US stock market close: Nasdaq ends three-day slump, Dow sinks further, S&P lays flat; Oracle, Nvidia gain after major losses
The rebound comes as the tech sector regains ground lost in the previous session, which dragged Wall Street into its worst day in more than a month. While the S&P 500 index was close to 6,734.11 points, with a slight decrease of 0.05%, the Dow Jones Industrial Average fell 309.74 points, decreasing by 0.65%, to 47,147.48 points.
Earlier in the day, indices fell sharply; The Nasdaq lost about 1.9%, the S&P lost about 1.4% and the Dow lost about 1.3%.
Major tech giants such as Nvidia and Oracle reversed their losses as of Thursday, along with Palantir Technologies and Tesla, which fell sharply by over 6% the previous day. The Technology Select Sector SPDR Fund (XLK) rose nearly 1%, rebounding from a 2% decline due to investor rotation.
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Despite this bounce, investors continue to worry that rising technology valuations, heavy debt financing, and increased capital spending in artificial intelligence (AI) could lead to unpredictable volatility. Oracle’s confidence in its cloud deal with OpenAI has increased caution. Investor sentiment remains volatile as the market oscillates between risk-taking and risk-averse stances. Portfolio managers suggest that 1-2% upward and downward movements may continue until the end of the year, as investors reposition towards 2026 and reduce risk. The growth potential of the technology sector remains a key driver of the market, but AI investments are straining valuations, causing earnings and interest rate expectations to have a particular impact on stock performance.
Adding to the uncertainty in the market is the Federal Reserve’s upcoming interest rate decision. Expectations for a rate cut in December have decreased significantly in recent days; As CME FedWatch data reflects, the probability of a 25 basis point decline is now below 50%, down from around 63% earlier this week and over 95% a month ago.
Some Fed members express concerns about persistent inflation that could deter further expansion this year. Fed Chairman Jerome Powell has emphasized that some policymakers may delay cuts due to limited economic data caused by the U.S. government shutdown deadline, which ends in six weeks but left gaps in economic reporting.
From an economic data perspective, FactSet analysis found a 33% quarter-over-quarter decline in mentions of tariffs during S&P 500 earnings calls in the third quarter compared to the second quarter of 2025.
Despite the decline, mentions of tariffs remain relatively high, ranking as the fourth highest in the last decade. Analysis of earnings transcripts from Sept. 15 to Nov. 14 showed 238 calls mentioning tariffs, down from 357 calls in the previous quarter. The shift signals easing concerns about trade tensions among U.S. companies this earnings season, but tariffs remain a key issue for many industries.
Nasdaq’s slight rebound on Nov. 14 signals cautious optimism in tech stocks after recent heavy losses fueled by concerns about AI investment risks, inflation and interest rate uncertainty.
