Stock Market Live November 11: S&P 500 (SPY) Lower After Record Session
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Nov 11, 2025 10:01 AM
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Tech stocks are in the red, especially on news that SoftBank sold its holdings in Nvidia.
In addition, according to Wells Fargo, it may be time to take some profits in the sector. He also downgraded the sector to a neutral rating, noting that “Valuations have surged, and we are wary that overly bullish sentiment toward the group and elevated expectations make the sector susceptible to disappointment in the near term,” as quoted by CNBC. “Some AI bellwethers reported massive AI-related capex spending in the third quarter, but investor concerns about future payoffs and debt financing have rattled markets.”
On our end, we still believe tech stocks offer a good deal of near-term upside.
After yesterday’s monster rally, the S&P 500 is down about 19 points at the moment. The SPDR S&P 500 ETF (SPY) is also down about $1.82.
Dow futures are up about 19, with the NASDAQ down about 116, especially with Nvidia (NASDAQ: NVDA) and CoreWeave (NASDAQ: CRWV) under pressure. Nvidia is down a few points in premarket after SoftBank sold its entire stake in the chipmaker for about $5 billion.
CoreWeave is down about 10% after the company’s disappointing guidance.
In its most recent quarter, the company posted year-over-year revenue growth of 134%. Unfortunately, guidance wasn’t so hot. In fact, CRWV now expects full-year revenue to come in between $5.05 billion and $5.15 billion — lower than expectations of $5.29 billion.
Wells Fargo Says Gold to Reach $4,500 to $4,700
Gold pulled back in recent days.
However, we do expect it to regain lost momentum. Wells Fargo does, too, expecting gold to rally to between $4,500 and $4,700 by the end of next year.
With geopolitical and economic tensions still high, coupled with even more interest rate cuts from the Federal Reserve, we do expect to see further upside in gold prices.
In addition, Morgan Stanley says central bank demand and lingering uncertainties could send gold to $4,500 by mid-2026. JPMorgan says gold could rally to $5,055 by the fourth quarter of 2026. Goldman Sachs believes gold could rally to $4,044 by the first quarter of 2026, and possibly to a high of $5,055 by late next year.
While investors can always jump into physical gold or gold-related stocks, ETFs also offer broad coverage at a lower cost. Some of the top ones to consider are VanEck Vectors Gold Miners ETF (NYSEARCA: GDX) and Global X Gold Explorers ETF (NYSEARCA: GOEX), to name a couple.
The Senate Just Passed a Bill to End the Government Shutdown
After several weeks and many, many votes, the U.S. Senate just passed a bill to end the shutdown. All after some Democrats switched their votes. This now alleviates some of the uncertainty that was driving markets nuts.
The deal funds the government through the end of January, reverses all shutdown-related layoffs of federal employees, and guarantees that all federal workers will be paid. The bill will now go to the House for a final vote.
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