Stock Skid Continues As Nasdaq and Dow Fall Over 1%; S&P 500 Notches Fourth Straight Decline

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Happy Tuesday. This is TheStreet’s Stock Market Today for Nov. 18, 2025. You can follow the latest updates on the market here in our daily live blog.

The U.S. markets are now closed. The Nasdaq (-1.21%) and Dow (-1.07%) finished out the day with more than a 1% decline, closing at 22,432.85 and 46,432.85, respectively. Meanwhile, the S&P 500 had its fourth-consecutive day of losses, closing at 6,617.32. The Russell 2000 (+0.52%) was the only of the major indexes to finish out the day golden, at 2,348.74.

Heading towards the end of the day, here’s the long and short in the U.S. markets:

• The Dow (-0.70%) is down 328 points to 46,262.

• The Nasdaq (-0.63%) is down to 22,566.

• The S&P 500 (-0.33%) is heading for a fourth consecutive close, at 6,651.

• The Russell 2000 (+0.88%) is really showing out today, showing the staying power of small caps.

• The Cboe Volatility Index (+4%) eclipsed 23, continuing a days-long ascent in Wall Street’s ‘Fear Index’

• The 10Y Treasury and Continuous Gold Contracts remained essentially unchanged at 4.125% and $4,074, respectively.

Here’s the S&P 500 at last glance:

Meta won out in a seven month-long trial brought by federal regulators, alleging that the tech giant shouldn’t have been able to acquire Instagram and WhatsApp, cementing monopoly power over the social industry, something that the judge said regulators as unable to do. While met with positive reception, Meta (-0.55%) shares are still down on the day.

Chat, is tech cooked? Well, when the press releases don’t hit like they used to before, that could be cause for concern. After announcing a “strategic partnership” today with Anthropic, shares of Microsoft and Nvidia were little-moved. Really telling of the vibe right now, just a night before the latter reports earnings.

Despite the FUD in tech, Alphabet really showed out today with their new AI model, Gemini 3 Pro. Along with the launch, they released these internal benchmark results, which we’re still will be talk of the town in the coming days.

Here’s those benchmarks, plus comps from the previous gen Gemini and current-gen models from Anthropic and OpenAI, which were rolled out today:

Departing the midday station, there’s some signs that the market is warming up a little bit — even if you can’t see it.

55.9% (3,103) U.S. issues are advancing today, while 41.3% (2,293) are declining. You probably didn’t notice that if you were just looking at large cap indexes like the Dow (-0.58%), Nasdaq (-0.52%), and S&P 500 (-0.21%).

However, small caps are showing up: the Russell 2000 (+0.68%) has turned around its earlier declines.

Zooming out, let’s take a look at today’s midday movers:

Atop the list today is a familiar face: Ondas Holdings (+18%), which has become something of a volatile retail favorite over the last few weeks. Those who tune into our list have definitely seen it on both sides of the market before. It’s joined there by TeraWulf (+11%), Legence (+10.6%), and James Hardie Industries (+9.4%). Here’s our top 20 today:

At the other end of the market, NiCE Ltd (-11.6%) is getting hammered, along with another recurrent name on our midday list, Jyong Biotech (-9.4%). PACS Group (-7.7%) is also atop the list today. Here’s our bottom 20 today:

The U.S. markets are now open. The Nasdaq (-1.36%) is already more than 1% off yesterday’s close, while the Dow (-0.90%) and S&P 500 (-0.85%) aren’t far behind. The Russell 2000 (-0.12%), which was earlier struggling to stay above water, also faced declines despite starting the day in better shape.

Home Depot (-4%) has been having a pretty meh morning after reporting earnings, cutting its outlook as the ‘real’ economy continues to float away. The company cited a slowing in home improvements, which have been impacted by still-high mortgage rates.

Still, the company sees full-year sales rising 3%, while same-store sales will remain slightly in the green. But regardless, this is not what investors want to hear, especially after the company reversed course on a plan to keep most of its prices unchanged in the face of higher tariffs.

That position changed when it issued its August earnings. The stock gyrated for several days, before falling more than 17% to current prices.

Google parent Alphabet is expected to roll out Gemini 3, which is sure to gun for the top spot across AI benchmarks, really giving leading models from OpenAI and Anthropic a run for their money. We’ll touch on the benchmarks later.

Services such as X (formerly Twitter), OpenAI’s ChatGPT, and others are down as Cloudflare services are reporting disruptions. The stock is down over 5% at the open.

With European markets are sitting just off intraday lows, it’s starting to look like another day of declines might be in the cards — at least at the start.

With about an hour left until trading starts in the U.S. for the day, futures are pointing to about a half-a-percentage point decline across the major indexes, with the Dow (-0.73%) now worst-situated.

Meanwhile, the Cboe Volatility Index is breaking through 23, a sign that the market volatility seen in recent days is not likely to abate today.

Ahead of the opening bell, here are the stocks that are making the biggest moves this morning:

Good morning. We’d say that ‘today is another day’, but after three consecutive days of declines in the U.S. markets, we’re going to err on the side of caution and try not to jinx it. And there’s more reasons to not get our hopes up this morning, as equity futures look set to repeat the past once more.

The NasdaqComposite futures are currently pointing to a nearly 1% decline today, while the Russell 2000 and S&P 500 are looking at 0.89% and 0.69% declines at the open. Those make the Dow‘s 0.44% decline look pretty reasonable by contrast.

The declines come despite 82% of S&P 500 firms reporting an EPS surprise, while 76% reported a revenue surprise, per FactSet. And while negative outlooks have outstripped positive ones, earnings growth is seen coming in even hotter than expected thanks to the sheer volume of surprises.

There’s a lot of factors which could prove influential in the market this week:

For one, Nvidia‘s highly-anticipated earnings on Wednesday. Over the last few weeks — maybe due to a few too many AI CEO outbursts, or perhaps shadows cast from the bond market — there has been a newfound skittishness around the data center and AI trades. If the AI boom is indeed intact, or crumbling, it might be obvious as the world’s most-valuable firm reports.

It’s not worth ruling out what cryptocurrency markets can tell us about the state of the speculative retail trader. And after collapsing below $90,000 late Monday evening, the crypto market is flashing red. It could soldier back, but the weakness in crypto has already been seen boiling over to markets, as crypto-exposed equities, more speculative ‘low quality’ assets, and recent IPOs have come back to Earth.

There’s also the Trump tariff case, which recently reached the Supreme Court and elicited a range of skeptical questions, even from the court’s more conservative judges. And while the company of earnings calls talking about “tariffs” has declined considerably from last quarter, the end of tariffs could be a surprise.

Last, but certainly not least, we have jobs data we’ve been waiting weeks for. In fact, this one should’ve been out Oct. 1.

Feeling old yet?

This Thursday, traders will get a look at the long-overdue September payrolls, which is pretty stale at this point. It’ll more or less confirm what the public and privately-issued reports indicated, giving us some clues on the ongoing slowdown in the labor market.

This one is unlikely to be much of a market mover because of how ‘stale’ this data has gotten. After all, it’s almost December now!

That said, this morning we’re on the look out for reports from Home Depot, PDD Holdings, and Medtronic, among others. Here’s the full list of A.M. reports (from firms with at least a $1 billion market cap) per TipRanks:

And on the heels of our bite-sized digest of big events to keep your eyes peeled for this week, here is what economic data or events you can expect this morning, anchored by the weekly ADP Employment Change data.

Of course, it’s important to keep tabs on other alternative data not listed here, too. We’ll have a short digest of some of the other data coming soon, so keep an eye on SMT.

This story was originally reported by TheStreet on Nov 18, 2025, where it first appeared in the Latest Business & Market News section. Add TheStreet as a Preferred Source by clicking here.