipmaker, report a 17% year-on-year increase in October sales, its weakest monthly growth since February 2024 but broadly in line with analyst expectations.
Elsewhere, 'Big Short' investor Michael Burry, who had helped spark some recent selling by targeting Palantir and Nvidia in his sights, launched a fresh attack on the sector, accusing Oracle and Meta of overstating earnings by 26.9% and 20.8% respectively.
Burry also teased a major announcement on November 25 to shed more light on the overvaluations seen in the sector.
Markets were also looking ahead to a vote on the deal to end the shutdown in the US House of Representatives tomorrow, where the bill is expected to pass to the President later in the week.
"The boost seen yesterday around the potential for an end to the US shutdown appears to be losing legs already," said market analyst Josh Mahony at Scope Markets.
If the shutdown is ended on Wednesday, as currently expected, it should pop the cork on a huge backlog of US data releases.
"There isn’t an exact precedent for this, given we’ve never had a shutdown last this long before," said Deutsche Bank. "But back in 2013, which was the last shutdown to affect the jobs report, the government reopened on October 17, and we then got the September jobs report 5 days later, on October 22.
"So based on that timeline, we could get the September jobs report pretty quickly, not least because the original release was meant to be on October 3, just a couple of days after the shutdown began. Early next week is realistic."
Mahony added that "major questions remain" due to the complexity in collating figures retrospectively and concerns around the quality of the data, given a shift in methodology. "Will Fed members believe the data is robust enough to inform them about whether to cut rates next month?"
He said the Burry threats over the AI sector also provide "a potential cloud that could hang over tech stocks until we see exactly what evidence he has, with investors already jittery amid constant news coverage stating that we are currently in the late stages of a bubble".