Traders on the New York Stock Exchange (NYSE) witnessed a turbulent session on November 18, 2025, as major U.S. stock indexes experienced extended losses, predominantly driven by a downturn in technology shares. As market participants digest the implications of these fluctuations, all eyes are now on Nvidia’s upcoming earnings report, which is expected to shed light on the current state of the AI sector.
Stock futures displayed minimal movement on Tuesday night, with futures for the Dow Jones Industrial Average increasing by 36 points, remaining around the flatline. Futures linked to the S&P 500 and Nasdaq 100 also saw slight gains, each rising by less than 0.1%.
The trading session itself marked the Dow and S&P 500’s fourth consecutive day of losses. Importantly, the S&P 500 recorded its longest losing streak since August, and the tech-heavy Nasdaq Composite logged its fifth negative day out of the last six. Amid this volatility, Bitcoin briefly plunged below the $90,000 mark before making a recovery, while gold prices saw a modest increase from a one-week low.
Despite most sectors in the broader market closing higher, several key technology stocks placed downward pressure on the overall market. High-profile AI-related companies, including Nvidia, Palantir, Microsoft, and Advanced Micro Devices, all reported losses, contributing to a 1.6% decline in the Technology Select Sector SPDR Fund (XLK). This month, both the technology and consumer discretionary sectors have faced substantial headwinds, while the health care sector has emerged as a relative performer during this challenging period.
Anticipation builds around Nvidia’s highly anticipated third-quarter results, set to be announced after Wednesday’s market close. Analysts largely expect the company, which holds the title of the largest player in the broad-market index, to significantly surpass Wall Street expectations. This optimism is fueled by projected strong sales growth, largely attributed to the ongoing demand for its AI chips and related infrastructure. However, there remains a significant concern among investors as they have recently taken profits from tech holdings, signaling heightened caution regarding what some perceive as inflated valuations within the AI-driven tech market.
Investors are also awaiting earnings reports from major retail players, including Target, Lowe’s, and TJX Companies, scheduled for release on Wednesday morning. These results will provide critical insights into current consumer spending trends, especially in light of the absence of recent economic data due to the U.S. government shutdown.
“Tech has been flying high this year, and so volatility is not surprising,” commented Sonu Varghese, a global macro strategist at Carson Group. “The volatility among tech stocks can also be attributed to the concentration risk present at both the index level and within individual investor portfolios. Despite significant gains, those with portfolios heavily weighted towards AI-related stocks are on edge and vulnerable to market pullbacks. This dynamic is likely exacerbated as many investors seek to diversify simultaneously amid declines.”
