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Tag: Financial Markets

  • World shares are mixed, tracking Wall Street’s winning streak, as US markets close for Thanksgiving

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    MANILA, Philippines — Shares in Europe are mixed following gains in most Asian markets.

    The futures for the S&P 500 and the Dow Jones Industrial Average were nearly unchanged ahead of Thursday’s Thanksgiving holiday.

    In early European trading, Germany’s DAX climbed 0.2% to 23,781.53. Britain’s FTSE 100 slid 0.2% to 9,677.14, while the CAC 40 in Paris was down less than 0.1% at 8,096.41.

    Most Asian markets advanced. Japan’s Nikkei 225 added 1.2% to 50,167.10 as investors bet that the Federal Reserve will cut interest rates at its Dec. 10 meeting.

    The Japanese government reportedly plans to issue 11 trillion yen ($70.5 billion) in new bonds to fund its economic package. Tech-related stocks advanced, with SoftBank Group jumping 3.6% and Kioxia Holdings up 7.9% following a nearly 15% rout the day before.

    In Chinese markets, Hong Kong’s Hang Seng index picked up nearly 0.1% to 25,945.93, while the Shanghai Composite index climbed 0.3% to 3,875.26.

    Gains were tempered by data that showed profits for the first ten months of 2025 at major Chinese industrial firms rose a lackluster 1.9% year-on-year, down from 3.2% growth in the previous period.

    In South Korea, the Kospi added 0.7% to 3,986.91. The Bank of Korea kept its policy rate unchanged at 2.5%, supporting financial stability amid a weakened currency and market concerns on rising housing prices.

    Australia’s S&P/ASX 200 rose 0.1% to 8,617.30 while Taiwan’s tech-heavy Taiex index added 0.5%. India’s BSE Sensex was up 0.3%.

    On Wednesday, U.S. stocks closed broadly higher, with the S&P 500 gaining 0.7% and the Dow up 0.7%. The Nasdaq composite added 0.8%.

    Stocks have been rallying as comments from Federal Reserve officials have given traders more confidence the central bank will again cut interest rates at its meeting in December. Traders are betting on a nearly 83% probability that the Fed will cut next month, according to data from CME Group.

    Solid gains for technology companies led the rally, though most sectors in the benchmark S&P 500 index finished higher. Gainers also outnumbered decliners by more than 2 to 1 on the New York Stock Exchange.

    U.S. markets have a shortened trading week due to the Thanksgiving holiday, closing on Thursday and opening for shorter hours on Friday.

    The market’s recent rebound, fueled by investor hopes for another Federal Reserve interest rate cut in December, has helped erase most of the major indexes’ losses following a bout of selling earlier this month.

    In other dealings early Thursday, U.S. benchmark crude added 6 cents to $58.71 per barrel. Brent crude, the international standard, was flat at $62.54 per barrel.

    The U.S. dollar slipped to 156.29 Japanese yen from 156.47. The euro slid to $1.1585 from $1.1595.

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  • Another rally for Alphabet leads the US stock market higher

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    NEW YORK (AP) — The U.S. stock market rallied on Monday, at the start of a week with shortened trading because of the Thanksgiving holiday.

    The S&P 500 climbed 1.5% for one of its best days since the summer and added to its jump from Friday, finding some strength following a shaky few weeks. The Dow Jones Industrial Average rose 202 points, or 0.4%, and the Nasdaq composite jumped 2.7%.

    Stocks got a lift from rising hopes that the Federal Reserve will cut its main interest rate again at its next meeting in December, a move that could boost the economy and investment prices.

    The market also benefited from strength for stocks caught up in the artificial-intelligence frenzy. Alphabet, which has been getting praise for its newest Gemini AI model, rallied 6.3% and was one of the strongest forces lifting the S&P 500. Nvidia rose 2.1%.

    Monday’s gains followed sharp swings in recent weeks, not just day to day but also hour to hour, caused by uncertainty about what the Fed will do with interest rates and whether too much money is pouring into AI and creating a bubble. All the worries are creating the biggest test for investors since an April sell-off, when President Donald Trump shocked the world with his “Liberation Day” tariffs.

    Despite all the recent fear, the S&P 500 remains within 2.7% of its record set last month.

    “It’s reasonable to expect that stocks will experience periods of pressure from time to time, which, historically, is quite healthy for longer-term strength,” Anthony Saglimbene, Ameriprise chief market strategist, wrote in a note to investors.

    Several more tests lie ahead this week for the market, which could create more swings, though none loom quite as large as last week’s profit report from Nvidia or the delayed jobs report from the U.S. government for September.

    One of the biggest tests will arrive Tuesday, when the U.S. government will deliver data showing how bad inflation was at the wholesale level in September.

    Economists expect it to show a 2.6% rise in prices from a year earlier, the same inflation rate as August. A worse-than-expected reading could deter the Fed from cutting its main interest rate in December for a third time this year, because lower rates can worsen inflation. Some Fed officials have already argued against a December cut in part because inflation has stubbornly remained above their 2% target.

    Traders are nevertheless betting on a nearly 85% probability that the Fed will cut rates next month, up from 71% on Friday and from less than a coin flip’s chance seen a week ago, according to data from CME Group.

    U.S. markets will be closed on Thursday for the Thanksgiving holiday. A day later, it’s on to the rush of Black Friday and Cyber Monday.

    On Wall Street, U.S.-listed shares of Danish drugmaker Novo Nordisk fell 5.6% Monday after it reported that its Alzheimer’s drug failed to slow progression of the disease in a trial.

    Grindr dropped 12.1% after saying it’s breaking off talks with a couple of investors who had offered to buy the company, which helps its gay users connect with each other. A special committee of the company’s board of directors said it had questions about the financing for the deal by the investors, who collectively own more than 60% of Grindr’s stock.

    All told, the S&P 500 rose 102.13 points to 6,705.12. The Dow Jones Industrial Average climbed 202.86 to 46,448.27, and the Nasdaq composite jumped 598.92 to 22,872.01.

    Bitcoin, meanwhile, continued it sharp swings. It was sitting around $89,000 after bouncing between $82,000 and $94,000 over the last week. It was near $125,000 last month.

    In stock markets abroad, indexes were mixed in Europe and Asia.

    Hong Kong’s Hang Seng jumped 2% for one of the world’s biggest moves. It got a boost from a 4.7% leap for Alibaba, which has reported strong demand for its updated Qwen AI app. Alibaba is due to report earnings on Tuesday.

    In the bond market, Treasury yields eased a bit. The yield on the 10-year Treasury fell to 4.03% from 4.06% late Friday.

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    AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

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  • U.S. stocks rise as Wall Street looks to add to its winning streak

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    NEW YORK — U.S. stocks are rising as Wall Street looks to build on a three-day winning streak. The S&P 500 rose 0.5% in early trading Wednesday. The Dow Jones Industrial Average gained 140 points, or 04%, and the Nasdaq added 0.6%. Dell Technologies rose 4% after saying it has received record orders for its artificial intelligence servers. Urban Outfitters joined other retailers in reporting earnings that exceeded Wall Street forecasts, and its shares jumped 9.6%. Shares of Deere dropped 5% after the farm equipment company issued a downbeat forecast, citing tariffs. In the bond market, the yield on the 10-year Treasury rose above 4%.

    THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

    BANGKOK (AP) —

    Shares in Europe and Asia advanced on Wednesday after benchmarks on Wall Street surged on hopes the Federal Reserve will soon opt to cut interest rates.

    The future for the S&P 500 gained 0.3%, while that for the Dow Jones Industrial Average was up 0.2%.

    In early European trading, Germany’s DAX gained 0.2% to 23,500.98, while the CAC 40 in Paris also rose 0.2%, to 9,623.22. Britain’s FTSE 100 edged 0.1% higher.

    In Asia, Tokyo’s Nikkei 225 rose 1.9% to 49,559.07 in a broad rally that encompassed major exporters and technology shares. However, shares in Kioxia dropped 14.9% on reports that Bain Capital plans to sell $2.3 billion of the computer memory maker’s shares.

    In South Korea, the Kospi gained 2.7%, to 3,960.87, helped by a 3.5% gain for Samsung Electronics, the market’s biggest heavyweight. Computer chip maker SK Hynix climbed 1%.

    Taiwan’s Taiex surged 1.9%.

    Chinese markets were mixed.

    Hong Kong’s Hang Seng rose 0.1% to 25,928.08 and the Shanghai Composite index slipped 0.2%, to 3,864.18.

    Chinese e-commerce and technology giant Alibaba fell 1.9%. Its U.S.-traded shares fell 2.3% on Tuesday after its profit fell short of forecasts, though it reported stronger revenue than analysts had expected for the latest quarter.

    Australia’s S&P/ASX 200 climbed 0.8% to 8,606.50. In New Zealand, the S&P/NZX 50 added 0.6% after the central bank cut its official cash rate to 2.25% from $2.5%.

    U.S. markets will have a shortened trading week due to the Thanksgiving holiday, closing on Thursday and opening for shorter hours on Friday.

    On Tuesday, the S&P 500 rose 0.9% and the Dow Jones Industrial Average rallied 1.4%. The Nasdaq composite gained 0.7%.

    Easier interest rates can give particularly big boosts to smaller companies, because many of them need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks jumped 2.1% to lead the market.

    Mixed economic data left traders betting on a nearly 83% probability that the Fed will cut in December, according to data from CME Group.

    Shoppers bought less at U.S. retailers in September than economists expected, while confidence among U.S. consumers worsened by more in November than expected, signals the economy could use help from lower interest rates.

    Easier rates can boost the economy by encouraging households and companies to borrow more and investors to pay higher prices for investments than they would otherwise.

    Another report said U.S. inflation at the wholesale level was a touch worse in September than expected, but a closely tracked underlying trend was slightly better. Lower interest rates can worsen inflation, and higher prices are the main reason the Fed has been holding back on rate cuts.

    Later Wednesday, the U.S. was due to release more data that had been delayed by the six-week long government shutdown.

    The Fed has already cut rates twice this year in hopes of shoring up the slowing job market.

    In other dealings early Wednesday, U.S. benchmark crude oil gained 5 cents to $58.00 per barrel. Brent crude, the international standard, picked up 8 cents to $61.88 per barrel.

    The U.S. dollar rose to 156.46 Japanese yen from 156.06 yen. The euro rose to $1.1575 from $1.1569.

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  • US Treasury secretary takes aim at Fed’s interest rate control system

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    By Michael S. Derby

    (Reuters) -U.S. Treasury Secretary Scott Bessent said on Tuesday the Federal Reserve’s system of managing interest rates is struggling and needs to be simplified.

    “We’ve gotten to this point where monetary policy has gotten very complicated” and the U.S. central bank should “simplify things,” Bessent said in an ​interview with CNBC.

    “The Fed has taken us into a new regime, and what is called ample-reserves regime. And it looks like that might be fraying a bit here in terms of whether ‌the reserves are actually ample,” Bessent said.

    The Treasury secretary did not say what he meant by fraying.

    The Fed has faced and continues to face challenging money market conditions tied to how it has been managing its $6.56 trillion balance sheet and financial system liquidity levels.

    Officials at ‌the Fed’s last policy meeting announced that they would stop the contraction of the central bank’s overall balance sheet at the start of December. They did so as liquidity in financial markets in the run-up to the late October policy meeting tightened enough to complicate control of the federal funds rate, the Fed’s primary tool to achieve its inflation and employment goals.

    The turbulence was such that it drove eligible financial firms to borrow notable levels of cash from the Fed via its Standing Repo Facility, a tool used to put a ceiling over short-term interest rates. There were also intermittent large inflows of cash into the Fed’s reverse repo tool, which is used to set a floor ⁠underneath money market rates.

    CRITIC OF FED BALANCE SHEET

    Bessent has been a persistent Fed critic ‌who has expressed particular concern about its large balance sheet, which is primarily stocked with trillions in bonds bought in large part to stabilize financial markets and to provide stimulus to the economy.

    The large footprint, at least in dollar terms, is seen by Bessent and others, including some at the Fed, as distorting market pricing levels. ‍There also has been concern about the complex way the Fed manages rates, which relies on liquidity facilities and eschews the highly managed system it used prior to the financial crisis that began nearly 20 years ago.

    “A large balance sheet increases the Fed’s footprint in financial markets, distorts the price of duration and the slope of the yield curve, and potentially blurs the line between monetary and fiscal policy,” Kansas City Fed President Jeffrey Schmid said in a speech on November 14.

    Others have ​lamented that managing liquidity under the current system has led the Fed to pay out substantial sums to financial institutions. That approach turned the Fed from an institution that made substantial profits to one that is currently ‌$240 billion in the red, even as those losses have no impact on its ability to operate.

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  • Stocks climb on hopes for lower interest rates as Dow rallies 660 points

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    NEW YORK (AP) — The U.S. stock market climbed again Tuesday on hopes for a coming cut to interest rates.

    The S&P 500 rose 0.9% after breaking out of a morning lull and is back within 1.8% of its all-time high. The Dow Jones Industrial Average rallied 664 points, or 1.4%, and the Nasdaq composite gained 0.7%.

    Stocks got a boost from easing yields in the bond market. Lower interest rates can cover up many sins in financial markets, including prices going too high, and hopes are strong that the Federal Reserve will cut its main interest rate at its next meeting to juice the economy further.

    A raft of mixed economic data on Tuesday left traders betting on a nearly 83% probability that the Fed will cut in December, according to data from CME Group. That’s roughly the same as a day before and up sharply from the coin flip’s chance that they saw just a week ago.

    One of Tuesday’s reports said that shoppers bought less at U.S. retailers in September than economists expected. Another said confidence among U.S. consumers worsened by more in November than expected, a second signal that the economy could potentially use the help of lower interest rates.

    Easier rates can boost the economy by encouraging households and companies to borrow more and investors to pay higher prices for investments than they would otherwise.

    A third report, meanwhile, said inflation at the wholesale level was a touch worse in September than economists expected, but a closely tracked underlying trend was slightly better. That’s important because lower interest rates can make inflation worse, and high inflation is the main deterrent that could keep the Fed from cutting rates.

    After taking all the data together, economists suggested the Fed and its chair, Jerome Powell, could be leaning toward cutting rates on Dec. 10. The Fed has already cut rates twice this year in hopes of shoring up the slowing job market.

    “Taking a pause on rate cuts would probably do more damage to sentiment than a cut would help,” according to Brian Jacobsen, chief economist at Annex Wealth Management, who also said “Powell doesn’t need to be the Grinch that stole Christmas.”

    Easier interest rates can give particularly big boosts to smaller companies, because many of them need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks jumped 2.1% to lead the market.

    Elsewhere on Wall Street, several retailers leaped after delivering stronger profits for the summer than analysts expected.

    Abercrombie & Fitch soared 37.5% after the apparel seller reported a better profit than expected. It also raised the bottom end of its forecasted range for revenue and profit over the full year.

    Kohl’s surged 42.5% after reporting a profit for the latest quarter, when analysts were expecting a loss. Best Buy rose 5.3% after boosting its profit forecast for the full year following a better-than-expected third quarter, citing strength across computing, gaming and mobile phones.

    Dick’s Sporting Goods erased an early drop of 4% to add 0.2%. It raised its forecast for results at its Dick’s stores, though its purchase of Foot Locker is requiring some work. Executive Chairman Ed Stack said the company is “cleaning out the garage” at Foot Locker by clearing inventory, closing poorly performing stores and making other moves.

    Swings also continued in the artificial-intelligence industry, which has battled concerns that too many dollars are pouring into data centers and may not produce the revolution of bigger profits and productivity that proponents are predicting.

    Alphabet rose another 1.5%, continuing a strong run on excitement about its recently released Gemini AI model. Chinese giant Alibaba, meanwhile, saw its stock that trades in the United States fall 2.3% after losing an early gain. It reported stronger revenue than analysts expected for the latest quarter thanks in part to the AI boom, but its overall profit fell short of forecasts.

    Some chip companies dropped sharply following a report from The Information that Meta Platforms is in talks to spend billions of dollars on AI chips from Alphabet instead of them. Nvidia sank 2.6% and Advanced Micro Devices dropped 4.1%.

    All told, the S&P 500 rose 60.76 points to 6,765.88. The Dow Jones Industrial Average rallied 664.18 to 47,112.45, and the Nasdaq composite gained 153.59 to 23,025.59.

    In the bond market, the yield on the 10-year Treasury eased to 4.00% from 4.04% late Monday.

    In stock markets abroad, indexes rose across Europe and Asia. Germany’s DAX returned 1%, and stocks in Shanghai climbed 0.9% for two of the world’s bigger moves.

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    AP Business Writer Elaine Kurtenbach contributed.

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  • World shares are mixed as traders pin hopes on a rate cut by the Fed

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    BANGKOK — World shares and U.S. futures were mixed on Monday after Wall Street was buoyed by revived hopes for an interest rate cut by the Federal Reserve.

    The future for the S&P 500 was up 0.2% while that for the Dow Jones Industrial Average was nearly unchanged.

    Germany’s DAX gained 0.5% to 23,201.85, while the CAC 40 edged less than 0.1% lower to 7,978.77. Britain’s FTSE 100 inched up 0.1% to 9,547.77.

    Markets in Japan were closed for a holiday.

    Hong Kong’s benchmark, the Hang Seng, rose 2% to 25,716.50. It got a boost from a 4.7% gain for e-commerce giant Alibaba, which has reported strong demand for its updated Qwen AI app. Alibaba is due to report earnings on Tuesday.

    The Shanghai Composite index rose less than 0.1% to 3,836.77.

    Australia’s S&P/ASX 200 gained 1.3% to 8,525.10.

    In South Korea, the Kospi reversed early gains, falling 0.2% to 3,846.06 on heavy selling of automakers.

    Taiwan’s Taiex added 0.3% and the Sensex in India shed 0.4%.

    This week, U.S. markets will be closed Thursday for the Thanksgiving holiday, which will be followed by the Black Friday and Cyber Monday retail rushes.

    After last week’s ups and downs over AI and Nvidia, traders will focus more on “the backbone of U.S. growth, the consumer, whose spending still drives two-thirds of GDP,” Stephen Innes of SPI Asset Management said in a commentary.

    Data on the U.S. economy was scarce during the 6-week U.S. government shutdown, leaving investors struggling to parse trends in the economy.

    “This makes any sniff of holiday activity — foot traffic, discount depth, card authorizations — disproportionately important. In a data desert, even a puddle looks like a lake,” he said.

    On Friday, the S&P 500 gained 1% and the Dow climbed 1.1%. The Nasdaq composite rose 0.9%. Nearly 90% of stocks in the S&P 500 advanced.

    It was a fitting finish for a week that left the S&P 500 just 4.2% below its record but also forced investors to stomach the sharpest hour-to-hour swings since a sell-off in April. The jarring moves are testing investors following a monthslong and remarkably smooth surge for stocks, and they come down to two basic as-yet unanswered questions.

    Have prices for Nvidia, bitcoin and other stars of Wall Street shot too high? And is the Federal Reserve done with its cuts to interest rates, which would boost the economy and prices for investments?

    Markets took heart from a speech by the president of the Federal Reserve Bank of New York, John Williams, who told a conference in Chile that he sees “room for a further adjustment” to interest rates.

    Other Fed officials have argued against a December cut, saying inflation is still too high.

    In the bond market, Treasury yields eased Friday on hopes for cuts from the Fed. Traders are now betting on a nearly 72% probability of a December cut, up sharply from 39% a day before, according to data from CME Group. That helped send the yield on the 10-year Treasury to 4.06% from 4.10% late Thursday.

    In other dealings early Monday, U.S. benchmark crude oil lost 43 cents to $57.63 a barrel. Brent crude, the international standard, gave up 38 cents to $61.56 a barrel.

    The U.S. dollar rose to 156.75 Japanese yen from 156.47 yen. The euro climbed to $1.1537 from $1.1516.

    Bitcoin was up 1.6%, near $86,000. On Friday, it briefly plunged below $81,000 before pulling back toward $85,000. That’s down from nearly $125,000 last month and brought it back to where it was in April, when markets were shaking because of President Donald Trump’s higher tariffs.

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  • IPO market’s red-hot year has been cooled by the shutdown and more caution among investors

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    NEW YORK (AP) — A strong year for initial public offerings on Wall Street has fizzled out due to the government shutdown and a cautious turn by investors.

    Many IPOs targeted for the end of this year will likely be pushed into next year as the Securities and Exchange Commission works to clear a backlog of hundreds of registration statements. Meanwhile, shares of companies that did make their market debuts haven’t fared well lately amid concerns that stocks have gotten too expensive after another double-digit gain for the market this year.

    “A backlogged SEC, the approaching holiday slowdown, and pressure on AI and other tech stocks are all weighing on hopes for a near-term rebound,” wrote Bill Smith, CEO of Renaissance Capital, in a note to investors.

    Despite the backlog, Wall Street is still anticipating several IPOs in November and December that were already in the later stages of the regulatory process.

    Central Bancompany was one of the bigger companies going public following the end of the government shutdown. The bank holding company for The Central Trust Bank raised $373 million from its IPO on Thursday. Still, November is on track to be among the slowest months for IPOs in 2025, according to Renaissance Capital.

    Klarna CEO Sebastian Siemiatkowski, right, rings a ceremonial bell as his company's IPO begins trading on the floor of the New York Stock Exchange, Wednesday, Sept. 10, 2025. NYSE President Lynn Martin applauds at left. (AP Photo/Richard Drew)

    Wall Street anticipates that medical supplies company Medline could go public in December, potentially raising up to $5 billion, while cryptocurrency technology company BitGo remains another potential IPO for next month.

    The more cautious turn for the market has also checked the gains of some more recent IPOs, sending some falling sharply since their debuts.

    Web design software company Figma has essentially lost all its gains since going public in July. It more than tripled on its first day of trading after pricing at $33 per share. It is now trading slightly above the IPO price.

    Klarna, the Swedish buy now, pay later company priced its IPO at $40 per share in September and is currently trading close to $29 per share. Cloud computing company CoreWeave also priced its IPO at $40 per share, in March. It surged in the months following its IPO, but has pulled back significantly to about $72 per share.

    Software company Navan went public at $25 per share in the midst of the government shutdown but failed to gain much ground and is now trading at about $15.

    The benchmark S&P 500 is having a bleak November. It’s down 3.5% for the month, with much of that decline being led by the tech sector, which had been driven higher by enthusiasm over developments in artificial intelligence. Wall Street has grown more concerned about whether the gains have been justified.

    The S&P 500 is still up more than 12% for the year and the tech-heavy Nasdaq is up more than 15%.

    Renaissance Capital’s IPO Index is down about nearly 0.8% so far this year as of Friday and has been falling against the S&P 500 since mid-October.

    “What that shows is that investors very quickly monetized, they didn’t want to take the long-term risk,” said Samuel Kerr, head of global equity capital markets at Mergermarket.

    Still, overall demand for IPOs remains strong. Even with the recent pullback, the broader market remains expensive, especially within the influential technology sector. IPOs have traditionally been another way for investors to get into the market at a less expensive entry point.

    “Increasingly, as a money manager, you have to find other places to make money and typically, IPOs are that place,” said, David Kaufman, partner and co-chair of the corporate & securities practice at Thompson Coburn LLP. “You continue to have all these large mutual funds and money managers with excess cash and no place to put this cash.”

    The broader market’s direction in the new year will determine the costs and types of IPOs. Some of the more anticipated big tech names that could go public in 2026 include AI-focused software company Databricks and graphic design app Canva. Wall Street also considers financial technology Plaid as another possible 2026 IPO.

    Any visible lull in IPO activity through the rest of the year is partially masking a flurry of activity beneath the surface as companies go through the regulatory process.

    “It’s a busy time for lawyers and bankers trying to tee things up for the first and second quarter of next year,” Kaufman said.

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  • IPO market’s red-hot year has been cooled by the shutdown and more caution among investors

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    NEW YORK — A strong year for initial public offerings on Wall Street has fizzled out due to the government shutdown and a cautious turn by investors.

    Many IPOs targeted for the end of this year will likely be pushed into next year as the Securities and Exchange Commission works to clear a backlog of hundreds of registration statements. Meanwhile, shares of companies that did make their market debuts haven’t fared well lately amid concerns that stocks have gotten too expensive after another double-digit gain for the market this year.

    “A backlogged SEC, the approaching holiday slowdown, and pressure on AI and other tech stocks are all weighing on hopes for a near-term rebound,” wrote Bill Smith, CEO of Renaissance Capital, in a note to investors.

    Despite the backlog, Wall Street is still anticipating several IPOs in November and December that were already in the later stages of the regulatory process.

    Central Bancompany was one of the bigger companies going public following the end of the government shutdown. The bank holding company for The Central Trust Bank raised $373 million from its IPO on Thursday. Still, November is on track to be among the slowest months for IPOs in 2025, according to Renaissance Capital.

    Wall Street anticipates that medical supplies company Medline could go public in December, potentially raising up to $5 billion, while cryptocurrency technology company BitGo remains another potential IPO for next month.

    The more cautious turn for the market has also checked the gains of some more recent IPOs, sending some falling sharply since their debuts.

    Web design software company Figma has essentially lost all its gains since going public in July. It more than tripled on its first day of trading after pricing at $33 per share. It is now trading slightly above the IPO price.

    Klarna, the Swedish buy now, pay later company priced its IPO at $40 per share in September and is currently trading close to $29 per share. Cloud computing company CoreWeave also priced its IPO at $40 per share, in March. It surged in the months following its IPO, but has pulled back significantly to about $72 per share.

    Software company Navan went public at $25 per share in the midst of the government shutdown but failed to gain much ground and is now trading at about $15.

    The benchmark S&P 500 is having a bleak November. It’s down 3.5% for the month, with much of that decline being led by the tech sector, which had been driven higher by enthusiasm over developments in artificial intelligence. Wall Street has grown more concerned about whether the gains have been justified.

    The S&P 500 is still up more than 12% for the year and the tech-heavy Nasdaq is up more than 15%.

    Renaissance Capital’s IPO Index is down about nearly 0.8% so far this year as of Friday and has been falling against the S&P 500 since mid-October.

    “What that shows is that investors very quickly monetized, they didn’t want to take the long-term risk,” said Samuel Kerr, head of global equity capital markets at Mergermarket.

    Still, overall demand for IPOs remains strong. Even with the recent pullback, the broader market remains expensive, especially within the influential technology sector. IPOs have traditionally been another way for investors to get into the market at a less expensive entry point.

    “Increasingly, as a money manager, you have to find other places to make money and typically, IPOs are that place,” said, David Kaufman, partner and co-chair of the corporate & securities practice at Thompson Coburn LLP. “You continue to have all these large mutual funds and money managers with excess cash and no place to put this cash.”

    The broader market’s direction in the new year will determine the costs and types of IPOs. Some of the more anticipated big tech names that could go public in 2026 include AI-focused software company Databricks and graphic design app Canva. Wall Street also considers financial technology Plaid as another possible 2026 IPO.

    Any visible lull in IPO activity through the rest of the year is partially masking a flurry of activity beneath the surface as companies go through the regulatory process.

    “It’s a busy time for lawyers and bankers trying to tee things up for the first and second quarter of next year,” Kaufman said.

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  • How major US stock indexes fared Friday, 11/21/2025

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    More swings hit Wall Street, except it finished higher this time

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  • Nvidia earnings clear lofty hurdle set by analysts amid fears about an AI bubble

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    SAN FRANCISCO (AP) — Nvidia’s sales of the computing chips powering the artificial intelligence craze surged beyond the lofty bar set by stock market analysts in a performance that may ease recent jitters about a Big Tech boom turning into a bust that topples the world’s most valuable company.

    The results announced late Wednesday provided a pulse check on the frenzied spending on AI technology that has been fueling both the stock market and much of the overall economy since OpenAI released its ChatGPT three years ago.

    Nvidia has been by far the biggest beneficiary of the run-up because its processors have become indispensable for building the AI factories that are needed to enable what’s supposed to be the most dramatic shift in technology since Apple released the iPhone in 2007.

    ARCHIVO – Varias personas miran los nuevos productos de Nvidia en la exhibición Computex 2025 en Taipéi, Taiwán, el miércoles 21 de mayo de 2025. (AP Foto/Chiang Ying-ying, Archivo)

    But in the past few weeks, there has been a rising tide of sentiment that the high expectations for AI may have become far too frothy, setting the stage for a jarring comedown that could be just as dramatic as the ascent that transformed Nvidia from a company worth less than $400 billion three years ago to one worth $4.5 trillion at the end of Wednesday’s trading.

    Nvidia’s report for its fiscal third quarter covering the August-October period elicited a sigh of relief among those fretting about a worst-case scenario and could help reverse the recent downturn in the stock market.

    “The market should belt out a heavy sigh, given the skittishness we have been experiencing,” said Sean O’Hara, president of the investment firm Pacer ETFs.

    The company’s stock price gained more than 5% in Wednesday’s extended trading after the numbers came out. If the shares trade similarly Thursday, it could result in a one-day gain of about $230 billion in stockholder wealth.

    Nvidia earned $31.9 billion, or $1.30 per share, a 65% increase from the same time last year, while revenue climbed 62% to $57 billion. Analysts polled by FactSet Research had forecast earnings of $1.26 per share on revenue of $54.9 billion. What’s more, the Santa Clara, California, company predicted its revenue for the current quarter covering November-January will come in at about $65 billion, nearly $3 billion above analysts’ projections, in an indication that demand for its AI chips remains feverish.

    Nvidia CEO Jensen Huang speaks during a press conference at the Asia-Pacific Economic Cooperation (APEC) CEO summit in Gyeongju, South Korea, Friday, Oct.31, 2025 (AP Photo/Lee Jin-man)

    Nvidia CEO Jensen Huang speaks during a press conference at the Asia-Pacific Economic Cooperation (APEC) CEO summit in Gyeongju, South Korea, Friday, Oct.31, 2025 (AP Photo/Lee Jin-man)

    The incoming orders for Nvidia’s top-of-the-line Blackwell chip are “off the charts,” Nvidia CEO Jensen Huang said in a prepared statement that described the current market conditions as “a virtuous cycle.” In a conference call, Nvidia Chief Financial Officer Collette Kress said that by the end of next year the company will have sold about $500 billion in chips designed for AI factories within a 24-month span Kress also predicts trillions of dollars more will be spent by the end of the 2020s.

    In a conference call preamble that has become like a State of the AI Market address, Huang seized the moment to push back against the skeptics who doubt his thesis that technology is at tipping point that will transform the world. “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang insisted while celebrating “depth and breadth” of Nvidia’s growth.

    The upbeat results, optimistic commentary and ensuring reaction reflects the pivotal role that Nvidia is playing in the future direction of the economy — a position that Huang has leveraged to forge close ties with President Donald Trump, even as the White House wages a trade war that has inhibited the company’s ability to sell its chips in China’s fertile market.

    Trump is increasingly counting on the tech sector and the development of artificial intelligence to deliver on his economic agenda. For all of Trump’s claims that his tariffs are generating new investments, much of that foreign capital is going to data centers for AI’s computing demands or the power facilities needed to run those data centers.

    “Saying this is the most important stock in the world is an understatement,” Jay Woods, chief market strategist of investment bank Freedom Capital Markets, said of Nvidia.

    The boom has been a boon for more than just Nvidia, which became the first company to eclipse a market value of $5 trillion a few weeks ago, before the recent bubble worries resulted in a more than 10% decline. As OpenAI and other Big Tech powerhouses snap up Nvidia’s chips to build their AI factories and invest in other services connected to the technology, their fortunes have also been soaring. Apple, Microsoft, Google parent Alphabet Inc. and Amazon all boast market values in the $2 trillion to $4 trillion range.

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  • Asian stocks track Wall Street’s drop, erasing previous day’s gains

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    MANILA, Philippines — Asian stocks on Friday tracked Wall Street’s sharp drop in skittish trading, with the region’s major benchmarks erasing the previous day’s gains.

    The future for the S&P 500 was up 0.3% while that for the Dow Jones Industrial Average edged 0.4% higher.

    Japan’s Nikkei 225 fell 2.4% to 48,625.88 as worries persist about a bubble in artificial intelligence-related shares. Better than expected U.S. jobs data also raised the likelihood that the Federal Reserve will hold off on an interest rate cut in December, disappointing investors who have been counting on rate cuts to fuel more gains.

    The government approved a 21.3 trillion yen ($135 billion) stimulus package that Prime Minister Sanae Takaichi promised as part of efforts to revive the sluggish economy. However, the plans for higher government spending that would delay progress toward trimming down the national debt have put the yen and Japanese government bonds under pressure.

    Data on Friday showed the country’s annual inflation rate rose to 3.0% in October 2025 from 2.9% in September.

    Japan reported Friday that its exports to the rest of the world rose in October, while those to the U.S. fell. Higher shipments to elsewhere in Asia helped offset the drop in exports to the U.S due to President Donald Trump’s higher tariffs.

    South Korea’s KOSPI tumbled 3.8% to 3,853.38, reversing Thursday’s gains. Samsung Electronics sank 5.6%, while SK Hynix plunged 8.6%.

    In Chinese markets, Hong Kong’s Hang Seng index skidded 1.8% to 25,380.03 while the Shanghai Composite index slid 2.2% to 3,844.83, with pressure also coming from escalating friction between China and Japan over Taiwan.

    Australia’s S&P/ASX 200 fell 1.6% to 8,416.50. Taiwan’s Taiex closed 3.6% down.

    “What began as a textbook “Nvidia bounce” flipped into one of the most violent intraday reversals since the April dump, and Asia — ever the obedient understudy — marched directly into the same plunge tank on the open,” Stephen Innes of SPI Asset Management said in a commentary.

    On Thursday, jarring swings rocked Wall Street, and U.S. stocks erased a big morning gain to drop as the market remains skittish following weeks of doubts and erratic moves.

    The S&P 500 erased early gains to fall 1.6% to 6,538.76, while the Dow Jones Industrial Average dropped 0.8% to 45,752.26. The Nasdaq composite sank 2.2% to 22,078.05.

    The sharpest losses again hit what used to be the market’s biggest winners. Nvidia, cryptocurrencies and other areas that had soared with nearly relentless momentum, as traders feared missing out on more gains, forced the market lower. Bitcoin dropped below $87,000, down from nearly $125,000 last month.

    The market had been shaky coming into Thursday, largely because of twin worries: Nvidia and other superstar stocks caught up in the frenzy around artificial-intelligence technology may have simply shot too high, and the Federal Reserve may be done delivering the invigorating cuts to interest rates that Wall Street loves..

    Nvidia initially appeared to tamp down the worries about a bubble for AI stocks after reporting a big profit for the summer, along with a forecast for coming revenue that easily cleared analysts’ expectations. By delivering strong profits and indicating more are coming, Nvidia can justify its stock’s price gains and make it look less expensive.

    In other dealings early Friday, U.S. benchmark crude oil slid 85 cents to $58.15 per barrel. Brent crude, the international standard, lost 83 cents to $62.85 per barrel.

    The U.S. dollar fell to 157.09 Japanese yen from 157.46 yen. The euro rose to $1.1546 from $1.1529.

    ___

    AP Business Writers Stan Choe and Matt Ott contributed.

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  • Nvidia’s strong earnings and a solid report on the job market boost US index futures

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    NEW YORK — U.S. stock index futures added to their gains after the government reported that employers added twice as many jobs as expected in September. Futures were already higher on enthusiasm for a strong earnings report from AI bellwether Nvidia. Futures for the S&P 500 were up 1.5% before the opening bell, while futures for the Dow Jones Industrial Average gained 0.8%. Futures for the Nasdaq shot 1.9% higher. The Labor Department said employapners added 119,000 jobs in September, more than double the 50,000 economists had forecast. The market also focused on Nvidia as Wall Street’s most influential company jumped 5.1% overnight after reporting better-than-expected results.

    THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

    Wall Street surged on Thursday after Nvidia reported stronger than expected quarterly earnings, tempering worries that AI-related stocks may have become overvalued.

    Futures for the S&P 500 were up 1.1% before the opening bell, while futures for the Dow Jones Industrial Average gained 0.5%. Futures for the Nasdaq shot 1.6% higher.

    The market’s focus remained on Nvidia as Wall Street’s most influential stock jumped 5.1% overnight after the chipmaker reported third-quarter earnings of $31.9 billion. That’s a 65% increase over last year and more than analysts were expecting.

    The Santa Clara, California company also forecast revenue for the current quarter covering November-January will come in at about $65 billion, nearly $3 billion above analysts’ projections, an indication that demand for its AI chips remains feverish.

    Nvidia is the most valuable company by market capitalization on Wall Street, having briefly topped $5 trillion in value. That means its movements have more of an effect on the S&P 500 than any other stock, and it can single-handedly steer the index’s direction some days.

    By continuing to deliver big profits for investors, Nvidia has mostly quieted recent criticism that its shares shot too high, too fast.

    Nvidia has become a bellwether for the broader frenzy around artificial-intelligence technology, because other companies are using its chips to ramp up their AI efforts.

    Walmart also reported its latest quarterly results Thursday. The Arkansas retailer delivered another standout quarter, posting strong sales and profits that blew past Wall Street expectations as it continues to lure cash-strapped Americans who have grown increasingly anxious about the economy and prices.

    With other retailers dialing back projections, the nation’s largest retailer raised its financial outlook Thursday after its strong third quarter, setting itself up for a strong holiday shopping season.

    Traders also made their final moves ahead of a September jobs report coming from the U.S. government on Thursday. The labor market data, usually released during the first week of every month, was delayed due to the six-week federal government shutdown.

    The Labor Department said Wednesday that it will not be releasing a full jobs report for October because the 43-day shutdown meant it couldn’t calculate the unemployment rate and some other key numbers.

    The job market has been slowing enough this year that the Fed has already cut its main interest rate twice. Lower rates can give a boost to the economy and to prices for investments, and the expectation on Wall Street had been for more cuts, including at the Fed’s next meeting in December.

    But some Fed officials are hinting that they should pause next month, in part because inflation has stubbornly remained above the Fed’s 2% target. Lower interest rates can worsen inflation.

    At midday in Europe, Germany’s DAX rose 0.8%, while Britain’s FTSE 100 and the CAC 40 in Paris each added 0.6%.

    In Asia, Japan’s Nikkei 225 index initially surged as much as 4.2% before giving up some early gains. It closed nearly 2.7% higher at 49,823.94 as technology stocks rallied, with investor sentiment boosted by Nvidia’s strong quarterly results after trading closed in the U.S.

    South Korea’s Kospi added 1.9% to 4,004.85, with gains led by technology and energy stocks. Investors were encouraged by Nvidia’s earnings and reports that the U.S. may delay planned semiconductor tariffs.

    Samsung Electronics gained 4.2%, while SK Hynix added 1.6%.

    Chinese markets ended mixed as reports said the government might be planning more measures to try to revive the ailing property sector.

    Hong Kong’s Hang Seng Index was barely changed at 25,835.57, while the Shanghai Composite index lost 0.4% to 3,931.05 after China’s central bank kept its one- and five-year loan prime rates unchanged at 3% and 3.5%, respectively.

    Taiwan’s Taiex closed 3.2% higher while India’s BSE Sensex added nearly 0.7%.

    Australia’s S&P/ASX 200 gained 1.2% to 8,552.70, also led by gains for technology stocks.

    In energy markets, benchmark U.S. crude oil gained 59 cents, or 1%, to $59.61 per barrel. Brent crude, the international standard, rose 62 cents to $64.13 per barrel.

    The U.S. dollar climbed to 157.66 Japanese yen from 157.06 yen. It has been trading at nearly the highest level this year on expectations that the government will delay efforts to rein in Japan’s national debt as Prime Minister Sanae Takaichi raises spending to help spur the economy.

    The euro fell to $1.1515 from $1.1538.

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  • Nvidia’s earnings attest to its leadership in the AI race. By the numbers

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    Nvidia reported more eye-catching numbers for its fiscal third quarter Wednesday, with net income jumping 65% and revenue increasing 62% from a year earlier.

    Last month, Nvidia became the first public company to reach a market capitalization of $5 trillion.

    The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.

    Nvidia carved out an early lead in tailoring its chipsets known as graphics processing units, or GPUs, from use in powering video games to helping to train powerful AI systems, like the technology behind ChatGPT and image generators. Demand skyrocketed as more people began using AI chatbots. Tech companies scrambled for more chips to build and run them.

    Nvidia’s journey to be one of the world’s most prominent companies has produced some extraordinary numbers. Here’s a look.

    $31.9 billion

    Nvidia’s net income for the third quarter, up from $19.3 billion a year ago.

    38.9%

    Nvidia stock’s gain for the year, as of the close of trading Wednesday. That follows gains of 171% in 2024 and 239% in 2023.

    $4.53 trillion

    Nvidia’s total market capitalization as of the close of trading Wednesday, tops in the S&P 500.

    Apple at $3.98 trillion and Microsoft at $3.62 trillion were next among the most valuable companies in the S&P 500. In all, nine companies in the index have market cap’s above $1 trillion.

    $4.28 trillion

    The gross domestic product of Japan, the world’s fourth largest economy, according to the International Monetary Fund.

    79

    The number of trading days it took for Nvidia’s market cap to grow from $4 trillion to $5 trillion earlier this year. The market cap had jumped from $3 trillion on May 13, to $4 trillion on July 9 (41 trading days), although Nvidia had crossed and fallen back below the $3 trillion threshold a number of times between June 2024 and May 2025 before making the run to $4 trillion.

    19.8%

    The company’s contribution to the gain in the S&:P 500 this year as of Oct. 31, according to S&P Dow Jones Indices.

    $162 billion

    The net worth of Nvidia CEO Jensen Huang, according to Forbes, putting him eighth on its Real-Time Billionaires List. Elon Musk is No. 1 at $467.7 billion.

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  • Asian shares sink, tracking a tech-led sell-off on Wall Street

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    BANGKOK (AP) — Asian shares tumbled on Tuesday, with benchmarks in Tokyo and Seoul sinking more than 3%, after Nvidia and other artificial-intelligence -related shares pulled U.S. stocks lower.

    U.S. futures dropped, with the contract for the S&P 500 down 0.6% while the future for the Dow Jones Industrial Average was down 0.4%.

    Computer chip giant Nvidia, at the center of the craze over AI, is due to report its earnings on Wednesday. Worries that stock prices of such companies have shot too high have roiled world markets recently, with big swings in places that rely heavily on trade in computer chips such as South Korea and Taiwan.

    Also hanging over the markets is the release due Thursday of U.S. employment data that was delayed by the prolonged government shutdown.

    Regional markets felt a chill after the yield on 30-year Japanese government bonds surged to 3.31%, reflecting rising risks as Prime Minister Sanae Takaichi prepares to boost government spending and push back the timetable for bringing down Japan’s huge national debt.

    The yen was trading above 155 to the U.S. dollar, near its highest level since February. On Monday, the yen fell to its lowest level against the euro since 1999, when the unified European currency was launched.

    Tokyo’s Nikkei 225 was down 3% at 48,835.20 by midday, with selling of tech shares leading the decline. Chip maker Tokyo Electron shed 5.4%, while equipment maker Advantest dropped 4.6%.

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    In Seoul, the Kospi fell 3.1% to 3,960.82. Samsung Electronics dropped 2.9%, while chip maker SK Hynix shed 5.7%.

    In Taiwan, the Taiex fell 2.3% as TSMC, the world’s largest contract chip manufacturer, declined 2.4%.

    Chinese markets were not immune from heavy selling.

    Hong Kong’s Hang Seng declined 1.5% to 25,997.20, while the Shanghai Composite index slipped 0.6% to 3,949.83.

    In Australia, the S&P/ASX 200 gave up 2.1% to 8,452.50.

    On Monday, the S&P 500 fell 0.9% to 6,672.41, pulling further from its all-time high set late last month. The Dow industrials dropped 1.2% to 46,590.24, while the Nasdaq composite sank 0.8% to 22,708.07.

    Nvidia dropped 1.8%, though it is still up nearly 40% this year. Losses for other AI winners included a 6.4% slide for Super Micro Computer.

    Other areas of the market that had been high-momentum winners also sank. Bitcoin extended its decline, dragging down Coinbase Global by 7.1% and Robinhood Markets by 5.3%. Early Tuesday, it was down 2% at $90,110.

    Critics have been warning that the U.S. stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive.

    However, Alphabet gained 3.1% after Berkshire Hathaway said it has built a $4.34 billion ownership stake in Google’s parent company. Berkshire Hathaway, run by famed investor Warren Buffett, is notorious for trying to buy stocks only when they look like good values while avoiding anything that looks too expensive.

    Another source of potential disappointment for Wall Street is what the Federal Reserve does with interest rates. The expectation had been that the Fed would keep cutting interest rates in hopes of shoring up the slowing job market.

    But the downside of lower interest rates is that they can make inflation worse, and inflation has stubbornly remained above the Fed’s 2% target.

    Fed officials have also pointed to the U.S. government’s shutdown, which delayed the release of updates on the job market and other signals about the economy. With less information and less certainty about how things are going, some Fed officials have suggested it may be better to wait in December to get more clarity.

    A strong jobs report on Thursday would likely stay the Fed’s hand on rate cuts, while figures that are very weak would raise worries about the economy.

    In other dealings early Tuesday, U.S. benchmark crude oil lost 42 cents to $59.49 per barrel. Brent crude, the international standard, gave up 43 cents to $63.77 per barrel.

    The dollar fell to 155.08 Japanese yen from 155.26 yen. The euro rose to $1.1600 from $1.1593.

    ___

    AP Business Writers Stan Choe and Matt Ott contributed.

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  • Asian shares are mostly lower after US stocks stumble

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    BANGKOK — Shares were mostly lower in Asia on Monday while U.S. futures advanced after Wall Street’s lackluster finish to last week.

    Tokyo’s Nikkei 225 fell 0.3% to 50,226.67 after the government reported that the Japanese economy contracted at a 1.8% annual pace in the July-September quarter.

    The dollar rose against the Japanese yen, climbing to 154.65 yen from 154.58 yen.

    Chinese markets also slipped, as Hong Kong’s Hang Seng shed 0.8% to 26,359.22. The Shanghai Composite index declined 0.4% to 3,973.31.

    Geopolitical tensions have also hurt sentiment in East Asia, as relations between China and Japan have deteriorated due to a spat following Prime Minister Sanae Takaichi’s suggestion that a Chinese move against self-governing Taiwan could prompt a Japanese military response.

    China objects to other countries’ involvement in Taiwan, which Beijing claims it as its own and destined to come under its control. The Chinese government has warned its citizens not to travel to Japan or study there.

    “China’s escalation against Japan over Prime Minister Takaichi’s Taiwan remarks has moved from a diplomatic irritant to a consequential macro input, with markets now forced to reprice Asia’s near-term risk curve,” Stephen Innes of SPI Asset Management said in a commentary.

    In South Korea, the Kospi gained 1.7% to 4,078.39 on buying of tech-related shares. Computer chip makers have rallied after they formed plans with industry leader Nvidia to cooperate in developing artificial intelligence, with SK Hynix surging 6.8% on Monday and Samsung Electronics up 3.3%.

    Australia’s S&P/ASX 200 slipped less than 0.1% to 8,628.60.

    In Taiwan, the Taiex picked up 0.4%, while India’s Sensex gained 0.3%.

    The future for the S&P 500 was up 0.5% while that for the Dow Jones Industrial Average edged 0.1% higher.

    On Friday, the S&P 500 meandered as Nvidia, bitcoin, gold and other high flyers swung sharply before calming. It ended down less than 0.1% at 6,734.11. The Dow fell 0.7% to 47,147.48, while the Nasdaq composite index inched up 0.1% to 22,900.59.

    Friday’s mixed outcome followed one of Wall Street’s worst drops since a sell-off in the spring.

    Nvidia, which has become the poster child of the frenzy around artificial-intelligence technology, began the day with a loss of 3.4%. It then stormed back to a rise of 1.8% and yanked the market in its wake.

    Critics have been warning that the U.S. stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive.

    Even with recent sharp swings for the S&P 500, the index that dictates the movements for many 401(k) accounts remains within 2.3% of its record set late last month.

    One way companies can tamp down criticism about too-high stock prices is to deliver solid growth in profits. That’s raising the stakes for Nvidia’s profit report coming Wednesday, when it will say how much it earned during the summer.

    Treasury yields had been falling for most of this year on expectations that the Federal Reserve would cut its main interest rate several times. And the Fed has indeed cut twice already in hopes of shoring up the slowing job market.

    But questions are rising about whether a third cut will actually come after the Fed’s next meeting in December, something that traders had earlier seen as very likely. The downside of lower interest rates is that they can make inflation worse, and inflation has stubbornly remained above the Fed’s 2% target.

    Fed officials have pointed to the U.S. government’s shutdown, which delayed the release of updates on the job market and other signals about the economy. With less information and less certainty about how things are going, some Fed officials have suggested it may be better just to wait in December to get more clarity.

    Bitcoin is one of the investments that can get a boost from lower interest rates. It rose 1.1% early Monday to about $95,400. It was near $125,000 in October.

    In other dealings early Monday, U.S. benchmark crude oil lost 63 cents to $59.46 per barrel. Brent crude, the international standard, fell 63 cents to $63.76 per barrel.

    The euro fell to $1.1602 from $1.1605.

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  • Wall Street scrambles back from a big morning loss as Nvidia and bitcoin swing

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    NEW YORK (AP) — An early swoon shook the U.S. stock market on Friday, as Nvidia, bitcoin, gold and other high flyers swung on an increasingly antsy Wall Street, but it quickly calmed.

    After starting the day with a sharp drop of 1.3%, the S&P 500 erased all of it and then meandered up and down before finishing with a slight dip of 0.1%. The Nasdaq composite flipped to a gain of 0.1%, while the Dow Jones Industrial Average trimmed its loss to 309 points, or 0.7%, after earlier being down nearly 600.

    Options traders Steven Rodriguez, left, and Scott Frenzy work on the floor of the New York Stock Exchange, Friday, Nov. 14, 2025. (AP Photo/Richard Drew)

    AI stocks were again at the center of the action, a day after dragging Wall Street to one of its worst drops since its springtime sell-off. Nvidia, which has become the poster child of the frenzy around artificial-intelligence technology, began the day with a loss of 3.4%. It then stormed back to a rise of 1.8% and yanked the market in its wake.

    Critics have been warning that the U.S. stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive. They pointed in particular to stocks swept up in the AI mania. Nvidia’s stock has more than doubled in four of the last five years, for example, and the chip company is still up more than 40% for this year so far.

    AP AUDIO: Wall Street erases a big early loss as Nvidia and bitcoin swing

    Nvidia and other Big Tech companies are lifting Wall Street. We hear more from AP business correspondent Seth Sutel.

    Even with sharp swings for the S&P 500 the last couple of weeks, the index that dictates the movements for many 401(k) accounts remains within 2.3% of its record set late last month.

    “Occasional market drops are the price of the ticket for the ride,” said Brian Jacobsen, chief economist at Annex Wealth Management.

    Outside of tech, Walmart edged down 0.1% after saying CEO Doug McMillon will retire in January in a surprise move. It had been down as much as 3.6% in the morning. McMillon helped the retailer embrace technology more.

    All told, the S&P 500 fell 3.38 points to 6,734.11. The Dow Jones Industrial Average dropped 309.74 to 47,147.48, and the Nasdaq composite rose 30.23 to 22,900.59.

    One way companies can tamp down criticism about too-high stock prices is to deliver solid growth in profits. That’s raising the stakes for Nvidia’s profit report coming Wednesday, when it will say how much it earned during the summer.

    Options trader Anthony Spina works on the floor of the New York Stock Exchange, Friday, Nov. 14, 2025. (AP Photo/Richard Drew)

    Options trader Anthony Spina works on the floor of the New York Stock Exchange, Friday, Nov. 14, 2025. (AP Photo/Richard Drew)

    If it falls short of analysts’ expectations, more drops could be on the way. That would have a big effect on the market because Nvidia has grown to become Wall Street’s largest stock by value. That gives Nvidia’s stock movements a bigger effect on the S&P 500 than any other’s, and it can almost single-handedly steer the index’s direction on any given day.

    Another way for stock prices broadly to look less expensive is if interest rates fall. That’s because bonds paying less in interest can make investors willing to pay higher prices for stocks and other kinds of investments.

    Treasury yields had been falling for most of this year on expectations that the Federal Reserve would cut its main interest rate several times. And the Fed has indeed cut twice already in hopes of shoring up the slowing job market.

    But questions are rising about whether a third cut will actually come after the Fed’s next meeting in December, something that traders had earlier seen as very likely. The downside of lower interest rates is that they can make inflation worse, and inflation has stubbornly remained above the Fed’s 2% target.

    Fed officials have pointed to the U.S. government’s shutdown, which delayed the release of updates on the job market and other signals about the economy. With less information and less certainty about how things are going, some Fed officials have suggested it may be better just to wait in December to get more clarity.

    In the bond market, the yield on the 10-year Treasury rose to 4.14% from 4.11% late Thursday.

    Specialist Anthony Matesic works on the floor of the New York Stock Exchange, Friday, Nov. 14, 2025. (AP Photo/Richard Drew)

    Specialist Anthony Matesic works on the floor of the New York Stock Exchange, Friday, Nov. 14, 2025. (AP Photo/Richard Drew)

    Bitcoin is one of the investments that can get a boost from lower interest rates. It fell below $95,000, back to where it was in May. It had been near $125,000 only in October.

    The price of gold, meanwhile, sank 2.4%. It shot to records throughout the year as investors looked for something that could protect from high inflation and big debt loads built by the U.S. and other governments worldwide. But interest rates staying higher can hurt gold, which pays its investors nothing in interest or dividends.

    In stock markets abroad, indexes dropped across Europe and Asia. South Korea’s Kospi fell 3.8% for one of the world’s largest losses.

    London’s FTSE 100 sank 1.1% amid speculation the U.K. government may ditch plans to raise income taxes, which would have helped chip away at its debt.

    ___

    AP Writer Teresa Cerojano contributed.

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  • How major US stock indexes fared Friday, 11/14/2025

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    An early swoon shook the U.S. stock market, but it quickly calmed.

    After starting Friday with a sharp drop of 1.3%, the S&P 500 erased all of it before ending with a slight dip of 0.1%. The Nasdaq composite flipped to a gain of 0.1%, while the Dow Jones Industrial Average trimmed its loss to 309 points after earlier being down nearly 600.

    AI stocks once again were at the center of the action. Nvidia began the day with a steep loss, only to erase it, and yanked the market in its wake. Bitcoin and gold’s price sank as Treasury yields rose.

    On Friday:

    The S&P 500 fell 3.38 points, or 0.1%, to 6,734.11.

    The Dow Jones Industrial Average fell 309.74 points, or 0.7%, to 47,147.48.

    The Nasdaq composite rose 30.23 points, or 0.1%, to 22,900.59.

    The Russell 2000 index of smaller companies rose 5.24 points, or 0.2%, to 2,388.23.

    For the week:

    The S&P 500 is up 5.31 points, or 0.1%.

    The Dow is up 160.38 points, or 0.3%.

    The Nasdaq is down 103.95 points, or 0.5%.

    The Russell 2000 is down 44.60 points, or 1.8%.

    For the year:

    The S&P 500 is up 852.48 points, or 14.5%.

    The Dow is up 4,603.26 points, or 10.8%.

    The Nasdaq is up 3,589.80 points, or 18.6%.

    The Russell 2000 is up 158.07 points, or 7.1%.

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  • Asian shares are mostly higher after Trump signs bill ending US government shutdown

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    MANILA, Philippines — Asian shares mostly gained on Thursday after U.S. stocks settled near their records and U.S. President Donald Trump signed a government funding bill, ending the record 43-day shutdown.

    U.S. futures edged higher with the prospect of a reopening of the federal government Thursday following the shutdown that caused financial stress for federal workers who went without paychecks, stranded scores of travelers at airports and generated long lines at some food banks.

    “The shutdown had blocked not just spending, but also delayed a raft of federal economic data,” Stephen Innes of SPI Asset Management said in a commentary, adding that “for markets, the only line that matters is simple: the lights are coming back on.”

    Japan’s Nikkei 225 rose 0.3% to 51,213.35. Market heavyweight and tech giant SoftBank Group lost another 3.4% on top of a 3.5% drop on Wednesday after the company said it had sold all of its shares in computer chip maker Nvidia.

    Hong Kong’s Hang Seng index rose 0.3% to 27,009.65, while the Shanghai Composite index jumped 0.7% to 4,029.50 as mainland stocks climbed ahead of updates on lending in China.

    Australia’s S&P ASX 200 shed 0.5% to 8,753.40, falling for a third straight session as hopes for near-term interest rate cuts were quashed by strong jobs data that showed unemployment falling to 4.3% in October from 4.5% in September.

    South Korea’s Kospi fluctuated between gains and losses, rising 0.6% to 4,176.44 in afternoon trading.

    Taiwan’s Taiex index gained nearly 0.2% while India’s BSE Sensex added 0.3%.

    On Wednesday, the S&P 500 added 0.1% to 6,850.92, near its all-time high set a couple weeks ago. The Dow Jones Industrial Average jumped 0.7% to set a record for the second straight day, closing at 48,254.82. The Nasdaq composite slipped 0.3% to 23,406.46.

    Shares in airlines jumped on expectations of a recovery in air travel following the end of the shutdown.

    Advanced Micro Devices led the market, gaining 9% after its CEO, Lisa Su, said the chip company expects better than 35% of annual compounded revenue growth over the next three to five years. She credited “accelerating AI momentum.”

    Stocks benefiting from the artificial-intelligence frenzy have been shaky recently, as investors question whether how much more they can add to already spectacular gains.

    They are one of the top reasons the U.S. market has hit records despite a slowing job market and high inflation. Their prices have shot so high, though, that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half.

    Nvidia came into the day with a 4.6% drop for the month so far, for example, after its stock price more than doubled in four of the last five years. The biggest player in AI chips swung between gains and losses throughout Wednesday. Palantir Technologies, another AI darling, fell 3.6% for one of the day’s larger losses in the S&P 500.

    Similar questions about prices are dogging much of the U.S. market, though not as pointedly as for Big Tech and AI superstars.

    In other dealings early Thursday, U.S. benchmark crude oil fell 9 cents to $58.40 per barrel. Brent crude, the international standard, shed 8 cents to $62.37 per barrel.

    The U.S. dollar rose to 154.93 Japanese yen from 154.70 yen. The euro slipped to $1.1592 from $1.1594.

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  • Global shares advance after the Dow hits a fresh record

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    TOKYO — World shares have advanced, with markets in Europe and most of Asia higher after the Dow industrials hit a fresh record as technology shares appeared to recover from last week’s swoon over the future of artificial intelligence.

    France’s CAC 40 climbed 0.5% to 8,193.98, while the German DAX surged nearly 1.1% to 24,357.28. Britain’s FTSE 100 rose 0.1% to 9,906.82.

    The future for the S&P 500 rose 0.4% while that for the Dow Jones Industrial Average was up 0.2%.

    In Asian trading, Japan’s benchmark Nikkei 225 added 0.4% to finish at 51,063.31.

    SoftBank Group’s shares fell 3.5%, plunging as much as 9% earlier in the day after it said Tuesday that it sold its entire stake in the AI chip company Nvidia for $5.83 billion last month, raising funds for other investments.

    A big question has been whether investors will push the craze for AI stocks further. Their sensational growth has been one of the top reasons the U.S. market has hit records despite a slowing job market and still-high inflation. But their prices have shot so high that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half.

    Elsewhere in Asia, Hong Kong’s Hang Seng rose 0.9% to 26,922.73, while the Shanghai Composite edged down less than 0.1% to 4,000.14.

    Australia’s S&P/ASX 200 shed 0.2% to 8,799.50. South Korea’s Kospi added 1.1% to 4,150.39.

    On Tuesday, the S&P 500 added 0.2%, bouncing a bit following a vigorous rebound Monday that followed its first losing week in four.

    The Dow Jones Industrial Average surged 1.2%, to a record close of 47,927.96, surpassing its prior all-time high set two weeks ago.

    The Nasdaq composite lagged the market as Nvidia slipped 3% due to continued concerns that stocks caught up in the artificial-intelligence frenzy may have become too expensive.

    In the U.S. bond market, trading was closed for the Veterans Day holiday.

    What’s making the Federal Reserve’s job potentially more difficult is that the U.S. government’s shutdown has delayed important updates on jobs and other areas of the economy. The Senate has made moves to end what’s become the longest-ever shutdown, but it’s not assured.

    In other dealings early Wednesday, benchmark U.S. crude declined 34 cents to $60.70 a barrel. Brent crude, the international standard, lost 31 cents to $64.85 a barrel.

    The U.S. dollar edged up to 154.76 Japanese yen from 154.16 yen. The euro slipped to $1.1579 from $1.1583.

    ___

    Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

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  • How major US stock indexes fared Friday, 11/7/2025

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    Stock indexes wound up mixed on Wall Street but still clocked their first weekly loss in the last four.

    The S&P 500 edged up 0.1% Friday after spending most of the day in the red. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite slipped 0.2%.

    Quarterly reports from U.S. companies were a key focus.

    Payments company Block, which operates the Square and Cash App businesses, sank after turning in results that fell short of forecasts. Exercise equipment maker Peloton jumped after its results beat estimates.

    On Friday:

    The S&P 500 rose 8.48 points, or 0.1%, to 6,728.80.

    The Dow Jones Industrial Average rose 74.80 points, or 0.2%, to 46,987.10.

    The Nasdaq composite fell 49.46 points, 0.2%, to 23,004.54.

    The Russell 2000 index of smaller companies rose 14.00 points, or 0.6%, to 2,432.82

    For the week:

    The S&P 500 is down 111.40 points, or 1.6%.

    The Dow is down 575.77 points, or 1.2%.

    The Nasdaq is down 720.42 points, or 3%.

    The Russell 2000 is down 46.56 points, or 1.9%.

    For the year:

    The S&P 500 is up 847.17 points, or 14.4%.

    The Dow is up 4,442.88 points, or 10.4%.

    The Nasdaq is up 3,693.74 points, or 19.1%.

    The Russell 2000 is up 202.67 points, or 9.1%.

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