4:15pm: Tech investors hit the exit
Stocks closed mostly lower on Monday as investors braced for a packed week of economic releases, including the November jobs report on Tuesday and an inflation reading on Thursday.
The Dow Jones held relatively steady, slipping just 41 points, or 0.1%, to 48,417, while the S&P 500 dipped 11 points, or 0.2%, to 6,817. Tech-heavy Nasdaq led the declines, falling 138 points, or 0.6%, to 23,057, and the Russell 2000 dropped 19 points, or 0.8%, to 2,532.
Tech stocks continued to feel pressure, with investors stepping back amid concerns that AI hype may have outpaced reality. Broadcom (AVGO) extended losses following last week’s earnings report, while Oracle (ORCL) shares also slipped.
Tesla (TSLA), on the other hand, had a standout day, briefly touching an all-time high of $479.86 before pulling back slightly. Shares ended the session up more than 3.5% as optimism around its Robotaxi business picked up, with one Wall Street bull declaring the “autonomous chapter” has begun for the EV maker.
Investors are now turning their attention to key economic data this week, including Tuesday’s jobs report and Thursday’s inflation numbers, as well as October retail sales. These figures will play a critical role in shaping expectations for interest rate cuts in 2026.
3:45pm: Proactive news headlines
- Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF) plans to raise up to C$20 million in an upsized brokered private placement, with Eric Sprott indicating a potential cornerstone commitment of up to C$10 million.
- Medicus Pharma (NASDAQ:MDCX) has completed enrollment of 90 patients in its Phase 2 SKNJCT-003 study evaluating a non-invasive doxorubicin microneedle treatment for basal cell carcinoma.
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) reported new test results showing its graphene aluminium-ion battery can recharge in about six minutes, as development continues with partners including the University of Queensland and Rio Tinto.
- Northstar Gold Corp. (CSE:NSG) closed the first tranche of a non-brokered private placement, raising C$855,700 to advance its Cam Copper Mine in Ontario.
- EnWave Corp (TSX-V:ENW, OTC:NWVCF) posted a strong end to 2025, with fourth-quarter revenue rising to C$6.2 million on higher machine sales and expanded royalty income.
- Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) has listed its shares on the Frankfurt Stock Exchange, expanding trading access alongside its TSX Venture and US OTC listings.
- Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF) outlined its first underground drilling program at the high-grade El Potrero gold-silver project in Mexico following extensive channel sampling.
- M2i Global Inc (OTC:MTWO) and Volato Group advanced regulatory steps toward their proposed all-stock merger, including Volato filing an S-4 registration statement with the SEC.
- C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) reported an encouraging first drill result at its Khaleesi copper project in Peru, intersecting a broad zone of copper mineralization.
- Ocean Power Technologies Inc (NYSE-A:OPTT) reported a sharp year-over-year increase in backlog to about $15 million and growth in its commercial pipeline during fiscal Q2.
- EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) raised C$1 million in a non-brokered private placement to advance environmental permitting at its Scotia Mine in Nova Scotia.
2:55pm: Market movers
- Zillow (NASDAQ: Z) shares fell 8.5% after reports that Google is testing a new mobile real estate ad format that could threaten Zillow’s traffic-driven lead-generation business.
- ServiceNow (NYSE: NOW): ServiceNow is in advanced talks to acquire cybersecurity firm Armis in a deal valued at about $7 billion, according to Bloomberg.
- iRobot (NASDAQ: IRBT) has filed for Chapter 11 bankruptcy and agreed to be acquired by its main lender and contract manufacturer, Shenzhen Picea Robotics, in a deal expected to close by February 2026.
- Medicus Pharma (NASDAQ: MDCX) has completed enrollment in a Phase 2 trial testing its non-invasive microneedle-based doxorubicin treatment for basal cell carcinoma.
- Graphene Manufacturing Group (TSX-V: GMG) reported new test results showing its graphene aluminium-ion battery can recharge in about six minutes, as development continues with partners including Rio Tinto and the University of Queensland.
1:50pm: What would a Warsh Fed look like?
Markets are weighing the implications of a possible Kevin Warsh nomination as Federal Reserve chair after President Donald Trump signaled the race may be down to Warsh and Kevin Hassett.
In a note, the bank said Warsh has credentials similar to current Chair Jerome Powell, combining public- and private-sector experience.
Warsh served as a Fed governor from 2006 to 2011, spanning the global financial crisis, and later joined Stan Druckenmiller’s family office, Duquesne, while also holding academic roles at Stanford and the Hoover Institution.
Deutsche Bank highlighted Warsh’s long-running criticism of the Fed, particularly its expanded use of the balance sheet. While he backed early quantitative easing during the crisis, he opposed later rounds, arguing they risked inflation, financial instability and political entanglement. Warsh has also faulted the Fed for being overly data-dependent, skeptical of forward guidance, and prone to “mission creep.”
On near-term policy, Deutsche Bank cautioned against assuming a sharp dovish turn. “Although Warsh has argued for lower rates recently, we do not view him as structurally dovish,” the analysts wrote, noting his historically hawkish stance on the balance sheet and opposition to last September’s 50-basis-point rate cut.
More broadly, the bank said markets are likely to test the next chair’s independence, but it remains skeptical of any discrete policy shift immediately following a leadership change, given a divided Federal Open Market Committee.
12:45pm: SpaceX IPO reportedly moving forward
SpaceX has begun discussions with Wall Street banks as it explores the possibility of a public offering, The Wall Street Journal reported, citing people with knowledge of the matter.
The Elon Musk-founded rocket-maker is reportedly conducting a “bake-off” process, in which banks pitch their advisory and underwriting services ahead of any potential listing.
Initial proposals from the banks are expected in the coming weeks.
While no official timeline has been set, the WSJ cited discussions suggesting that SpaceX could pursue an IPO in 2026.
11:40am: iRobot files for bankrupty
iRobot Corporation (NASDAQ:IRBT), known for its Roomba robot vacuums, has filed for Chapter 11 bankruptcy in Delaware and will be bought by its main lender and manufacturer, Shenzhen Picea Robotics.
Under the proposed plan, Picea would acquire 100% of iRobot’s equity, resulting in the cancellation of existing shares. Current stockholders are not expected to receive any recovery. Following the acquisition, iRobot will become a privately held company and its shares will be delisted from the Nasdaq.
Years of competitive pressures, supply-chain challenges, and a failed acquisition by Amazon are seen as factors contributing to the restructuring decision. The company’s Roomba products have faced growing competition from lower-cost alternatives, affecting pricing and profit margins.
Shares of iRobot plummeted 73% on the news to trade at about $1.15.
11:00am: Week ahead
Risk appetite is starting to stabilize after a sharp selloff in technology shares late last week. Investors are keeping a close eye on a packed calendar of economic data and central bank announcements. After last week’s tech-led selloff, markets are looking for clarity on how the Federal Reserve’s recent rate cuts have affected the economy.
Key releases include US employment figures, retail sales, and inflation data, which will offer insight into whether the economy is cooling or still resilient.
The week will be dominated by a backlog of US data delayed during the government shutdown, including November payrolls on Tuesday, October retail sales, and the November consumer price index on Thursday. These releases will offer a first glimpse into whether the Federal Reserve’s 75-basis-point rate cuts in recent months were warranted. Analysts warn that stronger-than-expected job growth or inflation could unsettle markets and drive gold to new highs.
On the earnings front, investors will be monitoring reports from Micron Technology Inc (NASDAQ:MU), Nike Inc (NYSE:NKE, XETRA:NKE), FedEx Corp (NYSE:FDX, XETRA:FDX), Accenture PLC (NYSE:ACN), General Mills Inc (NYSE:GIS, XETRA:GRM), and Carnival Corp (NYSE:CCL) for clues about the broader economy and the ongoing AI investment cycle.
10:00am: Nasdaq drops at open
Wall Street's main three stock benchmarks opened slightly higher before diving into the red.
The Nasdaq was down 0.2%, while the Dow Jones and S&P 500 were close to flat.
Broadcom and Apple were particularly weighing, down 2.4% and 1.3%, while Nvidia and Tesla were providing some support, up 1.2% and 4.2%.
8.15am: Wall Street futures point higher
US stocks are expected to start the week on the front foot, rebounding after tech stocks drove selling at the end of last week.
S&P 500 futures were up 0.5%, with Dow Jones predicted to open up 0.4% and the Nasdaq 0.6% higher.
The previous session saw stock markets limp into the weekend, with the Nasdaq falling 1.7% to 23,195, the Russell 2000 shedding 1.5% to 2,551, the S&P dropping 1.1% to 6,827 and the Dow slipping 0.5% to finish at 48,458.
Market watchers pointed to rising Treasury yields tightening the screws on rate-sensitive sectors, while chip stocks were hit especially hard following earnings from Oracle and Broadcom, plus reports of delays to Oracle data centres for OpenAI and news that Rivian was replacing Nvidia chips in future vehicles.
Oracle fell 12.7% over the week after missing revenue expectations, while Broadcom shed more than 7% despite a stunning set of numbers.
The S&P 500 tech sector lost 2.3% over the week, as Nvidia fell olver 4% across the five days, while the telecoms sector also tumbled 3.2%, while finance was up 2.3% and materials up 2.4%.
"This tech underperformance reinforced concerns that the AI-driven rally shows signs of cooling, at least in the near term, as investors reassess valuations and earnings momentum," said market analyst David Morrison at TradeNation.
"Micron reports tomorrow, and this could help set the tech tone for the rest of the year."
Economic data releases will be central this week, with the official non-farm payrolls jobs reports for October and November, weekly ADP payrolls, retail sales and flash PMIs all due tomorrow, followed by the November CPI report on Thursday.
Elsewhere, shares in iRobot are down 70% in premarket trading after the firm behind the Roomba vacuum cleaner filed for Chapter 11 bankruptcy protection.