The US stock market is experiencing a mixed day of trading, with the S&P 500 and Dow Jones Industrial Average seeing gains, while the Nasdaq 100 is in negative territory. The weakness in AI-infrastructure stocks and semiconductor makers is contributing to the mixed performance today. CoreWeave is one of the notable losers, down more than -15% after announcing that a data center delay will impact Q4 earnings expectations. Additionally, Nvidia is down over -2% following news that SoftBank Group sold its entire stake in the company for $5.83 billion.
Trading activity may be subdued today as cash trading in Treasuries is closed for the Veterans Day holiday. However, despite the holiday, there are significant developments impacting the market. A weekly report from ADP revealed that US private employers shed an average of 11,250 jobs per week for the four weeks ending October 25, 2025, indicating a weakening labor market.
On the political front, there are signs that the US government shutdown is nearing an end. The Senate recently passed a temporary continuing resolution (CR) to fund the government, and the House is expected to vote on the measure soon. If approved, the bill will go to President Trump, who has indicated he will sign it into law. This positive development is providing support to the markets.
Looking ahead, the markets are pricing in a 67% chance of another -25 bp rate cut at the next FOMC meeting on December 9-10. As for corporate earnings, Q3 earnings season is winding down, with 82% of reporting S&P 500 companies exceeding forecasts. Earnings have risen by +14.6%, surpassing expectations and pointing to the best quarter since 2021.
In overseas markets, the Euro Stoxx 50 and Japanese Nikkei Stock 225 are seeing mixed performance, with the former reaching a 1.5-week high and the latter closing down. Interest rates are also in focus, with T-notes gaining support from weakness in stocks and progress on ending the government shutdown. European government bond yields are moving lower, with the German bund yield down -1.4 bp.
Overall, the US stock market is navigating through a mixed trading day, influenced by a range of factors including corporate earnings, political developments, and global market trends. Investors will be closely monitoring these developments as they position themselves for the days ahead.
